HomeMy WebLinkAboutResolutions 88-398 N.C.S. 12/19/1988t
Resolution No. 88-398 ~.~.~.
of the City of Petaluma, California
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PETALUMA INDICATING INTENT TO ISSUE REVENUE
BONDS FOR PSP PARTNERS TO FINANCE THE CONSTRUCTION
OF MULTI-FAMILY RENTAL HOUSING DEVELOPMENTS
WHEREAS, the City Council of the City of Petaluma,.
after careful study and consideration, has determined that
there is a shortage of safe and sanitary housing within the
City, particularly for low and moderate income elderly
families, and that it is in the best interest of the
residents of the City and in furtherance of the health,
safety and welfare of the public for the City of Petaluma to
assist in the financing of multifamily rental housing units;
and
WHEREAS, the City is empowered to issue and sell
bonds for the purpose of making mortgage loans or otherwise
providing funds to finance the development of multifamily
rental housing including units for households meeting the
income limits of the California law under which the bonds
will be issued; and
WHEREAS, the City Council has now determined to
provide financing far three multifamily rental housing
developments containing an aggregate of approximately 300
units (the "Projects"), as more fully described herein, to
be developed by PSP Partners, a California limited
partnership (the "Applicant"), or assigns (which assigns
must be affiliated with the Applicant), to be located in the
City of Petaluma, California at 325 North McDowell
Boulevard; and
WHEREAS, to finance the Projects, the City intends
to issue revenue bonds pursuant to the laws of the State of
California;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Petaluma as follows:
1. The City Council hereby determines that it is
necessary and desirable to provide construction and
permanent financing for the Projects by the issuance,
pursuant to California law, of mortgage revenue bonds (the.
"Bonds") as follows:
(a) Project 1: An aggregate principal
amount of Bonds not to exceed
X14,500,000 with respect to a Project
containing approximately 150 units.
88-398
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(b) Project 2: An aggregate principal
amount of Borids not to exceed $4,500,000
with respect to a Project containing
.approximately 60 units..
(c) Project 3: An aggregate principal
amount of $6,500,000 Bonds with respect
to a Project containing approximately 90
units, constituting~a separate project
but a second phase of Project 1.
Each of the Projects is 'to be located at 3'2°5 North McDowell
Boulevard in the City of Petaluma, and each Project shall
meet the requirements .of the California law and any Federal
requirements for tax exemption of interest on the bonds.
Subject to final approval by the City Council, the Mayor,
City Manager and other officers of the City are hereby
authorized and directed, for and in the name. and on behalf
of the City, to take all necessary actions to finance the
Projects, including the actions necessary for the issuance
of the Bonds .
2. The Bonds shall be payable sole-ly from revenues to
be received by the City in connection with the Projects and
the financing therefor. Neither the faith and credit nor
the taxing powers of the City shall be pledged to the
payment of principal of, premium, if any, or interest on the
Bonds.
3. It is intended that this resolution shall
constitute ".some other official action" toward the issuance
of the Bonds as contemplated herein to finance the Projects
within the meaning of United States Treasury Regulation
Section 1.103-8(a) (5).
4. This. resolution is intended to be relied upon by
the Applicant, who will proceed to acquire, construct and
equip the Projects.
Reso. 88-398 NCS
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5. Pacific Commonwealth Corporation, a California
Corporation, is hereby selected and designated as the
investment banker and Taft, Stettinius & Hollister, is
hereby selected and designated as bond counsel in connection
with the proposed issuance of the Bonds for each Project.
6. The Mayor, City Manager and other officers of the
City are hereby authorized and directed, for an in the name
and on behalf of the City, to take all actions and to sign
all documents necessary or desirable to effectuate the
purposes of this resolution.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE:
I hereby certify the foregoing Resolution was introduced and adopted by the
Council of the City of Petaluma at a (Regular) (~lg4i~~c>~x(4~abk meeting
on the ...J.9.tlZ ............. day of ...............I?~C~A3b~.X_.............-----...-., 19.88., by the
following vote:
AYES: Cavanagh, Sobel, Woolsey, Balshaw, Vice Mayor Davis, Mayor Hilli
NOES: ~
ABSENT: Tence
ATTEST : ...................~G~,AJL.~-1~............. - ----.......-......_.._......
Cit~t'lJ ~~ ~~.,~~
as to
Attorney
Mayor
Council File ....................................
CA 10-85 Res. No.......H.$.'.~.~..... N.C.S.