HomeMy WebLinkAboutPCDC Resolution 96-05A 04/01/1996$~TALUMA CO1V~M[INT'rv DEVEx.O TI' CO _ SSIOI,~
~' SfIY.X7TION 11TQ. 9 6-0 5 A
A RESOLUTrON Ra,T~nvG CERTAIN MATTERS AND AcTIONs
RELATING TO RBSOLUTION NO. 96-04 AUTHORIZING THfE ISSUANCE,
SALE AND DELIVERY OF 1ViUI.TIF,Q,R~,Y gOUSING' REYFrNUE BONDS
IN AN AGGREGATE P1~INCIPAL AMOUNT NOT TO EXCEED $4,750,000
FOR'Y'HE PURPOSE OF MAt~ING A LOAN TO PROVIDE FINANCING FOR
AN' ASSISTED-LIVING, MULTIFAMH,y Rg~T,~,, HOUSING PROJECT
KNOWN AS OAKMONT AT PETALUMA.
WHEREAS, the Petaluma Community Development Commission (the
"Commission") is a community development commission, established pursuant to Ordinance
No. 1201 N.C.S., adopted by the City Council of the City of Petaluma (the "City") on
December 15, 1975, and in accordance with Part 1.7 of Division 24 of the Health and Safety
Code of the State of California (the "State"};
WHEREAS, the Commission has all power, authority and functions of the
Redevelopment Agency .of the City and the Housing Authority of the City;
V~REAS, Chapter 1 of Part 2 of Division 24 of the Health and Safety Gode
of the State of California (the "Housing Iaw ") authorizes housing authorities to issue bonds
for the purpose of financing the construction and development of multifamily rental housing
and for the provision of capital improvements in connection with and determined necessary to
such multifamily housing;
WHEREAS, the proceeds of the bonds issued by a housing authority may be
loaned to a nongovernmental owner of multifamily housing (the "Borrower"} to allow such
owner, who shall be responsible for the payment of such bonds, to reduce the cost of
operating such housing and to assist in providing housing for low and very low income
persons;
Wl`iEREAS, the Commission desires to participate in the financing of the
development of a 76-unit assisted-living, multifamily rental, housing development known as
Qalonont at Petaluma (the "Project°), and in order to do so intends to sell and issue not to
exceed $4, 750,.000 of multifamily housing revenue bonds (the "Bonds"); and
WHEREAS, the Commission by Resolution No. 96-04, adopted March 18,
1996 (the "Resolution "), has heretofore approved the issuance of the Bonds and certain
actions and documents related thereto, pursuant to State law relating to redevelopment
agencies, but has now determined to issue the Bonds pursuant to the Dousing Law;
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Reso. 96=05 A
xow, TfiER$Fpi~, BE IT RESOLVED BY THE PETALUMA
CoM11RUNIT'Y DEVELOPMENT cOM>vusslON, As FOLLOws:
i. The foregoing recitals are true and cornea and the Commission hereby
so finds and determines.
2: Pursuant to the Housing Law, the Petaluma Community IaeveIopment
Commission Variable Rate Demand Multifamily Housing Revenue Bonds (Qakmont at
Petaluma Project), 1996 Series A, in an aggregate principal amount not to exceed
$4, 750, 000, are hereby authorized to be issued under the terms set forth in the Resolution.
3. The provisions of the Resolution shall remain in full force and effect
and are hereby ratified and confirmed, and all actions heretofore taken by the officers and
agents of the Commission with respect to the financing of the project are hereby ratified,
confirmed and approved.
4. This resolution shall take effect immediately upon its adoption.
ADOPTED this first day of April, 1996 by the following vote:
Com Toner
bsent
Hamilton x
Maguire x
Read :~ ~ x
Shea X
Stompe X
Vice Chair Baxlas x
Chair Hilligoss ~ x _ _
r r
is Hiliigoss, Chair
ATTEST:
P. E, Bernard c~
Recording Secretary
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Reso. 96-05 A
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