HomeMy WebLinkAboutReso 80-26 Approving a Plan of Finance Including the Issuance of Revenue Bonds by CSCDA for
Reso. No. 80-26, Item 5.4, Adopted 08/18/2026 Page of
the California Statewide Communities Development Authority (the “Authority”) is
authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the terms
of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the
“Agreement”), among certain local agencies throughout the State of California, including the City of Dublin
(the “City”), to issue revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California
Health and Safety Code for the purpose of financing multifamily rental housing projects; and
Fairway Family Community LP (the “Borrower”) has requested that the Authority adopt
a plan of financing providing for the issuance of exempt facility bonds for a qualified residential rental
project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the “Code”) in one or more
series issued from time to time, including bonds issued to refund such exempt facility bonds in one or
more series from time to time, and at no time to exceed $40,000,000 in outstanding aggregate principal
amount (the “Bonds”), to finance or refinance the acquisition, rehabilitation, and development of a
multifamily rental housing project located at 4161 Keegan Street, Dublin, California (the “Project”); and
pursuant to Section 147(f) of the Code, prior to their issuance, the Bonds are required
to be approved by the “applicable elected representative” of the governmental units on whose behalf such
bonds are expected to be issued and by a governmental unit having jurisdiction over the entire area in
which any facility financed by such bonds is to be located, after a public hearing held following reasonable
public notice; and
the City Council of the City of Dublin (the “City Council”) is the elected legislative body
of the City and is an “applicable elected representative” for purposes of Section 147(f) of the Code; and
pursuant to the California Environmental Quality Act (CEQA) and CEQA Guidelines
Section 15061(b)(3), the proposed tax exempt revenue bond is not a project and would not result in any
physical changes, and it can be seen with certainty that the tax exempt revenue bond would not have a
significant effect on the environment, and therefore it is exempt from the requirements of CEQA; and
on July 23, 2026, at least 7 days prior to the date of the public hearing held on July 30,
2026, a notice was published in the East Bay Times, a newspaper of general circulation within the City,
that a public hearing regarding the Bonds would be held; and
pursuant to Section 147(f) of the Code, following notice duly given, representatives of
the Authority conducted a public hearing on July 30, 2026, regarding the issuance of the Bonds in
compliance with the requirements of Section 147(f) of the Code and provided minutes of the hearing; and
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Reso. No. 80-26, Item 5.4, Adopted 08/18/2026 Page of
the Authority is also requesting that the City Council approve the issuance of any
refunding bonds hereafter issued by the Authority for the purpose of refinancing the Bonds which financed
the Project (the “Refunding Bonds”), but only in such cases where federal tax laws would not require
additional consideration or approval by the City Council; and
it is intended that this resolution shall constitute the approval of the issuance of the
Bonds required by Section 147(f) of the Code and Section 9 of the Agreement.
that the City Council of the City of Dublin finds the above
recitals are true and correct.
that the City Council hereby approves the proposed plan of finance for the
Project that includes the issuance of the Bonds and the Refunding Bonds by the Authority in an outstanding
principal amount not to exceed $40,000,000. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code and (b) Section
9 of the Agreement.
that the officers of the City of Dublin 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.
that this resolution shall take effect immediately upon its passage.
by the City Council of the City of Dublin, on this 18th day of
August, 2026 by the following vote:
: Councilmembers Josey, McCorriston, Morada, Qaadri and Mayor Hu
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Mayor
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Deputy City Clerk
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