Res85 10047 - Laserfiche WebLink

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WHEREAS, neither rent subsidies or other financial aid from federal, state or local government are sufficient to authorize a finding that it is economically feasible to reserve for occupancy on a priority basis by individuals and families whose adjusted gross income does not exceed 50 percent of the median adjusted gross income for the area half of the units reserved for occupancy by Lower-Income Tenants, as defined by the Regulatory Agreement. NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows: Section 1. To accomplish the purposes of the Act, the City hereby determines that the Project shall be acquired, constructed and equipped as constituted in the preambles hereto, and that the Bonds are being issued in exercise of the powers granted by the Act. In order to pay the cost of the financing of the Project, Bonds of the City are hereby authorized to be issued in a principal amount equal to that provided for by the Indenture, pursuant to and substantially in the forms as set forth in the Indenture, which forms are by this reference incorporated herein. The Bonds shall mature and be subject to redemption and to mandatory tender to the Trustee as provided by the Indenture, and shall bear interest upon original issuance as provided by the Bond Purchase Agreement which rates shall not be a limitation upon the interest rates as redetermined pursuant to the Indenture. The Bonds shall be issued in fully registered form and shall have such other details and provisions as prescribed by the Indenture. Section 2. The Bonds shall be limited obligations of the City, payable solely out of the revenues or other receipts, funds Or moneys provided therefor by the Loan Agreement and Note, and shall be further secured by certain other property and rights as provided by the Loan Agreement, and all of such revenues or other receipts, funds or moneys from which the Bonds are payable and such property and other rights further securing the Bonds are hereby irrevocably pledged to the security of and punctual payment of the interest on, redemption premium, if any, and principal of the Bonds. This pledge shall constitute a lien on such amounts for the security and payment of the Bonds, valid and binding from the date of issuance of the Bonds until the revenues or other receipts, funds or moneys are paid out or otherwise disbursed pursuant to the Indenture, and the revenues and receipts or property or interests in property pledged hereby and afterwards received by the City or a trustee or custodian shall immediately be subject to such lien without any physical delivery thereof or further act, and the lien shall be valid and binding as against all parties having claims of any kind in tort, contract Or otherwise against the City, Or trustee Or custodian, irrespective of whether the parties have notice thereof. The payment of the principal of, redemption premium, if any and interest on the Bonds shall also be secured by the Indenture. Neither the members of the City Council, nor any official or employee of the City, nor any person executing the Bonds issued pursuant to the Act shall in any event be subject to MFH0072.RWC/7 -4- 10/23/85