HomeMy WebLinkAboutResolution - RDA 85-8 i
RESOLUTION NO. RDA-85-8
A RESOLUTION OF THE SAN JACINTO CITY REDEVELOPMENT
1 AGENCY, ;CALIFORNIA, APPROVING THE PREPARATION,
ISSUANCE, SALE AND DELIVERY OF MULTI-FAMILY HOUSING
y 2 REVENUE BONDS WITH REGARD TO SOBOBA RETIREMENT
3 CENTER LTD. . PROJECT AND MAKING CERTAIN DETERMIN-
ATIONS RELATING . 'THERETO PURSUANT TO THE TAX EQUITY
AND FISCAL RESPONSIBILITY ACT OF 1982 (TEFRA)
4
:5 WHEREAS, the San Jacinto City Redevelopment Agency is
authorized pursuant to Chapter .$, Article I ( commencing with
s Section 33750 of Health and Safety Code the "Act" ) , to provide
financial assistance for multi-family residential developments
within the Agency..boundary; and
8 WHEREAS, Soboba Retirement Center Ltd. has requested
financial assistance in connection with the construction of
a multi-family rental housing project proposed to be located in
Exhibit ".A" , hereto attached, and the participating party has
�� requested that the Agency take action subject to appropriate
conditions for the .issuance of its multi--family rental revenue
11 bonds.
12 NOW, THEREFORE, THE SAN JACINTO CITY REDEVELOPMENT AGENCY
HEREBY RESOLVES AS FOLLOWS:
13 Section 1. The Agency finds and determines that the acpuisi-
14 tion, construction and financing of the project will be in the
furtherance of one or more of the public purposes set forth in
15 the law and will promote the health, safety and welfare of the
residents of the City and that it is a necessary, essential.
76 and proper public purpose that the project be financed at the
earliest practical date.
17 Section 2. The Agency further finds that the acquisition and
construction ❑f the project are eligible to be financed by the
13
law subject to Section 6 of the Resolution.
19 Section 3. The Agency hereby undertakes to authorize and
9U issue- up to S7,SOo,000 dollars of its bonds as may be
requested by Soboba Retirement Center Ltd. in amounts
�1 sufficient to finance the cost of acquiring and constructing
the project described in Exhibit "A" to the extent that in the
22 opinion of Bond Counsel the interest on bonds issued to
provide such costs shall be exempt from Federal Income Tax.
23 Section 4. The Agency shall proceed to prepare or cause to
2 be prepared documentation for the Agency to issue bonds as
aforesaid subject to the participatino party's assurance that
2511 it will bear the cost of the necessary financing.
26 Section 5. The bond shall be payable solely from the
revenues to be received by the Agency pursuant to one or more
loan agreements or other agreements to be entered into between
2T, the An ere y and Soboba Retirement Center, in connection with
,)$ the financing of the project under which the participating
party will be obligated to pay the amount sufficient to make
all payments of principal , premium and interest on the bonds
29, when due and the bond shall not be deemed to constitute a debt
or liability of the Agency under any constitutional charge or
statutory debt limitation. Neither the faith and credit nor
the taxing power of the Agency shall be subject to the payment
31 of the principal, or premium, if any, or interest on the bonds.
32
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Resolution No. RDA-BS-S
Page 2
1i Section 6. Preparation of the necessary documents and
issuance of the bonds shall be subject to the following
21 conditions:
31 (a)'' Agency and Soboba Retirement Center shall agree to
4 mutually acceptable terms for the offer and sale of
the bonds and sale and .`delivery thereof and mutually j
acceptable .' terms and conditions 'or the loan or
5 thereof and mutually acceptable terms and conditions
for theloan orother agreements for the financing of
6 the Project, reserving each party the unrestricted
7 discretion such terms are acceptable;
` (b) All requisite "government approvals shall have first
8
been obtained; and
(c) -he law shall be in effect.
j
10 Section 7. WHEREAS, pursuant to the Tax Equity and Fiscal
,11 Responsibility Act of 19B2 (TEFRA) , the issuance of the bones
must be approved by an elected representative of the Agency
12 after a 'public hearing; and
Section S. WHEREAS, the Secretary of the Agency has caused
131 notice of such public hearing to be published once in the
,� Valley Register and reported to the Agency that such notice
has been duly and regularly given; and
15 Section 9. WHEREAS, on August 6, 19e5, at a regular meet-
16 ing of the Agency such public hearing was duly held; and
WHEREAS, the subject matter of the hearing was
17 the proposed financing by the Agency of the Project in the
18 amount of $71500,000.00.
19 WHEREAS, at the time and place stated in the
notice that financino of the Project was presented, and any
9� and all persons who so desired appeared and were heard , and
this Agency was fully in-ormed in the premises.
21 NOW, THEREFORE, THE SAN JACINTO CITY REDEVELOPMENT AGENCY
22 DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
,j3 (1) -he recitals are true and correct in all respects and
all actions heretofore taken by or at the direction of the
24 Agency and its officers and agents directed toward the prepar-
ation, issuance, sale and delivery of the bonds are hereby
25 approved and ratified .
(2) The preparation, issuance, sale and delivery of the
26i bonds in an amount not to exceec $7,500,000 are hereby
approved, an❑ the Chairman being an elected public official of
2" the Agency is hereby authorized and eirectec to execute this
M! Resolution pursuant to TEFRA.
29
� (3) This Resolution shall take effect upon adoption.
�� MOVED, PASSED and ADOPTED this 6th day of August. 1985 by the
following vote:
31
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Resolution No. RDA-85-8
Page 3
1
AYES: Agency Member 'visser, Rose, Stevens and Divine
2 NOES: None
3 ABSENT: Agency Member Stuart
4 A /�
6 -----------------------------
Chairman
8 ATTEST:
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11 cr tart'
12 CERTIFICATE
13
14 The foregoing is certified to be a true copy of Resolution No.
RDA-S5-B duly adopted by the said Agency of the City of San`
15 Jacint❑ on the date set forth therein.
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