RESOLUTION NO. _________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
APPROVING A PLAN OF FINANCE FOR THE ISSUANCE OF REVENUE
BONDS BY THE CALIFOR NIA MUNICIPAL FINANCE AUTHORITY TO
FINANCE AND REFINANCE A QUALIFIED RESIDENTIAL RENTAL
PROJECT LOCATED AT 1250 SANTA CORA AVENUE FOR THE BENEFIT
OF CG TERESINA APTS LP, AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Nuveen Alternatives Advisors LLC , a Delaware limited liability company (the “Sponsor”), on behalf of CG Teresina Apts LP , a Delaware limited partnership, or another ownership entity created by the Sponsor or by another affiliate of the Sponsor (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 that includes the issuance and reissuance by the Authority from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $ 100,000,000 (the “Bonds”) to finance and refinance the acquisition, rehabilitation, improvement and equipping of a 440-unit qualified residential rental project commonly known as Teresina Apartments (the “Project”) to be owned and operated by the Borrower and located at 1250 Santa Cora Avenue within the City of Chula Vista, California (the “City”); and
WHEREAS, in accordance with Chula Vista Housing Authority Resolution No. 2024-004, Housing Authority staff have approved the use of the Authority as an outside issuer after determining tha t the Authority is uniquely suited to provide an allocation of recycled bonds, rending the project’s financing more viable; 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 the City of Chula Vista (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 under applicable legal requirements, all in an aggregate principal amount not to exceed $ 100,000,000 outstanding at any one time, and all to provide long term financing and refinancing of the Project 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 City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the proposed plan of finance for the Project;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Chula Vista, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance to issue and reissue from time to time of one or more series of revenue bonds for the Project in an outstanding principal amount not to exceed $100,000,000. 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, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. This resolution shall take effect immediately upon its adoption.
Presented by Approved as to form by
Stacey Kurz Marco A. Verdugo
Director of Housing and Homeless Services City Attorney