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CITY COUNCIL OF THE CITY OF PLEASANTON <br />ALAMEDA COUNTY, ALAMEDA <br /> <br /> RESOLUTION NO. 03-021 <br /> <br />RESOLUTION OF THE CITY OF PLEASANTON EXPRESSING THE <br />INTENT OF THE CITY TO ISSUE REVENUE BONDS RELATING TO <br />THE PROPOSED BUSCH GARDENS APARTMENTS AND PONDEROSA <br />HOMES II INCORPORATED <br /> <br />WHEREAS, <br /> <br />Ponderosa homes II Inc., a California corporation ("Ponderosa") has requested that <br />the City of Pleasanton (the "City") issued multifamily housing revenue bonds (the <br />"Bonds") in a principal amount not to exceed $16,000,000 and to lend the <br />proceeds thereof to a partnership of which Ponderosa will be a partner (the <br />"Borrower"), to be used for the construction of a 172 unit senior apartment project <br />currently known as the Busch Gardens Apartments (the "Project), to be located on <br />an approximately 6 acre site at the northwest comer of Busch Road and Valley <br />Avenue in the City; and <br /> <br />WHEREAS, it is intended that the interest on the Bonds be excluded form gross income for <br /> federal tax purposes; and <br /> <br />WHEREAS, <br /> <br />the City Council now desires to express its intent to issue the Bonds and to direct <br />the City Manager to take all actions necessary to apply for a private activity bond <br />allocation for the Project from the California Debt Limit Allocation Committee <br />(the "CDLAC"). <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1. The City intends to issue the Bonds in a principal amount not to exceed $16,000,000 <br /> for the purpose of making a loan to the Borrower to finance costs of the acquisition <br /> and construction by the Borrower of the Project. <br /> <br /> <br />