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RESOLUTION NO. 15737 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY IN AN AGGREGATE AMOUNT NOT TO EXCEED $25,000,000 TO FINANCE THE HALLMARK HOUSE APARTMENTS, AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the "Agreement'), among certain local agencies throughout the State of California, including the City of Redwood City (the "City"), to issue revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing multifamily rental housing projects; and WHEREAS, Hallmark 2017, LP (the 'Borrower"), has requested that the Authority adopt a plan of financing providing for the issuance of multifamily housing revenue bonds (the `Bonds") in one or more series issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, and at no time to exceed $25,000,000 in outstanding aggregate principal amount, to finance or refinance the acquisition and rehabilitation of a 72 -unit multifamily rental housing project located at 531 Woodside Road, Redwood City, California, generally known as Hallmark House Apartments (the "Project) and operated by VPM Management, Inc.; and WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of the Internal Revenue Code of 1986 (the "Code"); and WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity bonds are required to be approved by the "applicable elected representative" of the governmental units on whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction over the entire area in which any facility financed by such bonds is to be located, after a public hearing held following reasonable public notice; and WHEREAS, the members of this City Council (this "City Council') are the applicable elected representatives of the City of Redwood City (the "City'); and WHEREAS, there has been published, at least 14 days prior to the date hereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds would be held on a date specified in such notice; and WHEREAS, such public hearing was conducted on such date, at which time an opportunity was provided to interested parties to present arguments both for and against the issuance of the Bonds; and ATTY/RESO.0013/CC RESO APPROVING ISSUANCE OF REVENUE BONDS -HALLMARK HOUSE APARTMENTS RESO. NO. 15737 REV: 01-31-19 RL MUFF NO. 404 Page 1 of 2