2019/12/10 City Council Resolution 2019-158RESOLUTION NO. 201.9-158
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PA'RK
APPROVING THE ISSUANCE OF REVBNUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY IN AN AGGRBGATE PRINCIPAL AMOUNT
NOT TO EXCEED $15,000,000 To FINANCE A RENTAL HOUSING FACILITY FOR
LOW-INCOME HOUSEHOLDS FOR THE BENEFIT OF AN OWNERSHIP ENTITY
TO BE ESTABLISHED BY BURBANK HOUSING DEVELOPMENT CORPORATION
OR AN AFFILIATE THEREOF, AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Burbank Housing Development Corporation (the "Sponsor"), on behalf of a
limited partnership or other legal entity to be created by the Sponsor or an affiliate of the Sponsor
(such limited partnership or. otñ.. entity being referred to herein as the "Borrower"), has requested
that the california Muåicipal Financé Authority (the "Authority") issue one or more series of
revenue bonds in an aggregate principal amount not to exceed $15,000,000, including but not
limited to revenue bonds issued us párt of a plan to frnance the facilities described herein (the
.,Bonds,,), for the acquisition, constrùction, improvement and equipping of 36-unit rental housing
facility for low-income households (the "Project"), to be located in the City of Rohnert Park,
California (the ,.City,,) at 7z7g petaluma Hill Road and to be owned and/or operated by the
Borrower; and
WIIEREAS, pursuant to Section I47(Ð of the Internal Revenue Code of 1986 (the
ooCode,,), the issuance àf tft. Bonds by the Authority must be approved by the City Council because
the Project is to be located within the territorial limits of the City; and
WIIEREAS, 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(Ð of the Code; and
WIIEREAS, the Authority has requested that the City Council approve the issuance of the
Bonds by the Authority in order tó satisfy ihe public approval requirement of Section I47(Ð of the
Code anä the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the
California Muniãipal Finance Authority, dated as of January 1,2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(Ð ofthe Code, the City Council has, following notice
duly given, held a puUtir 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 Rohnert
Park as follows:
Section 1. The foregoing recitals are true and conect'
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority,
in.tuOirrg Uut *t limited to Bonds issued as pårt of a plan to finance the facilities described herein.
It is the purpose and intent of the city cóuncil that this resolution constitute approval of the
issuance of the Bonds by the Authority, for the purposes of (a) Section ru7(fl of the Code by the
applicable elected representative of tire goverrmental unit having jurisdiction over the area in
which the Project is to be located, in accordance with said Section 147(Ð 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 and an originally
executed Agreement to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94lll
Section 5. This resolution shall take effect immediately upon its adoption.
DULY AND REGULARLY ADOPTED this 1Oth day of December, 2019.
CITY OF ROHNERT PARK
Gina
ATTEST:
Sy Cuevas, Assistant C
ADAMS: Êq¿ nracl(ENZIE: fr-{¿ ttoFFoRD: 9=Yg 9a1LINAN:
-Ê^q+.tt"FoRrE:
RY¿' AYES: ( 5 ) NOES: ( Pt ) ABSENT, ( Ø ) ABSTAIN: ( 7 )
Resolution 2019-158
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