HomeMy WebLinkAboutResolution 2019-120 N.C.S. 07/15/2019Resolution No. 2019-120 N.C.S.
of the City of Petaluma, California
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $13,000,000 TO FINANCE THE ACQUISITION
AND REHABILITATION OF A RENTAL HOUSING FACILITY FOR
THE BENEFIT OF OLD ELM PARTNERS II, L.P.
WHEREAS, Burbank Housing Development Corporation (the "Sponsor"), on behalf of
Old Elm Partners II, L.P., a California limited partnership, or another ownership entity to be
established by the Sponsor or by an affiliate thereof (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 $13,000,000 (the "Bonds") for the
acquisition, rehabilitation, improvement and equipping of an 87 -unit rental housing facility for low-
income persons and families) (the "Project"), to be owned and operated by the Borrower and to be
located at 359 West Payran Street in the City of Petaluma, California (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the City because the,
Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City of Petaluma (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
Petaluma, as follows;
Section 1. Recitals. The foregoing recitals are true and correct.
Section 2. Approval. 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.
Resolution No. 2019-120 N.C.S. Page 1
Section 3. Other Actions. The officers of the City are hereby authorized and directed, jointly
and severally, to do any and all things 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. Certified Copy. The Clerk shall forward a certified copy of this Resolution and an
originally executed Agreement to:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. Effectiveness. This resolution shall take effect immediately upon its adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the
Council of the City of Petaluma at a Regular meeting on the 151h day of July 2019,
by the following vote:
AYES: Mayor Barrett; Fischer; Healy; Kearney; King; Vice Mayor McDonnell; Miller
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
City Clerk Mayor
Resolution No. 2019-120 N.C.S. Page 2