RES 89417 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 89-417 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PT~ASANTON, CALIFORNIA, DECLARING THE INTENTION OF THE CITY OF PT2ASANTON TO PURSUE THE ISSUANCE OF THE MULTIFAMILY MORTGAGE REFUNDING REVENUE BONDS FOR THE REFINANCING OF A CERTAIN MULTIFAMILY RENTAL HOUSING DEVELOPMENT KNOWN AS VA~2Y PLAZA II WHEREAS, Article 11 of Chapter 3 of part 1 of Division 2 of Title 5 of the Government Code of the State of California (the "Act") authorizes local agencies to incur indebtedness for the purpose of refunding any revenue bonds, and the Act provides a complete, additional and alternative method for doing the things authorized thereby; and WHEREAS, the City of Pleasanton, California (the "City") has determined to engage in a program of refunding certain revenue bonds of the City issued to finance the construction and development of multifamily rental housing pursuant to the Act; and WHEREAS, the City desires to declare its intention to pursue the issuance of multifamily mortgage revenue bonds for the purpose of refinancing the costs of the development and construction of such m~ltifamily rental housing, upon such terms and conditions as may be agreed upon by the City, the developer and the purchasers of the refunding revenue bonds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: Pursuant to the Act, the City is legally authorized to issue bonds and to use the proceeds thereof to refund revenue bonds used to finance the acquisition and construction of multifamily residential rental housing. Section 2: The City Council does hereby declare its intention to pursue the issuance of revenue refunding bonds for the purpose of refinancing a certain multifamily rental housing development known as Valley Plaza II. - 1-