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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2012 -035 RESOLUTION APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CMFA) AND APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CMFA TO FINANCE THE ACQUISITION AND REHABILITATION OF A MULTIFAMILY RENTAL HOUSING DEVELOPMENT TO BE OWNED BY A LIMITED PARTNERSHIP TO BE ESTABLISHED BY CHRISTIAN CHURCH HOMES OR ITS AFFILIATE WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (Act), certain public agencies (Members) have entered into a Joint Exercise of Powers Agreement Relating to the CMFA, dated as of January 1, 2004 (Agreement) in order to form the CMFA, for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of San Leandro, California (City), has determined that it is in the public interest and for the public benefit that the City become a Member of the CMFA in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefor by the CMFA; and WHEREAS, the CMFA is authorized to issue and sell revenue bonds for the purpose, among others, of financing or refinancing the construction of capital projects; and WHEREAS, Christian Church Homes, a California non - profit corporation (Applicant) has requested that the CMFA issue and sell revenue bonds in the maximum principal amount of $16,000,000 (Bonds) for the purpose of making a loan to a limited partnership to be established by the Applicant or a related or affiliated entity (Borrower), to enable the Borrower to finance the costs of the acquisition and rehabilitation of a 75 -unit apartment complex (currently known as Fargo Senior Center) located at 868 Fargo Avenue, San Leandro (Project); and WHEREAS, all or a portion of the units in the Project will be occupied by persons or families of lower or very low income; and WHEREAS, in order for the interest on the Bonds to be tax exempt, Section 147(f) of the Internal Revenue Code of 1986, as amended (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; and WHEREAS, 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(0 of the Code and the requirements of Section 4 of the Agreement; and