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Resolution No. 93-135 <br />Page 2 <br /> <br />WHEREAS, said public hearing has been held before the City Council of <br /> the City of Pleasanton, and an opportunity was provided for <br /> interested parties to present arguments for and against the <br /> issuance of the Bonds; and <br /> <br />WHEREAS, it is intended that the interest on the Bonds be excluded from <br /> the gross incomes of the owners thereof as permitted under the <br /> Internal Revenue Code of 1986, as amended, and in order to <br /> obtain said exclusion as well as assure compliance with the <br /> Act, the Borrower will enter into a Regulatory Agreement and <br /> Declaration of Restrictive Covenants to be recorded against <br /> the Project which requires that no less than twenty percent <br /> (20%) of the units in the Project be rented to persons and <br /> families whose household incomes do not exceed eighty percent <br /> (80%) of the median income for the area; and <br /> <br />WHEREAS, all conditions, things and acts required to exist, to have <br /> happened and to have been performed precedent to and in the <br /> issuance of the Bonds and the implementation of the Program as <br /> contemplated by this resolution and the documents referred to <br /> herein exist, have happened and have been performed in due <br /> time, form and manner as required by the laws of the State of <br /> California, including the Act. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS <br />FOLLOWS: <br /> <br />Section 1: The Issuer hereby finds and declares that the above recitals <br /> are true and correct. <br /> <br />Section 2: Pursuant to the Act and the Indenture (hereinafter defined), <br /> refunding revenue bonds of the Issuer, designated as "City of <br /> Pleasanton Multifamily Housing Revenue Refunding Bonds (Civic <br /> Square Apartments), 1993 Issue A" in an aggregate principal <br /> amount not to exceed $15,000,000 (the "Bonds") are hereby <br /> authorized to be issued. The Bonds shall be executed by the <br /> manual or facsimile signature of the Treasurer, the seal or <br /> facsimile of the seal of the Issuer shall be reproduced <br /> thereon and attested by the manual or facsimile signature of <br /> the City Clerk, in the form set forth in and otherwise in <br /> accordance with the Indenture. <br /> <br />Section 3: The Indenture of Trust (the "Indenture") with respect to the <br /> Bonds between the Issuer and (the "Trustee") <br /> in the form presented to this meeting is hereby approved. The <br /> City Manager and the Finance Director (the "Designated <br /> Officers") are, and each of them acting alone is, hereby <br /> authorized and directed, for and in the name and on behalf of <br /> the Issuer, to execute and deliver the Indenture, and the City <br /> Clerk is hereby authorized and directed, for and in the name <br /> and on behalf of the Issuer, to attest the Designated <br /> <br /> <br />