HomeMy WebLinkAbout24956RESOLUTION NO. 24956
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
("CMFA") IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$20,000,000 TO FINANCE A MULTIFAMILY RENTAL HOUSING
FACILITY FOR THE BENEFIT OF VISTA SUNRISE II, L.P., AND CERTAIN
OTHER MATTERS RELATING THERETO.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY FIND
AS FOLLOWS:
WHEREAS, Coachella Valley Housing Coalition (the "Sponsor"), on behalf of
Vista Sunrise II, L.P., a California limited partnership (such limited partnership, 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 finance the acquisition, construction, improvement
and equipping of a 61-unit multifamily rental housing facility for people of special needs
(the "Project"), to be located at 1527 North Sunrise Way in the City of Palm Springs,
California (the "City"), and to be owned and operated by the Borrower; and
WHEREAS, an "applicable elected representative" of the 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;
Resolution No. 24956
Page 2
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE 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, 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, APPROVED AND ADOPTED BY THE PALM SPRINGS CITY
COUNCIL THIS 4th DAY OF NOVEMBER, 2021.
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JUSTIN VTO14, CITY ANAGER
ATTEST:
�AWHONY EJIA ITY CLERK
Resolution No. 24956
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. 24956 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 November 04, 2021, by the
following vote:
AYES:
Councilmembers Garner,
NOES:
None
ABSENT:
Mayor Holstege
ABSTAIN:
None
Kors, Woods, Mayor Pro Tern Middleton
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Springs, California, this 1., day of /0co, --*---.( , 2-o-Zl
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thony J. Meji M C y Clerk
City of Palm Spr' gs, C lifornia
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