CC Resolution 11632µ. ,
RESOLUTION NO..- il6sz
RESOLUTION -OF THE- CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA '
MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, REHABILITATION AND IMPROVEMENT
OF CERTAIN FACILITIES FOR THE BENEFIT OF SHARMON PALMS LANE
ASSOCIATES, L.P. OR BY A LIMITED PARTNERSHIP OFt A LIMITED
LIABILITY COMPANY TO BE ESTABLISHED BY MIDPEN HOUSING
CORPORATION OR AN AFFILATE
WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California -(the "Act"), certain public agencies
(the "Members") .have entered into a Joint Exercise of Powers Agreement
Relating to the .California Municipal Finance.Authority, dated as of January 1,
2004 (the''Agreemerit") in order to form the California Municipal Finance Authority
(the "Authority"), for the purpose of promoting economic, cultural and community
development, and in order to exercise any powers common to the Members,
including the issuance of bonds, notes or other evidences of indebtedness; and
WHEREAS, th"e City of Campbell, California (the "City"), is a member of the
Authority; and ~ : .
WHEREAS„ the Authority is authorized to issue and sell revenue bonds for
the purpose, among others, of `financing or refinancing the construction of capital
projects; and
WHEREAS, Sharmon Palms Lane Associates, L.P.,~ or a limited
partnership or limited liability company to be .formed by MidPen Housing.
Corporation or an affiliate thereof (the "Borrower") has° requested that the
Authority issue and sell revenue bonds in the m2"Sciinum prihcipal amount of
$11,000,000 (the "Bohds") for the purpose of making a loan to the Borrower, to
enable the Borrower to ,finance or refihance the costs of the acquisition,
rehabilitation and improvement of 60 units of multifamily rental housing located at
739, 751, 775, 844,.858, 870, 886, 898, 910,.949, 952, 961, 964, 975 and 989
Sharmon-Palms Lahe, Campbell, California-(the "Project"); and
WHEREAS; in .order for the. interest on the Bonds to be tax-exempt,
Section 147(f) of the Internal. Revenue Code of 1986, as amended (the "Code"),
requires that an "applicable elected representative" of the governmental unit, the
geographic jurisdiction of which contains the site df facilities to be financed with
the proceeds of the Bonds, hold a public hearing oh.the issuance of the Bonds
and approve the issuance of the 6'onds following such hearing; and
WHEREAS, the Authority has determined that the City Council is an
"applicable elected, representative" for purposes of holding such hearing; 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 Sectioh 147(f) of "the Code arid the requirements of Section 4 of
the Agreemeht; and
WHEREAS, notice of such public hearing has been duly given as required
by the Code, and this City_ Council has heretofore held such public hearing at
which all interested persons were given an opportunity to be heard on all matters
relative to the financing :of the Project and the Authority's issuance of the Bonds - .
therefor; and.
WHEREAS, it is in the public interest and for the public benefit that the City
Council approve- the issuance of the Bonds by the Authority for the aforesaid
purposes;
NOW, THEREFORE,, BE IT RESOLVED BY THE CITY COUNCIL, AS
FOLLOWS: ,
Section 1.The foregoing recitals are ttue,ahcl 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 (a) 6y the "applidable elected
representative" of the governmental unit having jurisdiction over the-area in which
the Project is located in accordance with Section 147(f) of the Code and (b) by the
City Council in accordance with Section 4 of the Agreement.
Sectioh 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 Citysliall 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, rehabilitate or improve
the Project or any refinancing of the Project; (ii) approve any application or
request for or take any,. other action jn connection with any. planning approval,
permit or other action necessary for the acquisition, rehabilitation, improvement or
operation of the Project; (iii) make ahy 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.S.The Mayor, ttie City Manager, the City Clerk and all other proper
officers and officials of the City are hereby authorized and diredted to execute
such other agreemerits, .documents ;and certificates, and to perform such dther.
acts ahd deeds, as'may be: necessary or convenieht to effect the purposes of this
Resolution and the transactions herein authorized.
2,
,:
Section:6.The City_Cle~k~shallforward a.certified copy of this Resolution to
the Authority in care of its counsel:.,
Ronald=E. Lee, Esq.
Jones Wall
650 California Street, 18`h Floor
San Francisco, CA 94T08
Section 7.This resolution shall'take effect immediately upon its passage:
- _ , : ,.
ADOPTED by the `City Council of the City of Campbell at a ~egular.meeting '
of the City Council held on the 7th day of Jariuary, 2014, 6y the following vote:
AYES: .. Councilmembers: :Baker,'.LOw., Kotowski, Cristina, Waterman
NOES:' Councilmembers:. none -
_ AB$TAINi Couacilmembers: .None
ABSENT: Councilmembers: .None
APPROVED:
.,
Richard M. Waterman, Mayor.
ATTE
~/~
Anne Bybee, City Clerk '