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HomeMy WebLinkAboutResolution 2003-187 N.C.S. 09/15/2003a - - ,: Resolution No. 2003-187N.C.S. of the City of Petaluma, California AUTHORIZING THE ISSUANCE, EXECUTION AND DELIVERY OF NOT TO EXCEED $12,800,000 AGGREGATE PRINCIPAL AMOUNT OF MULTIFAMILY HOUSING REVENUE BONDS IN TWO SERIES FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY HOUSING DEVELOPMENT KNOWN AS DOWNTOWN RIVER APARTMENTS AND PROVIDING FOR THE TERMS AND CONDITIONS FOR THE ISSUANCE OF SAID BONDS AND APPROVING OTHER ACTIONS AND MATTERS RELATING THERETO . WHEREAS, the City of Petaluma is authorized by Chapter 5 of Division 7 of Title 1 of the Government Code (the "Act") and the Agreement to issue revenue bonds and make loans to developers and owners of multifamily rental housing projects occupied, or to be occupied, in part, for persons of very low or low income; and, WHEREAS, Downtown River Associates, L.P., a California limited partnership (the "Borrower"), has requested the City to issue revenue bonds designated as the "City of Petaluma Multifamily Housing Revenue Bonds (Downtown River Apartments) Series. 2003A" in the aggregate principal amount of not to exceed $11,500,000 (the "Series A Bonds") and as "City of Petaluma Taxable Multifamily Housing Revenue Bonds (Downtown River Apartments) Series 2003A-T" in the aggregate principal amount of not to exceed $1,300,000 (the "Series 2003A-T Bonds" and, together with the Series 2003A Bonds, the "Bonds"), and to loan the proceeds from the sale thereof to the Borrower to finance the rehabilitation and equipping of a 81-unit multifamily rental housing development, located in the City of Petaluma known as the "Downtown River Apartments" (the "Project") and certain costs of issuance relating to the Bonds; and, WHEREAS, there has been presented to this meeting the following: 1. A proposed form of Indenture of Trust (the "Indenture") to be entered into by the City and Wells Fargo Bank, National Association, as initial Bondowner representative (the "Bondowner Representative"); 2. A proposed form of Loan Agreement (the "Loan Agreement") to be entered into by the City, the Bondowner Representative, and the Borrower; and 3. A Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") to be entered into by the City and the Borrower. WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in connection with the issuance of the Bonds as contemplated by this .resolution and the documents referred to herein will exist, have happened Resolution No. 2003-187 N,C.S. and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, 'I'IIEREFORE, BE IT RESOLVED by the City Council of the City of Petaluma, as follows: 1. The City hereby finds and declares that the above recitals are true and correct. 2. Pursuant to the Indenture, the issuance of the Series A Bonds, in an aggregate principal amount not to exceed $11,500,000, and the issuance of the Series A-T Bonds, in an aggregate principal amount not to exceed, $1,300,000, are hereby approved. The City Manager, the Finance Director or the Housing Director of the City (each, an "Authorized Officer"), each acting alone, are hereby authorized and directed to execute the Bonds for and on behalf of the City by manual or facsimile signature, in the form set forth in the Indenture, with such changes, deletions and insertions as may be approved by such Authorized Officer and legal counsel to the City, such approvals being conclusively evidenced by the execution and delivery thereof, and the Authorized Officers, each acting alone, are hereby authorized and directed to attest the Bonds in said form and otherwise in accordance with the Indenture. 3. The Indenture, in the form on file with the City Clerk of the City, is hereby approved. The Authorized Officers, each acting alone, are hereby authorized for and on behalf of the City to execute and deliver the Indenture with such changes, additions or deletions as may be approved by such Authorized Officer and legal counsel to the City, such approvals to be conclusively evidenced by the execution and delivery thereof. 4. The Loan Agreement, in the form on file with the City Clerk of the City, is hereby approved. The Authorized Officers, each acting alone, are hereby authorized for and on behalf of the City to execute and deliver the Loan Agreement with such changes, additions or deletions as may be approved by such Authorized Officer and legal counsel to the City, such approvals to be conclusively evidenced by the execution and delivery thereof. 5. The Regulatory Agreement, in the form on file with the City Clerk of the City, is hereby approved. The Authorized Officers, each acting alone, are hereby authorized for and on behalf of the City to execute and deliver the Regulatory Agreement with such changes, additions or deletions as may be approved by such Authorized Officer and legal counsel to the City, such approvals to be conclusively evidenced by the execution and delivery thereof. 6. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City, including the Authorized Officers, are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all Resolution No. 2003-187 N.C.S. Page 2 things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, including but not limited to those certificates, agreements and other documents described in the Indenture, the Loan Agreement and the Regulatory Agreement. 7. This Resolution shall take effect immediately upon its adoption. 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 Approved as to Council of the ~ity of Petaluma at a (Regular) (Adjourned) (Special meeting r on the .........15 ............. day of .......September.......... , 20 ~~ , by the following vote: •••••••••• •ty ...................... i Attorney AYES: Canevaro, Mayor Glass, Harris, Healy, Vice Mayor O'Brien, Torliatt NOES: Moynihan ABSENT: N ne ATTEST: ....................... Cit Clerk Mayor Council Filg.. .. .. Res. Nn...... 1~~~-1.~'r........N.Cs.