Laserfiche WebLink
CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 93-86 <br /> <br /> RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND <br /> DELIVERY OF MORTGAGE REVENUE REFUNDING BONDS <br /> IN ANAGGREGATE PRINCIPAL AMOUNTNOT TO EXCEED <br /> ~11,500,000 FORT HE PURPOSE OF REFUNDING BONDS <br /> ISSUED TO PROVIDE FINANCING FOR A MULTIFAMILY <br /> RENTAL HOUSING PRO~ECT KNOWN AS GATEWOOD <br /> APARTMENTS, DETERMINING AND PRESCRIBING <br /> CERTAIN MATTERS RELATING THERETO, AND <br /> APPROVING AND AUTHORIZING RELATED ACTIONS AND <br /> THE EXECUTION AND DELIVERY OF RELATED <br /> DOCUMENTS. <br /> <br />WHEREAS, the City of Pleasanton (the "City") has heretofore <br /> determined to engage in a program (the "Program") of <br /> financing the construction of a multifamily rental <br /> housing development known as Gatewood Apartments (the <br /> "Project"), and in order to do so issued $11,935,000 of <br /> its Multi-Family Mortgage Revenue Bonds, Series 1984 (FHA <br /> Insured Mortgage Loan) (the "Prior Bonds"), and made a <br /> loan of the proceeds thereof to Gatewood Associates, a <br /> limited partnership (the "Owner"); and <br /> <br />WHEREAS, as a result of certain defaults by the Owner, the Prior <br /> Bonds are required to be redeemed in accordance with that <br /> certain indenture dated as of March 1, 1984 (the "Prior <br /> Indenture") by and between the City and Seattle-First <br /> Bank, as trustee thereunder; and <br /> <br />WHEREAS, the City Council of the City (the "City Council") desires <br /> to assist the Owner and preserve the availability of <br /> units in the Project for low and moderate income persons <br /> or families, and in order to accomplish such purposes it <br /> is desirable for the City Council to provide for the <br /> refunding of the Prior bonds and provide refinancing for <br /> the Project; and <br /> <br />WHEREAS, Chapter 3 of Part 1 of Division 2 of Title 5 of the <br /> Government Code of the State of California (the <br /> "Refunding Law") provides a complete, additional and <br /> alternative method for such refunding; and <br /> <br />WHEREAS, there has been prepared and presented to this City <br /> Council for consideration at this meeting the <br /> documentation required for the issuance of such refunding <br /> bonds; and <br /> <br /> <br />