Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STOCKTON APPROVING THE REISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS OR NOTES BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE GRAND VIEW VILLAGE APARTMENTS Visionary Home Builders of California, Incorporated, a California nonprofit corporation (the “Sponsor”), on behalf of VCOR Limited Partnership, a California limited partnership, or another entity to be created by the Sponsor or an affiliate of the Sponsor (such limited partnership or other entity to be referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) reissue one or more series of revenue bonds in an aggregate principal amount not to exceed $23,000,000, including but not limited to revenue bonds reissued as part of a plan to refinance the facilities described herein (the “Bonds”), for the acquisition, development, construction and equipping of a 75-unit affordable rental housing facility for low-income households (the “Project”) to be located in the City of Stockton, California (the “City”) at 240 E. Miner Avenue and 240 N. Hunter Street, to be owned and operated by the Borrower; and Pursuant to section 147(f) of the Internal Revenue Code of 1986 (the “Code”), the reissuance of the Bonds by the Authority must be approved by an applicable elected representative of the City because the Project is to be located in an area over which the City has jurisdiction; and The City Council of the City (the “Council”) is the elected legislative body of the City and is one of the “applicable elected representatives” required to approve the reissuance of the Bonds under section 147(f) of the Code; and The Authority has requested that the Council approve the reissuance 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 Pursuant to section 147(f) of the Code, the Council has, following notice duly given, held a public hearing regarding the reissuance of the Bonds, and now desires to approve the reissuance of the Bonds by the Authority for purposes of said section 147(f) and said section 4; now, therefore, //
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON AS FOLLOW:
The foregoing recitals are true and correct.
The Council hereby approves the reissuance of the Bonds by the Authority, including but not limited to Bonds reissued as part of a plan to refinance the facilities described herein. It is the purpose and intent of the Council that this resolution constitutes approval of the reissuance 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 to be located, in accordance with said section 147(f) and (b) section 4 of the Agreement.
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 refinancing transaction approved hereby.
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, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
This resolution shall take effect immediately upon its adoption.
The City Manager is hereby authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED AND ADOPTED June 18, 2024 .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
KATHERINE ROLAND, CMC, CPMC
Interim City Clerk of the City of Stockton