RES 01012 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 01-012 RESOLUTION APPROVING EXECUTION AND DELIVERY BY THE CITY OF THE ISSUANCE OF BONDS RELATING TO THE BERNAL AVENUE APARTMENTS AND BERNAL INVESTMENT COMPANY LLC WHEREAS, the City of Pleasanton (the "City"), proposes to issue multifamily housing revenue bonds (the "Bonds") in an amount not to exceed $21 million and to lend the proceeds thereof to Bemal Investment Company, LLC (the "Borrower"), to be used for the construction of a 100 unit apaxtment project commonly known as the Bemal Avenue Apartments (the "Project"), located south of Bemal Avenue, and which will be owned and operated by the Borrower; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the City Council of the City (the "City Council"), as the elected representative of the City, the host jurisdiction of the Project, to approve the issuance of the Bonds after a public hearing has been held following reasonable notice; and WHEREAS, a public hearing was held by the City Council on the 6th day of February, 2001, at the hour of 7:00 p.m., in the City of Pleasanton Library Meeting Room, at 400 Old Bemal Avenue, Pleasanton, California, following duly published notice thereof, and all persons desiring to be heard have been heard; and WHEREAS, it is in the public interest and for the public benefit that the City Council, as the elected representative of the City, the host jurisdiction of the Project, approve the issuance and delivery by the City of the Bonds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City Council of the City of Pleasanton hereby finds, determines and declares that issuance by the City of the Bonds in the maximum principal amount of $21,000,000, for the purposes described above, is hereby approved.