HomeMy WebLinkAboutCC RESO 2023-177RESOLUTION NO. 2023 177
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA,
AUTHORIZING THE APPROVAL AL F A PLAN OF FINANCE INCLUDING THE ISSUANCE OF
REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN
AGGREGATE PRINCIPAL AMOUNT NOT -TO -EXCEED $45/000,000 TO FINANCE AND
REFINANCE A QUALIFIED RESIDENTIAL RENTAL PROJECT FOR THE BENEFIT OF AN
OWNERSHIP ENTITY TO BE CREATED BY WAKELAND HOUSING AND DEVELOPMENT
PMENT
CORPORATION
WHEREAS, Wakeland Housing and Development Corporation (the "Sponsor"), on behalf
of an ownership entity to be created by the Sponsor or an affiliate thereof (such ownership entity,
the "Borrower"), has requested that the California Municipal Finance Authority (the "Authority")
undertake a plan of finance, including the issuance from time to time of one or more series of
revenue bonds in an aggregate principal amount not to exceed $45,000,000 (together with a like
amount of refunding bonds) (the "Bonds") to finance and refinance the acquisition, construction,
development and equipping of a 94-unit qualified residential rental project (the "Project") to be
owned and operated by the Borrower and located at 2312 F Avenue in the City of National City,
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 plan of finance for the Project, including the issuance
of the Bonds, under Section 147(f) the Internal Revenue Code ("Code"); and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative body
ofthe City and is an "applicable elected representative" for purposes of Section 147(f) the
Code; and
WHEREAS, the Authority has requested that the City Council approve the plan of finance
for the Project, including the issuance of the Bonds by the Authority, in order to satisfy the public
approval requirement of Section 147(f) 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 Project, including the issuance of the Bonds by the Authority.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS:
Section 1: The foregoing recitals are true and correct.
Section 2: The City Council hereby approves the plan of finance for the Project, including
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 plan of finance for the Project, including the issuance of
the Bonds by the Authority, for the purposes of (a) Section 147(f) 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 are hereby authorized and directed, jointly and
severally, 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 shalt 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 111
Section 5: The City Clerk shall certify the passage and adoption of this Resolution and
enter it into the book of original Resolutions.
PASSED and ADOPTED this 5th day of December, 2023.
ATTEST:
�Q.
Sw elley Cha e( MC, Ci
vOLA
APPROVED AS TO FORM:
Barry J /S�IuItz, City At orney
Clerk
Passed and adopted by the City Council of the City of National City, California, on
December 5, 2023 by the following roll -call vote, to -wit:
Ayes: Bush, Rodriguez, Yamane, Molina, Morrison
Nays: None.
Absent: None,
Abstain: None,
AUTHENTICATED BY: Ron Morrison
Mayor of the City of National City, California
BY:
�P
City Clerk of the City ' National City, California
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Shelley Chapel, M1149City Clerk