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Home My WebLink AboutR-11324 approving the Issuance of Tax-Exempt Revenue Bonds by CMFA for Tiburon Place, L.P (3750 Bullock Ln.)R 11324 RESOLUTION NO. 11324 (2022 SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO, CALIFORNIA, APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000 TO FINANCE AN AFFORDABLE RENTAL HOUSING FACILITY FOR THE BENEFIT OF TIBURON PLACE, L.P., AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, People’s Self-Help Housing Corporation, a California nonprofit corporation (the “Sponsor”), on behalf of Tiburon Place, L.P., a California limited partnership, or an ownership entity to be created by the Sponsor or an affiliate of the Sponsor (such limited partnership or other ownership 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 $30,000,000 (the “Bonds”), including but not limited to revenue bonds issued as part of a plan to finance the acquisition, development, construction and equipping of a 68 -unit affordable rental housing facility for low-income households (the “Project”) to be owned and operated by the Borrower and located in the City of San Luis Obispo, California (the “City”) at 3750 Bullock Lane; and WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is to be located is required to approve the issuance of the Bonds, after a public hearing held after reasonable public notice, under Section 147(f) of the Internal Revenue Code of 1986 (the “Code”); and WHEREAS, the City Council (the “City Council”) is the elected legislative body of the City and is an “applicable elected representative” for purposes of 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, the City will not be a party to any of the Bond documents, the City will have no liability or responsibility related to the repayment and administration of the Bonds, and the issuance of the Bonds and the financing of the Project with the proceeds of the Bonds will not impose any legal, financial or moral obligation on 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, at which time an opportunity was provided to interested parties to be heard with respect to the proposed issuance of the Bonds and financing of the Project; and DocuSign Envelope ID: A18343F3-A87D-44D6-BC5C-6437F580124E Resolution No. 11324 (2022 Series) Page 2 R 11324 WHEREAS, it is in the public interest, for the public benefit, and in furtherance of the public purposes of the City 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 of the City of San Luis Obispo, 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 constitutes approval of the issuance of the Bonds by the Authority for the Project, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of a governmental unit having jurisdiction over the area in which the Project is t o be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement. Section 3. The City shall have no responsibility or liability whatsoever with respect to the Bonds or the Project. The payment of the principal, prepayment premium, if any, and purchase price of and interest on the Bonds shall be solely the responsibility of the Borrower. The Bonds shall not constitute a debt or obligation of the City. The adoption of this Resolution shall not obligate the City to (i) provide any financing to acquire or construct the Project or to provide any refinancing of the Project; (ii) make any contribution or advance any funds whatsoever to the Authority; or (iii) take any further action with respect to the Authority or its membership therein. Section 4. 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. DocuSign Envelope ID: A18343F3-A87D-44D6-BC5C-6437F580124E Resolution No. 11324 (2022 Series) Page 3 R 11324 Section 5. The City 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 6. This resolution shall take effect immediately upon its adoption. Upon motion of Vice Mayor Christianson, seconded by Council Member Shoresman, and on the following roll call vote: AYES: Council Member Marx, Pease, Shoresman, Vice Mayor Christianson, and Mayor Stewart NOES: None ABSENT: None The foregoing resolution was adopted this 3rd day of May 2022. __________________________ Mayor Erica A. Stewart ATTEST: __________________________ Teresa Purrington City Clerk APPROVED AS TO FORM: __________________________ J. Christine Dietrick City Attorney IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Luis Obispo, California, on ______________________. ___________________________ Teresa Purrington City Clerk DocuSign Envelope ID: A18343F3-A87D-44D6-BC5C-6437F580124E 5/9/2022 | 6:01 PM PDT CERTIFICATION I, Teresa Purrington, City Clerk, do hereby certify under penalty of perjury the foregoing instrument to be a full, true and correct copy of Resolution No. 11324 (2022 Series), adopted by the San Luis Obispo City Council on May 3, 2022, now on file in my office. WITNESS MY HAND AND THE SEAL OF THE CITY OF SAN LUIS OBISPO. DATED: Teresa Purrington City Clerk City of San Luis Obispo DocuSign Envelope ID: A18343F3-A87D-44D6-BC5C-6437F580124E 5/9/2022 | 6:01 PM PDT