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City of San Leandro <br />Meeting Date: April 16, 2012 <br />Resolution - Council <br />File Number: 12 -168 Agenda Section: PUBLIC HEARINGS — CITY <br />COUNCIL <br />Agenda Number: <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: Not Applicable <br />TITLE: ADOPT: Resolution Approving and Authorizing the City Manager to Execute <br />a Joint Exercise of Powers Agreement Relating to the California Municipal <br />Finance Authority (CMFA) and Approving the Issuance of Revenue Bonds by <br />the CMFA to Finance the Acquisition and Rehabilitation of a Multifamily Rental <br />Housing Development to Be Owned by a Limited Partnership to Be <br />Established by Christian Church Homes or Its Affiliate (sponsors the issuance <br />of bonds at no cost to the City) <br />WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of <br />the State of California (Act), certain public agencies (Members) have entered into a Joint <br />Exercise of Powers Agreement Relating to the CMFA, dated as of January 1, 2004 <br />(Agreement) in order to form the CMFA, for the purpose of promoting economic, cultural and <br />community development, and in order to exercise any powers common to the Members, <br />including the issuance of bonds, notes or other evidences of indebtedness; and <br />WHEREAS, the City of San Leandro, California (City), has determined that it is in the <br />public interest and for the public benefit that the City become a Member of the CMFA in order <br />to facilitate the promotion of economic, cultural and community development activities in the <br />City, including the financing of projects therefor by the CMFA; and <br />WHEREAS, the CMFA is authorized to issue and sell revenue bonds for the purpose, <br />among others, of financing or refinancing the construction of capital projects; and <br />WHEREAS, Christian Church Homes, a California non - profit corporation (Applicant) <br />has requested that the CMFA issue and sell revenue bonds in the maximum principal amount <br />of $16,000,000 (Bonds) for the purpose of making a loan to a limited partnership to be <br />established by the Applicant or a related or affiliated entity (Borrower), to enable the Borrower <br />to finance the costs of the acquisition and rehabilitation of a 75 -unit apartment complex <br />(currently known as Fargo Senior Center) located at 868 Fargo Avenue, San Leandro <br />(Project); and <br />City of San Leandro Page 1 Printed on 411012012 <br />