Resolution 2015-41RESOLUTION NO. 2015-41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$40,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING
THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND
EQUIPPING OF HARVEST PARK APARTMENTS AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, Gilroy Pacific Associates II, a California Limited Partnership (the
"Borrower "), has requested that the California Municipal Finance Authority (the "Authority ")
participate in the issuance of one or more series of revenue bonds issued from time to time,
including bonds issued to refund such revenue bonds in one or more series from time to time, in
an aggregate principal amount not to exceed $40,000,000 (the "Bonds ") for the acquisition,
construction, improvement and equipping of a 98 -unit multifamily rental housing project located
at the Northwest Comer of Wren Avenue and Cohansey Avenue and the Northwest Comer of
Monterey Highway and Cohansey Avenue, Gilroy, California, generally known as Harvest Park
Apartments (the "Project "); 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 of Gilroy (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
RESOLUTION NO. 2015-41
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 Gilroy, as follows:
Section 1. The foregoing resolutions are true and 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 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 to be located, in accordance with said Section 147(f) and (b) Section 4 of the
Agreement.
Section 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 City shall 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 or construct the Project or any refinancing of the
Project; (ii) approve any application or request for or take any other action in connection with
any planning approval, permit or other action necessary for the acquisition, construction,
rehabilitation, installation or operation of the Project; (iii) make any 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 5. 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 6. This resolution shall take effect immediately upon its adoption.
2 RESOLUTION NO. 2015-41
PASSED AND ADOPTED this 3`d day of August, 2015 by the following roll call vote:
AYES: COUNCILMEMBERS: AULMAN, BRACCO, TUCKER,
VELASCO, WOODWARD, and GAGE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: LEROE -MUNOZ
ATTEST:,—/
Shawna Freels, City
APPROVED:
Donald F. Gage, Mayor
3 RESOLUTION NO. 2015-41
I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2015 -41 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 P day of August, 2015 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 4t' day of August, 2015.
Sha— VFd'Freels, MMC
City Clerk of the City of Gilroy
(Seal)