2013-022 - Issuance of Revenue Bonds By the California Municipal Finance Authority

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E. The Borrower has requested the issuance of the Bonds in order to effect savings in interest rate and/or issuance costs to effect significant public benefits pursuant to the Act. F. In order for the interest on the Bonds to be tax-exempt, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that an "applicable elected representative" of the governmental unit, the geographic jurisdiction of which contains the site of facilities to be financed with the proceeds of the Bonds, hold a public hearing on the issuance of the Bonds and approve the issuance of the Bonds following such hearing. G. The CMFA has determined that the City Council is the "applicable elected representatives" for purposes of holding such public hearing. H. The CMFA has requested that the City Council approve the issuance of the Bonds by the CMFA in order to satisfy the public approval requirement of Section 147(f) of the Code, the requirements of Section 6586.5 of the Act, and the requirements of Section 4 of the Agreement. 1. Notice of such public hearing has been duly given as required by the Code, and this City Council has heretofore held such public hearing at which all interested persons were given an opportunity to be heard on all matters relative to the financing or refinancing of the Project and the CMFA's issuance of the Bonds therefor. J. It is in the public interest and there are significant public benefits from the issuance of the Bonds for the financing of the Project, including demonstrable savings in effective interest rate costs. Section 2. The City Council hereby approves the issuance of the Bonds by the CMFA and finds the Project will create the significant public benefits set forth in foregoing recitals. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds (a) by the "applicable elected representative" of the governmental unit having jurisdiction over the area in which the Project is located in accordance with Section 147(f) of the Code; (b) by the City Council in accordance with Section 6586.5 of the Act; and (c) by the City Council in accordance with Section 4 of the Agreement. Section 3. The issuance of the Bonds shall be subject to approval by the CMFA of all financing documents relating thereto to which the CMFA 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, rehabilitation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the CMFA; or (iv) take any further action with respect to the CMFA or its membership therein. Resolution No. 2013-022 Page 2 of 4