HomeMy WebLinkAboutResolutions 9718 N.C.S. 04/04/1983" '~ 4. -~ ~, ~• . ' . " - _. .
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. ~~ ~ Resolution 1~1o g? 1 g- N: C:S.
- : ~~ of` the City:of ~Peta~lurna; Californ~ia
~ - A.RESOLUTION".:AUTHORI;Z'ING THE $ALE.•.OF :
' • ` , ~ ~ - ' ' ~ NOT TO .EXCEED $5;,'000, 000 _AGGREGATE
. ~ ' ~ .PR`INCIPAL .,AMbUNT OF C'I~TY OF PETALUMA ~
~ . MULT~I FAM-I LY R°ENTAL HOUS ING REUENUE.
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, ' . 'BONDS, ~1983 I~SSUE A; ,AND~ ,ARPROV.ING AND
~ AUTHORIZING THE EXECUTION OF.,RELATED'
: ~ ~ DOCUMENTS', AGREEMENTS.AND ACTIONS..
, , WHEREAS, ~ tYie Cit-y of .Petaluma ;Mu1ti=Fami 1y
~ ~ ~ Residen,tial Mortgage ,Revenue Bond ~Law: ( the~ "Law" ) autYiorizes
. the Ci~ty of Petaluma (the "C"ity"j• to issue muTti-family
•~ ~ residential mo•rtgage revenue bonds fo,r the~purpose of
. providing funds. to f=inance the. development of affordable
- multi-famil°y rerita'1 hous'ing to meet a substantial housing ~
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_ '; need identified °in_~the community; and - ...~
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` WHEREAS; o;n',February 1, 1982,-the:~Gity CounciT of
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tlze City adopted Reso,lut~ion No. 9364 N C. S. , determining the '
~ ne.cess'ity of financi~ng a residential rental<-pr,oject to be
~" known as Val:ley Orcha_rds ('the "Project" ).; and
~ ~ .:WHEREAS,"2.0% :of the total number of~units in the
-. . Project :sha11 be.f.o-r~occupancy by lower.i,ncome households; and
' WHEREAS;,, to finance the P°roj:ect., ~the City proposes
' . -.' ~ "to is~sue not,,"t;o exceed~' five mi]:Tion dolla~rs ('$:5, 000', 000'}
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' ,;; -. aggregate p,rinc~i`pal.'`amount o`f~" it~s Mu~l~tif"ami~ly Renta'1- .Housing
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= Revenue Bonds, ~,1983"'Issue, A,. (tY%e~ ""B'onds",). ~pursua~rit to ~th~e `
. Law`; and
.~- ~ WHEREAS, First:`T-nter~sta.t;e .Bank of Galifornia,
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: . Newman . and Associates,, "Tna .. t~and _Dean` ~Witter' Reynolds, Inc .,'
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(the "Underwriters") have expressed their intention to
purchase the Bonds, and the City Council finds that the
public interest and necessity require that the City at this
time make arrangements for the sale of the Bonds; and
WHEREAS, pursuant to Section 103(k) of the Internal
Revenue Code, as amended (the "Code"), the Bonds are required
to be approved by an elected representative of the issuer of
the Bonds following a public hearing; and
WHEREAS, this City Council is the elected
legislative body of the City; and
WHEREAS, the Project will be located wholly within
the geographic jurisdiction of the City; and
WHEREAS, the City caused a notice to appear in the
Argus - Courier,. which is a newspaper of general circulation
in the City, on March 21, 1983, to the effect that a public
hearing would be held by this City Council on April 4, 1983,
regarding the issuance of the Bonds and the nature and
location of the Project; and
WHEREAS, this City Council held the said public
hearing on such date, at which time an opportunity was
provided to present arguments both for and against the
issuance of the Bonds and the nature and location of the
Project;
NOW, THEREFORE, BE IT RESOLVED by the Council of
the City of Petaluma, as follows:
Reso.9718 NCS Page 2 of 7
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Section 1. The recitals herein contained are true
and correct, and this City Council so finds.
Section 2. Pursuant to Section 103(k) of the
Code, this City Council hereby approves the issuance of the
Bonds to finance costs of the Project,. I't is the purpose and
intent of this City Council that this resolution constitute
approval of the issuance of bonds by the applicable elected
representative of the issuer in accordance with said
Section 103(k).
Section 3. The proposed form of indenture (the
"Indenture"), by and between the City and Security Pacific
National Bank, as Trustee, substantially in the form
submitted to this meeting, is hereby approved, and the Mayor
and City Clerk of the City are hereby authorized and directed
to execute and deliver, for and in the name of and on behalf
of the City, said Indenture with such additions, changes and
corrections as said officers may approve upon consultation
with the City Attorney and Bond Counsel, such approval to be
conclusively evidenced by the execution of said Indenture
with such additions, changes or corrections.
Security Pacific National Bank, of Los Angeles,
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California, is hereby appointed to act as trustee under the
Indenture with the duties and powers of such trustee as set
forth in the Indenture.
Reso. 9718 NCS Page 3 of 7
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Section 4. The proposed form o£ Purchase Contract
(the "Purchase Contract"), between the Cit.y and the
Underwriters, presented to this meeting, is hereby approved
in substantially the form so submitted, and the Mayor of the
City is hereby authorized and directed to execute and
deliver, for and iri the name and on behalf of the City, said
Purchase Contract with such additions, changes and
corrections as said officer may approve upon consultation
with the City Attorney and with Bond Counsel, such approval
to be conclusively evidenced by the execution of said
Purchase Contract with such additions, changes or corrections.
Section 5. The proposed form of the Bonds, as set
forth in the Indenture, is hereby approved, and the Mayor and
City Clerk of the City are hereby authorized and directed to
execute, and the Trustee is hereby authorized and directed to
authenticate, the Bonds in substantially such form, and the
Trustee is hereby authorized and directed to deliver such
Bonds to the~Underwrit~er's in accordance with the Purchase
Contract and the Indenture. The date, maturity dates,
interest rate or rates, interest payment dates,
denominations, form, registration privileges, manner of
execution, place of payment, terms of redemption and other
terms of the Bonds shaLl be as provided in the Indenture as
finally executed; provided however, that the aggregate
principal amount of the Bonds shall not exceed $5,000,000 and
Reso. 9718NCS Page 4 of 7
the interest rate on the Bonds shall not exceed ten percent
(10%) per annum. Such Bonds may be delivered in temporary
form pursuant to the Indenture if, in the judgment of the
City, delivery in such form is necessary or appropriate until
Bonds in definitive form can be prepared.
Section 6. The proposed form of Certificate of
Deposit Agreement by and among the City, the Trustee and the
lender with respect to the Project (the "Lender"),
substantially in the form submitted to this meeting, is
hereby approved, and the Mayor and City Clerk of the City are
hereby authorized and directed to execute and deliver, for
and in the name of and on behalf of the City, a Certificate
of Deposit Agreement in such form, with such additions,
changes and corrections as said officers may approve upon
consultation with the City Attorney and Bond Counsel, such
approval to be conclusively evidenced by the execution of
said Certificate of Deposit Agreement with such additions,
changes or corrections.
Section 7. The proposed form of Apartment Building
Development Agreement among the City, the Trustee, the Lender
and the developer of the Project (the "Developer"),
substantially in the form submitted to this meeting, is
hereby approved, and the Mayor and City Clerk of the City are
hereby authorized and directed to execute and deliver, for
Reso.9718 NCS Page 5 of 7
and in the name and on behalf of the City, said Apartment
Building Development Agreement with such additions, changes
and corrections as said officers may approve upon
consultation with the City Attorney and Bond Counsel, such
approval to be conclusively evidenced by the execution of
said Apartment Building Development Agreement with such
additions, changes or corrections.
Section 8. The proposed form of Regulatory
Agreement by and between the City, the Trustee, the Lender
and the Developer, substantially in the form submitted to
this meeting, is hereby approved, and the Mayor and City
Clerk of the City are hereby authorized and directed to
execute and deliver, for and in the name and on behalf of the
City, said Regulatory Agreement with such additions, changes
or corrections as said officers may approve upon consultation
with the City Attorney and Bond Counsel, such approval to be
conclusively evidenced by the execution of said Regulatory
Agreement with such additions, changes or corrections.
Section 9. The form of preliminary Official
Statement presented to this meeting is hereby approved, and
the City Council hereby approves and authorizes the
distribution of a preliminary Official Statement in
substantially such form to prospective purchasers of the
Bonds. The Mayor of the City is hereby authorized to execute
and deliver, at the time of the sale of the Bonds, a final
Reso. 9718 NCS Page 6 of 7
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!-_ Official Statement in substantially the form of said
preliminary Official Statement, with such additions and
r.hanges as said officer shall approve upon consultation with
the City Attorney, such appxoval to be conclusively evidenced
by the execution of said final Official Statement with such
additions, changes or corrections. -
Secti.on 10
AlI actions heretofore taken by the
officers and a.gents of the City with resp'ect-to the sale and
issuance of the Bonds are hereby approved, confirmed and
r.atified, and the officers of the City are hereby authorized
and directed, for and in the name and on,behalf of the City,
to do any and all things and take any'and°all-actions and
execute and delivex any and all certificates, agreements and
other documents, inc'ludirig but not limited to those described
in the Purchase Contract, which they, or any of them, may
deem necessary or advisable in order to consummate the lawful
issuance and deli.very of the Bonds in accordance with the Law
and this resolution.
Section 11. This resolution shall take effect
immediately upon its passage and adoption.
Under the power and-authority conferred upon this Council by the Charter of eaid City.
I hereby certify tfie foregoing Resolution was introcluced and adopted by the Approved as to
Council of the City of Petaluina at a(Regular) (~b~~}K~~fal) meeting form
on the .....4 t h day of ....--•• Ap z--1•1----~ ............. ... 19g 3.., by the
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following vote:
Cit'y Attorney
AYES:Balshaw, Battaglia, Bond, Cavanagh, Harberson, Perry, Ma~or Mattei
NOES: None
ABS~NT: NO . ,
AZ"I'EST: ..._.. •-• -• - ~G ~~~~~~"i.~c!•-•------ •- -• ~ %~~~~[_.~'~
ity Clerk
Council File :... ....... .......................
Form CA 2 7/81 Res. No.._.~.~:i $
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Mayor
Pag.e, 7 of 7