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<br />SWC:sh 11/6/84 <br /> <br />ORIGINAL <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. 9 73 6 <br /> <br />NOV 2 6 1984 <br /> <br />RESOLUTION OF GIVING PUBLIC APPROVAL TO THE ISSUANCE OF <br />REDWOOD CITY MULTIFAMILY HOUSING REVENUE BONDS FOR THE <br />PURPOSE OF PROVIDING FINANCING TO WILLY OSTERTAG <br /> <br />WHEREAS, the City of Redwood City (the "City") proposes to <br /> <br />issue multifamily housing revenue bonds for the purpose of <br /> <br />financing the construction of a senior citizens' multifamily <br /> <br />rental housing development and related auxiliary facilities by <br /> <br />Willy Ostertag or his successor in interest (the "Company"); and <br /> <br />WHEREAS, it is intended that the interest paid on the Bonds <br /> <br />by the City be excludable from gross income for the purposes of <br /> <br />Federal income taxes; and <br /> <br />WHEREAS, Section 103 (k) of the Internal Revenue Code of <br /> <br />1954, <br /> <br />as <br /> <br />amended, <br /> <br />requires <br /> <br />that <br /> <br />the <br /> <br />applicable <br /> <br />elected <br /> <br />representati ve of the City shall approve, after public hearing <br /> <br />following reasonable public notice, the issuance of such bonds by <br /> <br />the City; and <br /> <br />WHEREAS, this City Council is the applicable elected <br /> <br />representative of the City and this City Council has held on the <br /> <br />date hereof a public hearing following reasonable public notice <br /> <br />on the question of whether this City Council should approve the <br /> <br />issuance of senior citizens' multifamily housing revenue bonds by <br /> <br />the City, and all persons requesting to be heard have been heard; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLmJS: <br /> <br />9 736 <br />