RESOLUTION NO. 23856
RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION OF MEADOWVIEW PARK APARTMENTS
WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver multifamily housing revenue obligations for the purpose of financing the acquisition, and construction of multifamily residential rental facilities located within the area of operation of the Authority which are to be occupied, by lower income tenants; and
WHEREAS, Santa Rosa Meadowview Associates, a California limited partnership (the "Borrower"), has requested the Authority to issue and deliver multifamily housing revenue obligations in the anticipated principal amount of $6,700,000 (the "Obligations"), the proceeds of which shall be used for the purpose of financing the acquisition and construction of a multifamily residential rental facility to be commonly known as Meadowview Park which is to be located at Old Stony Point Road, North of Hearn Avenue, in the City of Santa Rosa; (the "Project"); and
WHEREAS, the Obligations to be issued and delivered to finance the acquisition and construction of the Project will be considered "qualified exempt facility bonds" under Section 142 (a) of the Internal revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the "applicable elected representative" with respect to the Project hold a public hearing on the issuance and delivery of the Obligations; and
WHEREAS, the City Council of the City of Santa Rosa as the "applicable elected representatives" to hold said public hearing, has held said public hearing at which all those interested in speaking with respect to the financing of the Project were heard.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true and correct.
2. The City Council hereby approves the financing of the Project by the Authority with the proceeds of the Obligations subject to the terms and conditions set forth by the City as provided to the borrower.
3. The issuance and delivery of the Obligations shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Obligations by the Authority.
4. This resolution shall take effect upon its adoption.
IN COUNCIL DULY PASSED this 26th day of January, 1999.