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Resolution No. 03-021 <br />Page 2 <br /> <br />Section 2. <br /> <br />The City Council directs the City Manager to take all actions necessary or desirable <br />to obtain an allocation for the issuance of private activity bonds for the Project from <br />CDLAC in the aggregate amount of not to exceed $16,000,000 (the "Allocation"). In <br />accordance with the procedures of CDLAC concerning a deposit, the City shall <br />obtain the deposit requirement by CDLAC from moneys made available by <br />Ponderosa. The Deposit Agreement between the City and Ponderosa regarding such <br />deposit, in the form on file with the City Clerk, is hereby approved and the City <br />Manager is hereby authorized to execute the Deposit Agreement. <br /> <br />Section 3. The City Council hereby approves the contract with Quint & Thimmig LLP to <br /> provide bond counsel services for the Bonds. <br /> <br />Section 4. <br /> <br />The adoption of this Resolution is solely for the purpose of satisfying the <br />requirement of CDLAC related to the Allocation, and shall not be construed as for <br />any other purpose. The City has not fully reviewed or considered the financial <br />feasibility of the Project or the expected operation of the Project, and the adoption of <br />this Resolution shall not obligate the City in any manner with respect to the Bonds or <br />the Project. Specifically, this Resolution shall not obligate (i) the City to provide <br />financing to the Borrower or Ponderosa for the acquisition or construction of the <br />Project or to issue the Bonds for purposes of such fmancing; or (ii) the City, or any <br />department of the City, to approve any application or request for, or take any other <br />action in connection with, any environmental, zoning, building, or any other permit <br />or other action necessary for the acquisition, construction, or operation of the Project. <br /> <br />Section 5. This Resolution shall become effective immediately upon its passage and adoption. <br /> <br /> I HEREBY CERTIFY THAT THE FOREGOING WAS DULY AND REGULARLY <br />ADOPTED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON AT A MEETING <br />HELD ON APRIL 1, 2003 BY THE FOLLOWING VOTE: <br /> <br />AYE S: <br />NOES: <br />ABSTAIN: <br />ABSENT: <br /> <br />Councilmember Ayala, Brozosky, Hosterman, and Mayor Pico <br />None <br />None <br />Councilmember Campbell <br /> <br />Peggy ]~. ~zq'dr6, Cit~dClerk <br /> <br />APPROVED AS TO FORM: <br /> <br />Michael H. Roush, City Attorney <br /> <br /> <br />