Resolution 15447CITY OF ALAMEDA RESOLUTION NO. 15447
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $45,000,000
TO FINANCE A 70-UNIT MULTIFAMILY RENTAL HOUSING FACILITY
FOR LOW-AND VERY LOW-INCOME FAMILIES FOR THE BENEFIT
OF EDEN HOUSING INC., OR A LIMITED PARTNERSHIP TO BE
ESTABLISHED BY EDEN HOUSING INC. (OR AN AFFILIATE)
WHEREAS, Eden Housing Inc., a nonprofit public benefit corporation and an
organization described in Section 501 (c)(3) of the Internal Revenue Code of 1986 (the
"Code"), or a limited partnership to be established by Eden Housing Inc., or an affiliate
thereof (collectively, the "Borrower"), has requested that the California Municipal Finance
Authority (the "Authority") issue one or more series of revenue bonds in an aggregate
principal amount not to exceed $45,000,000 including but not limited to revenue bonds
(the "Bonds") issued as part of a plan to finance the construction, improvement and
equipping of a 70-unit multifamily rental housing facility for lower income households (the
"Project") to be owned and operated by the Borrower and located on an approximately
one-acre parcel on the east side of Orion Street commencing approximately 153 feet
north of West Atlantic Avenue within the City of Alameda (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by the City because the Project is to be located within the
territorial limits of the City; and
WHEREAS, the City Council of the City (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(f) 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 Relating to the California Municipal Finance Authority, dated as of
January 1, 2004 (the "Agreement"), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now
desires to approve the issuance of the Bonds by the Authority.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Alameda as follows:
Section 1 . The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds 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, for the purposes of
(a) Section 147(f) of the Code by the applicable elected representative of the
governmental unit having jurisdiction over the area in which the Project is to be located,
in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. 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 4. The Clerk shall forward a certified copy of this Resolution to the
Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. This Resolution shall take effect immediately upon 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 161h day of October, 2018, by the following vote to wit:
AYES: Councilmembers Ezzy Ashcraft, Matarrese, Oddie, Vella and
Mayor Spencer -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 171h day of October, 2018.
Approved as to form:
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Janet C. Kern, City Attorney
City of Alameda
Lara Weisiger, City_
City of Alameda