RESOLUTION NO. _____________

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

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RESOLUTION APPROVING AND AUTHORIZING REVENUE BOND FINANCING TO BE ISSUED BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF THE YMCA OF SAN FRANCISCO

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

WHEREAS, Young Men's Christian Association of San Francisco, a California nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the “Borrower”), has requested that the California Municipal Finance Authority, a joint exercise of powers authority organized under the laws of the State of California (the “Authority”) participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $8,500,000 (the “Bonds”) for the purpose of, among other things, refinancing a portion of the ABAG Finance Authority For Nonprofit Corporations Variable Rate Demand Revenue Bonds (YMCA of San Francisco Refunding) Taxable Series 2004A (the "Refunded Bonds") which were issued to finance and refinance the construction, improvement and equipping of community center and related facilities (the “Project”) which are owned and operated by the Borrower and located at 1877 South Grant Avenue, San Mateo, California within San Mateo County, California (the “County”); and

WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), the issuance of the Bonds by the Authority must be approved by the County because the Project is located within the territorial limits of the County; and

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

WHEREAS, the Authority has requested that the Board approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the County; and

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

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED by the Board of the County of San Mateo, State of California, as follows

Section 1. The Board hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the Board that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.

Section 2. The officers of the County are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which 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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