RES 84122 - Laserfiche WebLink

Section 10: Section 11: Section 12: Section 13: Section 14: The City finds and determines that it is not feasible to require that at least one-half of the units of the Project reserved for lower income households pursuant to the Supplemental Financing and Regulatory Agreement be further reserved on a priority basis by individuals or families whose adjusted gross income does not exceed 50 percent of the medium adjusted gross income for the area, as determined pursuant to Section 8 of the United States Housing Act of 1937. In making this deter- mination the City considered (i) the availability of rent subsidies and other financial aid from the state and federal government and (ii) reductions in construction and design requirements, by providing for expedited processing, and by making provision for other financial incentives for the Project. In lieu of the income restrictions stated in this Section 10, the City has imposed on the Project the limitations of the City's Growth Man- agement Program and the restrictions of the Supplemental Financing and Regulatory Agreement. All actions heretofore taken by the Officers and agents of the City with respect to the sale and issuance of the Bonds are hereby approved, con- firmed and ratified, and the officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents, and to cause the Trustee to make all necessary action including the execution of documents by the Trustee as Agent of the City, including but not limited to those described in the Contract of Purchase, which they, or any of them, may deem necessary or ad- visable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Act and this resolution. All ordinances and resolutions or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any remaining provisions of this resolution. Nothing contained in this resolution or in the documents the City Council is approving herein shall be construed as obligating the general credit of the City, nor shall the breach of any agreement contained in this resolution or the documents executed in con- nection herewith impose any charge upon the general credit of the City. - 5 -