HomeMy WebLinkAboutRESO 10271RESOLUTION NO. 10271
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALO ALTO
APPROVING A PLAN OF FINANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY TO ISSUE AND REISSUE REVENUE BONDS FOR A
QUALIFIED RESIDENTIAL RENTAL PROJECT FOR THE BENEFIT OF EL
CAMINO PA, L.P., AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Charities Housing Development Corporation of Santa Clara County, a
California nonprofit public benefit corporation (the “Developer”), on behalf of El Camino PA, L.P.,
a California limited partnership, or another ownership entity created by El Camino PA DE LLC, a
Delaware limited liability company, its general partner (the “General Partner”), or by another
affiliate of the Developer (such limited partnership or other ownership entity, the “Borrower”),
has requested that the California Municipal Finance Authority (the “Authority”) undertake a
proposed plan of finance to issue and reissue from time to time one or more series of revenue
bonds in an outstanding principal amount not to exceed $80,000,000 (the “Bonds”) to finance
and refinance the acquisition, construction, development and equipping of a 130-unit qualified
residential rental project (the “Project”) to be owned and operated by the Borrower and located
at 3001–3017 El Camino Real within the City of Palo Alto, California (the “City”); and
WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project
is to be located is required to approve the proposed plan of finance for the Project under Section
147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the City Council of Palo Alto (the “City Council”) is the elected legislative body
of the City and is an “applicable elected representative” for purposes of Section 147(f) of the
Code; and
WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a “plan of
finance” to issue an original issue of Bonds and to issue or reissue one or more additional series
of Bonds from time to time after the original issue of Bonds, if necessary or desirable to comply
with applicable legal requirements, all in an aggregate principal amount not to exceed
$80,000,000 to finance the Project, and all within the three-year period commencing on the date
of the issuance of the first series of Bonds pursuant to this resolution; and
WHEREAS, the Authority has requested that the City Council approve the proposed plan
of finance 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 Authority has, following notice
duly given, held a public hearing regarding the issuance of the Bonds, and the City Council now
desires to approve the proposed plan of finance for the Project;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of Palo Alto, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance of the Authority
to issue and reissue from time to time of one or more series of revenue bonds in an outstanding
Docusign Envelope ID: EFDB3074-93BD-427E-8E2E-6D154A590A2D
principal amount not to exceed $80,000,000. It is the purpose and intent of the City Council that
this resolution constitute approval of the proposed plan of finance for the Project for the purposes
of (a) Section 147(f) of the Code by the applicable elected representative of a 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 City Clerk shall forward a certified copy of this Resolution to the Authority
in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall LLP
4 West 4th Street, Suite 406
San Mateo, CA 94402
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Palo Alto this 15th day of
December, 2025.
AYES: BURT, LAUING, LU, LYTHCOTT-HAIMS, RECKDAHL, STONE, VEENKER
NOES:
ABSTAIN:
ABSENT:
Attest:
By:
City Clerk
Docusign Envelope ID: EFDB3074-93BD-427E-8E2E-6D154A590A2D
Certificate Of Completion
Envelope Id: EFDB3074-93BD-427E-8E2E-6D154A590A2D Status: Completed
Subject: RESO 10271-Plan of Finance of the CA Municipal Finance Authority to Issue and Reissue Revenue Bonds
Source Envelope:
Document Pages: 2 Signatures: 1 Envelope Originator:
Certificate Pages: 1 Initials: 0 Christine Prior
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EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US & Canada)
250 Hamilton Ave
Palo Alto , CA 94301
Christine.Prior@PaloAlto.gov
IP Address: 165.225.242.83
Record Tracking
Status: Original
1/15/2026 3:37:12 PM
Holder: Christine Prior
Christine.Prior@PaloAlto.gov
Location: DocuSign
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Storage Appliance Status: Connected Pool: City of Palo Alto Location: Docusign
Signer Events Signature Timestamp
Mahealani Ah Yun
Mahealani.AhYun@paloalto.gov
City Clerk
Security Level: Email, Account Authentication
(None)Signature Adoption: Pre-selected Style
Using IP Address: 165.225.242.89
Sent: 1/15/2026 3:40:11 PM
Viewed: 1/24/2026 11:54:03 AM
Signed: 1/26/2026 8:30:07 AM
Electronic Record and Signature Disclosure:
Not Offered via Docusign
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Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 1/15/2026 3:40:11 PM
Certified Delivered Security Checked 1/24/2026 11:54:03 AM
Signing Complete Security Checked 1/26/2026 8:30:07 AM
Completed Security Checked 1/26/2026 8:30:07 AM
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