City Council

2. PUBLIC HEARING - RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA\nAPPROVING A PLAN OF FINANCE FOR THE ISSUANCE OF REVENUE BONDS BY THE\nCALIFORNIA MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE PRINCIPAL\nAMOUNT NOT TO EXCEED $55,000,000 TO FINANCE AND REFINANCE A 61-UNIT\nMULTIFAMILY HOUSING FACILITY FOR THE BENEFIT OF A LIMITED PARTNERSHIP OR\nOTHER OWNERSHIP ENTITY TO BE CREATED BY BOLD COMMUNITIES, A CALIFORNIA\nNONPROFIT PUBLIC BENEFIT CORPORATION, CALIFORNIA LANDMARK GROUP, A\nCALIFORNIA CORPORATION, OR AN AFFILIATE OF EITHER, AND CERTAIN OTHER\nMATTERS RELATING THERETO. PROPERTY LOCATED AT 745 E. 5TH STREET, AZUSA\nCALIFORNIA.\nRECOMMENDED ACTION:\n1) Conduct the public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act\n(“TEFRA”) and the Internal Revenue Code of 1986, as amended (the “Code”).\n2) Adopt Resolution No. 2023-C15 approving the issuance of the Bonds by the CMFA for the benefit of\nthe Borrower, to provide for the financing of the Project, such adoption is solely for the purposes of\n3/20/2023 -3-\nsatisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 et\nseq.\nTotal Cost: N/A Is the cost of this item budgeted? N/A\nFund/Account No: N/A