HomeMy WebLinkAboutReso 2003-025 - Multi Unit RevenueRESOLUTION NO. ~
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 $4,975,000 of tax exempt 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 Sec, tion 147(1) 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 anti is the
applicable elected representative required to approve the issuance of the Bonds within the
meaning of Section 147(t) of the Code; and
WHEREAS, the City of Redding caused fi notice stating that a public hearing regarding
the issuance of such refunding bonds would be held by this City Council on February 18, 2003,
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, liE 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.
3. The City Clerk or a deputy thereof is directed to certify and deliver a copy of this
Resolution to the Authority.
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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 18th day of February, 2003, by the
following roll call vote:
Kight, Mathena, Pohlmeyer, Stegall and Cibula
None
ATTEST:
None
None
AYES:
NOES:
ABSENT:
ABSTAIN:
~Vlayor
CONNIE sTROHMAYE~iE~
Clerk
FORM APPROVED:
BRTkD FULLER, City Attorney ~
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