HomeMy WebLinkAboutReso. 1985 -186 - Revenue bonds by the housing authority of the city of redding for san pointe apartments , .; • 411
CITY OF REDDING
RESOLUTION NO. 8S'i g6,
A RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY MORTGAGE
REVENUE BONDS BY THE HOUSING AUTHORITY OF THE CITY OF REDDING
FOR SAND POINTE APARTMENTS.
WHEREAS, on June 3 , 1985 the Housing Authority of
the City of Redding (the "Authority" ) adopted a resolution
conditionally providing for the issuance of revenue bonds to
finance construction of a multifamily housing development to
be located at 655 Hilltop Drive in the City of Redding, and
known as Sand Pointe Apartments (the "Project" ) ; and
WHEREAS, the Authority intends to sell and issue
not to exceed $3 , 620, 000 of multifamily housing revenue bonds
(the "Bonds" ) in order to finance the Project; and
WHEREAS, the interest on the Bonds may qualify for
tax exemption under Section 103 (b) of the Internal Revenue
Code of 1954, as amended (the "Code" ) , only if the Bonds are
approved in accordance with Section 103 (k) of the Code; and
WHEREAS, the Project is located wholly within the
City of Redding, California; and
WHEREAS, the Authority has no elected legislative
body, officers or other officials; and
WHEREAS, this City Council is the elected
legislative body of the City of Redding (the "City" ) , and is
the applicable elected representative required to approve the
issuance of the Bonds within the meaning of Section 103 (k) of
the Code; and
WHEREAS, pursuant to Section 103 (k) of the Code,
this City Council has, following notice duly given, held a
public hearing regarding the issuance of such bonds and now
desires to approve the issuance of such bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Redding, 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 to finance costs of the Project. It is the
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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 103 (k) of the Code.
3 . This City Council hereby reconfirms its intent
that the Project be acquired and constructed and hereby
further determines that it is appropriate for the Housing
Authority of the City of Redding to issue bonds to finance
such acquisition and construction.
4. The City Clerk or a deputy thereof is hereby
directed to certify and deliver a copy of this resolution to
the Authority.
5 . This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED by the city Council of the City
of Redding this 19th day of August , 1985, by the
following vote :
YES Demsher, Fulton, Gard, Pugh, & Kirkpatrick
NO None
ABSENT None
r
44 ABSTAINING None '16 ,r, 4 'F' J
/
Mayor
( SEAL)
ATTEST:
City Clerk
FORM APPROVED:
7/7d
RANDALL A. HAYS , Ci y Attorney
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