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<br />OR1GINAL <br /> <br />RESOLUTION NO. 1 0 551 <br /> <br />JUL 6 19B7 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />AUTHORIZING THE ISSUANCE OF $4,615,000 CITY OF REDWOOD CITY <br />MULTIFAMILY HOUSING REVENUE REFUNDING BONDS, SERIES A 1987 <br />(GNMA COLLATERALIZED - REDWOOD PLAZA PROJECT) <br />AN D $300,000 <br />CITY OF REDWOOD CITY MULTIFAMILY HOUSING <br />REFUNDING REVENUE BONDS, SERIES B 1987 <br />(REDWOOD PLAZA PROJECT) APPOINTING TRUSTEE <br />AND APPROVING AND AUTHORIZING <br />THE EXECUTION OF DOCUMENTS <br /> <br />RESOLVED, by the City Council of the City of Redwood City, California, that; <br /> <br />WHEREAS, the City is a duly constituted charter city and municipal corporation and <br />political subdivision of the State of California (within the meaning of those terms in Chapter <br />7, commencing with Section 52075, Part 5, Division 31 of the Health and Safety Code of <br />the State of California (the" Act"), Section 1313(a) of the Tax Reform Act of 1986 (the "Tax <br />Act"), the Regulations of the Department of the Treasury and the rulings of the Internal <br />Revenue Code of 1986, as amended (the "Code") and Article 11, commencing with <br />Section 53580, of Chapter 3 of Part 4 of Division 2 of Title 5 of the Government Code of the <br />State of California (the" Refunding Act"); <br /> <br />WHEREAS, in furtherance of the purpose of the Act and as part of the City's plan of <br />financing residential housing, the City has heretofore issued in an aggregate principal <br />amount of $5,000,000 revenue bonds designated the "City of Redwood City Multifamily <br />Housing Revenue Bonds, Series 1 985 (FHA Insured Mortgage Loan-Redwood Plaza <br />Project) (the "Prior Bonds"), the proceeds of which were deposited with The Bank of <br />California, N.A. as trustee (the "Trustee") and have been loaned (the "Mortgage Loan") to <br />Redwood Piaza Investors, A California limited Partnership (the "Developer") which is <br />evidenced by the Developer's FHA insured Deed of Trust Note (the "FHA Note") to <br />finance the cost of a multifamily residential rental development (the "Project") located <br />within the City of Redwood City, California (the "City") and occupied partially (at least 20 <br />percent) by persons of low and moderate income, within the meaning of the Code, with <br />30% of such 20% set aside for Very Low Income Tenants (tenants whose adjusted gross <br />income does not exceed 50% of the median adjusted gross income for the area) and all <br />such units rented at affordable rents (not in excess of 25% of 80% of median gross <br />income for the area) all for the public purpose of assisting persons of low and moderate <br />income within the City to afford the costs of decent. safe and sanitary housing: <br /> <br />WHEREAS, the Refunding Act authorizes the City to issue refunding bonds for the <br />purpose of refunding outstanding bonds issued pursuant to the Act and the City now <br />proposes to issue such refunding bonds (the "Bonds") to provide funds to redeem the <br />Prior Bonds on the basis that the Mortgage Loan, the FHA Note and a GNMA Security to <br />be issued by BA Mortgage and International Realty Corporation, (the "Lender") (the <br />"GNMA Security") will be delivered to secure the Bond Owners, in exchange for the Bond <br />proceeds being used to redeem the Prior Bonds; <br /> <br />1 0 551 <br />