RES 85531 - Laserfiche WebLink

feasible to reserve one-half of the units in the Project available for occupancy on a priority basis to low-income households for occupancy on a priority basis by individuals and families whose adjusted gross income does not exceed fifty percent of the median adjusted gross income for the area, as median adjusted gross income may, from time to time, be determined pursuant to Section 8 of the United States Housing Act of 1937. NOW, THEREFORE, the City Council of the City of Pleasanton resolves as follows: Section 1. The City Council hereby finds and declares that the above recitals are true and correct. Section 2. Pursuant to the Act and the Indenture (hereinafter defined), revenue bonds of the City, designated as "City of Pleasanton Multifamily Housing Revenue Bonds, Issue A of 1985 (Civic Square Apartments Project)" in an aggregate principal amount not to exceed $15,000,000 (the "Bonds"), are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Mayor of the City, the facsimile of the seal of the City shall be affixed or reproduced thereon and attested by the manual or facsimile signature of the City Clerk, in the form set forth in and otherwise in accordance with the Indenture. Section 3. The proposed form of indenture of trust (the "Indenture") between the City and Seattle-First National Bank (the "Trustee") in substantially the form presented to this meeting, is hereby approved. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Indenture, and the City Clerk is hereby authorized and directed, for and in the name and on behalf of the City, to attest the signature of the Mayor of the City, in substantially said form, with such additions thereto or changes therein as are approved by the Mayor of the City upon consultation with Bond Counsel to the City (including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $15,000,000), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Indenture by the Mayor of the City. The date, maturity dates, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Indenture as finally executed. Section 4. The proposed form of loan agreement (the "Loan Agreement") among the City, the Trustee and Braddock & Logan Associates (the "Developer"), in substantially the form. presented to this meeting, is hereby approved. The Mayor of the City is hereby authorized and directed to execute and deliver the Loan Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Mayor of the City upon consultation with Bond Counsel to the City including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery of said Loan Agreement by the Mayor of the City. Section 5. The proposed form of regulatory agreement and declaration of restrictive covenants (the "Regulatory Agreement") among the City, the Trustee 2