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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)