HomeMy WebLinkAboutReso. 1985 - 271 - Rescinding reso 85-230 and approving issuance of multi-unit rental housing revenue bonds by Housing Authority of City for Hartnell Associates, LTDs5" ` i
RESOLUTION NO. ,L 71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
RESCINDING RESOLUTION NO. 85-230 AND APPROVING THE ISSUANCE
OF MULTI -UNIT RENTAL HOUSING REVENUE BONDS BY THE HOUSING
AUTHORITY OF THE CITY OF REDDING FOR HARTNELL ASSOCIATES,
LTD.
WHEREAS, on August 5, 1985, the Housing Authority of the
City of Redding (the "Authority") adopted a resolution condition-
ally providing for the issuance of revenue bonds to finance
construction of a multi -unit rental housing development to be
located at 301 Hartnell Avenue in the City of Redding and known
as River Oaks Retirement Center (the "Project"); and
WHEREAS, the Authority intends to sell and issue not to
exceed $5,500,000 of multi -unit rental 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 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 construc-
tion.
4. The City Clerk or a deputy thereof is hereby directed
to certify and deliver a copy of this resolution to the Author-
ity.
5. This resolution hereby rescinds Resolution No. 85-230
of the City Council, adopted October 21, 1985.
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6. This resolution shall take effect immediately upon its
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 16th day of December , 1985, and
was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Demsher, Fulton, Gard, Pugh & Kirkpatrick
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
RANDALL A. HAYS, Yity Attorney
Aoa4N�4-tj- .4
HOWARD D. KIRKPA RICK, Mayor
City of Redding
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