Laserfiche WebLink
CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 84-122 <br /> <br />RESOLUTION AUTHORIZING THE SALE OF NOT TO EXCEED <br />$15,000,000 AGGREGRATE PRINCIPAL AMOUNT OF CITY OF <br />PLEASANTON MULTIFAMILY MORTGAGE REVENUE BONDS, SERIES <br />1984 (FHA INSURED MORTGAGE LOAN), AND APPROVING AND <br />AUTHORIZING THE EXECUTION OF RELATED DOCUMENTS, <br />AGREEMENTS AND ACTIONS. <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />Chapter 7 of Part 5 of Division 31 of the Health and <br />Safety Code of the State of California, as amended <br />(the "Act"), authorized cities to issue revenue bonds <br />for the purpose of financing the development of multi- <br />family rental housing; and <br /> <br />on January 24, 1984, the City Council of the City of <br />Pleasanton (the "City") adopted a resolution of inten- <br />tion to finance a residential rental project to be <br />known as Gatewood Apartments (the "Project"); and <br /> <br />to finance the Project, the City proposes to issue not <br />to exceed fifteen million dollars ($15,000,000) aggre- <br />gate principal amount of its Multifamily Mortgage Revenue <br />Bonds, Series 1984 (FHA Insured Mortgage Loan) ~he "Bonds") <br />pursuant to the Act, and to use the proceeds of sale of <br />the Bonds to provide for a mortgage loan (the "Mortgage <br />Loan") to Gatewood Associates (the "Owner") and to provide <br />funds for land acquisition for the Project; and <br /> <br />Smith Barney, Harris Upham & Co. Incorporated (the <br />"Underwriter") has expressed their intention to <br />purchase the Bonds, and the City Council finds that <br />the public interest and necessity require that the <br />City at this time make arrangements for the sale of <br />the Bonds to the Underwriter; and <br /> <br />pursuant to Section 103(k) of the Internal Revenue <br />Code, as amended (the "Code"), the Bonds are required <br />to be approved, following a public hearing, by an <br />elected representative of the issuer of the Bonds and <br />an elected representative of the governmental unit <br />having jurisdiction over the area in which the Project <br />is located; and <br /> <br />The Project will be located wholly within the geographic <br />jurisdiction of the City; and <br /> <br /> <br />