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Home My WebLink AboutCC Reso No 1985-22RESOLUTION NUMBER 85-22 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA OF INTENTION TO PROVIDE FOR THE ISSUANCE OF REVENUE BONDS TO PROVIDE FINANCING FOR A MULTIFAMILY RENTAL HOUSING DEVELOPMENT WHEREAS, the City Council of the City of Lake Elsinore, California, determines and finds that a shortage of adequate housing for persons and families of low and moderate income exists within the City of Lake Elsinore, California (the "City"), and the City desires to cause to be provided decent, safe and sanitary housing for persons and families of low and moderate income within the City; and WHEREAS, the City is authorized by Chapter 7 (commencing with Section 52075) of Part 5 of Division 31 of the California Health and Safety Code (the "Act") to issue and sell revenue bonds for the purpose of providing financing for the construction of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to such multifamily rental housing development, and to make, or undertake commitments to make, construction and permanent loans to housing sponsors to finance. the development of multifamily rental housing projects; and WHEREAS, Elsinore Lakeside Investors - 84, a California limited partnership (the "Developer"), has requested the City to issue and sell revenue bonds for the purpose of providing financing for the acquisition and construction of a 16-unit multifamily rental housing development and appurtenant facilities located within the City at 15197 Lincoln Street, north and west of Riverside Drive, on a parcel of approximately 0.89 acres (the "Project"); and : WHEREAS, the City desires to induce the Developer to construct the Project at said location within the City; and WHEREAS, it is apparent that the development of the Project will increase the number of residential units and provide needed decent, safe and sanitary housing for persons and families of low and moderate income in the City; and WHEREAS, the financing of the Project through the issuance of multifamily housing revenue bonds of the City will provide for and promote the public health, safety, morals and welfare and otherwise be in the public interest and for the public benefit of the inhabitants of the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AS FOLLOWS: Section 1. Approval is hereby given to the application of the Developer relating to the development, construction and equipping of a 16-unit multifamily rental housing Project for persons and families of low and moderate income thereon. Section 2. The City intends and proposes to incur indebtedness, by issuance of multifamily housing revenue bonds, in an aggregate principal amount not to exceed $1,000,000 (the "Bonds") for the purpose of providing construction and permanent financing to the Developer for the Project. Section 3. To induce the Developer to develop, con- struct and equip the Project, the City Council shall proceed to cooperate with and take such action as may be necessary in the drafting of documents and the performance of such other acts as will facilitate the issuance of the Bonds by the City to provide funds to be used toward the payment of the costs of acquiring the property and the development, construction and equipping of the Project. Section 4. The Bonds will be payable solely from the revenues to be received by the City pursuant to a loan agreement or other Pinancing agreement mutually acceptable to the City and the Developer. 2 Section 5. Any costs or expenses of the City incurred in connection with the Bond issue shall be included in the Project costs and reimbursed either from the proceeds of the Bonds to be issued with respect thereto or from payments by the Developer or other parties to the financing. Section 6. The Bonds shall be issued upon such terms and conditions as may be mutually agreed upon by the City, the Developer and the Purchaser of the Bonds, and shall be subject to the completion of proceedings for issuance, sale and delivery of the Bonds by the City. Section 7. The proceeds of the Bonds shall include such related and necessary issuance expenses, administrative costs, debt service reserves and interest payments as are legally authorized and required to successfully accomplish the financing. Section 8. The liability and obligation of the City and its City Council shall be limited solely to the good faith efforts to consummate such proceedings and issue the Bonds, and neither the City nor its City Council, officers or agents, shall incur any liability whatsoever if for other reasons the proposed issuance of the Bonds is not consummated. Section 9. It is intended that this Resolution shall constitute "some other similar official action" toward the issuance of indebtedness within the meaninq of the Internal Revenue Code of 1954, as amended. Section 10. The Developer shall be responsible for all costs in connection with the issuance of the Bonds, including: printing of the Official Statement and the Bonds; costs of ratinqs on the Bonds; bond and financial counsel selected by the City; and all other costs incidental to the financing. Section 11. This resolution shall become ef£ective and be in full force and effect from and after its date of adoption. 3 PASSED, APPROVED AND ADOPTED THIS 9th day of April , 1985, by the following vote: AYES: KNIGHT, MATSON, STRIGOTTE, VALENZUELA NOES: VERMILLION ABSENT: NONE ABSTAIN: NONE / / ARTA VALENZUELA, ayor of the City of ke Elsinore Attes't e ~ ~ ANN MONEY, City C1 the City of Lake E inore APPROVED AS ~TO FORM: JOHN R. HARpER,~ity Attorne of the City of ke Elsinore > 4 STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) , ~ , I, Jo Ann rvloney'-Ci:ty Cierk of t"e City'of Lake Elsinore, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the City Council of the City of Lake Elsinore at a regular meeting of said Council on the gth day of April, 1985 , and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: KNIGHT, MATSON, STRIGOTTE, VALENZUELA NOES: COUNCILMEMBERS: VERMILLION ABSENT: COUNCILP1EMBERS NONE J C NN Y OF MONEY, LAKE CITY CLERK ELSINORE (SEAL) STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I Jo Ann Money, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 85-22 , of said Council, and that the same has not been amended or repealed. DATED: April 29, 1985 (ilit.v~ti / v L J ANN MONEY, CITY CLERK I Y OF LAKE ELSINORE (SEAL)