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CC Resolution 2020-014 Seasons at Miraflores Bonds IssuanceRESOLUTION NO. 2020 – 014 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF A LIMITED PARTNERSHIP TO BE CREATED BY LINC HOUSING CORPORATION, OR AN AFFILIATE THEREOF, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15 MILLION DOLLARS, TO FINANCE AND REFINANCE A 118-UNIT RENTAL HOUSING FACILITY FOR LOW-INCOME SENIORS, AND CERTAIN OTHER MATTERS RELATING THERETO PROJECT: SEASONS AT MIRAFLORES LOCATION: SOUTHWEST CORNER OF AVENUE 48 AND JEFFERSON STREET WHEREAS, LINC Housing Corporation (“Sponsor”), on behalf of a limited partnership or another entity to be created by the Sponsor, or an affiliate of the Sponsor (such limited partnership or other entity, as the case may be, being referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (“CMFA”) issue one or more series of revenue bonds, in an aggregate principal amount not to exceed $15,000,000, including but not limited to revenue bonds issued as part of a plan to finance or refinance the facilities described herein (“Bonds”), for the acquisition, rehabilitation, improvement, and equipment of a 118-unit rental housing facility for low- income seniors (“Project”), located at:  47665 through 47783 Gertrude Way,  79925 through 79975 Anna Rosa Street,  47650 through 47725 Sumac Street,  79810 through 79898 Miraflores Boulevard, and  79788 through 79904 Desert Willow Street, in the City of La Quinta (“City”), California, known as Seasons at Miraflores, and to be owned and/or operated by the Borrower; and WHEREAS, pursuant to United States Code, Title 26 Internal Revenue Code (“Code”), Section 147(f), the “applicable elected representative” of the jurisdiction in which the Project is located is required to approve the Bonds; and WHEREAS, the City Council of the City is the “applicable elected representative” for purposes of Section 147(f) of the Code, as the elected legislative body of the City; and Resolution No. 2020 – 014 Seasons at Miraflores – Issuance of Tax-Exempt Revenue Bonds to LINC Housing Corporation by CMFA Adopted: May 19, 2020 Page 2 of 3 WHEREAS, the CMFA has requested that the City Council approve the issuance of the Bonds by CMFA 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 January 1, 2004 (“Agreement”), among certain local agencies, including the City; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council, did on the 19th day of May, 2020, hold a duly noticed public hearing, which was advertised in The Desert Sun newspaper on May 8, 2020. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of La Quinta, California, as follows: SECTION 1. The City Council finds the foregoing recitals to be true and correct. SECTION 2. The City Council hereby approves the issuance of the Bonds by CMFA, including but not limited to Bonds issued as part of a plan to finance and refinance the facilities described herein. It is the purpose and intent of the City Council that this resolution constitutes approval of the issuance of the Bonds by CMFA for the Project, in accordance with: (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, and (b) Section 4 of the CMFA Agreement. SECTION 3. The City Council hereby authorizes and directs the City Manager, 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 4. The City shall have no financial or legal obligations or responsibilities with regards to the repayment of the debt. The debt to be issued by the CMFA will be the sole responsibility of the Borrower. All financing documents will carry disclaimers that the loan is not an obligation of the City, and the City will bear no costs in the issuance of the proposed debt, as this is a private loan with the Borrower and their bank. SECTION 4. That the City Clerk shall certify to the passage and adoption of this Resolution, enter it into the permanent record of resolutions.