HomeMy WebLinkAboutRES CC 1985 161 1985 0116RESOLUTION NO. 85- 161
' A RESOLUTION OF THE CITY OF MOORPARK, CALIFORNIA,
CONCERNING THE ISSUANCE OF REVENUE BONDS TO FINANCE
A MULTI - FAMILY RENTAL HOUSING DEVELOPMENT FOR
G. H. PALMER ASSOCIATES.
WHEREAS, the City Council (the "City Council ") of the City
of Moorpark (the "City "), after careful study and consideration,
has determined that there is a shortgage of safe and sanitary housing
within the City, particularly for low or moderate income persons, and
that it is in the best interest of the residents of the City and in
furtherance of the health, safety and welfare of the public for the
City to assist in the financing of multi - family rental housing units;
and
WHEREAS, pursuant to Division 31 of the Health and Safety
Code of the State of California, and particularly Chapter 7 of Part 5
thereof (the "Act "), the City is empowered to issue and sell bonds for
the purpose of making mortgage loans or otherwise providing funds to
finance the development of multi - family rental housing, including
units for lower income households and very low income households; and
WHEREAS, the City Council has now determined to provide
financing for a multi - family rental housing development (the "Develop-
ment"), to be located in the City, and in order to finance the Develop-
ment, the City intends to issue revenue bonds pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE
CITY OF MOORPARK, AS FOLLOWS:
SECTION 1. The City Council hereby determines that it is
necessary and desirable to provide financing for the Development by
the issuance, pursuant to the Act, of revenue bonds (the "Bonds ")
in an aggregate principal amount not to exceed $35,000,000. The
Development is to be located at the southeast corner of Moorpark
Avenue and Los Angeles Avenue in the City of Moorpark, is to consist
of approximately 400 units, and is to be developed and owned
by G. H. Palmer Associates (the "Developer ") or by a related entity
or an entity to be created by persons comprising said Developer.
The Development shall meet the requirements of the Act and any
federal requirements for tax exemption of interest on the Bonds,
including, without limitation, requirements with respect to availabil:t•_.�
of units in the Development for occupancy by persons of low or moderate
income. The City and the Developer :.hall enter into a preliminary
agreement setting forth additional c-nditions to such financing, in
substantially the form before this meeting, with such additions or
deletions as are considered necessar•, or appropriate by officers of
the City and the Developer, and the ;'ayor is, hereby authorized to
execute said preliminary agreement f(I- ind :n the name and on behalf
of the City. Subject to final appr,)•:.tl by tilt., City Council, the Pla
the City Manager, tilt' City Clerk 3n(i t nol Ippi-opriatt, of ficc�rs of
the City are hereby authorized and directed, for and in the name
and on behalf of the City, to take all necessary actions to finance
the Development, including the actions necessary for the issuance of
the Bonds.
SECTION 2. The City hereby appoints Wertheim & Co., Inc.
and Stone and Youngberg as underwriters for the Bonds.
SECTION 3. It is intended that this resolution shall con-
stitute "some other official action" toward the issuance of the Bonds
to finance the Development within the meaning of Section 1.103- 8(a)(5)
of the Treasury Regulations promulgated under Section 103 of the
Internal Revenue Code of 1954, as amended.
SECTION 4. The Mayor, the City Manager, the City Clerk and
other appropriate officers of the City are hereby authorized and
directed, for and in the name and on behalf of the City, to take all
actions and to sign all documents necessary or desirable to effectuate
the purposes of this resolution.
SECTION 5. This Resolution shall take effect immediately
upon its passage and adoption.
PASSED AND ADOPTED this 16th day of January, 1985.
Mayor ofthe CifT of Moorpark,
California.
ATTEST:
arm
STATE OF CALIFORNIA
COUNTY OF VENTURA SS.
CITY OF MOORPA R K )
I, DORIS D. BANKUS
, City Clerk of the City of
Moorpark, California, do hereby certify that the foregoing
Resolution No. 85 -161 was adopted by the City Council of the City of
Moorpark at a regular meeting thereof Feld on the 16th day of
January , 19 85 , and that the same was adopted by
the following vote, to wit:
AYES: Councilmembers Yancy- Sutton, Woolard, Ferguson,
Weak and Mayor Prieto;
NOES: None;
ABSENT: None .
WITNESS my hand and the official seal of said City this 16th
day of January , 19 85