Title
Resolution of the City Council of the City of South San Francisco approving a plan of finance including the issuance of exempt facility bonds by the California Municipal Finance Authority in an aggregate outstanding principal amount not to exceed $30,000,000 to finance and refinance a qualified residential rental project for the benefit of Rotary Gardens, L.P (or an affiliate), and certain other matters relating thereto.
Body
WHEREAS, HumanGood Affordable Housing (the “Sponsor”), on behalf of Rotary Gardens, L.P., a California limited partnership, or another limited partnership of which the Sponsor or a related person to the Sponsor is the general partner (such limited partnership being referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance that includes the issuance and reissuance from time to time of one or more series of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986, as amended (the “Code”), in an aggregate principal amount not to exceed $30,000,000 (the “Bonds”) to finance and refinance the acquisition, development, construction and equipping of an 80-unit multifamily rental housing project (the “Project”) to be owned and operated by the Borrower and to be located at 500 Linden Avenue within the City of South San Francisco, California (the “City”); and
WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is to be located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Code; and
WHEREAS, the City Council of the City (the “City Council”) is the elected legislative body of the City and is an “applicable elected representative” for purposes of Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance for the Project in...
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