HomeMy WebLinkAboutResolution 90-217 07/02/1990. ^{
~~ ~ ReSOIUtIOj'1 N®. 90-217 N.C.S.
of the City of Petaluma, California
1 RESOLUTION OF THE CITY COUNCIL OF THE
2 CITY OF PETALUMA INDICATING INTENT TO
3 ISSUE REVENUE BONDS FOR PSP PARTNERS
4 TO FINANCE THE CONSTRUCTION OF
5 MULTIFAMILY RENTAL HOUSING
6 DEVELOPMENT
7
8 WHEREAS, the City Council of the City of Petaluma, after careful study
9 and consideration, has determined that there is a shortage of safe and sanitary
to housing within the City., particularly for low and moderate income elderly
11 families, and that it is in the best interest of the residents of the City and in
12 furtherance of the health, safety, and welfare of the public for the City of
13 Petaluma to assist in the financing of multifamily rental housing units;
14
15 WHEREAS, pursuant to Division Z of Title 5 of the Government Code of
16 the State of California (the "Act"), and particularly Chapter 3 of Part 1 thereof, as
17 amended, the City is empowered to issue and sell bonds for the purpose of making
18 loans or otherwise providing funds to finance the development of multifamily
19 rental. housing including units for households meeting the income limits set forth
2 o in the Act: and
21
22 WHEREAS, the City Council has now determined to provide financing
23 for two multifamily rental housing developments containing an aggregate of
24 approximately 300 units (the "Projects"), as more fully described herein, to be
25 developed by PSP Partners, a California limited partnership (the "Applicant"), or
26 assigns (which assigns must be affiliated with the Applicant), to be located in the
27 City of Petaluma, California at 325 North McDowell Blvd.; and
28
29 WHEREAS, to finance the Projects; the City intends to issue revenue
3o bonds pursuant to the Act:
31
32 NOW,'THEREFORE, BE IT RESOLVED by the City Council of the
33 City of Petaluma as follows:
34
35 1. The City Council hereby determines that it is necessary and desirable to
36 provide construction and permanent financing for the Projects by the issuance,
37 pursuant to the Act, of mortgage revenue bonds (the "Bonds") as follows:
38
39 (a) Project 1: An Aggregate principal amount of Bonds not to exceed
40 $23,365,000 with respect to a Project containing approximately 210 units
41
42 (b) Project 2: An aggregate principal amount of Bonds not to exceed
43 $6,500,000 with respect to a Project containing approximately 90 units,
44 constituting a separate project but a second phase of Project 1.
45
46 Each of the Projects is to be located at 325 North McDowell Blvd. in the City of
47 Petaluma, and each Project shall meet the requirements of the Act and any
48 Federal requirements for tax exemption of interest on the bonds. Subject to final
49 approval by the City Council, the Mayor, City Manager and other officers of the
5o City are hereby authorized and directed, for and in the name and on behalf of the
51 City, to take all necessary actions to finance the Projects, including the actions
52 necessary for the issuance of the Bonds.
Res. No........90.-2.17.... N.C.S.
2 2. The Bonds shall be payable solely from revenues to be received by the
3 City in connection with the Projects and the financing therefor. Neither the faith
4 and credit nor the taxing powers of the City shall be pledged to the payment of
5 principal of, premium, if any, or interest on the Bonds.
6
7 3. It is intended that this resolution shall constitute "some other official
s action toward the issuance of the Bonds as contemplated herein to finance the
9 Projects within the meaning of United States Treasury Regulation Section 1.103-
10 8(a) (5).
11
12 4. This resolution is intended to be relied upon by the Applicant, who will
13 proceed to acquire, construct and equip the Project.
14
15 5. The Mayor, City Manager and other officers of the City are hereby
16 authorized and directed, for and In the name and on behalf of the City, to take all
17 actions and to sign all documents necessary or desirable to effectuate the
18 purposes of this resolution including, but not limited to, ,making .app'li'cation to the
19 California Debt Limit Allocation Committee for allocation iri accordance with
20 this resolution under the 1990 State of California ceiling on private activity bonds.
21
22 6. Resolution No. 88-398 adopted on December 19, 1988 and relating
23 generally to the Projects is intended to and shall remain in full force and effect.
24
25 7. This resolution shall take effect immediately upon its adoption.
26
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 Approv to
Council of the City of Petaluma at a (Regular) (~i~~tk:~~J meeting T form
on the ....--2x~d........... day of .................1•t~l}z-.-.............................., 19.~II-., by the
following vote:
f Ci A orn
AYES: Tencer, Cavanagh, Balshaw, Davis, Mayor Hilligoss
NOES: ~
ABSENT: Wool Vice obel
City Clerk Mayor
Gbuncil File ....................................
cA IO-85 Res. No.... 9O - Z 17...„... N.C.S.