RESOLUTION NO. 11382
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ORANGE APPROVING THE
ISSUANCE OF REVENUE BONDS BY THE
CALIFORNIA MUNICIPAL FINANCE
AUTHORITY IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $ 20,000,000 TO
FINANCE A MULTIFAMILY RENTAL
HOUSING FACILITY FOR THE BENEFIT OF
MERCY HOUSING CALIFORNIA 107, L.P., OR
AN AFFIILIATE THEREOF , AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, Mercy Housin g California, a California nonprofit corporation ( the “Sponsor”), on behalf of Mercy Housing California 107, L.P., a California limited partnership, or another entity (such limited partnership or other entity, the “Borrower”) to be created by the Sponsor or by an affiliate of the Sponsor , 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, renovation, improvement and equipping of a 50 -unit multifamily rental housing facility for very -low income seniors (the “Project”), to be owned and operated by the Borrower and located in the City of Orange, California (the “City”), at 480 S. Batavia Street; 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 Internal Revenue Code of 1986 (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 A uthority, 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;
NOW, THEREFORE, BE IT RESOLVED , by the City Council of the City of Orange, as follows:
Section 1. The foregoing recitals are true and correct. 2 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 the facilities described herein.
It is the purpose and intent of the City Council that this Resolution constitute ap proval of the issuance of the Bonds by the Authority for the Project, for the purposes of (i) 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 ( ii) Section 4 of the Agreement.
Section 3. The 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 Bonds.
Section 4. 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 refin ancing 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 Proje ct; (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 5. The officers of the City, including the City Manager, 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 6. 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 7. This Resolution shall take effect immediately upon its adoption.
ADOPTED this ____ day of _____________________, 2022
_______________________________________
Mark A. Murphy, Mayor, City of Orange
ATTEST:
________________________________________
Pamela Coleman, City Clerk, City of Orange
3 STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ORANGE )
I, PAMELA COLEMAN, City Clerk of the City of Orange, California, do hereby certify that the foregoing Resolution was duly and regularly adopted by the City Council of the City of Orange at a regular meeting thereof held on the ____ day of _____ ________________, 2022, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
________________________________________
Pamela Coleman, City Clerk, City of Orange