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Date Adopted:
Date Approved:
Effective Date:
City Attorney Approval: TWR Resolution No. ______
RESOLUTION NO. _____________
A RESOLUTION OF THE COUNCIL OF THE CITY OF
FRESNO, CALIFORNIA, APPROVING THE ISSUANCE BY
THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF
MULTIFAMILY HOUSING REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$20,000,000 FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION
IMPROVEMENT AND EQUIPPING OF HOTEL FRESNO
APARTMENTS AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Broadway Plaza Family Apartments, LP (the Borrower) a partnership of which APEC International, LLC (the Developer) or a related person to the Developer is the general partner, has requested that the California Municipal Finance Authority (the Authority) adopt a plan of financing providing for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the Code) in one or more series issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to t ime, and at no time to exceed $20,000,000 in aggregate principal am ount (the Bonds) , to finance or refinance the acquisition, construction , improvement and equipping of Hotel Fresno Apartments (the Project), a 79-unit multifamily rental housing project located at 1241- 1263 Broadway Plaza, Fresno, California; and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of Fresno (the City) because the Project is located within the territorial limits of the City; and
WHEREAS,
the City Council of the City of Fresno is the elected legislative body of the City and is the ap plicable elected representative under Section 147(f) of the Code; and
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WHEREAS, the Authority has requested 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, (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 rega rding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; and WHEREAS, the City Council understands that it s actions in holding this public hearing and in a pproving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees, or any other costs associated with the issuance of the Bonds and said City Council expressly conditions its approval of this Resolution on that understanding.
NOW, THEREFORE, BE IT RESOLVED , by the Council of the City of Fresno as follows:
1. The City Council hereby approves the issuance of the Bonds by the Authority for the purposes of financing or refinancing the Project. It is the purpose and intent of the City Council that this Resolution constitute approval of the issuance of the Bonds by the Authority , for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the 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.
2. The officers of the City Council are hereby authorized and directed, jointly and severally, to do any and all things and execute an d deliver any and all documents,
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certificates and other instruments which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this R esolution and the financing transaction approved hereby. Any actions heretofore taken by such officers are hereby ratified and approved.
3. The City Council expressly conditions its approval of this Resolution on its understanding that the City shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Authority’s issuance of the Loan for the financing of the Project.
4. This resolution shall be effective upon final approval.
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STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, TODD STERMER, City Clerk of the City of Fres no, certify that the foregoing resolution was adopted by the Council of the City of Fresno, at a regular meeting held on the day of , 2023.
AYES :
NOES :
ABSENT :
ABSTAIN :
Mayor Approval: , 2023
Mayor Approval/No Return: , 2023
Mayor Veto: , 2023
Council Override Vote: , 2023
TODD STERMER, CMC
City Clerk
By:
Deputy
APPROVED AS TO FORM:
ANDREW JANZ
City Attorney
By:
Taylor W. Rhoan D ate
Deputy City Attorney