HomeMy WebLinkAboutResolution 2003-082 N.C.S. 05/05/2003resolution No.2003-082N.C.S.
of the City of Petaluma, California
RESOLUTION APPROVING THE ISSUANCE
BY THE CITY OF' PETALUIVIA OF BONDS
RELATING TO THE DOWNTOWN RIVER APARTMENTS PROJECT
WHEREAS, the City of Petaluma (the "City") proposes to issue multifamily housing
revenue bonds (the "Bonds") in an amount not to exceed $11,500,000 and to lend the proceeds
thereof to Eden Housing, Inc., a California not-for-profit corporation, or a partnership or limited
liability company of which Eden Housing, Inc., or an affiliate thereof, will be a partner or a
member (the "Borrower"), to be used for the acquisition and construction of a 81 unit
multifamily rental housing development located at 3 through 39 East Washington Boulevard,
Petaluma, California 94952 and commonly known as the Downtown River Apartments (the
"Project");
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the City
Council of the City (the "City Council"), as the elected representative of the City, the host
jurisdiction. of such facilities, to approve the issuance of the Bonds after a public hearing has
been held following reasonable notice;
WHEREAS, a public hearing was held by the City on the 5th day of May, 2003, at the
City Council meeting which commenced at the hour of 3:00 p.m. City Council Chambers, 11
English Street, Petaluma, California, following duly published notice thereof, and all persons
desiring to be heard have been heard; and
WHEREAS, it is in the public interest and for the public benefit that the City Council, as
the elected representative of the City, the host jurisdiction of such facilities, approve the issuance
and delivery by the City, or by a joint powers authority of which the City is a member, of the
Bonds;
Resolution No. 2003-082 N.C.S.
NOW, THEREFORE, BE IT RESOLVED, as follows:
The City Council hereby finds, determines and declares that issuance by the City
in the maximum principal amount of $11,500,000, for the purposes described above, is hereby
approved.
2. Notwithstanding the preceding paragraph, the Bonds shall not be issued until such
time as the City Council has approved, by resolution, the documentation relating to the bonds,
including, but not limited to, the forms of the indenture, loan agreement and regulatory
agreement.
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 City of Petaluma at a (Regular) (Adjourned) (Special) meeting Ap form
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City Attorney
AYES:. Mayor Glass, Harris, Healy, Vice Mayor O'Brien, Torliatt
NOES: Moynihan
ABSENT: Can ro
ATTEST: ............ .. ................. ... ............................ ......... t.1,F~ ...... ..:..:..:........ ....................................
City ~ lerk yor
Council File ...................................
Res. No.......2003'=082.........N.C.S.