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ACTZON TAKEN PURSUANT TO THE RESOLUTZON <br /> <br /> The resolution has the effect of authorizing and directing appropriate <br />City officials to carry out all actions necessary to consummate a sale of <br />revenue bonds of the City, the proceeds of which will be used to make a loan to <br />Braddock & Logan Associates for use in connection with the financing of a 262- <br />unit multifamily rental housing development to be known as Civic Square <br />Apartments. The apartments will be located on a 13.15 acre site immediately <br />southwest of the Bernal Street extension. <br /> <br /> The issuance of the bonds pursuant to the resolution will be at no cost to <br />the City, because the bonds are "revenue bonds" payable solely out of funds paid <br />by the developer. The developer has agreed in the documents being approved by <br />the resolution to indemnify the City against all cost and liability related to <br />the financing. <br /> <br /> In addition to authorizing the issuance and sale of the bonds, the <br />resolution approves and directs the Mayor to execute: <br /> <br /> (a) an Indenture, which is a contract between the City and a trustee for <br /> the bonds, which contains the basic provisions governing the payment <br /> of the bonds and the use of their proceeds, <br /> <br /> (b) a Loan Agreement, which is a contract specifying the terms of the <br /> loan of the proceeds of the bonds to the developer, and <br /> <br /> (c) a Regulatory Agreement, which is a contract governing the operation <br /> of the apartments to be built with the proceeds of the bonds, <br /> ensuring that all applicable federal, state and local requirements <br /> will be complied with in the rental of the apartment units. <br /> <br /> These are the primary documents for the financing. Copies of the above- <br />listed documents are on file with the City Clerk. <br /> <br /> The bonds will be sold to Wells Fargo Bank on November 6, 1985. The sale <br />and issuance of the bonds are at no cost to the City, as the documents provide <br />that the developer will pay all costs associated with the bonds and the <br />financing. <br /> <br /> The resolution also designates Jones Hall Hill & White as bond counsel to <br />the City with respect to the financing. <br /> <br /> <br />