HomeMy WebLinkAbout24911RESOLUTION NO. 24911
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $20,000,000 TO
FINANCE AND REFINANCE AN AFFORDABLE MULTIFAMILY RENTAL
HOUSING FACILITY FOR THE BENEFIT OF COMMUNITY HOUSING
OPPORTUNITIES CORPORATION, OR AN AFFILIATE THEREOF, AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Community Housing Opportunities Corporation, a California nonprofit
public benefit corporation (the "Sponsor"), on behalf of an entity to be created by the
Sponsor or an affiliate of the Sponsor (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 $20,000,000 (the "Bonds"), including but
not limited to revenue bonds issued as part of a plan to (1) finance and refinance the
acquisition, development, construction and equipping of a 60-unit multifamily rental
housing facility for low-income households (the "Project"), to be owned and operated by
the Borrower and located at 3130 N. Indian Canyon Drive within the City of Palm Springs
(the "City"), and (2) pay certain expenses in connection with the issuance of the Bonds;
and
WHEREAS, an "applicable elected representative" of a jurisdiction in which the
Project is to be located is required to approve the issuance of the Bonds under Section
147(f) of the Code; and
WHEREAS, the City Council of the City (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 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; and
WHEREAS, 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;
IT IS RESOLVED, BY THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AS FOLLOWS:
Section 1. The foregoing recitals are true and correct.
Resolution No. 24911
Page 2
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 and
refinance the facilities described herein. It is the purpose and intent of the City Council
that this resolution constitutes approval of the issuance of the Bonds by the Authority 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 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
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS THIS loth DAY OF JUNE, 2021.
ANAGER
JUSTIN FTON, CITY
Resolution No.24911
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS)
I, ANTHONY J. MEJIA, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 24911 is a full, true, and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on June 10, 2021, by the following
vote:
AYES: Councilmembers Garner, Kors, Woods, Mayor Pro Tern Middleton, and
Mayor Holstege
NOES: None
ABSENT: None
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this +1-7 day of
Apfhony J. 4ej i y Clerk
City of Palm Springs, California