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- 0 R I G I N A L - 1/25/99 RESOLUTION NO. 13545 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized pursuant to the provisions of Califomia Government Code Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California, including the City of Redwood City (the "City"), to issue revenue bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing multifamily rental housing projects; and WHEREAS, Irvine Apartment Communities, L.P. (collectively, with any related entity, the "Borrower") has requested that the Authority issue multifamily housing revenues bonds in an aggregate principal amount not to exceed $40,000,000 (the "Bonds") for the purpose of providing financing for the construction and development of a 206-unit multifamily residential rental project located at One Maple Street, Redwood City, California and generally known as Irvine Apartments; and WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal Revenue Code of 1986 (the "Code"); and WHEREAS, pursuant to Section 147(0 of the Code, prior to their issuance, private activity bonds are required to be approved by the "applicable elected representative" of the governmental units on whose behalf such bonds are expected to be issued and by a govemmental unit having jurisdiction over the entire area in which any facility financed by such bonds is to be located, after a public heating held following reasonable public notice; and WHEREAS, there has been published, at least I4 days prior to the date hereof, in a newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds would be held on the date hereof; and WHEREAS, such public hearing was conducted on said date by the City Council, at which time an opportunity was provided to interested parties to present arguments both for and against the issuance of the Bonds; and WHEREAS, the members of this City Council (this "Council") are the applicable elected representatives of the City; and WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of the Bonds required by Section 147(1) of the Code and Section 9 of the Agreement; DOCSSFi:322863.1 40929-199-AJ2-12/24/9812:11 PM