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~tEREAS, <br /> <br />I~IEREAS, <br /> <br />I,~EREAS, <br /> <br />~FHEREAS , <br /> <br />WHEREAS, <br /> <br />CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br />ALAMEDA COUNTY, CALIFORIqlA <br /> <br />RESOLUTION N0.83-538 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND <br />DELIVERY OF CITY OF PLEASANTON MULTIFAMILY <br />MORTGAGE REVENUE BONDS (FIRST NATIOM~IDE SAVINGS <br />PROGRAM) 1983 ISSUE A, AUTHORIZING THE EXECUTION <br />AND DELIVERY OF AN INDENTURE, LETTER OF CREDIT <br />AGREEMENT, ORIGINATION AND SERVICING AGREEMENT, <br />REGULATORY AGREEMENT, OFFICIAL STATEMENT AND <br />PURCHASE CONTRACT, AND AUTHORIZING THE EXECUTION <br />AND DELIVERY OF AND APPROVING OTHER RELATED <br />DOCUMENTS AND APPROVIMG OTHER RELATED ACTIONS IN <br />CONNECTION THEREWITH <br /> <br />Chapter 7 of Part 5 of Division 31 of the Health and <br />Safety Code of the State of California (the "Act") <br />authorizes cities to incur indebtedness for the purpose <br />of financing the construction or development of multi- <br />family rental housing and for the provision of capital <br />improvements in connection with and determined necessary <br />to such multifamily housing, and the Act Drovides a <br />complete, additional and alternative method of doing <br />the things authorized thereby; and <br /> <br />the City Council (the "Council") of the City of <br />Pleasanton (the "City") hereby finds and declares <br />that it is necessary, essential and a public purpose <br />for the City to engage in a Drogram (the "Program") of <br />financing the construction and development of multi- <br />family rental housing, and has determined to borrow <br />money for such purDose by the issuance of revenue bonds <br />as authorized by the Act; and <br /> <br />the Project will not be receiving federal or state <br />rent subsidies or other financial aid, it will not <br />be feasible to reserve units in the Project for <br />occupancy on a priority basis by individuals or <br />families whose adjusted gross income does not exceed <br />50 per cent of the median adjusted gross income for <br />the area, as median adjusted gross income may from <br />time to time be determined pursuant to Section 8 of <br />the United States Housing Act of 1937; and <br /> <br />this Council hereby <br />resolution is being <br />granted by the Act; <br /> <br />finds and declares that this <br />adopted pursuant to the powers <br />and <br /> <br />a notice of a public hearing with respect to the <br />proposed issuance of the Bonds (hereinafter defined) <br />has been published; and <br /> <br /> <br />