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1 RESOLUTION NO. 19213 2 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA APPROVING A FINANCING TO BE UNDERTAKEN BY THE 3 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO BENEFIT THE HOUSING CORPORATION OF AMERICA 4 5 WHEREAS, the Housing Corporation of America, a nonprofit corporation, and/or related 6 entities (collectively, the "Borrower"), has requested that the California Statewide Communities 7 Development Authority ("CSCDA") participate in a financing for the purpose of, among other 8 things, financing the acquisition and rehabilitation of a 191-unit multifamily housing development 9 (the "Project") located at 1245 Linden Street in the City of Riverside (the "City"); 10 WHEREAS, the CSCDA and the Borrower will provide for the issuance of certain tax- I 1 exempt bonds (the "Bonds") and the sale and delivery of such Bonds in connection with the 12 financing of the Project; 13 WHEREAS, in connection with the financing of the Project, the CSCDA and the 14 Borrower will enter into a loan agreement (the "Loan Agreement") under which the Borrower 15 will agree to make payments (the "Payments") of principal, premium, if any, and interest with 16 respect to the Bonds; 17 WHEREAS, the Bonds will be issued in an aggregate principal amount not to exceed 18 $6.5 million; 19 WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the 20 "Code") the financing of the Project, and the execution and delivery of the Loan Agreement by 21 the CSCDA must be approved by the City because the Project is located within the territorial 22 limits of the City; 23 WHEREAS, the City Council is the elected legislative body of the City and is one of the 24 applicable elected representatives required to approve the financing of the Project, and the 25 execution and delivery of the Loan Agreement under Section 147(f) of the Code; 26 WHEREAS, the CSCDA and the Borrower have requested that the City Council approve 27 the financing of the Project, and the execution and delivery of the Loan Agreement in order to Attorney's Office Street CA 92522 782-5567