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1/25/2016 <br /> RESOLUTION NO. 15473 <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 /> WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government <br /> Code of the State of California (the "Act"), certain public agencies (the "Members") have <br /> entered into a Joint Exercise of Powers Agreement Relating to the California Municipal <br /> Finance Authority, dated as of January 1, 2004 (the "Agreement") in order to form the <br /> California Municipal Finance Authority (the "Authority"), for the purpose of promoting <br /> economic, cultural and community development, and in order to exercise any powers <br /> common to the Members, including the issuance of bonds, notes or other evidences of <br /> indebtedness; 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 <br /> an entity created thereby (the "Borrower") has requested that the Authority issue and <br /> sell revenue bonds in the maximum principal amount of $20,000,000 (the "Bonds") for <br /> the purpose of making a loan to the Borrower, to enable the Borrower to finance the <br /> costs of the acquisition and rehabilitation of an 81-unit multifamily rental housing <br /> development located at 950 Main Street, Redwood City, California (the "Project"); and <br /> ATTY/RES0.0003/CC RESO TEFRA MID-PEN RESO.#15473 <br /> REV:01-14-16 RL MUFF#452 <br /> Page 1 of 4 <br />