HomeMy WebLinkAboutResolution - 1590 1 RESOLUTION NO. 1590
2 A RESOLUTIOH Or THE CITY COUNCIL OF THE
CITY OF SAN JACINTO, CALIFORNIA, INDICATING
3 ITS INTENT TO PROVIDE FIHMiCI191 IN CONNECTION
WITH THE MULTI-FAMILY HOUSING PROJECT',PROPOSED
4 BY LONELL T. WAYMEHT
5 UHEREAS, 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
the Healih and Safety Code the "Act") , to provide financial assistance for
multi-family residential developments within the City; and
y WHEREAS, -Lowell T. Wayment has requested financial assistance in con-
lU nection with the construction of a multi-family rental housing project pro-
11 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 Lowell T. Wayment, 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-
plicable State and Federal laws as they presently exist, providing that the
I7 Project receives all necessary governmental approvals.
1g HOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San
t,ul .,�.. .,u i is �,,.y CuuR. nei cvy udLci uu ue� GHOL file Unger Lar, InU Or
21 the financing of the proposed Project by the City will be a substantial factor
22 in the accrual of public benefits to be received from the Project, should the
13 Project he approved and constructed, and that the proposed financing is in as
24 cord with the purposes and requirements of the Act.
25 Section 2. Subject to the completion of the proceedings and other nut-
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2UI ters relating thereto, to the ,full satisfaction of the City Council , and sub-
27 ject to the proposed Project receiving all necessary governmental approvals,
29 the City Council hereby agrees to provide financial assistance to the Conoany
29 or such other person or entity approved by the City, through the issuance of
30 obligations in an amount of approximately'$1,200,000.00 or such higher amount
31 as is necessary to finance the Project.
-- 92 Section 3. The obligations to be issued shall ba a special obiigation
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I 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 fornr acceptable to the City and
3 Lowell T. tdayment and shall not be a general obligation of the City, State
4 or any political subdivision of the State.
G Section 4, the Mayor is hereby directed to indicate tire willingness on
0 the part of the City to proceed with and effect such financing and to advise
7 the Corporation that subject to complianceiwith all requirements of law and
g the obtaining of all necessary consents and approvals and to the happening of
I. all acts and conditions, the City will take all necessary action to issue ob-
1ti ligations In the amount hereinabove provided to pay the cost of the Project.
11 Section 5. The City is hereby authorized to conarence the Project. It
12 is intended that tills Resolution shall constitute "some other similar of-
13 ficial action" toward tine issuance of indebtedness witliln the meaning of tire
14 Internal Revenue Code of 1954, as amended.
15 Section 6, llre adoptlun of this Resolution shall not bind Lice City to
Ili 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 Ii III It in any nianner whatever, the City
1J1 full discretion to deny ate f t':cr r.r;k e. �.p r'nvaI thst'lray he necessary
,t)l for ultir,rate conspletion t:H ,,o,, d V;'-�j2ct.
21 Section 1. Subject to any arbitrage restrictions in the Internal Reven
22 Code of 1954, tire City shall he paid one-fourth (1/4) of one (1) percent of
23 the first '�500,000.DU and $500 per million of issued bonds to reimburse it
24 for its administrative costs incurred at issuance.
25 Section B. fhis resolution shall take effect ili6ediately upon adontior
26 (MOVED, PASSED and ADOPTED this 5th day of March 14f15,_ by the- fbllowing
27 dyes; Councilmen Visser, Pose, Stevens and Divine
28 floes: hone
24J Absent: Councilman Stuart
f
31 rncC Vice Hayor
puty'City Clerk
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1 CERTIFICATE
2 The foregoing is certified to be a true copy of Resolution No. 1590 dul,
3 adopted by the said City Council of the City of San Jacinto on the date ther
4 set forth.
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RESOLUTION NO. 1590
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11 EXHIBIT "A"
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