RESOLUTION NO. 22-__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 TO FINANCE AND REFINANCE A 64-UNIT
MULTIFAMILY HOUSING FACILITY FOR THE BENEFIT OF CANTERBURY
VILLAGE LP, A CALIFORNIA LIMITED PARTNERSHIP, OR ANOTHER ENTITY
CREATED BY HUMANGOOD AFFORDABLE HOUSING, A CALIFORNIA
NONPROFIT PUBLIC BENEFIT CORPORATION (OR AN AFFILIATE), AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, HumanGood Affordable Housing, a California nonprofit public benefit corporation (the “Sponsor”), on behalf of Canterbury Village LP, a California limited partnership, or another entity created by the Sponsor or an affiliate of the Sponsor for the purpose of owning the project described herein (such limited partnership or other entity being referred to herein as 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 $15,000,000 (the “Bonds”), including but not limited to revenue bonds issued as part of a plan to (1) finance and refinance the acquisition and rehabilitation of a 64-unit multifamily rental housing facility for low-income seniors (the “Project”) located at 23420 Avenida Rotella in Santa Clarita, California (the “City”), and (2) pay certain expenses in connection with the issuance of the Bonds;
WHEREAS, an “applicable elected representative” of a jurisdiction in which the Project is located is required to approve the issuance of the Bonds under Section 147(f) of the Code; 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;
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, the City Council of the City of Santa Clarita, California, does hereby resolve as follows:
SECTION 1. The foregoing recitals are true and correct.
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 facilities described herein. 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 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 Bonds and the obligation to pay principal thereof and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the City, the Authority, the State of California, or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower.
SECTION 5. The City Council approval pursuant to this Resolution of the issuance of the Bonds does not constitute any other approval by any commission or agency of the City with respect to any other City regulatory or other requirements in connection with the Project.
SECTION 6. The Clerk shall forward a certified copy of this resolution to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, A Professional Law Corporation
475 Sansome Street, Suite 1700
San Francisco, California 94111
SECTION 7. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED this __th day of ________ 2022.
______________________________
MAYOR
ATTEST:
_______________________________
CITY CLERK
DATE:__________________________
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution No. 22- was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the __th day of ________ 2022, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
______________________________
CITY CLERK