Title
RESOLUTION of the City of San Leandro City Council Approving the Issuance of California Municipal Finance Authority Qualified 501(c)(3) Bonds in an Aggregate Principal Amount Not to Exceed $70,000,000 for the Purpose of Financing or Refinancing the Acquisition, Rehabilitation, Improvement and Equipping of Metro 77 & 85 Apartments Located at 77-85 Estabrook Street, San Leandro, CA and Certain Other Matters Relating Thereto (by a Nonprofit, Integrity Housing, for Conversion to Primarily Affordable Rental Housing)
Body
WHEREAS, IH Metro San Leandro LLC with Affordable Housing Alliance II, Inc., dba Integrity Housing as the sole member (the "Borrower") that is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code") has requested that the California Municipal Finance Authority (the "Authority") adopt a plan of financing providing for the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Code in one or more series issued from time to time, including bonds issued to refund such qualified 501(c)(3) bonds in one or more series from time to time, and at no time to exceed $70,000,000 in aggregate principal amount (the "Bonds"), to finance or refinance the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing project located at 77-85 Estabrook Street, San Leandro, California (the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of San Leandro (the "City") because the Project is 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...
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