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09/10/2018 RESOLUTION NO. 15703 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $58,000,000 TO FINANCE AN AFFORDABLE RENTAL HOUSING FACILITY FOR SENIORS FOR THE BENEFIT OF AN ENTITY FORMED BY MIDPEN HOUSING CORPORATION, AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, MidPen Housing Corporation, a California nonprofit corporation (the "Sponsor"), on behalf of MP Bradford Associates, L.P., a California limited partnership created by the Sponsor (the `Borrower"), has requested that the California Municipal Finance Authority (the "Authority") issue one or more series of revenue bonds in an aggregate principal amount not to exceed $58,000,000 (the 'Bonds") for the acquisition, construction, improvement and equipping of a 117 -unit affordable rental housing facility for very low- and extremely low-income seniors, including but not limited to seniors who are homeless, are homeless veterans, and have mental health needs (the "Project'), to be located at 707-777 Bradford Street in the City of Redwood City (the "City"), and to be owned and operated by the Borrower; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is to be located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement'), among certain local agencies, including the City; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Redwood City as follows: Section 1. The foregoing recitals are true and correct. ATTY/RESO 0084/ CC RESO TEFRA HEARING ARROYO GREEN RESO. N0. 15703 REV09-04-18 RL MUFF NO. 454