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ATTY/RESO.0003/CC RESO TEFRA MID-PEN <br />REV: 01-14-16 RL <br />Page 1 of 4 <br />RESOLUTION NO. _____ <br /> <br />RESOLUTION APPROVING, AUTHORIZING AND DIRECTING <br />EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT <br />RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY <br />AND APPROVING THE ISSUANCE OF REVENUE BONDS BY THE <br />AUTHORITY FOR THE PURPOSE OF FINANCING THE ACQUISITION <br />AND REHABILITATION OF A MULTIFAMILY RENTAL HOUSING <br />FACILITY FOR THE BENEFIT OF MIDPEN HOUSING CORPORATION <br />OR AN ENTITY TO BE CREATED THEREBY <br /> <br />WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code <br />of the State of California (the “Act”), certain public agencies (the “Members”) have entered <br />into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance <br />Authority, dated as of January 1, 2004 (the “Agreement”) in order to form the California <br />Municipal Finance Authority (the “Authority”), for the purpose of promoting economic, <br />cultural and community development, and in order to exercise any powers common to the <br />Members, including the issuance of bonds, notes or other evidences of indebtedness; <br />and <br />WHEREAS, the City of Redwood City (the “City”), has determined that it is in the <br />public interest and for the public benefit that the City become a Member of the Authority <br />in order to facilitate the promotion of economic, cultural and community development <br />activities in the City, including the financing of projects therefor by the Authority; and <br />WHEREAS, there is now before this City Council (the “City Council”) the form of <br />the Agreement; and <br />WHEREAS, the Agreement has been filed with the City, and the members of the <br />City Council, with the assistance of its staff, have reviewed said document; and <br />WHEREAS, the Authority is authorized to issue and sell revenue bonds for the <br />purpose, among others, of financing or refinancing the construction of capital projects; <br />and <br />WHEREAS, MidPen Housing Corporation, a California nonprofit corporation or an <br />entity created thereby (the “Borrower”) has requested that the Authority issue and sell <br />revenue bonds in the maximum principal amount of $20,000,000 (the “Bonds”) for the <br />purpose of making a loan to the Borrower, to enable the Borrower to finance the costs of <br />the acquisition and rehabilitation of an 81-unit multifamily rental housing development <br />located at 950 Main Street, Redwood City, California (the “Project”); and <br />9.B. - Page 6