HomeMy WebLinkAboutResolution 98-042 03/16/1998 Resolution No. 9e-42 N.C.S.
of the City of Petaluma. California
1 RESOLUTION OF THE COUNCIL OF THE CITY OF PETALUMA APPROVING THE ISSUANCE
2 OF MULTIFAMILY HOUSING REVENUE BONDS BY THE ABAG FINANCE AUTHORITY FOR
3 NONPROFIT CORPORATIONS (VINTAGE CHATEAU SENIOR APARTMENTS PROJECT)
4
5 WHEREAS, the ABAG Finance Authority For Nonprofit Corporations intends to sell and
6 issue not to exceed $13,000,000 of multifamily housing revenue bonds (the "Bonds") in order to finance
7 the construction by Vintage Gold Senior Apartments LP, a California Limited Partnership, or assigns, of
8 a multifamily rental housing development located at 325-333 North McDowell Boulevard in the City of
9 Petaluma, County of Sonoma, California (the "Project");
10
11 WHEREAS, the interest on the Bonds may qualify for exclusion from gross income under
12 Section 103 of the Internal Revenue Code of 1986 (the "Code"), only if the Bonds are approved in
13 accordance with Section 147(f) of the Code;
14
15 WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance the Bonds are
16 required to be approved by the applicable elected representative of the governmental unit on whose
17 behalf the bonds are expected to be issued and by each governmental unit having jurisdiction over the
18 area in which any facility financed by such bonds is to be located, after a public hearing held following
19 reasonable public notice; and
20
21 WHEREAS, the Project is located wholly within the City of Petaluma, California;
22
23 WHEREAS, this Council of the City of Petaluma (the "Council") is the elected legislative
24 body of the City of Petaluma (the "City") and is the applicable elected representative required to approve
25 the issuance of the Bonds within the meaning of Section 147(f) of the Code;
26
27 WHEREAS, in accordance with Section 147(f) of the Code, the Council held a public
28 hearing regarding the issuance of the Bonds, the notice of such hearing having been published in a
29 newspaper of general circulation within the City, whereby all interested persons were invited and given an
30 opportunity to comment upon the issuance of the Bonds; and
31
32 WHEREAS, the Council now desires to approve the issuance of the Bonds;
33
34 NOW THEREFORE, the Council of the City of Petaluma hereby finds, determines,
35 declares and resolves as follows:
36
37 1. Each of the foregoing recitals is correct and is certified to be a representation of the
38 Council.
39
H~, m~. 98-42 _ ..cs. Page 1 of 2
1 2. The Council hereby approves the issuance of the Bonds by the ABAG Finance Authority
2 For Nonprofit Corporations to finance the costs of the Project. It is the purpose and intent of the Council
3 that this Resolution constitute approval of the Bonds by the applicable elected representative of the issuer
4 of the Bonds and the applicable elected representative of the governmental unit having jurisdiction over
5 the area in which the Project is located, in accordance with Section 147(f) of the Code.
6
7 3. The City Clerk or a deputy thereof is hereby directed to certify and deliver a copy of this
8 Resolution to the following:
9
10 David Castillo
I 1 Orrick, Herrington & Sutcliffe LLP
12 400 Sansome Street
]3 San Francisco, California 94111
14
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hemby certify the foregoing Resolulaion was introduced end adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (XB,~tfttaWi)<7(S) meeting form
on the ...16th............ day of ..---..._n'1.arch 19._9$., by the
following vote:
City Attorney
AYES: Keller, Torliatt, Read, Hamilton, Vice .Mayor Maguire, Mayor Hilligoss
NOES: None
ABSENT: Sto pe / ~ '
ATTEST :
rty Clerk Mayor
Qowcil File.._._...__
ca lows ass. mo...,..98.-42...__.....NCS. Page 2 of 2