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RES 94146
City of Pleasanton
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RES 94146
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
12/13/1994
DOCUMENT NO
RES 94146
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Resolution No. 94-146 <br />Page 2 <br /> <br />WHEREAS, a notice of a public hearing with respect to the proposed issuance of the Bonds <br /> has been published; and <br /> <br />said public hearing has been held before the City Council of the City of <br />Pleasanton, and an opportunity was provided for interested paxties to present <br />arguments for and against the issuance of the Bonds; and <br /> <br />WHEREAS, <br /> <br />it is intended that the interest on the Bonds be excluded from the gross incomes <br />of the owners thereof as permitted under the Internal Revenue Code of 1986, as <br />amended, and in order to obtain said exclusion as well as assure compliance with <br />the Act, the Borrower will enter into a Regulatory Agreement and Declaration of <br />Restrictive Covenants to be recorded against the Project which requires that not <br />less than twenty-five percent (25%) of the units in the Project be rented to <br />persons and families whose household incomes do not exceed eighty percent <br />(80%) of the median income for the ares for a period stated in the Regulatory <br />Agreement; and <br /> <br />WHEREAS, <br /> <br />all conditions, things and acts required to exist, to have happened and to have <br />been performed precedent to and in the issuance of the Bonds end the <br />implementation of the Program as contemplated by this resolution and the <br />documents referred to herein exist, have happened and have been performed in <br />due time, form and manner as required by the laws of the State of California, <br />including the Act. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />$ection 1: The Issuer hereby finds and declares that the above recitals are true and correct. <br /> <br />Pursuant to the Act and the Indenture (hereinafier defined), refunding revenue <br />bonds of the Issuer, designated as "City of Pleasanton Multifamily Housing <br />Revenue Refunding Bonds (Civic Square Apaxtments), 1994 Issue A" in an <br />aggregate principal amount not to exceed $15,000,000 (the "Bonds") are hereby <br />authorized to be issued. The Bonds shall be executed by the manual or facsimile <br />signature of the Treasurer, the seal or facsimile of the seal of the Issuer shall be <br />reproduced thereon and attested by the manual or facsimile signature of the City <br />Clerk, in the form set forth in and otherwise in accordance with the Indenture. <br /> <br />Section 3: <br /> <br />The Indenture of Trust (the "Indentore") with respect to the Bonds between the <br />lssuer and First Trust of California, National Association (the "Trustee") in the <br />form presented to this meeting is hereby approved. The City Manager and the <br />Finance Director (the "Designated Officers") are, and each of them acting alone <br />is, hereby authorized and directed, for and in the name and on behalf of the <br /> <br /> <br />
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