HomeMy WebLinkAboutResolution 91-364 12/16/1991Resolution No. 91-364 N.C.s.
of the City of Petaluma, California
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PETALUMA A-PPROVING FINANCING AND
REFINANCING OF CERTAIN PUBLIC IMPROVEMENTS
FOR THE BENEFIT OF THE PETALUMA COMMUNITY
DEVELOPMENT_PROJECTRREA BY THE
COMMUNITY DEVELOPMENT COMMISSION
WHEREAS, the Petaluma Community Development Commission
(the "Commission") is authorized pursuant to Part 1 of Division 24 (commencing
with Section 33000) of the California Health and Safety Code (the "act") to issue
bonds for any of its corporate purposes; and
WHEREAS, in order to provide financing for certain improvements,
(collectively, the "Project") and to refinance certain outstanding obligations of the
Commission, the commission has indicated its intention to issue not to exceed
$5,000,000 aggregate principal amount of Petaluma Community Development
Project Tax Allocation bonds, Series 1992A (the "Bonds"); and
WHEREAS, the Redevelopment Plan for the Petaluma Community
Development Project provides that-the Commission is specifically authorized to
provide certain public improvements, including those improvements constituting
the Project; and
WHEREAS, pursuant to the Act, the City Council also must
authorize the issuance of the Bonds by the Commission;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF PETALUMA AS
FOLLOWS:
SECTION 1. Approval of Financing. This City Council hereby
approves the financing of the Project and other purposes related thereto, all of
which constitute a "redevelopment activity" as such term is defined in Section
33678 of the Act, by means of the issuance of not to exceed $5,000,000 aggregate
principal amount of the Bonds, pursuant to the provisions and subject to the
requirements of the Act. This approval is intended to satisfy the requirements of
Health and Safety Code Section 33640.
SECTION 2. Effective Date. This Resolution shall take effect
immediately upon adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the
Council of the City of Petaluma at a (Regular) (Ad~btpt140t1~X~i~J[~neeting
on the .......lfith-..-.... day of .............Ilec~em1a12C...............-.-.-..., 19.--...9,lby the
following vote:
AYES: Read, Davis, Nelson, Mayor Hilligoss
NOES: None
'-~
ABSENT: Cavana e 'ce~_Ma~yor Woolsey
ATTEST : ....... .......... .......................~~•~- _....``::_...-.......-...--
ity Clerk
Approved as to
form
Cit ttorne
,,
Mayor
Council File ...... .........................
CA 10-85 Res. No. 91.-~ ~ ~............ N.C.S