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<br /> SWC:JHHW:rks 3/29/84 <br /> SWC!JHHW:djg-c 4/2/84R <br /> ORIGINAL <br /> 9551 APR 2 1984 <br />R E S 0 L U T I 0 N N O. <br /> - - <br /> <br />RESOLUTION AUTHORIZING, SUBJECT TO CERTAIN CONDITIONS, THE <br />ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE <br />ACQUISITION AND CONSTRUCTION OF A MULTI-FAMILY SENIOR <br />CITIZENS' RENTAL HOUSING PROJECT AND PROVIDING OTHER MATTERS <br />PROPERLY RELATING THERETO <br /> <br />(OSTERTAG SENIOR CITIZENS' PROJECT) <br /> <br />WHEREAS, the City Council of the City of Redwood City (the <br /> <br />"Ci ty") is authorized by Chapter 7 (commencing with Section <br /> <br />52075) of Part 5 of Division 31 of the Health and Safety Code of <br /> <br />the State of California (the "Act") to provide financing for <br /> <br />mul ti-family rental housing facilities wi thin the City, on the <br /> <br />terms and conditions therein provided; and <br /> <br />WHEREAS, Willy Ostertag, in his individual capacity (the <br /> <br />"Developer"), has requested the City to issue and sell its not to <br /> <br />exceed $5,000,000 principal amount of Multi-Family Rental <br /> <br />Mortgage Revenue Bonds (Ostertag Senior Citizens' Project) for <br /> <br />the purpose of providing financing to the Developer for the <br /> <br />construction of an approximately 90-unit senior citizens' <br /> <br />multi-family rental structure (the "Project") to be located at <br /> <br />8 5 0 Main Street, proximate to its intersection with Broadway <br /> <br />Avenue, in the City of Redwood City, California; and <br /> <br />WHEREAS, it is in the public interest, for the public <br /> <br />benefi t and in furtherance of the public purposes of the City <br /> <br />that the City Council authorizes Bonds for such purposes; <br /> <br />NOW, THEREFORE; <br /> <br />9551 <br />