HomeMy WebLinkAboutCC Reso No 1984-04RESOLUTION NO. 84-4
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE OF INTENTION TO PROVIDE FOR
THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE
OF PROVIDING FINANCING FOR A MULTIFAMILY
RENTAL HOUSING PROJECT DEVELOPMENT
WHEREAS, the City of Lake Elsinore (the "City") is
', authorized by Chapter 7(commencinq with Section 52075), Part 5 of
Division 31 of the Health and Safety Code of the State of
California (the "ACt") to issue and sell revenue bonds for the
purpose of providing financinq for the construction of
multifamily rental housing development within the City; and
WHEREAS, Barclays Inland Empire, a general partnership
(the "Developer") has requested the City to issue and sell revenue
bonds for the purpose of providinq financinq for the acauisition
and construction of a 150-unit multifamily rental housing
development and appurtenant facilities located within the City on
Grand Avenue ~eSt of Riverside Drive (the "Project"); and
WHEREAS, the City desires to induce the Developer to
construct said project at said location within the City; and
WHEREAS, it is in the public interest, for public
~ benefit and in furtherance of the public purposes of the City that
the City authorize revenue bonds for the aforesaid purpose.
NOW, THEREFORE, the City Council of the City of Lake
Elsinore, California, does hereby resolve, determine and order as
follows:
SECTION 1. The undertakinq of the Project by the City will be a
substantial factor in the accrual of the public
benefits to be received from the Project.
SECTION 2. The proposed financing is in accordance with the
purposes and requirements of the Act.
SECTION 3. The City will incur indebtedness, by the issuance of
revenue bonds, in an agqregate principal amount of not
to exceed $5,000,000 (the "Bonds") for the purpose of
providinq construction and permanent financing to the
Developer for the Proiect.
SECTION 4. The Bonds will be payable solely from project revenues
to be received by the City pursuant to a loan
agreement or other financing aqreement mutually
acceptable to the City and the Developer.
SECTION 5. The Bonds shall be issued upon such terms and condi-
tions 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 6. The proceeds of the Bonds shall include such related
and necessary issuance expenses, administrative costs,
debt-service reserves and interest payments as are
leqally authorized and required to successfully
accomplish the financing.
SECTION 7. The City Council hereby finds that the issuance of the
Bonds is a substantial inducement to the Developer to
construct the project, and that the Project will
further the public purposes of the City.
SECTION 8. It is intended that this resolution shall constitute
"some other similar official action" toward the
issuance of indebtedness within the meaning of the
Internal Revenue Code of 1954, as amended.
SECTION 9. The Developer shall be responsible for all costs in
connection with the issuance of the Bonds, includinq:
printing of the official statement and the Bonds; cost
of ratings on the Bonds; bond and financial counsel
selected by the City; all other costs incidental to
the financing.
PASSED, APPROVED and ADOPTED this 14th day of Februar.y ,
1984.
~-~.__ ~i. ~~,~~"
Jol~n G. Unswort ,
Mayor
City of Lake Elsinore
ATTEST:
Ann Money ~
ty Clerk
ity of Lake Elsinore
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
I, Jo Ann Money City Clerk of the 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 14th day of February , 1984,and
that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: MAC MURRAY, VALENZUELA, UNSWORTH
NOES: COUNCILMEMBERS: KNIGHT
ABSENT: COUNCILMEMBERS: TORN
Q ~
JO N MONEY, CITY CLERK
CI OF LAKE 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. 84-4- , of said Council, and that the same
has not been amended or repealed.
DATED: February 15, 1984
JO NN MONEY, CITY CLERK
C OF LAKE ELSINORE
(SEAL)