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_ — 9/11/00 0 R I G I ;4 A L RESOLUTION NO. 14046 RESOLUTION OF THE CITY OF REDWOOD CITY APPROVING MEMBERSHIP IN ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS AND THE REFINANCING OF A MULTIFAMILY HOUSING RENTAL FACILITY WHEREAS, the ABAG Finance Authority For Nonprofit Corporation ( "ABAG FANG) is authorized by the laws of the State of California (the "Law') to issue and deliver revenue bonds for the purpose of financing or refinancing multifamily housing rental facilities occupied in part by families of low or very low income located within the area of operation of ABAG FANC and WHEREAS, Archstone Communities Trust (the "Owner ") has requested ABAG FANC issue and deliver revenue refunding bonds (the 'Bonds "), the proceeds of which shall be used for the purpose of refinancing a multifamily housing rental facility commonly known as the Redwood Shores Apartments and located in the City of Redwood City (the "Project'), the original acquisition and construction of which was financed with the proceeds of revenue bonds (the "Original Bonds ") issued by the City of Redwood City (the "City"); and WHEREAS, the Bonds when issued and delivered to refinance the Project will be considered to be "qualified exempt facility bonds" under Section 142(a) of the Internal Revenue Code of 1986, as amended (the "Code "), and Section 147(f) of the Code requires that the "applicable elected representatives with respect to the Project hold a public hearing on the issuance and delivery of the Bonds; and WHEREAS, ABAG FANC has determined that the City Council is the "applicable elected representatives" to hold said public hearing; and WHEREAS, in furtherance thereof and to facilitate such request, the City desires to become a member of ABAG FANC; and WHEREAS, the Joint Powers Agreement Creating The ABAG Finance Authority For Nonprofit Corporations dated as of April 1, 1990 and revised as of September 18, 1990 and June 9,1992 (the "JPA Agreement') has been filed with the City and has been reviewed; and NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The City hereby finds and determines that the foregoing recitals are true and correct. Section 2. The City hereby approves the refinancing of the Project by ABAG FANC with the proceeds of the Bonds. Reso -953