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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 93-135 <br /> <br /> RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND <br /> DELIVERY OF MULTIFAMILY HOUSING REVENUE REF~IMDING <br /> BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF <br /> RELATED DOCUMENTS AND APPROVING ACTIONS IN <br /> CONNECTION TMEREWITH <br /> <br /> (Multifamily Housing Revenue Refunding Bonds (Civic <br /> Square Apartments), 1993 Issue A) <br /> <br />WHEREAS, Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of <br /> the Government Code of the State of California (the "Act") <br /> authorizes a local agency to incur indebtedness for the <br /> purpose of refunding outstanding bonds of the local agency, <br /> and the Act provides a complete additional and alternative <br /> method for such financing; and <br /> <br />WHEREAS, the City of Pleasanton (the "Issuer") hereby finds and <br /> declares that it is a public purpose for the Issuer to engage <br /> in a program (the "Program") of refunding certain revenue <br /> bonds of the Issuer which were issued to finance the <br /> acquisition, construction and development of multifamily <br /> rental housing pursuant to Chapter 7 of Part 5 of Division 31 <br /> of the California Health and Safety Code, and has determined <br /> to borrow money for such purpose by the issuance of revenue <br /> bonds as authorized by the Act; and <br /> <br />WHEREAS, the Issuer hereby finds and declares that this resolution is <br /> being adopted pursuant to the powers granted by the Act; and <br /> <br />WHEREAS, Braddock & Logan Associates, a California general partnership <br /> (the "Borrower"), has requested that the Issuer issue and sell <br /> the Bonds (hereafter defined) for the purpose of making a loan <br /> to the Borrower to finance the acquisition, construction and <br /> development of a multifamily rental housing project (the <br /> "Project"); and <br /> <br />WHEREAS, the City has previously issued its City of Pleasanton <br /> Multifamily Housing Revenue bonds, Issue A of 1985 (Civic <br /> Square Apartments Project) in the principal amount of <br /> $15,000,000 (the "Prior Bonds"), and it is intended that the <br /> Borrower use the proceeds of the loan to repay the loan made <br /> to it from the proceeds of the Prior Bonds and thereby effect <br /> a redemption in whole of the Prior Bonds; and <br /> <br />WHEREAS, a notice of a public hearing with respect to the proposed <br /> issuance of the Bonds has been published; and <br /> <br /> <br />