Laserfiche WebLink
1684L JHHW:PNL:mdc 01/31/85 <br /> 02/06/85 <br /> <br /> ORIGINAL <br /> RESOLUTION NO. 9802 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWDOD CITY <br /> AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,000,000 <br /> CITY OF REDWOOD CITY MULTIFAMILY HOUSING REVENUE BONDS, SERIES 1985 <br /> (FHA INSURED MORTGAGE LOAN-REDWOOD PLAZA PROJECT) APPROVING BOND <br /> COUNSEL FEE AGREEMENT, APPOINTING TRUSTEE AND APPROVING AND <br /> AUTHORIZING THE EXECUTION OF DOCUMENTS <br /> <br /> RESOLVED, by the City Council of the City of Redwood City, California, <br />that; <br /> <br /> WHEREAS, there is a shortage in the City of Redwood City (the "City") of <br />decent, safe and sanitary housing which is affordable by persons in the lower <br />end of the income spectrum and a consequent need to encourage the construction <br />of rental units affordable by such persons and otherwise to increase the <br />housing supply in the City for such persons; and <br /> <br /> WHEREAS, the City is authorized pursuant to Chapter 7 (commencing with <br />Section 52075) of Part 5 of Division 31 of the California Health and Safety <br />Code (the "Act") to issue and sell its bonds for the purpose of providing <br />assistance in financing the construction of multifamily rental housing <br />developments within the City; and <br /> <br /> WHEREAS, on April 4, 1984, the City Council adopted Resolution No. 9551 <br />declaring its intention to issue bonds for a multifamily rental housing <br />project (the "Project") to be constructed by Redwood Plaza (the "Developer"); <br />and <br /> <br /> WHEREAS, the City Council has duly caused to be published a notice of a <br />public hearing regarding the issuance of revenue bonds for the Project in <br />accordance with the requirements of Section 103(k) of the Internal Revenue <br />Code of 1954, as amended; and <br /> <br /> WHEREAS, the members of the City Council are the applicable elected <br />representatives to conduct a public hearing regarding the issuance of the <br />revenue bonds for the Project; and <br /> <br /> WHEREAS, the City Council has conducted a public hearing regarding the <br />issuance of the revenue bonds for the Project and has determined it to be in <br />the public interest to issue revenue bonds, the proceeds of which will be used <br />to make a loan to Redwood Plaza Investors in furtherance of the purpose of the <br />Act; and <br /> <br /> 9802 <br /> <br /> <br />