Resolution 2019-63RESOLUTION NO.2019-63
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 $36,423,120 TO REFINANCE A 104-UNIT
AFFORDABLE MULTIFAMILY RENTAL HOUSING
FACILITY FOR THE BENEFIT OF GILROY LEWIS
STREET, L.P., AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Meta Housing Corporation, on behalf of Gilroy Lewis Street, L.P., a
California limited partnership (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 $36,423,120 (the "Bonds") for the acquisition, construction,
improvement and equipping of a 104-unit affordable multifamily rental housing facility (the
"Project") 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
constitute approval of the issuance of the Bonds by the Authority only for the purposes of (i)
RESOLUTION 2019-63
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
parry 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 refinancing transaction approved hereby.
Section 6. This Resolution shall take effect from and after the date of its passage and
adoption.
PASSED AND ADOPTED this 16'' day of September, 2019, by the following roll call vote:
AYES: COUNCII,MEMBERS
MARQUES, TUCKER
NOES: COUNCILIVIEMBERS:
ABSENT: COUNCILMEMBERS:
19
BLANKLEY, BRACCO, LEROE-MUNOZ,
NONE
TOVAR, VELASCO
'1111�&-Al- - Z�
Marie Bla ey, ayor Pro/empore
RESOLUTION 2019-63
I, SUZANNE GUZZETTA, Deputy City Clerk of the City of Gilroy, do hereby certify
that the attached Resolution No. 2019-63 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 16th day of September, 2019, 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 �0tl' day of September, 2019.
DeputyCity Clerk of the City of Gilroy
(Seal)