HomeMy WebLinkAboutReso. 1985 - 011 - Concerning the issuance of revenue bonds to finance the construction of multifamily houseing developments .` w • 4
RESOLUTION NO. "/I
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
CONCERNING THE ISSUANCE OF REVENUE BONDS TO FINANCE THE
CONSTRUCTION OF MULTIFAMILY HOUSING DEVELOPMENTS.
WHEREAS, the City Council of the City of Redding (the
"City") , after careful study and consideration, has determined
that there is a shortage of safe and sanitary housing within the
City, particularly for low or moderate income persons , and that
it is in the best interest of the residents of the City and in
furtherance of the health, safety and welfare of the public for
the City to assist in the financing of multifamily rental housing
units;
WHEREAS, pursuant to Division 31 of the Health and Safety
Code of the State of California, and particularly Chapter 7 of
Part 5 thereof (the "Act" ) , the City is empowered to issue and
sell bonds for the purpose of making mortgage loans or otherwise
providing funds to finance the development of multifamily rental
housing including units for lower income households and very low
income households; and
WHEREAS, the City Council has now determined to provide
financing for multifamily rental housing developments identified
in Exhibit "A" hereto (the "Developments") , to be located in the
City and in order to finance the Developments the City intends to
issue one or more issues of revenue bonds pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Redding as follows:
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1 . The City Council hereby determines that it is necessary
and desirable to provide financing for the Developments by the
issuance, pursuant to the Act, of one or more issues of mortgage
revenue bonds (the "Bonds" ) in an aggregate principal amount not
to exceed the amount set forth in Exhibit A hereto. The develop-
ments are to be located at the sites and are to consist of
approximately the number of units set forth in said Exhibit "A" ,
and are to be developed and owned by the Developers named therein
or by related entities or entities to be created by persons
comprising said Developers. The Developments shall meet the
requirements of the Act and any federal requirements for tax
exemption of interest on the Bonds, including without limitation
requirements with respect to availability of units in the Deve-
lopments for occupancy by persons of low or moderate income.
Subject to final approval by the City Council, the Mayor, City
Housing and Redevelopment Administrator, City Attorney and other
officers of the City are hereby authorized and directed, for and
in the name and on behalf of the City, to take all necessary
actions to finance the Developments, including the actions
necessary for the issuance of the Bonds.
2 . It is intended that this resolution shall constitute
"some other official action" toward the issuance of the Bonds to
finance the Developments within the meaning of Section
1 . 103-8 (a) (5) of the Treasury Regulations promulgated under
Section 103 of the Internal Revenue Code of 1954, as amended.
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3. Orrick, Herrington & Sutcliffe, San Francisco, Califor-
nia, is hereby selected and designated as bond counsel for the
City in connection with the proposed issuance of the Bonds.
4 . The Mayor, City Housing and Redevelopment Administra-
tor, City Attorney and other officers of the City are hereby
authorized and directed, for and in the name and on behalf of the
City, to take all actions and to sign all documents necessary or
desirable to effectuate the purposes of this resolution.
5 . This resolution shall take effect immediately upon its
passage and adoption.
I HEREBY CERTIFY that the foregoing resolution was intro-
duced and read at a regular meeting of the City Council of the
City of Redding on the 21st day of January , 1985 , and
was duly adopted at said meeting by the following vote :
AYES: COUNCIL MEMBERS: Demsher, Fulton, Gard, & Kirkpatrick
NOES : COUNCIL MEMBERS : None
ABSENT: COUNCIL MEMBERS: Pugh
ABSTAIN: COUNCIL MEMBERS: None
/4474:"2-1/ 177eiee/e:tLi
'HOWARD D. KIRKP lTRICK, Mayor
City of Redding
ATTEST:
a%/7/-7-e- --e,
ETHEL A. NICHOLS , Ciy Clerk
FORM APPROVED:
X-6//0/-Y"t7 g ia:47,-.2-
RA ALL A. HAYS, City Attorney
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