HomeMy WebLinkAboutResolutions 9696 N.C.S. 03/14/1983;~
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. ReSOlUt10~1 ~~. 9696 N. ~. S.
~ of the Cify of Petalurna, Califqrnia
RESOLUTION GONDI,T.IO,NALLY PROVIDING EOR~ THE ISSUANCE
OF BONDS TO FTNANCE MULTIFAMILY HOUSI_NG TO BE
CONSTRLTCrTED AND OWN~ED BY `DUFFEL
FINANCIAL AND CONSTRUGTION COMPANY
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WHEREAS, the City of Petaluma (the '"City" ) is a municipal corporation
and Charter City duly organized and existing under the Constitution and .
laws of the State of California; and,
WHEREAS, the City Council of the City, after careful study and
consideration, has determined that there is; a shortage of safe and sanitary
housing within the City; and that it is 'iri the best interest of the residents
of the City and in furtherance of the health, safety and welfare of, the
public for the City to- assist in the financing of housirig developments; and,
WHEREAS, Duffel Financial and. Construetion Company (the "Owner" )
has requested that the City issue and ~sell its bonds for the purpose of
financing a multi-unit rental housing project (the "Project" ), to be located
at Frates Road and ~ El.y Boulevard in the City, to be acquired and ~
coristructed~ by the Owner or by a reiated entity, and the City wishes to ~
~ induce the Owner to acquire and constr.uc.t~ the Project at said location;
and, . ~ ~ .
~ WHEREAS, °it. is _' iri tlie ~ ptiblic inter..est arid for the public benefit that
the City ' authoriz.e', such financing , for' th-e Project,' and it is within the ~
. powers~ of ~ the f City to' provide~ such finaricing ; ~~~ ~ ~ `
NOW, THEREFORE, 'BE. IT RESOLVED, by the Gity Council of the City _
of Petaluma as follows: ~ ~
• 1. The City will. issue,, . at ,orie time or from- tirrie to time, bonds in an
aggregate principal amo.unt n'ot ~to;. exceed :$25',OO.Q,~000 to provide financing .
for„ the. Project, subject to the 'coriditioris that (i) the City by resolution
shall have first agreed to acceptable terms and' , conditions for the bonds -
•(and for the sale and delivery thereof) ,. and for an "indenture and all other .
agreemerits with respect. to any of the for.egoing; (ii) all requisite
governmerital approvals shall haee first ~been obta'ined,; (iii) the :bonds shall
be; payable-~ solely from~ 'revenues received with respect to loans or other
investments, made with the proceeds .of s:uch' bonds, and neither the full
faith nor "the credit of the City shall~, be pledged to the payment of the
principal of o"r interest on any such bond; (iv) the City and . tlie ~ Owner
shall, have entered into a preliminary agr-eement concerning the financing; in
substantially the forrn before this meeting., with sueh additions or deletions
as. are consid~ered necessa~ry or, ap:propriate .b:y of~ficers of the City and, the
Owner; (v~) at least "twenty percent (200) [fifteen percent (15$) in targeted
Reso. 9696 NCS Page 1 of 2
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areas ] of the Project units are to o:ccupied by' individuals or families of low
~or moderate income as defined in Section T03 (b) of the Internal Revenue
Gode of 1954, as ainended, for .at least the period requ'ired by said section,
and the Project shall otherwise meet any federal requirements for tax
exemption of imterest on.~. the ;:bonds• and"' any requirements of the City
applicable .to such financin~s . ~ ' ~'
2. ,i Tt ~~ is~ `the ~. pu~rpose , and intent of ~the Ci'ty ,tliat. this . Resolution
' constitute: .official~ acti'on 'toward the . is'suance- of obligations ~. by the City in
~ accordance with Section ,1.;LD3b.-~8,(.a) :~(:5) (iii') of the. Regulations of"the United
S.tates Department of the Treasury. ' ~ ~
3. This Resolution shall take f.effect immediately.
Under the power and.authority confetred upoh this Council by the Charter of said City.
I hereby certify the: foregoing. Resolution was :introduced and ac7opted by the
Council of' the City of .Petaluma at a. (Regular) (Adjourned) (~p~i~l~ meeting ~ Approved as to
form
on the ..14_t{1--•--.._..... day of ....._M~r..ch....--~-~------------------~--......, i.~_~:.•••, by the
followin~ vote: `
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City Attorney
RYES: Balshaw,~Ba.ttaglia,~Bond, Cavanagh, Harberson, Pe,rry, Mayor Mattei
NOES: None
ABSENT: N e - -
A'T'I'EST: -:. --~ -- - - -- - -- ----- --- - ----- - -- ~ ;- ----...-----~---:.....
C.ity Clerk
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~ ~ COUNGIL FILE_
FORM CA~ 2~. 1/80 ~ '~ RES. IJO. ~ P.age Z ~f ~2.