HomeMy WebLinkAboutResolution - RDA 85-6 1 RESOLUTION NO. RDA-85-6
2 A RESOLUTION OF ,THE SAN JACINTO REDEVELOPMENT AGENCY
APPROVING THE PREPARATION, ISSUANCE, SALE AND DELIVERY
3 OF MULTI-FAMILY;HOUSING REVENUE BONDS WITH REGARD TO
THE LOWELL T. 'WAYMENT 'PROJECT AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO'PURSUANT TO THE TAX
4 EQUITY AND FISCAL RESPONSIBILITY ACT OF 1982 (TEFRA)
WHEREAS, the Redvelopment Agency of the City of San Jacinto is authorized,
6 pursuant to Chapter 8, Article 3, of the Health and Safety Code, to provide
financial assistance for residential developments within the City; and
7 WHEREAS, Lowell T. Wayment has requested financial assistance in can-
8 nection with the construction of a multi-family rental housing project pro-
posed to be located in Exhibit "A", hereto attached, and the participating
9 party has requested that the Agency take action subject to appropriate condi-
tions for the issuance of its multi-family rental revenue bonds.
10 NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAW JACINTO HERE-
1; BY RESOLVES AS FOLLOWS:
12 Section 1. The Agency finds and determines that the acquisition, con-
struction and financing of the project will be in the furtherance of one or
13 more of the public purposes set forth in the law and will promote the health,
safety and welfare of the residents of the City and that it is a necessary, es
14 sential and proper public purpose that the project be financed at the earliest
practical date.
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Section 2. The Agency further finds that the acquisition and construc-
16 tion of the project are eligible to be financed by the law subject to Sec-
tion 6 of the Resolution.
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Section 3. The Agency hereby undertakes to authorize and issue up to
18 2,000,000 dollars of its bonds as may be requested by Lowell T. Wayment
in amounts sufficient to finance the cost of acquiring and constructing the
1'J project described in Exhibit "A" to the extent that in the opinion of Bond
Counsel the interest on bonds issued to provide such casts shall be exempt
20 from Federal income tax.
21 Section 4. The Agency shall proceed to prepare or cause to be prepared
documentation for the Agency to issue bonds as aforesaid subject to the parti-
22 cipating party's assurance that it will bear thecostof the necessary financin, .
23 Section 5. The bond shall be payable solely from the revenues to be re-
ceived by the Agency pursuant to one or more loan agreements or other agree-
24 ments to be entered into between the Agency and Lowell T. Wayment in con-
nection with the financing of the project under which the participating party
28 will be obligated to pay the amount sufficient to make all payments of princi-
pal , premium and interest on the bonds when due, and the band shall not be
26 deemed to constitute a debt or liability of the Agency under any constitution-
al charge or statutory debt limitation. Neither the faith and credit nor the
27 taxing power of the Agency shall be subject to the payment of the principal of
or premium, if any, or interest on the bonds.
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Section 6. Preparation of the necessary documents and issuance of the
2g bonds shall be subject to the following conditions:
30 (a) The Agency and Lowell T. Wayment shall agree to mutually accept-
able terms for the offer and sale of the bonds and sale and delivery
31 thereof and mutually acceptable terms and conditions for the loan
or other agreements for the financing of the Project, reserving to
32 each party the unrestricted discretion such terms are acceptable;
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1 (b) All regcisitc government approvals shall have first been obtained;
and
2 (c) The law shall be in 'effect.
3 Section 7. WHEREAS, pursuant to the Tax Equity and Fiscal Responsibility
Act of,1982 (TEFRA), the issuance of the bonds must be approved by an elected
4 representative of the;Agency after a public hearing; and
5 Section 8. WHEREAS, the Secretary of the Agency has caused notice of suc
public hearing to t� published once in the Valley Register and reported to the
-G Agency that such notice has been duly and regularly given; and
7 Section 9. WHEREAS, on June 4, 1985, at ,the regular meeting of the Agenc
such public hearing was duly held; and
WHEREAS,`the `subject'matter of the hearing was the proposed
',) financing by the Agency of the Project in the amount of $2,000,000; and
10 WHEREAS, at the time and place stated in the notice that
financing of the Project was presented, and any and all persons who so de-
ll sired appeared and were 'heard, and this Agency was fully informed in the
12 premises.
NOW, THEREFORE, THE SAN JACINTO REDEVELOPMENT AGENCY DOES HEREBY RESOLVE,
13 DETERMINE AND ORDER AS FOLLOWS:
14 (1) The recitals are true and correct in all respects and all actions
heretofore taken by or at the direction of the Agency and its members and
15 agents directed toward the preparation, issuance, sale and delivery of the
16 bonds are hereby approved and ratified.
(2) The preparation, issuance, sale and delivery of the bonds in an
17 amount not to exceed $2,000,000 are hereby approved, and the Chairman, being a
elected public official of the City Is hereby authorized and directed to exe-
18 cute this Resolution pursuant to TEFRA.
10 (3) This Resolution shall take effect upon adoption.
20 MOVED, PASSED 111) ADOPTED the 4th day of June 1985, by the following vote:
21 AYES: Agency Members Visser, Stevens, Rose, Divine and Stuart
22 NOES: None
23 ABSENT: None
24 ATTEST:25
_�,_ tr. C a an, San acinto Re evelopment
ecrS etary, San Jacinto Ag cy
26 Redevelopment Agency
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