Resolution 2014-45RESOLUTION NO. 201445
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
CALIFORNIA APPROVING THE ISSUANCE BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF
MULTIFAMILY HOUSING REVENUE BONDS FOR THE SAN YSIDRO
COURT
WHEREAS, the California Statewide Communities Development Authority (the
"Authority ") is authorized pursuant to the provisions of California Government Code Section 6500
et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of
June 1, 1988 (the "Agreement "), among certain local agencies throughout the State of California,
including the City of Gilroy (the "City "), to issue revenue bonds in accordance with Chapter 7 of
Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing
multifamily rental housing projects; and
WHEREAS, Gilroy Pacific Associates, a California Limited Partnership, or related
entities, has requested that the Authority adopt a plan of financing providing for the issuance of
multifamily housing revenue bonds (the `Bonds ") in one or more series issued from time to time,
including bonds issued to refund such revenue bonds in one or more series from time to time, and at
no time to exceed $95,000,000 in outstanding aggregate principal amount, to finance the
acquisition, construction and development of a 263 -unit multifamily rental housing project
located at the SW Corner of E. 10th Street and Alexander Street, tentatively 199 Banes Lane,
Gilroy, California, generally known as San Ysidro Court (the "Project ") and operated by U.S.
Residential Group LLQ and
WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for
purposes of the Internal Revenue Code of 1986 (the "Code "); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a governmental
RESOLUTION NO. 201445
unit having jurisdiction over the entire area in which any facility financed by such bonds is to be
located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this "City Council ") are the
applicable elected representatives of the City; and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds
would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against the
issuance of the Bonds; and
WHEREAS, the Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of refinancing
the Bonds which financed the Project (the "Refunding Bonds "), but only in such cases where
federal tax laws would not require additional consideration or approval by the City Council; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF GILROY AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code and
(b) Section 9 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 that 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 approved hereby.
RESOLUTION NO. 2014-45
Section 4. The City Clerk shall forward a certified copy of this Resolution and a
copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Section 5. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this 186' day of August, 2014 by the following roll call vote:
AYES: COUNCILMEMBERS: AULMAN, BRACCO, LEROE-
MUNOZ, TUCKER, WOODWARD and GAGE
NOES
ABSENT:
ATTEST, -' ,I
reels, City
COUNCILMEMBERS: NONE
COUNCILMEMBERS: ARELLANO
APPROVED:
Donald F. Gage, May
RESOLUTION NO. 2014-45
I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2014 -45 is an original resolution, or true and correct copy of a city
resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council
held on the 18`h day of August, 2014, at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of
the City of Gilroy this 19'h daj of August, 2014.
Sffa—wna Freels, MMC
City Clerk of the City
(Seal)