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RESOLUTION NO. _________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LANCASTER
CALIFORNIA APPROVING A PLAN OF FINANCE INCLUDING THE
ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $55,000,000 TO FINANCE A MULTIFAMILY RENTAL
HOUSING FACILITY FOR LOW- AND VERY LOW-INCOME
HOUSEHOLDS FOR THE BENEFIT OF AN ENTITY ESTABLISHED BY USA PROPERTIES FUND, INC., OR AN AFFILIATE THEREOF, AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, USA Properties Fund, Inc. (the “Sponsor”), on behalf of Lancaster 690, L.P. a California limited partnership, or another entity to be established by the Sponsor or an affiliate thereof (such limited partnership or other entity, as applicable, being referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a plan of finance, including the issuance from time to time of one or more series of revenue bonds in an aggregate principal amount not to exceed $55,000,000 (together with a like amount of refunding obligations) (the “Bonds”), to finance and refinance the costs of the acquisition, construction, development and equipping of a 264-unit multifamily rental housing development for low- and very low-income households (the “Project”) located at 1743 E. Avenue J4 in the City of Lancaster, California (the “City”); 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 plan of finance for the Project, including 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, the City itself is not issuing the Bonds, is not obligated to repay the Bonds, and is not pledging or otherwise committing any of the City’s revenue or other assets to secure repayment of the Bonds; 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 plan of finance for the Project, including the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lancaster, California, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the plan of finance for the Project, including the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the plan of finance for the Project, including 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 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 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. 4 7
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PASSED, APPROVED, and ADOPTED by the City Council of the City of Lancaster, California this 8th day of October, 2024.
AYES:
NOES:
ABSTAIN:
ABSENT:
[SEAL]
Attest:
By: __________________________
City Clerk