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WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br />CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br />ALAMEDA COUNTY, CALIFORNIA <br /> <br />RESOLUTION NO. 83-499 <br /> <br />RESOLUTION CONCE~IING ISSUANCE OF REVENUE BONDS <br />TO FINANCE THE CONSTRUCTION OF A ~LTI-FAMILY <br />HOUSING DEVELOPMENT BY VALLEY PLAZA ASSOCIATES <br />AND SETTING PUBLIC HEARING ON NOVEMBER 22, 1983 <br /> <br />the City Council of the City of Pleasanton (the <br />"City"), after careful study and consideration, <br />has determined that there is a shortage of safe and <br />sanitary housing within the City, particularly for <br />low or moderate income persons, and that it is in <br />the best interest of the residents of the City and <br />in furtherance of the health, safety, and welfare <br />of the public ~or the City to assist in the financing <br />of multi-family rental housing units; and <br /> <br />pursuant to Division 31 of the Health and Safety <br />Code of the State of California, and particularly <br />Chapter 7 of Part 5 thereof (the "Act"), the City <br />is empowered to issue and sell bonds for the purpose of <br />making mortgage loans or otherwise providin~ funds <br />to finance the develoDment of multi-family rental <br />housing including units for lower income households <br />and very low income households; and <br /> <br />the City Council has now determined to provide <br />financing for a multifamily rental housing development <br />identified in ExhibitA hereto (the "Development"), <br />to be located in the City, and in order to finance <br />the Development the City intends to issue revenue <br />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, of mortgage revenue bonds <br /> (the "Bonds") in an aggregate Drincipal amount not to <br /> exceed the amoutn set forth in Exhibit A hereto. The <br /> Development is to be located at the site and is to <br /> consist of approximately the number of units set <br /> forth in said Exhibit A, and is to be developed and <br /> owned by the Developer named therein or by a related <br /> entity or an entity to be created by persons comDrising <br /> said Developer. The Development shall meet the <br /> requirements of the Act and any federal requirements <br /> for tax exemption of interest on the Bonds, <br /> including without limitation requirements with respect <br /> <br /> <br />