Docusign Envelope ID:50CgDOBA-C62A-448C-BD97-9FBFB3433607 RESOLUTION NO. R-2024-066
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PISMO BEACH,
CALIFORNIA APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $13,414,789 TO FINANCE AND REFINANCE A 50-UNIT
AFFORDABLE RENTAL HOUSING FACILITY FOR THE BENEFIT OF PISMO TERRACE, L.P. OR ITS AFFILIATE, AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, People's Self-Help Housing Corporation (the "Sponsor"), on behalf of Pismo Terrace, L.P., a California limited partnership (the "Borrower"), 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 $13,414,789 (the "Bonds"), including but not limited to revenue bonds issued as part of a plan to (1) finance and refinance the acquisition, construction, development and equipping of a 50-unit affordable multifamily rental housing facility including units for low-income tenants (the "Project"), to be located at 855 North Fourth Street in the City of Pismo Beach, California (the "City"), and (2) pay certain expenses in connection with the issuance of the Bonds; and
WHEREAS, an "applicable elected representative" of a 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 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pismo Beach as follows:
Section 1. The foregoing recitals are true and correct.
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R-2024-066
Docusign Envelope ID:50C9DOBA-C62A-448C-BD97-9FBFB3433607 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 and refinance 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 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 to be 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.
UPON MOTION OF Council Member Newton, seconded by Council Member Inman, the foregoing resolution was adopted by the City Council of the City of Pismo Beach this 19'" day of November 2024, by the following vote:
AYES: 5 Newton, Inman, Guthrie, Reiss, Waage
NOES: 0
ABSENT: 0
ABSTAIN: 0
RECUSED: 0
Approved: Attest:
DocuSigned by: DocuSigned by:
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Ed Waage, Mayor Erica Inderlied, City Clerk
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Pismo Beach, California, on 11/21/2024
ED S' e
d by:
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Erica Inderlied, City Clerk
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R-2024-066