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Home My WebLink AboutCC Reso No 1984-20RESOLUTI(AQ N0. 84-20 A RESOLI7TION OF TEIE CITY COUNCIL OF TAE CITY OF IAKE ~T.SINORE, CALIFORNIA~ AiJTHORIZING ZHE ISSUANCE ADID SALE OF NOT 7U EXCEID 55,000,000 PRINCIPAL AMOUNT OF CITY C~ LAKE ELSINnRE MULTIFAMILY MORTGAC~ RE~VENUE B(7[~1DS (GRADID AVEN[TE PRQTECP) 1984 SERIES A, APPROVING RELATID DOCUMENTS PND ~'FICIAL STATEMENT AND AUTHORIZZN(; OFFICIAL ACTION. WHEREAS, the City of Lake Elsinore (the "City") is authorized by Chapter 7(con¢nencinq with Section 52075) of 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 financing fror the construction of multifamily rental housing develoxanent within the City; and WHEREAS, there is a shortage in the County of Riverside (the "County") and in the City of decent, safe and sanitary housing which is affory3able by persons in the lower end of the income spectrwn and a consequent need to encourage the eonstruction of rental units affordable by such persons arx7 otherwise to increase the housing supply in the County and in the City for such persons; and WEiEREAS, the City proposes to issue its City of Lake Elsinore Multifamily Mortgaqe Revenue Honds (Grand Avenue Project) 1984 Series A, (the "Bonds"), in the aagregate principal amount of not to exceed SS,OOO,OQO, imder arx7 pursuant to the Act and an Indenture of Trust (the "Indenture") dated as of May 1, 1984, between the City and Central Bank as trustee (the "Trustee"); and WHERFAS, Hirr Wilson & Co., Inc. (the "CTnderwriters") has sulanitted an offer to purchase the Bonds; and WHEREAS, it is appropriate at this time fbr the City Council to award the sale of the Bonds and approve and authorize the execution of the Indenture and other financing dociments relatinq to the Bonds. N(7W, THEREFORF, BE IT RESOLVED by the City Cnuncil of the City of Lake Elsinore, as follows: SECTION 1: The above recitals are all true and correct. SECTION 2: Sale of Ponds. The Honds are hereby awareded to the Underwriter, pursuant to and in accordance with the terms of that certain agreement, entitled "Purchase Contract" by arx3 between the City arx3 the Underwriter. 1he Purchase Contract, in substantially the form presented to the City Council at this meeting, tAgether with any additions thereto or changes therein deemed necessary or advisable by the City Council upon the advise of Nazarek, Harper, Hopkins & MeFarlin, as bond counsel to the City, is hereby approved. The appropriate officefs of the City are hereby authorized arx3 directed to execute said Aqreement for and in the r~ne and on k~ehalf of the City. SECTION 3: Indenture. 7he Indenture, in substantially the form presented to the City Council at this meeting, together with any x3ditions thereto or changes therein deemed necessary or advisable by the City Council upon the advise of Nazarek, Harper, Hopkins & McFarlin, as bond counsel to the City, is hereby apprwed. The appropriate officers of the City are hereby authorized and directed to execute said aqreement for and in the name and on behalf of the City. ~ SECTION 4: Lender Loan Fqreement. ~hat certain agreement, entitled "Lender Loan Agre~nent" and dated as of May 1, 1984, by ar~d avnonq the City, the Trustee and Pima Savings and Loan Association (the "Lerrler") in substantially the form presented to the City Council at this meetinq, toqether with any additions thereto or ck~anqes therein de~ned necessary or advisable by the City Council upon the advise of Nazarek, Harper, Hopkins & McFarlin, as bond wunsel to the City, is hereby approved. The 'appropriate officers of the City are hereby authorized and directed to execute said aqreement for and in the name and on behalf of the City. SECTION 5: Official Statement. The Underwriters intend to use an Official Statement in cunnection with the offering am3 sale of the Eonds. Rhe Mayor or other designated officials of the City is hereby authorized and directed to review a form of said Official Statement with the assistance of staff and to recamnend any dianges therein or additions thereto deemed necessary or advisable. ~e appropriate officers of the City are hereby authorized and directed to zxecute said Official Statement, toqether with any such ck~anges and additions, for and in the name and on behalf of the City. SECTION 6: Official Action. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Bonds are hereby at~provei9, aonfirmed and ratified, and the Mayor, the City Clerk, the Finance Director, the City Manager and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any ara~ all things and take any and all actions relating to the execution and delivery of any arid all certificates, rec(uisitions, agreements arr3 other docu!nents, includinq but not limited to those described in the Purchase Contrac,t, which they, or any of them, may deem necessary or advisable in order to eonsimunate the lawful issuance and delivery of the Bonds in acmrdance with the Purchase Contract, the Indenture and this resolution. SECTION 7: Effective Date. Zhis resolution shall take effect fram and after its adoption. pASgED, ApPROVID and ADOPTID by the City Council of the City of Lake Elsinore, California, at a regular meetinq hel~l on this 8th day of May, 1984, by the followinq wte, to wit: AYES: KNIGHT, MATSON, STRIGOTTE, VALENZUELA NOES: VERMILLION ABSENT: NONE ABSTAIN: NONE ,c~ Arta Valenzuela, May City of Lake Elsin ATPEST: Ann Money, City Clerk ' y 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 8th day of Mav , 1984, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: KNIGHT, MATSON, STRIGOTTE, VALEZUELA NOES: COUNCILMEMBERS:VERMILLION ABSENT: COUNCILMEMBERS: NONE (SEAL) STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) ~ J ANN ONEY, CITY CLERK Y 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. $4-2Q , of said Council, and that the same has not been amended or repealed. DATED: May 8, 1984 C/i~- ~^-p JO N MONEY, CITY C ERK C OF LAKE ELSINORE (SEAL)