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HomeMy WebLinkAboutResolution - 1645 v,n Jacinto 60,035-4-2 RESOLUTION NO. 169= RESOLUTION OF THE CITY COUNCIL OF THE .CITY OF SAN JACINTO, APPROVING THE ISSUANCE BY THE CITY OF ITS "CITY OF SAN JACINTO,::MULTIFAMILY HOUSING REVENUE BONDS, 1986 SERIES A (ESPLANADE APARTMENTS PROJECT)" AND MAKING CERTAIN DE'TERMI17ATIOIIS RELZ T- ING THERETO (TEFRA) (ESPLANADE .PARTMENTS PROJECT) WHEREAS, pursuant to Sections 52075 et seq. of the Health and Safety Cade of the State of California (the "Act") the City of San Jacinto (the "City") intends to finance a certain multifamily housing project, to wit: a 240 unit apartment complex located on a site bounded by Esplanade Avenue, Santa Fe Street, Oakwood Street and Buena Vista Street in the City of San Jacinto, together with facilities necessary and convenient therefor and appurtenances and appurtenant work (the "Project") , and pay the costs and expenses associated with the issuance of the Bonds (as defined herein) ; and WHEREAS, the City has taken proceedings leading toward the issuance and sale of its "City of San Jacinto, Multifamily Housing Revenue Bonds, 1986 Series A (Esplanade Apartments Project) ", in an amount not to exceed $10,000,000 (the "Bonds") , to obtain moneys to finance the Project, all under and in accordance with the Act and the laws of the State of California; and WHEREAS, pursuant to the Tax Equity and Fiscal Responsibility Act of 19B2, the issuance of the Bonds must be approved by an elected representative of the City after a public hearing (the "Hearing") ; and -1- D0070:495.4 C5-16-86 (JAS:rr) Can Jacinto 60,035-4-2 WHEREAS, the City Clerk has caused notice of such Hearing to be published once (giving at least fourteen days' notice) (the "Notice") and has reported to the Council that such notice has been duly and regularly given; and WHEREAS, the subject matter of the Hearing was the proposed financing by the City cf the Project in an amount not to exceed 0110,000,000; and WHEREAS, on the date and at the time and place stated in said Notice, the financing of the Project :7as presented, and any and all persons who so desired appeared and were heard, and the Council of the City of San Jacinto is fully informed in the premises. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN JACINTO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The above recitals are true and correct in all respects. All actions heretofore taken by or at the direction of the City and its officers directed toward the sale and issuance of the Bonds are hereby approved and ratified. -2- D0070:495.4 05-16-86 (JAS:rr) San Jacinto 60,035-4-2 Section 2. The issuance by the City of the Bonds in an amount not to exceed $10,000,000 is hereby approved. The Mayor is hereby authorized and directed to execute this Resolution pursuant to said Tax Equity and Fiscal Respon- sibility Act of 1982. Section 3. The City shall proceed to prepare or ciuse to be prepared documentation for the City to issue the Bonds as aforesaid subject to the participating party's assurance that it will bear the cost of the Bonds. Section 4. Preparation of the necessary documents and issuance of the Bands shall be subject to the following conditions: (a) The City and Esplanade Avenue associates, California general partnership (the "Developer") , shall agree to mutually acceptable terms for the offer and sale of the Bonds and sale and delivery thereof and mutually acceptable terms and conditions for the loan or other agreements for the financing of the Project; (b) All requisite government approvals shall have first been obtained: and (c) The Act shall be in effect. -3- D0070:495.4 05-16-86 (JAS:rr) c.U, e3s—;-2 Section 5. Effective Date. This Resolution shall take etfect upon adoption. Executed pursuant to the Tax Equity and Fiscal Responsibility Act of 1982, on this 3rd day of June 1986. CITY OF SAN JACS7'O *r / By MOVED , PASSED AND ADOPTED thi s 3rd day of June 1986, by the following roll call vo e: AYES: CouncilLnen Redding, Stevens, Ford, Divine and Stuart HOES: None ABSENT: None APP�OVED: -� � f1 t i i ATTEST• ti-yor `� b (1 U CUTIFICUE The foregoing is certified to be a true copy of Resolution No. 16�5 duly adopted by the said City Council of the City of San Jacinto on tre date set forth therein. —4— D0070:495.4 05-16-86 (JAS:rr)