Resolution No. 2025-343
Resolution No. 2025-343
August 6, 2025
RESOLUTION NO. 2025-343
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN BERNARDINO CALIFORNIA APPROVING THE
ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY EXEMPT FACILITY BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$46,000,000 (FORTY-SIX MILLION DOLLARS) FOR THE
PURPOSE OF FINANCING OR REFINANCING THE
ACQUISITION, REHABILITATION, IMPROVEMENT AND
EQUIPPING OF VILLAGE GREEN A MULTIFAMILY
RENTAL HOUSING PROJECT LOCATED AT 2122 W.
CHESTNUT STREET, AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Village Green Preservation LP (the “Borrower”) a partnership of which Security Properties (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 exempt facility bonds in one or more series from time to time, and at no time to exceed $46,000,000 (Forty-six million dollars) in aggregate principal amount (the “Bonds”), to finance or refinance the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing project located at 2122 W Chestnut Street, San Bernardino, California (the “Project”); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code, the issuance of the Bonds by the California Municipal Finance Authority must be approved by the City of San Bernardino (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 California Municipal Finance Authority has requested that the City Council approve the issuance of the Bonds by said 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, there has been published, at least 7 days prior to the date hereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds would be held on a date specified in such notice; and
Resolution No. 2025-343
Resolution No. 2025-343
August 6, 2025
WHEREAS, such public hearing was conducted on such date, at which time an opportunity was provided to interested parties to present arguments both for and against the issuance of the Bonds.
BE IT THEN RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1.The above recitals are true and correct and are incorporated herein by this reference.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the California Municipal Finance Authority. 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.
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 City Manager and or designee are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents that 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 approved hereby.
SECTION 6.Severability. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications, and to this end the provisions of this Resolution are declared to be severable.
SECTION 7. Effective Date. This Resolution shall become effective immediately.
APPROVED and ADOPTED by the City Council and signed by the Mayor and attested by the City Clerk this 6th day of August 2025.
Helen Tran, Mayor
City of San Bernardino
Resolution No. 2025-343
Resolution No. 2025-343
August 6, 2025
Attest:
Telicia Lopez, CMC, Acting City Clerk
Approved as to form:
Sonia Carvalho, City Attorney
Resolution No. 2025-343
Resolution No. 2025-343
August 6, 2025
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
I, Telicia Lopez, CMC, City Clerk, hereby certify that the attached is a true copy of Resolution No. 2025-343, adopted at a regular meeting held on the 5th day of August 2025 by the following vote:
Council Members: AYES NAYS ABSTAIN ABSENT
SANCHEZ _____ _____ _______ _______
IBARRA _____ _____ _______ _______
FIGUEROA _____ _____ _______ _______
SHORETT _____ _____ _______ _______
KNAUS _____ _____ _______ _______
FLORES _____ _____ _______ _______
ORTIZ _____ _____ _______ _______
WITNESS my hand and official seal of the City of San Bernardino this ___ day of ____________ 2025.
Telicia Lopez, CMC, Acting City Clerk