HomeMy WebLinkAboutResolution 2019-183 N.C.S. 12/02/2019Resolution No. 2019-183 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 $25,000,000 FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND CONSTRUCTION OF RIVER CITY SENIOR APARTMENTS
WHEREAS, Petaluma Ecumenical Properties, a California nonprofit corporation doing
business as PEP Housing (the "Sponsor"), on behalf of River City Senior Apartments, L.P., a
California limited partnership, or another entity to be created by the Sponsor or an affiliate of the
Sponsor for the purpose of owning the facilities described herein (such limited partnership or
other entity, 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 $25,000,000, including but not limited to revenue bonds issued as part of a plan to
finance the development described herein (the "Bonds"), for the acquisition, development, and
construction of a 54 -unit affordable rental housing facility for low-income seniors, including
senior veterans and seniors experiencing homelessness (the "Project"), to be located in the City
of Petaluma, California (the "City") at 951 Petaluma Blvd. S. and to be owned and operated by
the Borrower; 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 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
Petaluma, 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,
including but not limited to Bonds issued as part of a plan to finance the facilities described
herein. 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
Resolution No. 2019-183 N.C.S. Page 1
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 and an originally executed
Agreement 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
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 aAp ived as to
Council of the City of Petaluma at a Regular meeting on the 2nd day of December ;' orrn:
2019, by the following vote:.
ify Attorney
AYES: Mayor Barrett; Fischer; Healy; King; Vice Mayor McDonnell; Miller r
NOES: None
ABSENT: Kearney
ABSTAIN: None
4
ATTEST:
City Clerk Mayor
Resolution No. 2019-183 N.C.S. Page 2