HomeMy WebLinkAboutCC Reso No 1985-23RESOLUTION NUMBER 85-93
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 SUPPLEMENTAL
FINANCING FOR A MULTIFAMILY RENTAL HOUSING DEVELOPMENT
WHEREAS, the City Council of the City of Lake
Elsinore, California, has adopted a Resolution of Intention
(Inducement), being Resolution No. 84-55 (the "Resolution"),
expressing an intention 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 multi.family 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, the Developer named therein, being Elsinore
Lakeside Investors - 84, a California limited partnership (the
"Developer")~has requested the City to issue and sell revenue
bonds in an amount greater than the maximum amount specified in
the Resolution, thus requiring a supplemental action by the
City Council in order to increase the amount of qualifying
costs to be financed as part of the project by the amount of
$400,000; and
WHEREAS, the City desires to induce the Developer to
construct the project and intends that all qualifying costs of
the project be financed with revenue bonds; 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 interests 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 to provide for an additonal amount of $400,000 in
qualifying costs to be incurred to construct the project.
Section 2. The City intends and proposes to incur
indebtedness, by issuance of multifamily housing revenue bonds,
in the additional principal amount not to exceed $400,000 for
the purpose of providing construction and permanent financing
to the developer for the project.
Section 3. All provisions of the previously adopted
Resolution shall apply to the supplemental amount to the same
extent as applicable to the original estimated amount and shall
be for the purpose of providing construction and permanent
financing to the Developer for the project.
Section 4. This resolution shall become effective and be
in full force and effect from and after its date of adoption.
PASSED, APPROVED AND ADOPTED THIS 9th day
of April , 1985, by the following vote:
AYES: KNIGHT, MATSON, STRIGOTTE, VALENZUELA
NOES: ~ERMILLION
ABSENT: NONE
ABSTAIN: NONE
ARTA VALENZUELA, yor
of the City of e Elsinore
Attest:
Q~t~-+1
ANN MONEY, City lerk
f the Cit,y ~f Lak Elsinore
APPROVED AS.TO FORM:
JOHft R. HARPER, C' y Attorney
of the City of La Elsinore
2
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
ss.
' I; Jo Hnn rroney Ciiy i:ierk `of tre 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 9th day of April, 1985 , and
that it was so adopted by the following vote:
AYES: COUNCILMEMBERS
NOES: GOUNCILMEMBERS
ABSENT: COUNCILMEMBERS
( SEI~L )
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
KNIGHT, MATSON, STRIGOTTE, VALENZUELA
VERMILLION
NONE
.~.~. 4-u~
ANN MONEY, ITY CLERK
ITY OF LAKE ELSINORE
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. 85-23 , of said Council, and that the same
has not been amended or repealed.
DATED: April 29, 1985
(SEAL)
~
O ANN MONEY, CITY CLERI'
ITY OF LAKE ELSINORE