HomeMy WebLinkAboutResolution No. 2023-C15RESOLUTION NO. 2023-C15
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
APPROVING A PLAN OF FINANCE FOR THE ISSUANCE OF REVENUE
BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $55,000,000
TO FINANCE AND REFINANCE A 61-UNIT MULTIFAMILY HOUSING
FACILITY FOR THE BENEFIT OF A LIMITED PARTNERSHIP OR
OTHER OWNERSHIP ENTITY TO BE CREATED BY BOLD
COMMUNITIES, A CALIFORNIA NONPROFIT PUBLIC BENEFIT
CORPORATION, CALIFORNIA LANDMARK GROUP, A CALIFORNIA
CORPORATION, OR AN AFFILIATE OF EITHER, AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, Bold Communities, a California nonprofit public benefit corporation(the
“Sponsor”), on behalf of a limited partnership or another ownership entity to be created by the
Sponsor, California Landmark Group, a California corporation, or an affiliate of either (such
limited partnership or other ownership entity being referred to herein as the “Borrower”), has
requested that the California Municipal Finance Authority (the “Authority”) issue from time to
time one or more series of revenue bonds in an aggregate principal amount not to exceed
$55,000,000 (the “Bonds”), including but not limited to revenue bonds issued as part of a plan to
(1) finance and refinance the acquisition, rehabilitation, improvement and equipping of a 61-unit
multifamily rental housing facility for low-income households (the “Project”) to be owned and
operated by the Borrower and located at 745 E. 5“^ Street in the City of Azusa, California (the
“City”), and (2) pay certain expenses in connection with the issuance of the Bonds; and
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; and
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; 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 (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 plan of finance for the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Azusa 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 puiposes 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. I'he 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 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 5. This resolution shall take effect immediately upon its adoption.
ADOPTED AND APPROVED the 20*'’ day of March, 2023.
Robert (jonzales
Mayor
ATTEST:
)STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
Cri'Y OF AZUSA
1 HEREliY CERTIFY that the foregoing is a true copy of a resolution adopted by the City
Council of the City of Azusa at a regular meeting thereot held on the 20"’ day oi March, 2023, by
the following vote of the City Council:
COUNCILMEMBERS: GONZALES, MENDEZ, ALVAREZ, AVILA, BECKWITH
COUNCILMEMBERS; NONE
COUNCILMEMBERS; NONE
COUNCILMEMBERS: NONE
) ss.
)
AYES:
NOES:
ABSENT:
ABSTAIN:
(1
!e Cornejo, Jr.Jeffi-eyt^aA
City Clerk
APPROVED AS TO FORM
Best Best & Krieger, LL\P
City Attorney
t