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Home My WebLink About2021-11-23 - RESOLUTIONS - JPA AGMT WITH CMFARESOLUTION NO. 21-59 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE CMFA SPECIAL FINANCE AGENCY AND THE FORM OF A PUBLIC BENEFIT AGREEMENT; AND APPROVING THE ISSUANCE OF REVENUE BONDS BY SAID AGENCY FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION OR IMPROVEMENT OF PROJECTS LISTED HEREIN WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), the City of Santa Clarita (the "City") and the California Municipal Finance Authority (the "CMFA" and together with the City, the "Members") propose to enter into a Joint Exercise of Powers Agreement Relating to the CMFA Special Finance Agency (the "Agreement") in order to form the CMFA Special Finance Agency (the "Agency") 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 has determined that it is in the public interest and for the public benefit that the City become a Member of the Agency in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefore by the Agency; 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 Agency 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 Agency, the Agency proposes to issue from time to time its governmental purpose revenue bonds (the "Bonds") to finance the acquisition and certain related costs of a 264-unit middle -income multifamily rental housing development within the City located at 27800 N. McBean Parkway, Santa Clarita, California, known as "Skycrest Apartments" (the "Prof ect"); and WHEREAS, the Agency proposes to grant to the City in connection with the financing of the Proj ect the right to cause the Agency to sell the Project to the City or its designee, 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 Agency and the City, substantially in the form that has been filed with the City Council, subject to such immaterial modifications as have been approved by the City Manager and approved as to form by the City Attorney; 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 Agency for the aforesaid purposes; and Page 1 of 3 i' WHEREAS, Section 3(A) of the Agreement, in accordance with Section 6508.1 of the California Government Code, expressly provides that the Bonds, and other debts, liabilities and obligations of the Agency do not constitute debts, liabilities or obligations of any Members. NOW, THEREFORE, the City Council of the City of Santa Clarita, California, does hereby resolve as follows: SECTION 1. The foregoing recitals are true and correct. SECTION 2. The City hereby requests to become a Member of the Agency. The Agreement is hereby approved and the Mayor, the City Manager or the designee thereof is hereby authorized and directed to execute said document, and the City Clerk or such Clerk's designee is hereby authorized and directed to attest thereto. SECTION 3. The proposed form of Public Benefit Agreement on file with the City Council is hereby approved. In connection with the Project, the Mayor, the City Manager or the designee thereof is hereby authorized and directed to execute an agreement in substantially said form, with such immaterial changes therein as such officer executing the same may require consistent with this resolution and its basic purpose, and subject to the approval as to form of the City Attorney, such approval to be conclusively evidenced by the execution and delivery thereof. Any material changes to the form of Public Benefit Agreement must be approved by the City Council. The City Council hereby approves the issuance of Bonds by the Agency from time to time prior to the date that is the two year -anniversary of the date hereof. SECTION 4. The issuance of Bonds shall be subject to the approval of the Agency of all financing documents relating thereto to which the Agency is a party. Pursuant to Section 3(A) of the Agreement and Section 13(C) of the Public Benefit Agreement, the City shall have no responsibility or liability whatsoever with respect to the Bonds or any other debts, liabilities and obligations issued by the Agency, and such Bonds and any other debts, liabilities and obligations of the Agency do not constitute debts, liabilities or obligations of any Members including the City. SECTION 5. The adoption of this resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit, or other action necessary for the acquisition, construction, rehabilitation, or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Agency; or (iv) except as provided in this resolution, take any further action with respect to the Agency or its membership therein. SECTION 6. The executing officers(s), the City Clerk and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of this resolution and the transactions herein authorized. Page 2 of 3 SECTION 7. The City Clerk shall forward a certified copy of this resolution and an originally executed Agreement to the Agency: Jones Hall, A Professional Law Corporation 475 Sansome Street, Suite 1700 San Francisco, California 94111 Attention: Ronald E. Lee, Esq. SECTION 8. This resolution shall take effect immediately upon its passage. PASSED, APPROVED, AND ADOPTED this 23 rd day of November 2021. ATTEST: Lj Y CITY CLERK DATE: STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF SANTA CLARITA ) I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution No. 21-59 was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 23rd day of November 2021, by the following vote: AYES: COUNCILMEMBERS: Smyth, Gibbs, Weste, Miranda NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: McLean CITY CLERK Page 3 of 3 [SIGNATURE PAGE FOR JPA AGREEMENT] [Attached.] IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their duly authorized representatives as of the day and year first above written. Member: California Municipal Finance Authority By — Name: Title: Member: City of Santa Clarita By Name: Bill Miranda Title: Mayor ATTEST: City Clerk [Signature Page - Joint Exercise of Powers Agreement Relating to the CMFA Special Finance Agency]