HomeMy WebLinkAboutReso. 1985 - 033 - Concering the issuance of revenue bonds to finance the construction of multi family housing developement 411 110
RESOLUTION NO. (3\6--1,3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
CONCERNING THE ISSUANCE OF REVENUE BONDS TO FINANCE THE
CONSTRUCTION OF MULTI-FAMILY 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 multi-family 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 multi-family 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 the multi-family 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 pur-
suant to the Act;
CJ
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Redding as follows:
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 mortgage revenue bonds (the
"Bonds") in an aggregate principal amount not to exceed the
amount set forth in Exhibit "A" hereto. The Developments are to
be located at the sites and are to consist of approximately the
number of units set forth in said Exhibit "A" , are to be deve-
loped by the developer named therein (the "Developer" ) and are to
be owned by the Developer, by entities owned in whole or in part
by the Developer, or by entities unrelated to said Developer.
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 Developments 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 of 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
-2-
S
1 . 103-8 (a) (5) of the Treasury Regulations promulgated under
Section 103 of the Internal Revenue Code of 1954 , as amended.
3 . Orrick, Herrington & Sutcliffe, San Francisco, Cali-
fornia, 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 19th day of February , 1985 , and
was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Fulton, Gard, Pugh, & Kirkpatrick
NOES: COUNCIL MEMBERS : None
ABSENT: COUNCIL MEMBERS: Demsher
ABSTAIN: COUNCIL MEMBERS: None
HOWARD D. KIR PATRICK, Mayor
City of Redding
ATTEST:
ETHEL A. NIC OLS, City Clerk
FORM APPROVED:
r
RAN1ALL A. HAYS , Cita Attorney
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