HomeMy WebLinkAboutCC Reso No 1991-15R.ESOLUTION NO. 91-15
A RESOLUTION OF TFIE CITY COUNCII. OF THE CITY OF LAHE ELSINORE
AUTfiOItiZIlVG Tf~ LSSUANCE OF REVENLTE BONDS FOR THE PURPOSE OF
PROVIDING FINANCING FOR A MULTIFAMII.Y RENTAL HOUSING
DEVEI,OPMIIVT
WHEREAS, the City of Lake Elsinore (the "City") is authorized by Chapter 7
(commencing with Section b2075) of Part 6 of Divisioa 31 of the Health and Safety Code of
the State of California, as amended (the "Act"), to issue and sell revenue bonds for the
purpose of providing financing for the construction and development of multifamily
rental housing facilities located within the City; and
WHEREAS, R. C. Hobbs, a California general partnerslup (the "Company"), has
applied to the City to issue and sell revenue bonds for the purpose of prnviding financing
for the acquisition of land and constructioa thereon of an approximately 144-unit rental
housiag development to be located on an 8.38 acre parcel at the southeast corner of
Frankiin Street and Casino Drive within the City (the "Project"); aad
WHEREAS, the City wishes to induce the Developer (as defiaed below) to acquire
and construct the Project and, in particular, to do so at such location; aad
WHEREAS, it is in the public interest, for the public benefit and in furtherance of
the public purpose of the City that the City authorize revenue bonds for the aforesaid
purposes.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Pasadena, as follows:
Section 1. The City hereby authorizes the issuance and sale of boads (the "Bonds")
of the City pursuaat to the Act in a principal amount of not to exceed Eleven Million
Dollars ($11,000,000) for the purpose of providing construction and permanent financing
to the Company, or its successors or assigns as owner of the Project (the "Developer"), for
the acquisition, construction and development of the Project.
Section 2. The issuance and sale of the Bonds shall be upon such terms and
conditions as may be mutually agreed upon by the City, the Developer and the.purchaser
of the Bonds and subject to completion of proceedings for the issuance, sale and delivery
of the Bonds by the City. Nothing in this resolution shall in any way obligate the City to
issue the Bonds, and the City may terminate proceedings to issue the Bonds at any time
in its sole discretion if this City Council determines that it is in the best interests of the
City not to issue the Bonds.
Section 3. The proceeds of the Bonds shall include such related and necessary
issuance expenses, administrative costs, debt service reserves aad iaterest payments as
may be required successfully to accomplish the financing of the Project.
Section 4. The City hereby finds that the issuance of the Bonds is a substantial
inducement to the Developer to acquire, construct and develop the Project and that the
Project will further the public purposea of the City.
Section 6. The Developer shall be responsible for the payment of all costs ia
connection with the issuance of the Bonds, including but not limited to printing of any
of~icial statement, rating agency costs, bond counsel fees and expenses, underwriting
discount and costs, trustee fees and expenses, and the cost of printing the Bonds.
Section 6. The law firm of Jones Hall Iiill & White, A Professional Law
Corporation, ia hereby named as bond counsel to the City for the Bonds. The fees and
expenses of bond counsel in coanection with the issuance of the Bonds aze to be paid
solely from the proceeds of the Bonds or directly by the Developer.
~*~rs**r**r*
PASSED AND ADOPTED this 12th day of Februarv , 1991, by the following
vote:
AYES: COUNCILMEMBERS: BUCK, DOMIPJGUEZ, STARKEY, 6JINKLER, WASHBURfJ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
(SEAL)
By.
City of I.ake
APPROVED AS TO FOf~M & LEGALITY:
~onn K. harper, ~
City of Lake Elsi
STATE OF CALIFORNIA )
COUNTY Of RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIfY that the foregoing Resolution duly adopted by the
City Council of the City of Lake Elsinore at a regular meeting of
said Council on the 12th day of February, 1991, and that it was so
adopted by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY,
WINKLER, WASHBURN
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
CITY,GF LAKE
(SEAL)
NORE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE J SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, 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. 91-15 of said Council, and that the
same has not been amended or repealed.
DA~ED: february 13, 1991
~,
CITY ~~ LAKE SINORE
(SEAL)