The CMFA was formed to assist local governments, non -profit organizations , and businesses with the issuance of taxable and tax -exempt bonds to improve California’s living standards. The CMFA’s representatives and Board of Directors have considerable experience in bond financing.
DISCUSSION
The Borrower requested that the CMFA serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed $95,000,000 (the “Bonds”) of tax -exempt revenue bonds. The proceeds of the Bonds will be used to finance or refinance the acquisition, construction, improvement , and equipping of Palmdale Family Housing, a multifamily rental housing project (the “Project”) located at 38851 15th Street East, Palmdale, California (the “City”).
For the Bonds to qualify as tax -exempt bonds, the City of Palmdale must conduct a public hearing (the “TEFRA Hearing”) providing the members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the P roject. Before such a TEFRA Hearing, reasonable notice must be provided to the community members. Following the close of the TEFRA Hearing, an “applicable elected representative” of the governmental unit hosting the Project must approve the issuance of the Bonds for the financing of the Project.
FISCAL IMPACT
$0; There is no fiscal impact to the City as a result of this action. The Bonds to be issued by the CMFA for the Project will be the sole responsibility of the Borrower, and the City will have no financial, legal, moral obligation, liability, or responsibility for the Project or the repayment of the Bonds for the financing of the Project. All financing documents concerning the issuance of the Bonds will contain clear disclaimers that the Bonds are not obligations of the City or the State of California but are to be paid for solely from funds provided by the Borrower.
The Board of Directors of the California Foundation for Stronger Communities, a California non-profit public benefit corporation (the “Foundation”), acts as the Board of Directors for the CMFA. Through its conduit issuance activities, the CMFA shares a portion of the issuance fees it receives with its member co mmunities and donates a portion of these issuance fees to the Foundation for the support of local charities. With respect to the City of Palmdale, it is expected that a portion of the issuance fee attributable to the City will be granted by the CMFA to the City’s general fund. Such a grant may be used for any lawful purpose of the City.
STRATEGIC PLAN
Goal III: Invest in infrastructure to improve community livability.
Report to Mayor Pro Tem and City Council
Re: Adopt Resolution No. CC 2025-055
August 5, 2025
C. Plan and maintain safe and attractive neighborhoods, streets, facilities, and public spaces with exciting programming that promotes active fun for everyone.
Prepared by: Janelle Samson, Director of Operations
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, City Attorney
ATTACHMENTS
Reso. No. CC 2025-055
CITY COUNCIL
CITY OF PALMDALE, CALIFORNIA
RESOLUTION NO. CC 2025-055
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALMDALE
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY (CMFA) EXEMPT FACILITY BONDS IN AN
AGGREGATE PRINCIPAL AMOUN T NOT TO EXCEED $95,000,000
FOR THE PURPOSE OF FINANCING OR REFINANCING THE
ACQUISITION, CONSTRUCTION, IMPROVEMENT , AND EQUIPPING
OF PALMDALE FAMILY HOUSING AND CERTAIN OTHER MATTERS
RELATING
WHEREAS, Palmdale Family Housing, L.P. (the “Borrower”) a pa rtnership of which Affirmed Housing Group, Inc. (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 issua nce 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 exempt facility bo nds in one or more series from time to time, and at no time to exceed $95,000,000 in aggregate principal amount (the “Bonds”), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at 38851 15th Street East, Palmdale, California (the “Project”); 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 Palmdale (the “City”) because the Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the “City Council”) is the elected legislative body of the City and is one of the “applicable elected representatives” required to approve the issuance of the Bonds under 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 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 issuance of the Bonds by the Authority Resolution No. CC 2025-055
NOW THEREFORE, BE IT RESOLVED, THE CITY COUNCIL OF THE CITY OF
PALMDALE DOES HEREBY F IND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
SECTION 1 The foregoing resolutions are true and correct
SECTION 2 The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this re solution 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 locat ed, in accordance with said Section 147(f) and (b) 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 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 5 The officers of the City are hereby authorized and directed, jointly and sever ally, 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 certify to the adoption of this resolution.
PASSED, APPROVED and ADOPTED this 5th day of August 2025.
_________________________________
Laura Bettencourt, Mayor Pro Tem
APPROVED AS TO FORM: ATTEST:
___________________________ _________________________________ Alexandra Halfman Rochelle Scott, City Clerk
City Attorney
Resolution No. CC 2025-055
I, Rochelle Scott, City Clerk of the City of Palmdale, California, do hereby certify that the foregoing resolution was duly passed, approved , and adopted by the City Council of the City of Palmdale at a regular meeting of said Council held on the 5th day of August 2025 by the following roll call vote:
AYES:
NOES:___________________________________________________________
ABSTAIN:______________________ABSENT:___________________________
Date:
Rochelle Scott, City Clerk
CITY OF PALMDALE
OFFICE OF THE CITY COUNCIL
M E M O R A N D U M
TO: City Clerk
FROM: Laura Bettencourt, Mayor Pro Tem
SUBJECT: Monthly Informational Report – Events and Meetings
DATE: August 5, 2025
During the period July 1 through July 31, 2025, I attended the following meetings and events:
Jul. 1 Regular City Council Meeting
Jul. 7 LA County Sanitation Districts 14 and 20 Board of Directors Meeting Jul. 15 AVAQMD Board of Directors Meeting
Jul. 15 Regular City Council Meeting
Jul. 17 Meeting with Constituent
Jul. 18 League of CA Cities Desert Mountain Division Meeting in Lancaster Jul. 22 AVTA Board of Directors Meeting
Jul. 31 Lockheed U-2 70th Anniversary Ceremony
CITY OF PALMDALE
OFFICE OF THE CITY COUNCIL
M E M O R A N D U M
TO: City Clerk
FROM: Austin Bishop, Councilmember
SUBJECT: Monthly Informational Report – Events and Meetings
DATE: August 5, 2025
During the period July 1 through July 31, 2025, I attended the following meetings and events:
Jul. 1 Regular City Council Meeting
Jul. 4 Fireworks Show at Amphitheater
Jul. 7 LA County Sanitation Districts 14 and 20 Board of Directors Meeting Jul. 14 North County Transportation Coalition Board of Governors Meeting Jul. 15 AVAQMD Board of Directors Meeting
Jul. 15 Regular City Council Meeting
Jul. 16 Neighborhood Watch at Poncitlán Square
Jul. 26 Summer Concert: Kool and the Gang at Palmdale Amphitheater Jul. 31 Youth Fentanyl Awareness Summer Program
CITY OF PALMDALE
OFFICE OF THE CITY COUNCIL
M E M O R A N D U M
TO: City Clerk
FROM: Eric Ohlsen, Councilmember
SUBJECT: Monthly Informational Report – Events and Meetings
DATE: August 5, 2025
During the period July 1 through July 31, 2025, I attended the following meetings and events:
Jul. 1 Regular City Council Meeting
Jul. 4 Fireworks Show at Amphitheater
Jul. 10 High Desert Corridor JPA Board of Directors Meeting Jul. 11 Assemblymember Carrillo Joshua Tree Permitting Workshop Jul. 11 Metrolink Audit and Finance Committee Meeting
Jul. 14 North County Transportation Coalition Board of Governors Meeting Jul. 15 Regular City Council Meeting
Jul. 19 Summer Concert: Dustin Lynch at Palmdale Amphitheater Jul. 22 AVTA Board of Directors Meeting
Jul. 25 Metrolink Board of Directors Meeting
Jul. 29 Meeting with Palmdale Sheriff’s Department
Jul. 31 Youth Fentanyl Awareness Summer Program