HomeMy WebLinkAboutResolutions 9719 N.C.S. 04/04/1983..} V . . . _.. . . . .
• . .~.., - _ i ~ . '
. ~ . ~ ~ ~ : . ' ' . . ~
4. •
". . _ ~eS~lUt~lOYl NO9.71~9 N. ~. S.
,_ , - .
, _. ~ of fhe City of P,etal~uma, California
• . ~ A RESOLUT~IDN AU,THORIZ:I:NGr _THE" SALE ~"OF. '
" , ~ `NOT; TO EXCEED' -$1-7, 000, 000 ~AGGR•EGATE
~: RRINC',IPAL RNIOUNT.OF CI.:TY OE PETALUMA
. MULT I EAM,I LY RENTAL HOUS'I NG :~REVENLTE
: _ .. .
• B;ONDS'; . 1.983, I S;SUE. B, AND APPROU'PNG AND
~~ AUTHORIZI~NG THE EXECUT.ION.OF RELATED
DOCUMENT;S, .AGREEMENTB .AND ~ACT,I.ONS;. ~
WHEREAS,_fhe City of Petaluma.Mu~~l~ti-Eamily
~ . ' ' Residential Mortgage .'Reyenue Bond Law (;the: ' "Law" ) authorizes
~ the City of Peta'luma ~(:the "City" ) to issue mu`Yti-family
~ residential mortga,ge:.,revenue bonds for the pu:rpose of
providing fund's to f:inarice the develo:pment o~f~affordable
` multi-family, rent'al .h~ousi'ng to meet a substantial housing
need id'entified.- i•n ,~the community; and . .
, ,
WHEREAS., on Ma=re,h.,~14,~ 1983, ;the City Council of the
_ . ., . ^ . ::
City adopted..Resolut:lon No: 96'9;6 N.G. S. ,~ de~t~ermining the
_ . . ~ ,,~- .
. ~ . - i ' ~ . • , ~ h . Y 4 .
. necessity._of'fina~ncr~ng :a~ re'sidenti;a~l. rental~.,p`-ro~ect~to be
owned and constructed by Du.ff.el Firiancial.~and~Construction
Co. (the ".Project"); and . , ~ .
, WHEREAS,, 20% of the total number of units in the
J p y ' . y.. - . ,:
,'~ Pro 'ect shall~ be fo"r occu anc b lower,_ in'come households; and
" WHEREAS, ~to financ'e the Project, the City proposes•.
• to issue not to exceed seventeen mi~llion do.llars
($17,000,000) aggxegate principal ~amoun.t o,f ;its Multifamil'y
- Reso.9719 NCS
~
n
RentaT'Housing Revenue Bonds, 1983 Tssue B.(the "Bonds")
pursuant to the Law; and
WHEREAS, First Interstate Bank of California (the.
"Underwr.iter")~has exp:re,ssed its intention to purchase the
Bonds, and the Cify Gouncil finds that the publ,ic interest
and necessity re`quire that the City at this time make
arrangements for the sale of the Bonds; and
WHEREAS, pursuant to Section 103(k) of the Intermal
Revenue Code, as amended (the "Code"), the;Bonds are required
to be approved by' an elected representat'ive of the issuer of
the Bonds followiFng a public hearing; arid
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 Ci:ty caused a notice to appear in the
Argus - Courier., which is a newspaper of general circulation
in the City, on March 21, I983, 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 natu-re and
location of the~Project; and
WHEREAS; thi.s Ci.ty Council held the s`aid public
hearing on such date, at which time an opportunity was
provided to present arguments both for and against the
Reso.9719 NCS .Page 2 of 8
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 followsc
Section.l. The recitals herein eontained are true
and correct, and this City Council so finds.
Section 2. Pursuant to Sect`ion 103(k) of the
Code, this City Council hereby approves the issuance of the
Bonds to finance cqsts of the Project. It is the purpose and
intent of this City Council that this resolu.tion constitute
approval of the issuance of bonds by the applicable elected
representative of the issuer in accordance with said
Section 103(k).
Sec.tion 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 delive.r, 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 C'ity:Attorney and Bond Counsel, such approval to be
conclusively e~i.denced by the execution of said Indenture
with such additions, changes or corrections.
Reso.9719 NCS Page 3 of 8
~ Secu`rity Pacific National Bank, o,f Los. Ange~les,
~ Californi,a, is-hereby appointed to act as trustee under the
Indenture with the duties~and po.wers of such trustee as'set
forth in .'the Indeiiture..
Secti.on 4. The proposed form of Purchase Contract
(the "-Purchase Corit-ract"), between the City and the
Underwriters, presented to this meeting, is hereby approved
' in substanti:ally tYie:form 'so submitted,, and the Mayor of the
City is hereby auth'orized and directed to execute and
delive:r, for and in~the name and on beha~lf of the City, said
Purchase Gontract with such ad'ditions; changes and
coxrections,as s:a~id 'of'ficer may approve upon consultati:on .
with the City Rttorney'and with Bond Counsel, such approval
to be conclusively evidenced by the execution of said~
Purchase Contraet.with such additions, changes or corrections.
Section 5. ;Th~e proposed form of the Bonds, as set
forth in the Indenture,. is he:reby approved, and the Mayor and
City Clerk o.f the City are hereby authorized and directed to
execute, and the Trustee is hereby autho.rized and directed to
.authenticate, the. B;ond~s in s.ubstantia`1ly such form;, and the
~ Trustee:i,s hereby au:thorized and di.r.ected to deliver su`ch
Reso.9719 NCS Page 4 of •8
Bonds to the Underwriters in acc:ordance wi:th the Purchase
Contract and the Indenture. The d'ate, maturity dates,
interest rate or rates, interest payment dates,
denominations, form, reqistration priv~ileges, 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 $17,000,000 ~
and the interest rate on the Bonds shall not exceed
eight-and-five.=eighths percent (8-5/8%) per annum. Such
Bonds may be deliyered in temporary f:orm 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.
Secti,o:n_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 authoriaed and directed to execute and del,iver, for
Reso.9719 NCS Pag,e 5 of 8
~ and in the name:of and on behalf of 'the,City; a Certificate
of De.posit Agreement in such form, with,such addi'ti'ons, ,
changes and cor.rections as said of,ficers may approve upon
"
~ cori,sultat'ion, ~with the Ci,t;y Attorney arid..Bond Counsel, such
approval to:be~conc.lusively evidence~d by the execution of
~ s.aid Certificate of pep.osit Agreement with such additions,
changes or correc~ti.ons. -
Section 7. The proposed'.f.orm-of Apartment Bu'ildirig .
Develo.pment Agre:ement among the City, the.Tru~stee, the Lender
~ and the deveYope:r.. o;f. the. P"roj ect ( the "Developer" ),
substantially in•'the form submitted to tlais:meeting, is
hereby, ~approved, and the Mayor and Ci.ty C'lerk of tfie City are
.~ hereby authorized and direeted to execute and deliver.; for
and in the name and on behalf of the City, said Apartment
~ Building D.evelopment Agreement w,ith such additions, changes
and correct~ions as sa~i.d officers may approve upon
consulta:ti-on with.the City Attorney and'Bond Counse-1, such
approval to be conclusiv,ely°evidenced by the execution of
said Ap,artment Building De~elopment Agreement with such
additioms., chang.es o.r correetions.~
Section 8.. The proposed form of Regulatory
Agreemen€ by and between the Gity, the Trustee, the Lender
and the Devel~o:per, substantially in the foxm submitted to
this meeting; is hereby approved, and the Mayor and Cit,y
Reso.9719 NCS Page 6 of 8
Clerk of the City are hereb.y author.ized and dixected 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 he~reby approved, and
the City CounciT hereb.y approves and au,thorizes 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
Official Statement in substantially the form of said
preliminary O~fficial Statement, with such additions and
changes as said officer shall approve upon consultation with
the City Attorney, such approval to be conclusively evidenced
by the execution of said'final Official Statement with such
additions, changes or corrections.
' Section 10. 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
Reso.9719 NCS Page 7 of 8
__ ,~~
- -p . ~~ .
.,
ratified, 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 deliver any and all certificates, agreements and
other documents, including but not 11~mited to those described
in the Pur.chase ''Contr,act; . which' they", ~or any of them, may
;~ ,
deem necessary or-advi'sable.in order'to.consummat'e the lawful;
issuance and delivery of the Bonds i;n.~accordance with the Law
and this resolution.
immediately upon i"ts passage and adoption..
Under the power and authority:conferied upon this Council, liy the Cliarter of said-City.
I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the Cit of Retaluma at a(Re ar A~ ~ta~ meetin form
~ . _ Y S'!~l_ ) ~' ' JY~i'~~~P_ ._: ) _. g
ori :the 4 t h ................ day of .....------A~ r•11-----...........---•-•---------._, 19_..:.._., by the
foliowing vote;
••-•••-°.----...-°------•--•--•--• •-... _..
City Attorney
AYES: Balshaw, Battaglia, Bond, Cavanagh, Harberson, Perry, Mayor M'attei
NOES: None
ABS~NT: None
_ .
~~~1 ~j~ ~
AT'I'EST: - --•-•-••• %~2~~:~C.~'....-• --•-.... ~~.'."./.~. :...= ••-•--•.:..
. __
City Clerk
. ' un~il F~le.~~...~.i.~~ ....................
.
F'orm CA 2 7/81 Rcc.-No ....::...........................
Section 11. This resolution `sYiall~.take effect
~
,~ , C `~~~, . ,
, ~: . ~''L
..........................•'-- ....---6~:.---- ---,---- --~--•------------~
Mayor
P'a g e 8,o f 8 ~