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ATTY/RESO.0067/CC RESO APPROVING THE ISSUANCE OF BONDS – HALLMARK HOUSE <br />REV: 07-13-16 VR <br />Page 1 of 3 <br />RESOLUTION NO. _______ <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE <br />COMMUNITIES DEVELOPMENT AUTHORITY OF MULTIFAMILY <br />HOUSING REVENUE BONDS FOR THE HALLMARK HOUSE <br />APARTMENTS <br /> <br /> WHEREAS , the California Statewide Communities Development Authority (the <br />“Authority”) is authorized pursuant to the provisions of California Government Code Section <br />6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers <br />Agreement, dated as of June 1, 1988 (the “Agreement”), among certain local agencies <br />throughout the State of California, including the City of Redwood City (the “City”), to issue <br />revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health <br />and Safety Code for the purpose of financing multifamily rental housing projects; and <br /> <br /> WHEREAS , KDF Hallmark, LP or a partnership created by KDF Communities (the <br />“Developer”), consisting at least of the Developer or a related person to the Developer and <br />one or more limited partners, has requested that the Authority adopt a plan of financing <br />providing for the issuance of multifamily housing revenue bonds (the “Bonds”) in one or more <br />series issued from time to time, including bonds issued to refund such revenue bonds in one <br />or more series from time to time, and at no time to exceed $15,000,000 in outstanding <br />aggregate principal amount, to finance the acquisition and rehabilitation of a 72-unit <br />multifamily rental housing project located at 531 Woodside Road, Redwood City, <br />California, generally known as Hallmark House Apartments (the “Project”) and operated <br />by VPM Management, Inc.; and <br /> <br /> WHEREAS , the Bonds or a portion thereof will be “private activity bonds” for <br />purposes of the Internal Revenue Code of 1986 (the “Code”); and <br /> <br /> WHEREAS , pursuant to Section 147(f) of the Code, prior to their issuance, private <br />activity bonds are required to be approved by the “applicable elected representative” of the <br />governmental units on whose behalf such bonds are expected to be issued and by a <br />governmental unit having jurisdiction over the entire area in which any facility financed by <br />such bonds is to be located, after a public hearing held following reasonable public notice; <br />and <br /> <br /> WHEREAS , the members of this City Council (this “City Council”) are the applicable <br />elected representatives of the City of Redwood City (the “City”); and <br /> <br /> WHEREAS, there has been published, at least 14 days prior to the date hereof, in a <br />newspaper of general circulation within the City, a notice that a public hearing regarding the <br />Bonds would be held on a date specified in such notice; and <br /> <br />8.A. - Page 4