DRAFT 8/25/2026 ____
T-CDD-210073/88041 1
Council Agenda: 9/15/2026
Item No.:
RESOLUTION NO. ______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SUNNYVALE
APPROVING A PLAN OF FINANCE OF THE CALIFORNIA MUNICIPAL
F I N A N C E A U T H O R I T Y T O I S S U E A N D R E I S S U E R E V E N U E B O N D S
FOR A QUALIFIED RESIDENTIAL RENTAL PROJECT FOR THE
B E N E F I T O F 2 4 5 W E D D E L L L P , A N D C E R T A I N O T H E R M A T T E R S
RELATING THERETO
WHEREAS, Villa Garcia, Inc., a California nonprofit public benefit corporation (the “Developer”), on behalf of 245 Weddell LP, a California limited partnership, or another ownership entity created by 245 Weddell LLC, a California limited liability company, its general partner (the “General Partner”), or by another affiliate of the Developer (such limited partnership or other ownership entity, the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance to issue and reissue from time to time one or more series of revenue bonds in an outstanding principal amount not to exceed $70,000,000 (the “Bonds”) to finance and refinance the acquisition, rehabilitation, improvement and equipping of a 123-unit qualified residential rental project (the “Project”) to be owned and operated by the Borrower and located at 245-251 W Weddell Drive within the City of Sunnyvale, California (the “City”); and
WHEREAS, the City Council of Sunnyvale (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 advised that the Bonds may be issued pursuant to a “plan of finance” to issue an original issue of Bonds and to issue or reissue one or more additional series of Bonds from time to time after the original issue of Bonds, if necessary or desirable to comply with applicable legal requirements, all in an aggregate principal amount not to exceed $70,000,000 to finance the Project, and all within the three-year period commencing on the date of the issuance of the first series of Bonds pursuant to this resolution; and WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance 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 proposed plan of finance for the Project.
Attachment 1
T-CDD-210073/88041 2
Council Agenda: 9/15/2026
Item No.:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SUNNYVALE THAT:
1. The foregoing recitals are true and correct.
2. The City Council hereby approves the proposed plan of finance of the Authority to issue and reissue from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $70,000,000. 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.
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.
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 4th Avenue, Suite 406
San Mateo, CA 94402
5. This resolution shall take effect immediately upon its adoption.
Attachment 1
T-CDD-210073/88041 3
Council Agenda: 9/15/2026
Item No.:
Adopted by the City Council at a regular meeting held on ___________, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
RECUSAL:
ATTEST: APPROVED:
__________________________________ _________________________________
DAVID CARNAHAN
City Clerk
LARRY KLEIN
Mayor
(SEAL)
APPROVED AS TO FORM:
___________________________________
REBECCA L. MOON
City Attorney
Attachment 1