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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: The City Council of the City finds and determines that <br /> financing of the Project is designed to meet the multi- <br /> family rental housing needs of people of low or moderate <br /> income in the City and to benefit the people of the <br /> State of California and be for their health and welfare, <br /> and the City, in providing such financing under the terms <br /> and conditions of this Resolution, will be acting on <br /> furtherance of the public purposes of the Act, and that <br /> it is necessary and in the best interest of its inhab- <br /> itants that the Project be financed without delay. <br /> <br />Section 2: The City hereby expresses its present intent to issue <br /> its revenue bonds in an aggregate principal amount not <br /> to exceed $15,000,000 (hereinafter "Bonds") for the <br /> purpose of paying a portion of the costs of the Project. <br /> <br />Section 3: The Bonds shall be issued subject to the conditions <br /> that (i) the City by resolution shall have first agreed <br /> to acceptable terms and conditions for the Bonds (and <br /> for sale and delivery thereof), and for all financing, <br /> regulatory and related agreements to be entered into <br /> by the City with respect to the Project and ~ii) all <br /> requisite governmental approvals shall have first been <br /> obtained. <br /> <br />Section 4: The Bonds shall be payable solely from the revenues <br /> to be received by the City pursuant to all agreements <br /> in connection with the financing of the Project, and <br /> shall not be deemed to constitute an indebtedness of <br /> the City or a loan of credit thereof within the meaning <br /> of any constitutional or statutory provision, nor shall <br /> the Bonds be construed to create any moral obligation <br /> on the part of the City or any agency or subdivision <br /> thereof with respect to the payment of the principal <br /> of, premium, if any, or interest on the Bonds. <br /> <br />Section 5: All contracts relating to the acquisition, construction, <br /> installation and equipping of the Project are solicited, <br /> negotiated, awarded and executed by the Developer, for <br /> its own account, subject to applicable federal, state <br /> and local laws. <br /> <br />Section 6: It is understood that the City shall have no pecuniary <br /> liability to the Developer for any fees in connection <br /> with the Project, and it is understood further that <br /> the passage of this Resolution does not obligate the <br /> City to issue the Bonds. <br /> <br /> - 2 - <br /> <br /> <br />