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<br />tt ArT) <br /> <br />RESOLUTION NO. - <br /> <br />RESOLUTION OF THE CITY OF REDWOOD CITY APPROVING <br />MEMBERSHIP IN ABAG FINANCE AUTHORITY FOR NONPROFIT <br />CORPORATIONS AND THE REFINANCING OF A MULTIFAMILY <br />HOUSING RENTAL FACILITY <br /> <br />WHEREAS, the ABAG Finance Authority For Nonprofit Corporation (" ABAG FANC") <br />is authorized by the laws of the State of California (the "Law") to issue and deliver revenue <br />bonds for the purpose of financing or refinancing multifamily housing rental facilities occupied <br />in part by families of low or very low income located within the area of operation of ABAG <br />F ANC and <br /> <br />WHEREAS, Archstone Communities Trust (the "Owner") has requested ABAG F ANC <br />issue and deliver revenue refunding bonds (the "Bonds"), the proceeds of which shall be used <br />for the purpose of refinancing a multifamily housing rental facility commonly known as the <br />Redwood Shores Apartments and located in the City of Redwood City (the "Project"), the <br />original acquisition and construction of which was financed with the proceeds of revenue <br />bonds (the "Original Bonds") issued by the City of Redwood City (the "City"); and <br /> <br />WHEREAS, the Bonds when issued and delivered to refinance the Project will be <br />considered to be "qualified exempt facility bonds" under Section 142(a) of the Internal Revenue <br />Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the <br />"applicable elected representatives with respect to the Project hold a public hearing on the <br />issuance and delivery of the Bonds; and <br /> <br />WHEREAS, ABAG F ANC has determined that the City Council is the " applicable <br />elected representatives" to hold said public hearing; and <br /> <br />WHEREAS, in furtherance thereof and to facilitate such request, the City desires to <br />become a member of ABAG F ANC; and <br /> <br />WHEREAS, the Joint Powers Agreement Creating The ABAG Finance Authority For <br />Nonprofit Corporations dated as of April!' 1990 and revised as of September 18, 1990 and June <br />9, 1992 (the "JP A Agreement") has been filed with the City and has been reviewed; and <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DOES <br />HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: <br /> <br />Section 1. The City hereby finds and determines that the foregoing recitals are true and <br />correct. <br /> <br />Section 2. The City hereby approves the refinancing of the Project by ABAG F ANC with <br />the proceeds of the Bonds. <br /> <br />Reso-953 <br /> <br />1 <br /> <br />"'"'T""--' ""-"Y- <br />