HomeMy WebLinkAboutResolution 96-076 N.C.S. 03/18/1996
,
RESOLUTION NO. ss-7s N.C.S.
of the City of Petaluma, California
RESOLUTION APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
PETALUMA COMMUNITY DEVELOPM T COMMISSION
FOR THE OAKMONT AT PETALUMA PROJECT
WI~REAS, the Petaluma Community Development Commission (the
"Commission") intends to sell and issue .not to exceed $4,750,000 of multifamily housing
revenue bonds (the "Bonds") in order to fmance the development of a 76-unit assisted-living,
multifamily rental housing project located on Sorrel Wood Drive, northwest of South Point
Boulevard, in the City of Petaluma (the "City"), known as Oakmont at Petaluma (the
"Project");
VTI~REAS, the interest on the Bonds may qualify for exclusion from gross
income under Section 103 of the Internal Revenue Code of 1986 (the "Code"), only if the
Bonds are approved in accordance with Section 147(f) of the Code;
WI~RREAS, pursuant to Section 147(f) of the Code, prior to their issuance the
Bonds are required to be approved by the applicable elected representative of the
governmental unit on whose behalf the bonds are expected to be issued and by each
governmental unit having jurisdiction over the area in which any facility fmanced by such
bonds is to be located, after a public hearing held following reasonable public notice; and
WI~REAS, the Project is located wholly within the City of Petaluma,
California (the "City");
WI~REAS, .this City Council (the "City Council") is the elected legislative
body of the City and is the applicable elected representative required to approve the issuance
of the Bonds within the meaning of Section 147(f) of the Code;
WHEREAS, in accordance with Section 147(f) of the Code, the City Council
held a public hearing regarding the issuance of the Bonds, the notice of such hearing having
been published in a newspaper of general circulation within the City, whereby all interested
persons were invited and given an opportunity to comment upon. the issuance of the Bonds;
and
WFIEREAS, the City Counci] now desires to approve the issuance of the
Bonds;
Reso. 96-76 NCS Page 1 of 2
'i
NOW, THF.RF.FQRE~ gg IT RESOLVED BY THE CITY COUNCII. OF
THE CITY OF PETALUMA AS FOLLOWS:
1. Each of the foregoing recitals is conECt and is certified to be a
representation of the City Council.
2. The City Council hereby approves the issuance of the Bonds by the
Commission to finance the costs of the Project. It is the purpose and intent of the City
Council that this Resolution consfitute approval of the Bonds by the applicable elected
representative of the issuer of the Bonds and the applicable elected representative of the
governmental unit having jurisdiction over the area in which the Project is located, in
accordance with Section 147(f) of the Code.
3. The City Clerk of the City or a deputy thereof is hereby directed to
certify and deliver a copy of this Resolution to the Commission and its bond counsel, Orrick,
Herrington & Sutcliffe, at 400 Sansome Street, San Francisco, California, 94111,. Attention:
Ana Marie del Rio, Esq.
4. This Resolution shall take effect immediately upon its passage and
adoption.
ADOPTED this 18th day of March, 1996 by the following vote:
Councilmember A~~e No Absent
Hamilton x
Maguire x
Read x
Shea x
Stompe x
Vice Mayor Barlas x
Mayor Hihigoss x
~S
M. Patricia Hilligoss, yor
ATTEST:
P.E. Bernard, City Clerk "
Reso. 96-~95 NCS Page 2 of 2