HomeMy WebLinkAboutReso 93-204 - Approve issuance of multi-unit rental housing revenue refunding bonds by housing authority of the COR for the River Oaks Retirement Center I .F,•
RESOLUTION N0. 93 -a 0 V
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE ISSUANCE
OF MULTI-UNIT RENTAL HOUSING REVENUE REFUNDING BONDS BY THE HOUSING AUTHORITY
OF THE CITY OF REDDING FOR THE RIVER OAKS RETIREMENT CENTER.
WHEREAS, the Housing Authority of the City of Redding (the "Authority") intends to sell and
issue not-to-exceed $6,000,000 of multi-unit rental housing revenue bonds (the "Bonds") in
order to refund bonds previously issued by the Authority (the "Prior Bonds") in order to
finance a multi-family rental housing project located at 301 Hartnell Avenue in the City of
Redding (the "City"), known as River Oaks Retirement Center (the "Project"); and
WHEREAS, 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; and
WHEREAS, the Project is located wholly within the City; and
WHEREAS, this 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; and
WHEREAS, the City of Redding caused a notice stating that a public hearing
regarding the issuance of such refunding bonds would be held by this City Council on May 18,
1993, to appear in the Redding Record Searchlight, which is a newspaper of general
circulation in the City, not less than fourteen days prior to the date of such hearing; and
WHEREAS, this City Council has held the public hearing described above, and an
opportunity was provided for interested parties to present arguments for and against the
issuance of the Bonds and the nature and location of the Project to be financed by the
issuance of the Bonds.
NOW THEREFORE, BE IT RESOLVED AS FOLLOWS:
1 . Each of the foregoing recitals is correct and is certified to be a representation
of this City Council.
2. This City Council hereby approves the issuance of the Bonds by the Authority
to refund the Prior Bonds. It is the purpose and intent of this City Council that this Resolution
constitute 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. w
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3. The Secretary of the City Council or a deputy thereof is directed to certify and
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deliver a copy of this Resolution to the Authority.
4. This Resolution shall take effect immediately upon its passage and adoption.
I HEREBY CERTIFY that the foregoing resolution was passed and adopted by the
members of the City Council at a regular meeting held on the 18thday of May, 1993, by the
following roll call vote:
AYES: COUNCIL MEMBERS Anderson, Dahl, Kehoe, Moss and Arness
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
CHARLIE a6SS, Mayor
ATTEST:
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CONNIE STROH MAYER jfltyClerk
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FORM APPROVED:
RANDALL A. HA S, City Attorney
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