Title
RESOLUTION Approving the Issuance of the California Municipal Finance Authority Revenue Bonds, Series 2015, in an Aggregate Principal not to Exceed $25,000,000 for the Purpose of Financing the Acquisition, Rehabilitation, and Improvement and Equipping of Las Palmas, a 91-Unit Affordable Multifamily Rental Housing Development to be Owned by a Limited Partnership to Be Established by Eden Housing or Its Affiliate and Certain Other Matters Relating Thereto
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WHEREAS, LPSL LP, a California limited partnership, or another entity created by Eden Housing, Inc. or an affiliate (Borrower), has requested that the California Municipal Finance Authority (CMFA) participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $25,000,000 (Bonds) for the acquisition, rehabilitation, improvement and equipping of a certain 91-unit affordable multifamily rental housing facility (currently known as Las Palmas Apartments) located at 15370 and 15375 Tropic Court, San Leandro, California (Project) to be owned and operated by the Borrower and located within the City of San Leandro; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (Code), the issuance of the Bonds by the CMFA must be approved by the City of San Leandro because the Project is located within the territorial limits of the City of San Leandro; and
WHEREAS, the City Council of the City of San Leandro is the elected legislative body of the City of San Leandro 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 CMFA has requested that the City of San Leandro approve the issuance of the Bonds by CMFA 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 Municip...
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