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<br />1684L <br /> <br />JHHW:PNL:mdc <br /> <br />01/31/85 <br />02/06/85 <br /> <br />RESOLUTION NO. 9 8 0 2 <br /> <br />ORIGINAL <br />FEB 11 1985 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,000,000 <br />CITY OF REDWOOD CITY MULTIFAMILY HOUSING REVENUE BONDS, SERIES 1985 <br />(FHA INSURED MORTGAGE LOAN-REDWOOD PLAZA PROJECT) APPROVING BOND <br />COUNSEL FEE AGREEMENT, APPOINTING TRUSTEE AND APPROVING AND <br />AUTHORIZING THE EXECUTION OF DOCUMENTS <br /> <br />that; <br /> <br />RESOLVED, by the City Council of the City of Redwood City, California, <br /> <br />WHEREAS, there is a shortage in the City of Redwood City (the "Ci ty") of <br />decent, safe and sanitary housing which is affordable by persons in the lower <br />end of the income spectrum and a consequent need to encourage the construction <br />of rental units affordable by such persons and otherwise to increase the <br />housing supply in the City for such persons; and <br /> <br />WHEREAS, the Ci ty is authori zed pursuant to Chapter 7 (commenc i ng wi th <br />Section 52075) of Part 5 of Division 31 of the California Health and Safety <br />Code (the "Act") to issue and sell its bonds for the purpose of providing <br />assistance in financing the construction of multifamily rental housing <br />developments within the City; and <br /> <br />WHEREAS, on April 4, 1984, the City Council adopted Resolution No. 9551 <br />declaring its intention to issue bonds for a multifamily rental housing <br />project (the "Project") to be constructed by Redwood Plaza (the "Developer"); <br />and <br /> <br />WHEREAS, the City Council has duly caused to be published a notice of a <br />public hearing regarding the issuance of revenue bonds for the Project in <br />accordance with the requirements of Section 103(k) of the Internal Revenue <br />Code of 1954, as amended; and <br /> <br />WHEREAS, the members of the City Council are the applicable elected <br />representatives to conduct a public hearing regarding the issuance of the <br />revenue bonds for the Project; and <br /> <br />WHEREAS, the Ci ty Counc i 1 has conducted a pub 1 i c heari ng regard i ng the <br />issuance of the revenue bonds for the Project and has determined it to be in <br />the public interest to issue revenue bonds, the proceeds of which will be used <br />to make a loan to Redwood Plaza Investors in furtherance of the purpose of the <br />Act; and <br /> <br />9802 <br />