HomeMy WebLinkAboutRESO 9797181018 th 0140195
Resolution No. 9797
Resolution of The City Council of The City of Palo Alto Approving the
Issuance of Revenue Bonds by the California Municipal Finance Authority in an
Aggregate Principal Amount not to Exceed $95,000,000 to Finance a 220Unit
Affordable Apartment Complex for Seniors for the Benefit of Lytton Gardens 1,
Lp, A Limited Partnership Formed by Covia Affordable Communities, and Certain
Other Matters Relating Thereto
R E C I T A L S
A. Covia
one or more
series of revenue bonds in an aggregate principal amount not to exceed $95,000,000 including
but not limited to revenue bonds issued as part of a plan to finance the Project described
acquisition, rehabilitation, improvement and equipping of a 220
unit affordable apartment complex for low
operated by the Borrower and located at 656 Lytton Avenue within the City of Palo Alto,
B. Pursuant to
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; and
C. The City Council of the City (the City Council
City
the Bonds under Section 147(f) of the Code; and
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 Author
among certain local agencies, including the City; and
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.
NOW, THEREFORE, the City 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
DocuSign Envelope ID: 794C9403-E76B-4957-A0C4-7CFFB3F50280
DocuSign Envelope ID: 794C9403-E76B-4957-AOC4-7CFFB3F50280
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.
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 94111
Section 5. This resolution shall take effect immediately upon its adoption.
INTRODUCED AND PASSED: October 29, 2018
AYES: DUBOIS, FILSETH, FINE, HOLMAN, KNISS, KOU, SCHARFF, TANAKA, WOLBACH
NOES:
ABSENT:
ABSTENTIONS:
ATIEST:
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City Clerk
APPROVED AS TO FORM: ~,~,,,_.,
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39A4138653514A9 ...
City Attorney Citv Manager or Designee r-:: OocuSlgned by;
L:S!i~J::.
Director of Administrative Services
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