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)