Resolution 16124 CITY OF ALAMEDA RESOLUTION NO. 16124
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $35,000,000 FOR THE PURPOSE OF
FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT AND EQUIPPING OF NORTH HOUSING SENIOR APARTMENTS AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Mabuhay and Lakehurst LP, a California Limited Partnership (the
"Borrower") a partnership of which Housing Authority of the City of Alameda and Island
City Development (the "Developer") or a related person to the Developer is the general
partner, has requested that the California Municipal Finance Authority (the "Authority")
adopt a plan of financing providing for the issuance of exempt facility bonds for a qualified
residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of
1986 (the "Code") in one or more series issued from time to time, including bonds issued
to refund such exempt facility bonds in one or more series from time to time, and at no
time to exceed $35,000,000 in aggregate principal amount (the "Bonds"), to finance or
refinance the acquisition, construction, improvement and equipping of a senior multifamily
rental housing project located at 2000 Lakehurst Circle, Alameda, California (the
"Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by the City of Alameda (the "City") because the Project is
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 Council of the City of Alameda as
follows:
Section 1. The foregoing resolutions 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 constitutes
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 located, in
accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the
Authority of all financing documents relating thereto to which the Authority is a party. The
City shall have no responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
refinancing of the Project; (ii) approve any application or request for or take any other
action in connection with any planning approval, permit or other action necessary for the
acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make
any contribution or advance any funds whatsoever to the Authority; or(iv) take any further
action with respect to the Authority or its membership therein.
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 immediately upon its 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 in a regular meeting
assembled on the 5' day of December 2023, by the following vote to wit:
AYES: Councilmembers Daysog, Herrera Spencer, Jensen, 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 6th day of December 2023.
L.
Lara Weisiger, City.Clerk
City of Alameda
APPROVED AS TO FOR
Yibin Sh n, ttorney
City of Alarn a