HomeMy WebLinkAboutPCDC Resolution 96-03 01/16/19961
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4 PETALUMA COMMUNITY DEVELOPMENT COMMISSION
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6 RESOLUTION N0.96- 03
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S RESOLUTION AUTHORIZING SUBMITTAL OF APPLICATION
9 TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE
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13 WHEREAS, on December 4, 1995, the Petaluma Community Development (the
14 "Commission") adopted Resolution No. 95-11 (the "Resolution"), declaring its intent to assist
15 Oakmont Retirement Investors, L.L.C. (the "Developer") with respect to financing the acquisition,
16 constriction and equipping of a 76-unit multi-family, assisted-living rental housing project located in
17 the City of Petaluma known as Oakmont Retirement Apartments (the "Project"); and
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19 WHEREAS, the Commission will provide such assistance through the issuance of tax-
20 exempt limited obligation bonds (the "Bonds"), the proceeds of which will be used to make a loan to
21 the Developer for purposes of financing the Project; and
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23 WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
24 Revenue Code of 1956 (the "Code") and Section 146 of the Code limits the amount of private
25 activity bonds that may be issued in any calendar year by entities within a state; and
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27 Wl-IEREAS, Chapter 11..5 of Division 1 of Title 2 of the Government Code of the
2S State of California (the "Government Code") governs the allocation of the state ceiling (as that term
29 is defined in the Code) among governmental units in the State of California having the authority to
30 issue private activity bonds; and
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32 WE-IEREAS, Section SS69.85 of the Government Code requires a local agency
33 desiring an allocation of the state ceiling to file an application with the California Debt Limit
34 Allocation Committee (the "Committee") for such allocation;
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36 NOW, THEREFORE, BE IT RESOLVED BY THE PETALUMA COMMUNITY
37 DEVELOi MENT COMMISSION THAT the proper officers of the Commission are hereby
3S authorized and directed to apply to the Committee for an allocation from the state ceiling of private
39 activity bonds to be issued by the Commission as qualified mortgage bonds, as authorized under the
40 Resolution, and to take any and all other actions as maybe necessary or appropriate in connection
41 with such application, including but not limited to the payment of fees, the posting of deposits and the
42 provision of certif Cates.
Reso. 96-0 3
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ADOPTED this 16th day of January, 1996 by the following vote:.
Commissioner Aye No Absent
Barlas X
1-Iamilton X
IV7aguire X
Read X
Stompe X
Vice Chair Shea X
Chair Hilligoss X ,
M. Patricia Hilligoss, Cl it
ATTEST:
1'. .Bernard, Recording; Secretary
Reso. 96-03