HomeMy WebLinkAboutRes 2026-010RESOLUTION NO. 2026-010
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY EXEMPT FACILITY BONDS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000 FOR THE
PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF PALM
DESERT FAMILY HOUSING AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Sinatra Family Housing, LP (the "Borrower") a partnership of which
Compass for Affordable Housing (the "Developer") or a related person to the Developer is
the general partner, has requested that the California Municipal Finance Authority (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 tim e,
including bonds issued to refund such exempt facility bonds in one or more series from
time to time, and at no time to exceed $50,000,000 in aggregate principal amount (the
"Bonds"), to finance or refinance the acquisition, construction, improvement and equipping
of a multifamily rental housing project located at the northwest corner of Cook Street &
Frank Sinatra Drive, located in the City of Palm Desert (the “City”), California (the “Project”);
and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by
the Authority must be approved by an applicable elected representative of a governmental
unit; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is one of the "applicable elected representatives" that may approve
the issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council 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 th at certain 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 City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council 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;
WHEREAS, the City Council previously adopted Resolution No. 2026 -001
regarding approval of the Bonds for the Project; and
WHEREAS, the City Council desires to adopt this Resolution to supersede
Resolution No. 2026-001 solely for purposes of satisfying the public approval requirements
of Section 147(f) of the Code with respect to the Bonds and the Project.
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NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Palm
Desert as follows:
SECTION 1. The foregoing resolutions are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority in a principal amount not to exceed $50,000,000 to finance the Project. It is the
purpose and intent of the City Council 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; provided, however, that this Resolution shall not constitute
an approval by the City Council of the Project for any other purpose.
SECTION 3. The issuance of the Bonds shall be subject to the approval of the
Authority of all financing documents relating thereto to which the Authority is a party. The
City shall have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
refinancing of the Project; (ii) approve any application or request for or take any other actio n
in connection with any planning approval, permit or other action necessary for the
acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make
any contribution or advance any funds whatsoever to the Authority; or (iv) take any further
action with respect to the Authority or its membership therein.
SECTION 5. The officers of the City 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 th e
terms and intent of this resolution and the financing transaction approved hereby.
SECTION 6. This resolution shall take effect immediately upon its adoption.
ADOPTED ON FEBRUARY 12, 2026.
EVAN TRUBEE
MAYOR
ATTEST:
ANTHONY J. MEJIA
CITY CLERK
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Resolution No. 2026-010 Page 3
I, ANTHONY J. MEJIA, City Clerk of the City of Palm Desert, hereby certify that
Resolution No. 2026-010 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Desert on February 12, 2026, by the following
vote:
AYES: HARNIK, NESTANDE, PRADETTO, QUINTANILLA, AND TRUBEE
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
RECUSED: NONE
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Palm Desert, California, on ___________________.
ANTHONY J. MEJIA
CITY CLERK
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2/20/2026