HomeMy WebLinkAboutRES NO 093-2021e�
RESOLUTION NO. � 9 3_2 ®2 1
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000 FOR THE
PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF THE BRENTWOOD
CROSSING APARTMENTS AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Bakersfield Brentwood LP (the "Borrower") or a partnership of which The
Danco Group (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 $15,000,000 in
aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, construction,
improvement and equipping of a multifamily rental housing project located at 7350 Willis
Avenue, Bakersfield, California (the "Project'); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
Authority must be approved by the City of Bakersfield (the "City") because the Project is located
within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "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 (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 issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD AS FOLLOWS:
Section 1. The foregoing resolutions are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority. 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 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 located, in accordance with said Section 147(f) and (b) Section 4 of
the Agreement.
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Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of
all financing documents relating thereto to which the Authority is a party. The City shall have no
responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the
Project; (ii) approve any application or request for or take any other action in connection with
any planning approval, permit or other action necessary for the acquisition, construction,
rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any
funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or
its membership therein.
Section 5. 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.
Section 6. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Bakersfield this day of
.�� 2021.
AYES' COUNCILMEMBER: ARIAS, GONZALES, WEIR, SMITH, GRAY, PARLIER, FREEMAN
NOES: COUNCILMEMBER: NSl<\Q-
ABSTAIN: COUNCILMEMBER: V-,1 D�\Q.
ABSENT: COUNCILMEMBER: Jana
ULIE DRIMAKIS, CMC-.
CITY CLERK and Ex Officio Clerk of the Council of
the City of Bakersfield
APPROVED JUIN O 2 1021
By:
KAREN GOH
MAYOR
APPROVED AS TO FORM:
VIRGINIA GENNARO
CITY ATT RNEY
B 7�-L-
J SHUA H. RUDNICK
eputy City Attorney
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