Resolution 14152CITY OF ALAMEDA RESOLUTION NO. 34152
APPROVING THE ISSUANCE OF TAX-EXEMPT BONDS BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR A LIMITED
PARTNERSHIP TO BE ESTABLISHED BY RESOURCES FOR
COMMUNITY DEVELOPMENT OR AN AFFILIATE THEREOF, WITH
RESPECT TO A MULTIFAMILY APARTMENT PROJECT
WHEREAS, a limited partnership to be established by Resources for
Community Development, or an affiliate thereof (the "Borrower"), intends to
acquire and construct an approximately 39-unit multifamily rental housing
development located at 401 Stargell Avenue Alameda, California, and has
requested the California Municipal Finance Authority (the "Authority") to issue
tax-exempt bonds (the "Bonds") in the not-to-exceed amount of $13,000,000,
the proceeds of which shall be used for the purpose of financing the acquisition
and construction of the Project; and
WHEREAS, Section 147(0 of the Internal Revenue Code of 1986 (the
"Code") requires that the "applicable elected representative" with respect to the
Project to approve the issuance of the Bonds with respect to the Project after a
public hearing has been held concerning the issuance and delivery of the
Bonds with respect to the Project; and
WHEREAS, the City Council of the City of Alameda (the "City Council")
is the elected legislative body of the City and is one of the applicable elected
representatives required to approve the issuance of the Bonds under Section
147(0 of the Code; and
WHEREAS, the Authority has requested that the City Council approve
the issuance of the Bonds by the Authority in order to satisfy the public
approval requirement of Section 147(f) of the Code and the requirements of
Section 4 of the Joint Exercise of Powers Agreement, dated as of January 1,
2004, (the "Agreement"), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(0 of the Code, the City Council
has, following notice duly given, held a public hearing regarding the issuance of
the Bonds at which all those interested in speaking with respect to the financing
of the Project were heard, and now desires to approve the issuance of the
Bonds by the Authority, as provided below.
NOW, THEREFORE, be it resolved by the City Council of the City of
Alameda, as follows:
Section 1. The City Council hereby finds and determines that the
foregoing recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the
Bonds with respect to the Project by the Authority. It is the purpose and intent
of the City Council that this resolution constitute approval of the issuance of the
Bonds by the Authority only for the purposes of (i) Section 147(0 of the Code by
the applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project will be located, in accordance with
said Section 147(f), and (b) Section 4 of the Agreement.
Section 3. The issuance and delivery of the Bonds shall be subject to
the approval of and execution by the Authority of all financing documents
relating thereto to which the Authority is a party and subject to the sale of the
Bonds by the Authority.
Section 4. The payment of the principal, prepayment premium, if any,
and purchase price of and interest on the Bonds shall be solely the
responsibility of Borrower. The Bonds shall not constitute a debt or obligation
of the City.
Section 5. The officers of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any
and all documents which they deem necessary or advisable in order to carry
out, give effect to and comply with the terms and intent of this resolution and
the financing transaction approved hereby.
Section 6. This Resolution shall take effect from and after the date of
its passage and adoption.
I, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda during the Regular
Meeting of the City Council on the 16th day of October 2007, by the following vote to wit:
AYES: Councilmembers deHaan, Gilmore, Matarrese, Tam
and Mayor Johnson - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of
said City this 17th day of October, 2007.
Lara Weisiger, City C14,1<
City of Alameda