2017-014 - Issuance of Revenue Bonds by the California Municipal Finance Authority

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RESOLUTION NO. 2017 -014 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $10,000,000 TO FINANCE A 58 -UNIT AFFORDABLE MULTIFAMILY RENTAL FACILITY FOR THE BENEFIT OF SANTA ANA ARTS COLLECTIVE, L.P., OR ANOTHER ENTITY TO BE FORMED BY META HOUSING CORPORATION AND /OR WESTERN COMMUNITY HOUSING, INC. (OR AN AFFILIATE OF EITHER) AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Meta Housing Corporation and Western Community Housing, Inc., on behalf of Santa Ana Arts Collective, L.P., a California limited partnership, or another entity to be established by Meta Housing Corporation and /or Western Community Housing, Inc. or an affiliate thereof (the 'Borrower "), has requested that the California Municipal Finance Authority (the "Authority') issue one or more series of revenue bonds in an aggregate principal amount not to exceed $10,000,000 (the "Bonds ") for the acquisition, construction, improvement and equipping of a 58 -unit affordable multifamily rental housing facility (the "Project') to be owned and operated by the Borrower and located at 1666 North Main Street within the City of Santa Ana (the "City'); and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code "), the issuance of the Bonds by the Authority must be approved by the City because the Project is to be 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; and WHEREAS, the City Council understands that its actions in holding this public hearing and in approving this Resolution do not obligate the City in any manner for Resolution No. 2017 -014 Page 1 of 3