HomeMy WebLinkAboutResolution 9364 N.C.S. 02/01/1982t ,~ - ~
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ReSOlUtl01'~ ~O. 9364 N. C, S. FEB ~~982' ~
of the City of Petaluma, California
AUTHORIZING TH°E ~ISSUAN.;CE QF B.ONDS
PURSUANT T0 THE MULT I.-FAMI-LY' RES I=~
DEN.TIAL MORTGAGE REUEN.UE BOND LAW
WHEREAS,.tlie Cit.y Council of the City of Petal.uma (the
"City''), after careful study and consideration, has determined that
th.ere is a shorta~e of safe and sanitary housing within the City,
particularly ~or low or moderate income persons and families, and that
it is in the best interest of the residents of the City and in further-
ance of the hea-1th, safety and welfare of the public, for the City to
assist in the financing o,f multi-f amily rental units; and
WHEREAS, by 0"r•dinarice No. 1505 N.C.S., adopted by the City
Couneil on Februa.ry 1, , 1982, the City Council has adopted
the City of Petaluma Multi-Family Residential Mortgage Revenue Bond
Law (th~ "Law'') in order to es;tab'lish~ a;p:rocedure for the authorization,
issuanee and sale`of multi-family mortgage revenue bonds by the City
for the purpose o,f makr,ri~g loans or:otherwise p:roviding fun,ds to finance
the development of a~ffordable multi-:f.ami~ly rental housing'in;order to
meet a substantial housi-ng need identified in the community; and
WHEREAS, tYie .City. Council has; no.w determined to provide
financing for a project kriown as Valle:y 'Orchards (the "Project"~)
which is to be developed by Alan Baldwin for.the purpose of providing
housing for elder.:ly p.ersons.and is't.o be~located at the corner of
Washington and El_y S'treets in the City; an:d
`'VHEREAS, to finance the Project, the City intends to issue
not to exceed $6,000,000 aggregate principal amount of revenue bonds
pursuan.t to the Law and th:e charter city powers of the Gity; and
WHEREAS, i~n order to exped'ite th'e financing o~ the Project
and issuance and sale of said bonds., the City deems it advisable to
select' bon;d counsel and un,derwriters at this time;
NOW, THERFORE, BE TT RESOLVED, by t`he City Council of the
City of Petaluma as follows:
R.eso. 9364 NCS
Page 1 of 3
1. The City Council hereby determines that it is
necessary and desirable to provide construction and permanent
financing for the Project by the issuance, pursuant to the Law
and the Charter of the City, of revenue bonds in an aggregate
principal amount not to exceed six million dollars ($6,000,000),
The Project is to be located in the City and at least 20 percent
of the Project units are to be occupied for a period of at least
20 years by low or moderate income persons or families. Subject
to final approval of the City Council, the City Manager and the
other officers of the City are hereby authorized and directed, for
and on behalf and in the name of ~he City to take all necessary actions
to finance the Project, including the actions necessary for the
issuance of the Bonds.
2, Orrick, Herrington & S~utcliffe, A Professional Cor-
poration, is hereby selected and designated as bond counsel for the
City in connection with the proposed issuance of the Bonds and the
City Manager is hereby authorized to execute, on behalf of the City,
the letter agreement from bond counsel•:
3. First Interstate Bank of California and Newman and
Associates, Tnc., are hereby selected and designated as the under-
writers for the Project to assist the City to finance the Project
and to purchase Bonds on such terms and conditions as are mutually
agreed upon by the City and the underwriters.
4. It is intended that this resolution shall constitute
"some other similar official action" toward the issuance of the Bonds
to finance the Project within the meaning of Section 1.103-8(a) of
the Treasury Regulations promulgated under Section 103 of the Internal
Revenue Code of 1954, as amended.
Reso. 9364 NCS Page 2 of 3
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5. The City lt~anager an:d the officers, of the City are
hereby authorized:and di-rected, for and on; behalf and in the name
of the.City~to take all act.ions and to sign al.l documents necessary
~ or desirable to ef;f~e~etuat'e th+.e purposes o;f, this- resolution, including,
but. n;ot limited to,; the execution and delivery of a letter to the
~ underwriters confi;rmin;g such selection.
~ 6, Th1s resolution shall take e'ffeet=immediately upon
its .passage an,d"~_adop:tion,:: _ - . ~ '- ~: - -
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~` ', _~ UnBer the po,wer arid authority coriferred~ upon tHis Council by the Chaner of said City.
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. I.hereby certify the, foregoing; Resolution was: `~ntrod'uced°ana adopted ~by the
~ ~ ~ CounciP`of the ~Gity .of Petaluma at a(~Regular_)~(~.#c~~~~X(~~~~', meeting ~ APP.f- ~ s~to
ron:.the °-•---.....~$.~_::.._, day;of :._...sF~.~C4L~:CYS .~:... ..... , 1982•••,bythe
~ follgwing v.ote: ~ . y- { ' S 6. ; .
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~ ~ ° ' Ci" tlttorney
AYES; FERRY.,; HARBE~RSON, BOND, -BATI'AGLIA~,. IfICE NiAY,OR CAIIANAGH, MAYOR MATTET
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1VOES: BALSHAW' . ~ ~ ~ ~
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ABSENT: ,NO E . . , ~
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: ATTEST:. . : - ~ , - - ----- . _ ° - -- -- --- /~~
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City Glerk ~ ~ fi~a or y
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FoRiw,cA,i'i~eo' . RES..No. 36 _ P~a.g;e '.3 qf 3; -