RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING THE APPROVAL OF MULTI-FAMILY HOUSING BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO BENEFIT THE DEVELOPMENT OF TRESTLE GLEN APARTMENTS

 

RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

 

WHEREAS, Trestle Glen Associates, L.P. has requested the California Municipal Finance Authority (“CMFA”) to issue tax-exempt multi-family housing bonds (“Bonds”) to assist in the construction of Trestle Glen Apartments (“Project”), in an amount not to exceed $30 million for construction, of which up to $9 million will be converted to permanent financing upon Project completion; and

 

WHEREAS, pursuant to the Tax Equity and Fiscal Responsibility Act of 1982, (“TEFRA”) Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), the issuance of the bonds must be approved by the governing body of the local jurisdiction in which the project is located; and

 

WHEREAS, the County Board of Supervisors (the “Board”) is the elected legislative body of the County and represents the applicable elected representative required to approve the issuance of the Bonds under Section 147(f) of the Code; and

 

WHEREAS, Trestle Glen has requested that the Board approve the issuance of the Bonds by CMFA in order to satisfy the public approval requirement of the Section 147(f) of the Code; and

 

WHEREAS, pursuant to Section 147(f) of the Code, the Board has, following notice duly given, held the TEFRA hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by CMFA.

 

NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of San Mateo, State of California, as follows:

 

Section 1. The Board hereby approves the issuance of the Bonds by CMFA for the purposes of financing the construction and permanent phases of the Project. It is the purpose and intent of the Board that this resolution, in accordance with Section 147(f) of the Code, constitutes approval of the issuance of the Bonds by CMFA by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located.

Section 2. The officers of the Board are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents that they deem necessary or advisable in order to carry out, give effect to, and comply with the terms and intent of this resolution and the financing transaction approved hereby.

Section 3. This resolution shall take effect immediately upon its adoption.

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