RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MARIA
APPROVING THE ISSUANCE OF THE REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY FOR THE SOLE PURPOSE OF FINANCING
THE ACQUISITION, REHABILITATION, IMPROVEMENT, AND EQUIPPING OF A SENIOR MULTIFAMILY RENTAL HOUSING PROJECT LOCATED AT 1720 SOUTH
DEPOT STREET, SANTA MARIA, CALIFORNIA
WHEREAS, VBC Vizcaya, LP (the "Borrower") a partnersh ip of which Vintage Housing Development 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 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 $65,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, rehabilitation, improvement and equipping of a senior multifamily rental housing project lo cated at 1720 South Depot Street, Santa Maria, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved b y the City of Santa Maria ( "City") because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City ("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 ("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. ///
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NOW, THEREFORE, IT IS HEREBY RESOLVED, by the City Council of the City of Santa Maria, California as follows:
1. The above recitals are true and correct.
2. The City Council hereby approves the issuance of the Bonds and the Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this Resolution constitutes approval of the Bonds for the purposes of (a) Section 147(f) of the Code and (b) Section 9 of the Agreement.
3. The officers of the City, including by way of example and not as a limitation, the Mayor, the City Manager, the Interim Finance Director, and the Chief Deputy City Clerk, 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.
4. This Resolution shall take effect immediately upon its passage; and
5. The Chief Deputy City Clerk is hereby authorized to make minor changes herein to address clerical errors, so long as substantial conformance of the intent of this document is maintained. In doing so, the Chief Deputy City Clerk shall consult with the City Manager and City Attorney concerning any changes deemed necessary.
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PASSED AND ADOPTED at a regular meeting of the City Council of the City of Santa Maria, California, held on the 21st day of November 2023.
ATTEST:
Chief Deputy City Clerk
Mayor
APPROVED AS TO FORM:
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City Attorney
APPROVED AS TO CONTENT:
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Department Director
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Interim City Manager