Resolution 2016-56RESOLUTION NO. 2016-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000 TO
FINANCE THE ACQUISITION AND REHABILITATION OF A MULTI-
FAMILY AFFORDABLE RENTAL HOUSING PROJECT FOR THE
BENEFIT OF CONNELL APARTMENTS, L.P., AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, Connell Apartments, L.P., a California limited partnership, or another
entity created by Eden Housing, Inc. or an affiliate thereof (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 $12,000,000 (the "Bonds ") for the
acquisition and rehabilitation of a 28 -unit multi - family affordable rental housing project (the
"Project ") to be owned and operated by the Borrower and located within the City of Gilroy (the
"City "); 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 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 Gilroy
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.
It is the purpose and intent of the City Council that this resolution constitute approval of the
RESOLUTION NO. 2016-56
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 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 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.
PASSED AND ADOPTED by the City Council of the City of Gilroy at a regular
meeting held on the 7h day of November, 2016, by the following vote:
AYES:
NOES
ABSENT:
A TTL7QT•
COUNCILMEMBERS: BRACCO, HARNEY, LEROE-
MUNOZ, TUCKER, VELASCO and WOODWARD
COUNCILMEMBERS
COUNCILMEMBERS
NONE
AULMAN
Pa
RESOLUTION NO. 2016 -56
I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2016 -56 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 7h day of November, 2016 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 W5`° day of November, 2016.
S)a Freels, MMC �-
City Clerk of the City of Gilroy
(Seal)