HomeMy WebLinkAboutRESO 9540DocuSign Envelope ID: 4AC81BF9-1392-4469-A163-714C8BD574BA
Resolution No. 9540
Resolution of the Council of the City of Palo Alto Approving the Issuance of
California Municipal Finance Authority Revenue Bonds in an Aggregate Principal
Amount not to Exceed $25,000,000 for the Purpose of Financing the Acquisition,
Rehabilitation, Improvement and Equipping of an Affordable Multifamily Rental
Housing Facility and Certain Other Matters Relating Thereto
RECITALS
A. Colorado Park, L.P., a California limited partnership, or another entity to be created
by Palo Alto Housing Corporation (the "Borrower"), has requested that the California Municipal
Finance Authority (the "Authority") participate in the issuance of one or more series of revenue
bonds in an aggregate principal amount not to exceed $25,000,000 (the "Bonds") for the
acquisition, rehabilitation, improvement and equipping of a 60-unit affordable multifamily
rental housing facility located at 1141 Colorado Avenue, Palo Alto, California.
B. 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.
C. 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.
D. 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.
E. 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.
The Council of the City of Palo Alto RESOLVES 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 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.
150608 JB 0131452 1
DocuSign Envelope ID: 4AC81BF9-1392~4469-A163-714C8BD574BA
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. This resolution shall take effect immediately upon its adoption.
INTRODUCED AND PASSED: August 17,2015
AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHMID, WOLBACH
NOES:
ABSENT: SCHARFF
ABSTENTIONS:
A~
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
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C2CEDD84ABC3429 ...
Senior Assistant City Attorney City Manager or Designee
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B2ADF35E07C5496 ...
Director of Administrative Services
150608 JB 0131452 2
Certificate Of Completion
Envelope Number: 4AC81 BF913924469A 163714C8BD57 4BA
Subject: Please DocuSign this document: RESO 9540 TEFRA for Colorado Park LP.pdf
Source Envelope:
Document Pages: 2
Certificate Pages: 5
AutoNav: Enabled
Envelopeld Stamping: Enabled
Record Tracking
Status: Original
8/25/2015 2:54:01 PM PT
Signer Events
Cara Silver
cara.silver@cityofpaloalto.org
Senior Assistant City Attorney
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Accepted: 7/15/2015 5:07:16 PM PT
ID: 1191 Oed 1-61 d 1-4ff3-9cf9-f4eb5a0768e2
Lalo Perez
Lalo.Perez@CityofPaloAito.org
Security Level: Email, Account Authentication
(None) '
Electronic Record and Signature Disclosure:
Not Offered
ID:
Ed Shikada
ed.shikada@cityofpaloalto.org
ACM
City of Palo Alto
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered
ID:
In Person Signer Events
Editor Delivery Events
Agent Delivery Events
Intermediary Delivery Events
Signatures: 3
Initials: 0
Holder: Kim Lunt
kimberly.lunt@cityofpaloalto.org
Signature
rc;~ssi1:r L C2CED084ABC3429 ...
Using IP Address: 199.33.32.254
[LZ"sp~
B2AOF35ED7C5496 ...
Using IP Address: 199.33.32.254
Using IP Address: 67.169.110.203
Signed using mobile
Signature
Status
Status
Status
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Iii SICUUII
Status: Completed
Envelope Originator:
Kim Lunt
250 Hamilton Ave
Palo Alto , CA 94301
kimberly.lunt@cityofpaloalto.org
IP Address: 199.33.32.254
Location: DocuSign
Timestamp
Sent: 8/25/2015 2:56:13 PM PT
Viewed: 8/25/2015 3:47:04 PM PT
Signed: 8/25/2015 3:47:30 PM PT
Sent: 8/25/2015 3:47:31 PM PT
Viewed: 8/25/2015 4:55:59 PM PT
Signed: 8/25/2015 4:59:02 PM PT
Sent: 8/25/2015 4:59:03 PM PT
Viewed: 8/26/2015 5:25:22 AM PT
Signed: 8/26/2015 5:26:03 AM PT
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