RESOLUTION NO. _________(CCS)
(City Council Series)
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA APPROVING A PLAN OF FINANCE INCLUDING THE
ISSUANCE OF EXEMPT FACILITY BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE
OUTSTANDING PRINCIPAL AMOUNT NOT TO EXCEED $80,000,000
TO FINANCE AND REFINANCE A QUALIFIED RESIDENTIAL RENTAL PROJECT FOR THE BENEFIT OF 1318 4TH STREET LP (OR AN
AFFILIATE), AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, 1318 4th Street EAH LLC, a California limited liability company (the “General Partner”), on behalf of 1318 4th Street LP, a California limited partnership, or another limited partnership of which the General Partner or a related person to the General Partner is the general partner (such limited partnership being referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance that includes the issuance and reissuance from time to time of one or more series of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986, as amended (the “Code”), in an aggregate principal amount not to exceed $80,000,000 (the “Bonds”) to finance and refinance the acquisition, development, construction and equipping of a 122-unit multifamily rental housing project (the “Project”) to be owned and operated by the Borrower and to be located at 1318 4th Street within the City of Santa Monica, California (the “City”); and
WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is to be located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Code; and
WHEREAS, the City Council of the City of Santa Monica (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 proposed plan of finance for the Project 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 of Santa Monica; 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 proposed plan of finance for the Project;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Santa Monica, California, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance for the Project that includes the issuance and reissuance from time to time of the Bonds in an outstanding principal amount not to exceed $80,000,000. It is the purpose and intent of the City Council that this Resolution constitute approval of the proposed plan of finance 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 of Santa Monica 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 City Clerk shall forward a certified copy of this Resolution to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall LLP
4 West Fourth Avenue, Suite 406
San Mateo, CA 94402
Section 5. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Santa Monica, California, this ___ day of _________, 2026.
AYES:
NOES:
ABSTAIN:
ABSENT:
[SEAL]
Attest:
By: __________________________
City ClerkHeidi von Tongeln
City Attorney