HomeMy WebLinkAboutResolution - 1597 I
�1 RESOLUTION NO. 1597
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9 A. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JACINTO APPROVING .THE PREPARATION, ISSUANCE,
3 SALE AND DELiVERY OF i',ULTI-FAMILY HOUSING REVENUE
BONDS tIITH,REGARD TO THE LOUELL 7. L011EHT PROJECT
4 AND TAKING CERTAIN DETERMINATIO'5 RELATING THERETO
PURSUANT TO THE TAX EQUITY AND FISCAL RESPONSIBILITY
ACT OF 1982 (TETRA)
fi JHEREAS, the City Council of the City of San Jacinto is authorized pur-
suant to Charter 7 (commencing with Section 52075 of Part 5 of Division 3"
71, of the Health and Safety Code, the "Act") , to provide financial assistance fc
multi-family residential developments within the City; and
S) IHEREAS, Lowell T. 'rlaynent has requested financial assistance in ccnnec-
{} ticn with the construction of asmulti-family rental housinft project proposed
to be located in Exhibit 1A", hereto attached, and the participating party rt
10 requested that the City take action subject to appropriate conditions for the
issuance of its multi-family rental revenue bonds.
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10IJ, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN JACINTO HEREBY
12 'RESOLVES AS FOLL041S`.
13 Section 1 . The City finds and determines that the acquisition, constru
tion and financing of the project will be in the furtherance of one or more
14 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, essenti
151 and proper public puroose that the project be financed at the earliest prac-
tical date.
161
Section 2. The City further finds that the acquisition and constructio
17 of the project are eligible to be financed by the law subject to Section 6 0
the Resolution.
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Section 3. The City hereby undertakes to authorize and issue up to
19i' $2,000,000 dollars of its bonds as may-be requested by Lowell T. 'dayment in
I•.I arrounts sufficient to,:finance the;cost of acquiring and constructing the prc
201 jest described in Exhibit "A" to the extent that in the opinion of Bond Cour
the interest on 'bonds issued to provide such costs shall be exempt from FedE
21 income tax.
22 Section 4. The City shall proceed to prepare or cause to be prepared r
umentation for the City to issue bonds as aforesaid subject to the participc
2211 ting party's assurance that it will bear the cost of the necessary financini
I,
2411 Section 5. The bond shall be payable solely from the revenues to be r�
ceived by the City pursuant to one or more loan agreements or other agreeme
251 to be entered into between the City and .Lowell T. dayment in connection wit
the financing of the project under which the participating party will be ch
261 gated to oay the amount sufficient to make all payments Dff crincipal , premi
1 and interest on the bonds when due, and the bond shall not be deemed to con
2(
tute a deb or liability of the City cinder any consitutional charge or stat
torv_ debt limitation. Neither the faith and credit nor the taxing power of
2s�� the City shall be subject to the payment of the principal of, or premium, i
any, or interest on the bonds.
}'ii` Section 6. Preparation of the necessary documents and issuance of the
30! bonds shall be subject to the following conditions:
31{ {a) The City and Lowell -T. Wayment sha1i agree to mutually acceptable
terms for the offer and sale of the bonds and sale and delivery
32'!, thereof and mutually acceptable terms and conditions for tine "oar
1 other acreements for the financing of the Project, reservinq to eac
party the unrestricted discretion such terms are acceptable;
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(b) A,l requisite government approvals shall have first been obtained;
3 and
4 (c) The law shall be in effect.
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Section 7. "t%HEREA.S, pursuant to the Tax Equity and Fiscal Respensibilil
Act ei 1932 (TEFRA), the issuance of the bonds must be approved by an electec
6 representative of the City after a public hearing; and
7 Section E. OHEREAS, the City Clerk of the Ci v has caused notice of suc
public hearing to be published once in the 'Valley Register and reported to tf
4 i Council that such notice has been duly and regularly given; and
9 Section 9. IJHEREAS, on June 4, 1955, at the regular meeting of the Cit_
Council such public hearing was duly held; and
101
WHEREAS, the subject matter of the hearing was the proposed
11 financing by the City of the Project in the amount of $2,000,000; and
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12 WHEREAS, at the:time and place stated in the notice that fi
ancing of the Project was presented, and any and all persons who so desired
13 appeared and were;heard, and this City was fully informed in the premises.
14 NO'rl, THEREFORE, THE,CITY COUNCIL OF THE CITY OF SAN JA.CINTO DOES HEREBY
RESOLVE, DETERMINE AND ORDER ASiFOLLWS:
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(1) The recitals are true and correct in all respects, and all actions
16 heretofore taken by or at the direction of the City and its officers and age
directed toward the preparation, issuance, sale and delivery of the bonds ar
17 hereby approved and ratified.
18 (2) The preparation, issuance, sale and delivery of the bonds in an amc
i not to exceed S2,000,000 are hereby approved, and the ilayor, being an electe
19 public official of the City is 'hereby :authorized and directed to execute thi
Resolution pursuant to TEFRA.
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(3) This Resolution shall take effect upon adoption.
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1OVED, PASSED AND ADOPTED the 4th day o` June 1995, by the fol1oeving vo-
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Ii AYES: Councilmen Stevens, Rose, Visser, D'vine and Stuart
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NOES: None
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ABSENT: Plane
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ATTEST:
2W
27I,,, Deputy 'City Clerk
i' U
2S) CERTIFICATE
291 The foregoing is certified to heatrue copy of Resolution No. 1597 dul
3011adopted by the said City Council of the City of San Jacinto on the date the
I.
m set forth.
I3`>
Deputy City Clerk