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RESOLUTZON NO. 85-531 <br /> <br /> RESOLUTZON OF THE CZTY OF PLEASANTON <br /> AUTHORIZZNG THE ZSSUANCE, SALE AND DELZVERY <br /> OF CZTY OF PLEASANTON MULTZFANZLY HOUSZNG REVENUE BONDS, <br /> ZSSUE A OF 1985 (CZVZC SQUARE APARTMENTS PROJECT), <br /> AUTHORZZZNG THE EXECUTZON AND DELZVERY <br /> OF AN ZNDENTURE OF TRUST, LOAN AGREEMENT, <br /> REGULATORY AGREEMENT AND DECLARATZON OF RESTRZCTZVE COVENANTS, <br /> AND AUTHORZZZNG THE EXECUTZON AND DELZVERY OF <br /> AND APPROVZNG OTHER RELATED DOCUMENTS <br /> AND APPROVZNG OTHER RELATED ACTZONS ZN CONNECTZON THEREWZTH <br /> <br /> WHEREAS, Chapter 7 of Part 5 of Division 31 of the Health and Safety Code <br />of the State of California (the "Act") authorizes cities and counties to incur <br />indebtedness for the purpose of financing the construction or development of <br />multifamily rental housing within their jurisdiction, and the Act provides a <br />complete, additional and alternative method for doing the things authorized <br />thereby; <br /> <br /> WHEREAS the City of Pleasanton (the "City") hereby finds and declares that <br />it is necessary, essential and a public purpose for the City to engage in a <br />program of financing the construction and development of multifamily rental <br />housing (the "Program") and has determined to borrow money for such purpose by <br />the issuance of revenue bonds as authorized by the Act; <br /> <br /> WHEREAS, the City hereby finds and declares that this Resolution is being <br />adopted pursuant to the powers granted by the Act; <br /> <br /> WHEREAS, a notice of a public hearing with respect to the proposed <br />issuance of the Bonds (hereinafter defined) and the financing of the multifamily <br />rental housing development described in said notice (the "Project") with the <br />proceeds thereof has been published in a newspaper of general circulation in the <br />City not less than fourteen days prior to the date of such hearing; <br /> <br /> WHEREAS, said public hearing was held before this Council and an <br />opportunity was provided for interested parties to present arguments for and <br />against the issuance of the Bonds and the financing of the Project with the <br />proceeds of the Bonds; <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 issuance of the <br />Bonds and the implementation of the Program as contemplated by this resolution <br />and the documents referred to herein exist, have happened and have been <br />performed in due time, form and manner as required by the laws of the State of <br />California, including the Act; and <br /> <br /> WHEREAS, since rent subsidies or other financial aid from the federal or <br />state government are not readily available for the Project to be financed with <br />the proceeds of the Bonds, the City hereby finds that it is not economically <br /> <br /> <br />