HomeMy WebLinkAboutResolution - 1585 1
1 RESOLUTION NO. 1585
2'; A RESOLUTION OF THE CITY COUNCIL OF T;IE CITY
OF SAN JACINTO, CALIFORNIA, INDICATING ITS
3 INTENT TO PROVIDE FINANCING IN CONNECTION
WITH THE MULTI-FAHTLY HOUSING PROJECT PROPOSED
41 BY THOMAS BROTHERS DEVELOPMENT CORPORATION
5 IHERE'1S,`the City Council of the Citv of San Jacinto is authorized pur-
6 suant to Chapter 7 (commencing with Section 52075 o` Part 5 of Division 31 of
the Health and Safety Code the "Act") , to provide financial assistance for
$ I multi-family residential developments within the City; and
WHEREAS, Thomas Brothers Develooment Corooration has requested assist-
10� ante in connection with the construction o` a multi-family rental housing
11'I project oroposed to be located in the vicinity of Rar^ona Boulevard and Young
12 Street in the City of San Jacinto (hereinafter the "Project"); and
13, WHEREAS, the City, as an inducement to Thomas Brothers Development Cor-
14 poration, is willing to authorize the issuance of obligations in an amount
15I sufficient to provide financing for the Project subject to the restrictions
16 o' the Act and all applicable State and Federal laws as they presently exist,
17�, providing that the Project receives all necessary governmental approvals.
NOW, THEREFORE, 5E IT RESOLVED, by the City Council o` the City of San
i
h.,reby de`emines that.the land a! ;nc'
I
21 the `inancing of the proposed Project by the City will be a substantial factor'
22I in the accrual of public bene-its to be received from the Project, should the
231 project be approved and constructed, and that the proposed financing is in ac-
24I! cord with the ourposes and requirements of the Act.
251� Section 2. Subject to the completion of the proceedinas and other mat-
26�i ters relating thereto, to the full satisfaction of the City Council , and sub-
2 7 ject to the oreposed Project receiving all necessary governmental approvals,
i
231i the City Council hereby agrees to provide financial assistance to the Corpora-
ij
29 tion or such other person or entity approved by the City, throuch the issuance
I
30iof obligations in an amount of approximately S4,R00,000.00 or such higher
I
30 amount as is necessary to finance the Project.
ii
:12 Section 3. The oblications to be issued shall he a special obligation
i
-1-
i
i
1 of the City pavable solely from revenues to be received by the City pursuant
21 to a loan or other financing agreement in a form acceptable to the City and
3 -Thomas Brothers Develoament Corporation and shall not be a general obligation
41 of the City, State or any political subdivision of the State.
Section 4. The Mayor is hereby directed to indicate the willingness on
t
the Hart of the City to proceed with and effect such financine and to advise
6
the Corporation that subject to compliance with all requirements of law and
3� the obtaining of all necessary consents and approvals and to the happening of
g all acts and conditions, the City will ,take all necessary action to issue ob-
i
10, ligations in the amount hereinabove provided to pay the cost oP the Protect.
111 Section 5. The City is hereby authorized to coririence the Project. It
12 its 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.
16I issue bends until and unless all other necessary actions and approvals are
1/II taken or received in accordance with all applicable laws. The adoption of
14 this Resolution does not and shall not limit in any manner whatever, theCity's
.nil t„ll a;«r�+;nn to linnii any filrther permit or aonroval that nay. be np,pssary
21 i Section 7. Subject to any arbitrage restrictions in the Internal Revenue
22 I Code of 1954, the City shall be paid one-fourth (1/a) of one (1) percent of
23� the first S1 ,000,000.00 and S500 per million of issued bonds to reimburse it
2111 for its administrative costs incurrea at issuance.
i,
251 Section S. This resolution shall take effect immediately upon adoption.
261 MOVED, PASSED and ADOPTED this Pnd day of Aprzl 1955, by the Following vc
27� AYES: Councilmen Visser, Stevens and Stuart
281 NOES: Councilmen °ose and Divine
29�i ABSENT: (done
30i� ATTEST:
is or, City of San Jacinto
-31�i Deputy City Clerk
32j: City of San Jacinto
i
1 CERTIFICATE
2 The foregoing is certified to be a true copy of Resolution No. 1585 duly
3 adopted by the said City Council of the City of San Jacinto on the date therein
4 set forth.
5
Deputy,) city Ulm
7
8
9
10
11
12
13
14
15
16
17
18
,o
i
21
22
23
24
25
26
27
28
29
30
31
32
f
lj RESOLUTION NO. 1586
9 A RESOLUTION Or' THE CITY COUNCIL OF THE CITY OF S,AN
JACINTO,-C.ALIFORNIA, AUTHORIZING THE CITY MANAGER
3 TO SUBMIT TITLE III-B AND TITLE V APPLICATIONS
FOR FUNDING FOR FISCAL YEAR 1935-86
4,
THE CITY COUNCIL OF THE CITY OF SAN JACINTO, CALIFORNIA, DOES HEREBY RESOLVE j
AS FOLLD'IS:
f �
44HEREAS, it is the desire and intent of the City Council of the City of
i
San Jacinto to continue the existing Senior Citizens Program currently being
conducted in cooperation with the Riverside County Office on Aging; and
41HERE,AS, funding from Title III-5 and Title V for the fiscal year 1985-
10�1 I
1986 is available,
11,
NW, THEREFORE, BE IT RESOLVED .AS FOLL06JS:
12
i Section 1 . The City Manager, or his desicnated representative, is here-
by authorized to submit to the County of Riverside Office on Aging a funding
141
1 application and all necessary documentation.
1
Section 2. That the (Mayor is authorized to execute a Cooperative Acree-
161
17Ineat with the County of Riverside Office on Aging and all necessary documen-
tation for the continuance of the Senior Citizens Prograrn,,
1f3,� MOVED, PASSED and ADOPTED this 16th day} April 1985.
.GAL• Mayor
21'� Deputy City Clerk
22
L/
I
23`� CERTIFICATE
i.
241 The foregoing is certified to be a true copy of a Resolution duly
251 adopted by the said City CDuncil of the City of San Jacinto on the date
26 therein set forth.
27,
29k eputy City Clerk
3(l(I,
31�I
„ail