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<br /> CITY COUNCIL OF THE CITY OF PLEASANTON <br /> ALAMEDA COUNTY, CALIFORNIA <br /> RESOLUTION NO. 05-062 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />PLEASANTON APPROVING THE FORM AND AUTHORIZING THE <br />EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION WITH <br />THE FINANCING OF AN ASSISTED LIVING FACILITY FOR BLP <br />PARTNERSHIP, INC. AND DIRECTING CERTAIN ACTIONS WITH <br />RESPECT THERETO <br />WHEREAS, BLP Partnership, Inc., a California nonprofit public benefit corporation (the <br /> "Corporation") sponsored by BRIDGE Housing Corporation and Lytton Gardens <br /> Senior Communities, has requested that the City of Pleasanton (the "City") enter <br /> into an installment sale agreement between the Corporation, as seller, and the City, <br /> as purchaser, for the purpose of assisting in the financing of the construction by <br /> the Corporation of an assisted living facility with a dementia wing (the "Facility"), <br /> to be located at 100 Junipero Street in the City; and <br />WHEREAS, the City is empowered by the laws of the State of California to acquire real and <br /> personal property and to dispose of the same as may be necessary or convenient <br /> for the public purposes of the City; and <br />WHEREAS, the City has agreed to act as conduit issuer for the Corporation to facilitate such <br /> financing; and <br />WHEREAS, it is intended that the interest component of the purchase payments to be made by <br /> the City under the installment sale agreement be excluded from gross income for <br /> federal tax purposes under the provisions of the Internal Revenue Code of 1986, as <br /> amended (the "Code"); and <br />WHEREAS, the borrowing represented by the installment sale agreement will be considered to <br /> be a "private activity bond" under Section 142(a) of the Code, and Section 147(f) <br /> of the Code requires that the "applicable elected representative" with respect to the <br /> Facility approve the delivery by the City of the installment sale agreement <br /> following the holding of a public hearing with respect thereto; and <br />WHEREAS, the City Council is the "applicable elected representative" of the City to hold such <br /> hearing and approve the delivery by the City of the installment sale agreement; <br /> and <br />