Resolution 15480CITY OF ALAMEDA RESOLUTION NO. 15480
AUTHORIZING CITY OF ALAMEDA TO PARTICIPATE IN THE
UNITED STATES DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT (HUD) PUBLIC OFFERING AS PART OF THE
SECTION 108 LOAN GUARANTEE ASSISTANCE PROGRAM TO
REFINANCE AN EXISTING NOTE IN THE ORIGINAL PRINCIPAL
AMOUNT OF $3,000,000, RELATED TO FINANCING THE CIVIC
CENTER PARKING GARAGE (SERIES 2008-A)
WHEREAS, the City of Alameda ("City"), by Resolution adopted on July 26, 2006,
authorized an application seeking loan guarantee assistance under Section 1 08 of the
Housing and Community Development Act of 1974, as amended, from the United States
Department of Housing and Urban Development ("HUD"), and authorized the City
Manager to execute the documents necessary to accomplish the transaction, and the City
subsequently accepted HUD's guarantee of Section 108 note number B-04-MC-06-0007
for the Civic Center Parking Garage under a Section 1 08 Contract for Loan Guarantee
Assistance dated September 13, 2006; and
WHEREAS, the assistance provided by HUD was the guarantee of a City note
("the Note") in the original principal amount of $3,000,000, plus interest thereon; and
WHEREAS, HUD has notified the City that a public offering allowing for the
refinancing of the existing HUD-guaranteed Note, will occur in February 2019, and to
participate, the City must immediately notify HUD of its intention to refinance all or a
portion of its existing Note through the public offering; and
WHEREAS, HUD may require, as a condition of participation in the public offering,
that the City execute documents related to the transaction, and that the City pay its share,
as determined by HUD, of the customary and usual issuance, underwriting, and other
costs related to the public offering and future administration of the new Note ("the
Refinancing Note") and related trust certificates; and
WHEREAS, it is economically sound and in the best interest of the City to accept
more favorable rates of interest under the new Section 1 08 Loan Guarantee program
offered by HUD under the public offering.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ALAMEDA, that the Interim City Manager, or his duly authorized agent, shall notify
HUD of the City's desire to participate in the February 2019 public offering by HUD
through the loan guarantee assistance program under Section 1 08 of the Housing and
Community Development Act of 1974, as amended, for the existing obligation B-04-MC-
06-0007 in the original principal amount of $3,000,000, and to refinance the principal
amount of the $3,000,000 Note at such rates of interest that will be determined by HUD
at the time of the public offering; and
BE IT FURTHER RESOLVED, that the Interim City Manager is authorized to
execute the necessary documents as required by HUD to refinance the existing Note,
and to execute such other documents, contracts, amendments and agreements with
HUD, and to authorize payment of any required fees, as may be necessary to effectuate
the refinancing transaction; and
BE IT FURTHER RESOLVED, that this Resolution shall be effective from and after
the date of its adoption.
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I, the undersigned, hereby certify that the foregoing resolution was duly and
regularly adopted and passed by the Council of the City of Alameda in a regular meeting
assembled on the 15th day of January, 2019 by the following vote, to wit:
AYES: Councilmembers Daysog, Knox White, Oddie, Vella and
Mayor Ezzy Ashcraft-5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
said City this 16th day of January, 2019.
Approved as to Form:
Michael H. Roush, Interim City Attorney
City of Alameda
Lara Weisiger
City Clerk