Resolution 2026-XX Page 1 of 3
RESOLUTION NO. 2026-XX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FREMONT
APPROVING A PLAN OF FINANCE INCLUDING THE ISSUANCE OF
EXEMPT FACILITY BONDS BY THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY IN AN AGGREGATE OUTSTANDING
PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000 TO FINANCE AND
REFINANCE A QUALIFIED RESIDENTIAL RENTAL PROJECT FOR
THE BENEFIT OF USA PROPERTIES FUND INC. (OR AN AFFILIATE) ,
MAKING FINDINGS OF CEQA EXEMPTION AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, USA Properties Fund, Inc. (the “Sponsor”), on behalf of a limited partnership of which the Sponsor or a related person to the Sponsor is the general partner (such limited partnership being referred to herein as the “Borrower”) , has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance that includes the issuance and reissuance from time to time of one or more series of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986, as amended (the “Code”), in an aggregate principal amount not to exceed $30,000,000 (the “Bonds”) to finance and refinance the acquisition, development, construction and equipping of a 140-unit (including one manager’s unit) multifamily rental housing project (the “Project”) to be owned and operated by the Borrower and located at 37358 Fremont Boulevard within the City of Fremont, California (the “City”), and;
WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Code; and
WHEREAS, the Fremont City Council (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 because the Project is located within the territorial limits of the City; and WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance for the Project 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 “Agreemen t”), 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 FREMONT, AS FOLLOWS:
SECTION 1. The foregoing recitals are true and correct.
SECTION 2. The City Council finds the Centerville Plaza Apartments housing development satisfied the requirements under CEQA and no further documentation is required per CEQA Guidelines Sections 15162 and 15164. Additional environmental review under CEQA is not applicable pursuant to CEQA Guidelines Section 15061(b)(3) (Review for Exemption) and/or 15378(b)(2), (4) and/or (5), each as a separate and independent basis. The action is a governmental fiscal or administrative action which will have no potentia l to adversely affect the environment, directly or indirectly.
SECTION 3. The City Council hereby approves the proposed plan of finance for the Project that includes the issuance and reissuance from time to time of the Bonds in an outstanding principal amount not to exceed $30,000,000. 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 located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
SECTION 4. The proposed plan of finance and issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the plan of finance or the Bonds.
SECTION 5. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein.
SECTION 6. 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 7. 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 Fourth Avenue, Suite 406
San Mateo, CA 94402
SECTION 8. This Resolution shall take effect immediately upon its adoption.
Resolution 2026-XX Page 3 of 3
ADOPTED _______________, 2026, by the City Council of the City of Fremont by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________________
Mayor
ATTEST: APPROVED AS TO FORM:
_______________________________ __________________________________ City Clerk City Attorney