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Resolution 2017-13RESOLUTION NO. 2017-13 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 $40,000,000 TO FINANCE A 104 -UNIT AFFORDABLE MULTIFAMILY RENTAL HOUSING FACILITY FOR THE BENEFIT OF GILROY LEWIS STREET, L.P., OR ANOTHER ENTITY TO BE FORMED BY META HOUSING CORPORATION (OR AN AFFILIATE), AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Meta Housing Corporation, on behalf of Gilroy Lewis Street, L.P., a California limited partnership, or another entity to be established by Meta Housing Corporation 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 $40,000,000 (the "Bonds ") for the acquisition, construction, improvement and equipping of a one hundred four -unit affordable multifamily rental housing facility (the "Project ") to be owned and operated by the Borrower and located at 111 Lewis Street in 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 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 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 City Council hereby finds and determines that the foregoing recitals are true and correct. Section 2. The City Council hereby approves the issuance of the Bonds with respect to the Project by the Authority. It is the purpose and intent of the City Council that this RESOLUTION NO. 2017-13 2 resolution constitute approval of the issuance of the Bonds by the Authority only for the purposes of (i) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project will be located, in accordance with said Section 147(f), and (ii) Section 4 of the Agreement. Section 3. The issuance and delivery of the Bonds shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Bonds by the Authority. Section 4. The payment of the principal, prepayment premium, if any, and purchase price of and interest on the Bonds shall be solely the responsibility of Borrower. The Bonds shall not constitute a debt or obligation of the City. 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 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 transaction approved hereby. Section 6. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED this I7th day of April 2017, by the following vote: AYES: COUNCILMEMBERS: BRACCO, HARNEY, KLOECKER, LEROE- MUNOZ, TOVAR, TUCKER and VELASCO NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ATTEST: RESOLUTION NO. 2017-13 I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 2017 -13 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 17`h day of April, 2017, 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'' dayof April, 2017. Shawnels, MMC `% City Clerk of the City of Gilroy (Seal) 1�4 Shawnels, MMC `% City Clerk of the City of Gilroy (Seal)