24 - Laserfiche WebLink

ATTACHMENT 1, EXHIBIT C RESOLUTION NO. RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CSCDA COMMUNITY IMPROVEMENT AUTHORITY,AND THE FORM OF A PUBLIC BENEFIT AGREEMENT; AND APPROVING THE ISSUANCE OF REVENUE BONDS BY THE AUTHORITY FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION OR IMPROVEMENT OF PROJECTS WHEREAS,pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California(the"Act"),certain public agencies (the"Members")have entered into a Joint Exercise of Powers Agreement Relating to the CSCDA Community Improvement Authority,dated as of October 15,2020(the"Agreement"),in order to form the CSCDA Community Improvement Authority (the "Authority"), for the purpose of promoting economic, cultural and community development,and in order to exercise any powers common to the Members or granted by the Act, including by the issuance of bonds,notes or other evidences of indebtedness; and WHEREAS, the City of [ (the "City"), has determined that it is in the public interest and for the public benefit that the City become an Additional Member of the Authority pursuant to Section 12 of the Agreement in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefor by the Authority; and WHEREAS, the Agreement has been filed with the City, and the members of the City Council of the City (the "City Council"), with the assistance of its staff, have reviewed said document; and WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose, among others,of financing or refinancing the construction,acquisition and rehabilitation of capital projects; and WHEREAS, among projects that may be financed by the Authority, the Authority proposes to issue from time to time its governmental purpose revenue bonds (the "Bonds") to finance the acquisition,construction,development and certain related costs of multifamily housing developments within the City(each, a"Project"); and WHEREAS, the Authority proposes to grant to the City in connection with the financing of any middle-income rental housing Project("Workforce Housing Project")the right to cause the Authority to sell such Project, starting upon the date fifteen (15) years from the issuance of the Bonds pursuant to a Public Benefit Agreement(the"Public Benefit Agreement"), by and between the Authority and the City, the form of which has been filed with the City Council; and WHEREAS, it is in the public interest and for the public benefit that the City Council approve the issuance of the Bonds by the Authority for the aforesaid purposes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS FOLLOWS: OHSUSA:757692504.2