HomeMy WebLinkAboutPCDC Resolution 95-11 12/04/19951
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PETALUMA COMMUNITY DEVELOPMENT COMMISSION
RESOLUTION NO. 95-11
DECLARATION OF OFFICIAL INTENT
OF THE PETALUMA COMMUNITY DEVELOPMENT COMMISSION
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
(OAKMONT PROJECT)
WHEREAS, Oalonont Retirement Investors, LLC (the "Developer") has applied to the
Petaluma Community Development Commission (the "Commission") for assistance with respect to
the financing of the acquisition, construction and equipping of an approximately 76 unit senior
assisted living apartment complex and related facilities (the "Project") to be located on Wood Sorrel
Drive in the City of Petaluma.
WHEREAS, the assistance requested is the issuance by the Commission oftax-exempt
limited-obligation bonds (the "Bonds"), the proceeds of which would be loaned to the Developer or
to an entity created by the Developer for the purpose of acquiring, construction and equipping the
Project;
WHEREAS, the Developer expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of the Bonds for the purpose of
financing costs associated with the Project on a long-term basis;
WHEREAS, the Commission reasonably expects to issue the Bonds in an amount not
expected to exceed $4,500,000 and reasonably expects that certain portion of the proceeds of such
bonds will be used to reimbursement the Reimbursement Expenditures; and
WHEREAS, Section 1.103-8(a)(S) and Section 1.150-2 of the Treasury Regulations require
the Commission to declare its reasonable official intent to reimburse prior expenditures for the Project
with proceeds of a subsequent borrowing;
NOW, THEREFORE, the Commission declares on behalf of the Commission:
Section 1. The Commission finds and determines that the foregoing recitals are true and
correct.
Section 2. This declaration is made solely for purposes of establishing compliance with the
requirements of Sectio~7 1.150-2 of the Treasury Regulations. This declaration does not bind the
Commission to make any expenditure, incur any indebtedness or proceed with the financing of the
Project.
Reso. 95-11 Page 1 of 2
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Section 3. The Commission declares its official intent to use the proceeds of indebtedness to
make a loan to the Developer to reimburse the Developer for Reimbursement Expenditures.
Section 4. Any indebtedness incurred by the Commission for the purposes of this resolution
shall be a limited obligation of the Commission payable solely from revenues received from or on
behalf of the owner of the Project and shall not create a debt or liability of the Commission within the
meaning of any constitutional or statutory debt limitation. The faith and credit of the Commission
shall not be pledged for the payment of any such indebtedness.
Section 5. This resolution and declaration shall take effect from and after its .adoption.
Adopted this 4th day of December `, 1.9~~ by the following vote:
Commissioners No Absent
Barlas X
Hamilton X
Maguire X
Read X
Stompe X
Vice Chair Shea X
Chair Hilligoss X
IV1. Patricia illigoss, C air
ATTEST:
i ~"~~
~/i
P.E. Bernard, Recording Secretary
Reso. 95-11
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