Laserfiche WebLink
<br />RESOLUTION NO. <br /> <br />10041 <br /> <br />ORIGINAL <br />OCT 2 8 1985 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />MULTIFAMILY HOUSING REVENUE BONDS, ESTABLISHING <br />THEIR TERMS AND PROVIDING FOR THEIR SECURITY, AND <br />PROVIDING COVENANTS FOR THEIR PROTECTION, AUTHORIZING <br />THEIR SALE AT PRIVATE SALE, AUTHORIZING THE EXECUTION <br />OF A BOND PURCHASE AGREEMENT, REGULATORY AGREEMENT, <br />LOAN AGREEMENT, INTERCREDITOR AGREEMENT AND <br />INDENTURE OF TRUST AND APPOINTING A TRUSTEE THEREUNDER, <br />AUTHORIZING APPROVAL OF A FORM OF AN OFFICIAL STATEMENT AND <br />AUTHORIZING ITS EXECUTION, AND AUTHORIZING THE FINANCING OF <br />THE PROJECT AND OTHER MATTERS IN CONNECTION THEREWITH <br /> <br />$28,000,000 <br />CITY OF REDWOOD CITY <br />MULTIFAMILY HOUSING REVENUE BONDS <br />(Redwood Shores Apartments Project) <br />SERIES 1985B <br /> <br />RESOLVED, by the City Council of the City of Redwood City, <br /> <br />that, <br /> <br />WHEREAS, the City is authorized to transact business and <br />exercise powers under the provisions of Division 31, Part 5, <br />Chapter 7 (commencing with Section 52075), California Health and <br />Safety Code (the "Act"); <br /> <br />WHEREAS, the Act declares its primary purpose to be the <br />meeting of the multifamily housing needs of persons and families of <br />low or moderate income, and the City has determined to further and <br />implement such purpose by the issuance of revenue bonds for <br />financing the construction or development of multifamily rental <br />housing and the provision of capital improvements in connection <br />with and determined necessary to such multifamily rental housing <br />pursuant to the Act; <br /> <br />WHEREAS, the Act authorizes the City from the proceeds of <br />revenue bonds to make construction loans or mortgage loans to <br />housing sponsors, or to purchase or undertake, directly or <br />indirectly through lending institutions, commitments to purchase, <br />construction loans or mortgage loans originated in accordance with <br />a financing agreement with the City, or to make loans to lending <br />institutions under terms and conditions which, in addition to other <br />provisions determined by the City, require the lending institutions <br />to use the net proceeds of such loans for the making, directly or <br />indirectly, of construction loans or mortgage loans, to finance the <br />development of multifamily rental housing; <br /> <br />10047 <br />