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Home My WebLink AboutRESO 9880 1 2020011601 Resolution No. 9880 Resolution of the 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 $32,000,000 to Finance a Multi-Family Rental Housing Facility for Low-Income Households for the Benefit of Wilton ECR, L.P., a Limited Partnership Formed by Palo Alto Housing Corporation, and Certain Other Matters Relating Thereto RECITALS A. Palo Alto Housing Corporation (the “Sponsor”), on behalf Wilton ECR, L.P., or another entity to be created by the Sponsor or an affiliate thereof (collectively, 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 $32,000,000, including but not limited to revenue bonds issued as part of a plan to finance the Project described herein (the “Bonds”) for the acquisition, development, construction and equipping of a 59-unit multi- family rental housing facility for low-income households (the “Project”), to be owned and operated by the Borrower and located at 3703-3709 El Camino Real within the City of Palo Alto, California (the “City”). 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 to be located within the territorial limits of the City. C. The 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. NOW, THEREFORE, the City Council of the City of Palo Alto RESOLVES as follows: SECTION 1. The foregoing recitals are true and correct. DocuSign Envelope ID: DD6DCF1B-A32E-47A3-901A-33CE0B31222D SECTION 2. The City Council hereby approves the issuance of the Bonds by the Authority, including but not limited to Bonds issued as part of a plan to finance the facilities described herein. 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 to be 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 to the Authority in care of its counsel: Ronald E. Lee, Esq. Jones Hall, APLC 475 Sansome Street, Suite 1700 San Francisco, CA 94111 // // // // // // // // // // // // DocuSign Envelope ID: DD6DCF1B-A32E-47A3-901A-33CE0B31222D 3 2020011601 SECTION 5. This Resolution shall take effect immediately upon its adoption. INTRODUCED AND PASSED: February 10, 2020 AYES: CORMACK, DUBOIS, FILSETH, FINE, KNISS, KOU, TANAKA NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM: APPROVED: Assistant City Attorney City Manager or Designee Director of Administrative Services DocuSign Envelope ID: DD6DCF1B-A32E-47A3-901A-33CE0B31222D Certificate Of Completion Envelope Id: DD6DCF1BA32E47A3901A33CE0B31222D Status: Completed Subject: Please DocuSign: RESO 9880 TEFRA Resolution for Wilton Court Project.docx Source Envelope: Document Pages: 3 Signatures: 5 Envelope Originator: Certificate Pages: 2 Initials: 0 Kim Lunt AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 250 Hamilton Ave Palo Alto , CA 94301 kimberly.lunt@cityofpaloalto.org IP Address: 199.33.32.254 Record Tracking Status: Original 2/13/2020 11:05:54 AM Holder: Kim Lunt kimberly.lunt@cityofpaloalto.org Location: DocuSign Security Appliance Status: Connected Pool: StateLocal Storage Appliance Status: Connected Pool: City of Palo Alto Location: DocuSign Signer Events Signature Timestamp Sandra Lee Sandra.Lee@CityofPaloAlto.org Assistant City Attorney Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 199.33.32.254 Sent: 2/13/2020 11:09:48 AM Viewed: 2/13/2020 11:15:51 AM Signed: 2/13/2020 11:16:13 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign Kiely Nose kiely.nose@cityofpaloalto.org Director, Administrative Services/CFO City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 199.33.32.254 Sent: 2/13/2020 11:16:15 AM Viewed: 2/13/2020 12:11:06 PM Signed: 2/13/2020 12:11:10 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Ed Shikada ed.shikada@cityofpaloalto.org Ed Shikada, City Manager City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 24.23.214.110 Sent: 2/13/2020 12:11:12 PM Resent: 2/13/2020 4:36:41 PM Viewed: 2/13/2020 9:55:24 PM Signed: 2/13/2020 9:55:40 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Adrian Fine adrian.fine@cityofpaloalto.org Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 107.77.212.124 Signed using mobile Sent: 2/13/2020 9:55:42 PM Viewed: 2/14/2020 9:57:02 AM Signed: 2/14/2020 9:57:14 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign Signer Events Signature Timestamp Beth Minor Beth.Minor@CityofPaloAlto.org City Clerk City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 174.85.96.67 Signed using mobile Sent: 2/14/2020 9:57:16 AM Viewed: 2/14/2020 10:02:02 AM Signed: 2/14/2020 10:02:14 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 2/14/2020 9:57:16 AM Certified Delivered Security Checked 2/14/2020 10:02:02 AM Signing Complete Security Checked 2/14/2020 10:02:14 AM Completed Security Checked 2/14/2020 10:02:14 AM Payment Events Status Timestamps