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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 85-563 <br /> <br /> RESOLUTION CONCERNING THE ISSUANCE OF REVENUE BONDS TO <br /> FINANCE THE CONSTRUCTION OF A MULTIFAMILY HOUSING <br /> DEVELOPMENT <br /> <br />WHEREAS, the City Council of the City of Pleasanton (the "City"), <br /> after careful study and consideration, has determined <br /> that there is a shortage of safe and sanitary housing <br /> within the City particularly for low or moderate income <br /> persons, and that it is in the best interest of the <br /> residents of the City and in furtherance of the health, <br /> safety, and welfare of the public for the City to assist <br /> in the financing of multifamily rental housing units; <br /> and <br /> <br />WHEREAS, pursuant to Division 31 of the Health and Safety Code of <br /> the State of California, and particularly Chapter 7 of <br /> Part 5 thereof (the "Act"), the City is empowered to <br /> issue and sell bonds for the purpose of making mortgage <br /> loans or otherwise providing funds to finance the <br /> development of multifamily rental housing including <br /> units for lower income households and very low income <br /> households; and <br /> <br />WHEREAS, the City Council has now determined to provide financing <br /> for the multifamily rental housing development <br /> identified in Exhibit A hereto (the "Development"), and <br /> in order to finance the Development the City intends to <br /> issue revenue bonds pursuant to the Act; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: The City Council hereby determines that it is <br /> necessary and desirable to provide construction and <br /> permanent financing for the Development by the issuance, <br /> pursuant to the Act or other appropriate authority, of <br /> mortgage revenue bonds (the "Bonds") in an aggregate <br /> principal amount not to exceed the amount set forth in <br /> Exhibit A hereto. The Development is to be located at <br /> the site and is to consist of approximately the number <br /> of units set forth in said Exhibit A, and is to be <br /> developed and owned by the Developer described therein <br /> or by a related entity or an entity to be created by or <br /> designated by any of the persons comprising said <br /> Developer. The development shall meet the requirements <br /> of the Act and any federal requirements for tax <br /> exemption of interest on the Bond, including without <br /> limitation requirements with respect to availability of <br /> units in the Development for occupancy by persons of low <br /> <br /> <br />