HomeMy WebLinkAboutResolution - 1576 i
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1 RESOLUTION 10. 1576
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SAN JACINTO, CALIFORNIA, INDICATING
3 ITS INTENT TO PROVIDE FINANCIhIG " CONNECTION
WITH THE MULTI-PAP"ILY HOUSING PROJECT PROPOSED
4 6Y G. T.' GAYTON AND SONS
51 WHEREAS, the City Council of the City of San Jacinto is authorized pur-
G suant to Chapter 7 (commencing with Section 52075 of Part 5 of Division 31 of
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7 the Health and Safety Code the "Act") , to ;provide financial assistance for
8 multi-family residential developments within the City; and
9 !WHEREAS, G. T. Gayton and Sons has requested financial assistance in con- 1
10 nection with the construction of a multi-family rental housing project pro-
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ll posed to be located in the vicinity of Minor Street between Seventh and Shaver
12 Streets in the City of San Jacinto (hereinafter the "Project"); and
13 WHEREAS, the City, as an inducement to G. T. Gayton and Sons, is willing
14 to authorize the issuance of obligations in an amount sufficient to provide
15 financing for the Project subject to the restrictions of the Act and all ap-
16 plicable State and Federal laws as they presently exist, providing that the
17 Project receives all necessary governmental approvals.
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NOW, THEREFORE, 3E IT RESOLVED by the City Council of the City of San
70 ( Jacinto as follows:
}all;... Section 1 . ine %il:y Gaupc' `�.ereby ;.iat ':,.he UI'A-ftaking of
21I1 the Financing of the proposed Project by the City will he a substantial 'actor
221! in the accrual of public benefits to be received from the Project, should the
23 I Project be approved and constructed, and that the proposed financing is in ac-
9-4i' cord with the purposes and requirements of the Act.
25 Section 2. Subject to the completion of the proceedings and other mat-
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2v1' ters relating thereto, to the full satisfaction of the City Council , and sub-
271I ject to the proposed Project receiving all necessary Governmental approvals,
mill the City Council hereby agrees to provide financial assistance to the Comoany,
219 or such other person or entity approved by the City, through `_he issuance of
110 obligations in an amount of approximately $2,000,000.00 or such higher amount
:11f1 as is_necessary to Finance the Project.
32 Section 3. The obligations to be issued shall ba a special obligation
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I of the City payable solely from revenues to be received by the City pursuant
2 to a loan or other financing agreement in a form acceptable to the City and
3 G. T. Gayton and Sons and shall not be a general obligation of the City, State
4 or any political subdivision of the State.
5 Section 4. The Mayor is hereby directed to indicate the willingness on
G the part of the City to proceed with and effect such financing and to advise
the Corporation that subject to compliance with all requirements of law and
g the obtaining of all necessary consents and approvals and to the happening of
y all acts and conditions, the City will take all necessary action to issue ob-
10 ligations in the amount hereinabove provided to pay the cost of the Project.
11 Section 5. The City is hereby authorized to commence the Project. it
12 is intended that this Resolution shall constitute "some other similar of-
13 ficial action" toward the issuance of indebtedness within the meaning of the
14 Internal Revenue Code of 1954, as amended.
15 Section 6. The adoption of this Resolution shall not bind the City t,
16 issue bonds until and unless all other necessary actions and approvals are
17 taken or received in accordance with all applicable laws. The adoption of
18 this Resolution does not and shall not limit in any manner whatever, the City'
tp fn11 A c.wo Linn fn rianv -n.r tn.--H_.. ....`--:r. ,.. -. • ..._.. 4� ...,,._...
21 Section 7. Subject to any arbitrage restrictions in the Internal Revenu
22 Code of 1954, the City shall be paid one-fourth (1/4) of one (1) percent of
23 the first $500,000.00 and $500 per million of issued bonds to reimburse it
24 for its administrative costs incurred at issuance.
25 Section B. This resolution shall take effect immediately upon
26 MOVED, PASSED and ADOPTED this 5th day of March 1985.,_ by the= fallowing v
27 AYES: louncil7,en " sser, Steve.:s, ".crc, :.,ine a_.' Stuart
-23 NOES: `;one
26) ABSENT: ;one
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30 AT"EST,. J �-
31I �'.. llayu�, City o San Jacinto
� i-Zty City Cle,-l:
,921 City of San Jacir,co f
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1 CERTIFICATE
2 The foregoing is certified to be a true copy of Resolution No. 1576 duly
3 adopted by the said 'City Council of the City of San Jacinto on the date therein
4' set forth_
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