Res85 9802 - Laserfiche WebLink

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WHEREAS, said revenue bonds are to be issued pursuant to an Indenture of Trus t dated as of February 1, 1985 by and between the Ci ty and Trus tee (the "Indenture") in substantially the form presented to this meeting by and between the City and the Trustee named below in an aggregate principal amount of not to exceed $5,000,000 and are to be designated as the "City of Redwood City Multifamily Housing Revenue Bonds, Series 1985 (FHA Insured Mortgage Loan-Redwood Plaza Project)"; and WHEREAS, the City needs a trustee experienced in the processing of multifamily housing revenue bonds and to act under the Indenture and it is recommended that The Bank of California, N.A., with principal offices in San Francisco, California, be appointed trustee (the "Trustee"); and WHEREAS, Section 52080 of the Act requires, to the extent feasible, as determined in the sole discretion of the City Council, whose determination shall be final and conclusive, that at least one-half of certain reserved uni ts as set forth in the Act shall be for occupancy on a priori ty bas is by individuals or families whose adjusted gross income does not exceed 50 percent of the median adjusted gross income for the area, as defined in the Act ("Very Low Income Families"); and WHEREAS, the City Council has reviewed the availability of rent subsidies and/or other financial aid from the federal and/or state government and determined that such a priority is feasible as set forth herein; and WHEREAS, the City has received a Bond Purchase Agreement from Boettcher & Company, Inc. regarding the purchase of the Bonds; and WHEREAS, all acts, conditions and things required by the Act, and by all other laws of the State of California, to exist, to have happened and to have been performed precedent to and in connection with the issuance of the aforesaid revenue bonds exist, have happened, and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to issue such revenue bonds for the purpose, in the manner and upon the terms herein provided; NOW, THEREFORE, it is hereby ordered as follows: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Issuance of Bonds. Not to exceed $5,000,000 City of Redwood City Multifamily Housing Revenue Bonds, Series 1985 (FHA Insured Mortgage Loan-Redwood Plaza Project) are hereby authorized to be issued pursuant to the Indenture described in Section 8. 2