RES 85056 - Laserfiche WebLink

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City Council of the City finds and determines that financing of the Project is designed to meet the multifamily rental housing needs of people of low or moderate income in the City and to benefit the people of the State of California and be for their health and welfare, and the City, in providing such financing under the terms and conditions of this Resolution, will be acting in furtherance of the public purposes of the Act, and that it is necessary and in the best interest of its inhabitants that the Project be financed. Section 2: The City hereby expresses its present intent to issue its revenue bonds in an aggregate principal amount not to exceed $19,000,000 (hereinafter "Bonds") for the purpose of paying a portion of the costs of the Project. Section 3: The Bonds shall be issued subject to the conditions that (i) the City by resolution shall have first agreed to acceptable terms and conditions for the Bonds (and for sale and delivery thereof), and for all financing, regulatory and related agreements to be entered into by the City with respect to the Project and (ii) all requisite governmental approvals, including City approvals, shall have first been obtained. Section 4: The Bonds shall be payable solely from the revenues to be received by the City pursuant to all agreements in connection with the financing of the Project, and shall not be deemed to constitute an indebtedness of the City or a loan of credit thereof within the meaning of any constitutional or statutory provision, nor shall the Bonds be construed to create any moral obligation on the part of the City or any agency or subdivision thereof with respect to the payment of the principal of, premium, if any, or interest on the Bonds. Section 5: All contracts relating to the acquisition, construction, installation and equipping of the Projects are solicited, negotiated, awarded and executed by the Developer, for its own account, subject to applicable federal, state and local laws. Section 6: It is understood that the City shall have no pecuniary liability to the Developer for any fees in connection with the Project, and it is understood further that the passage of this Resolution does not obligate the City to issue the Bonds nor to approve said Project.