HomeMy WebLinkAbout4388_CCv0001.pdf RESOLUTION NO. 4388
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS REAFFIRMING ITS INTEN-
TION TO ISSUE MULTIFAMILY HOUSING REVENUE
BONDS (ORANGE VILLAGE APARTMENTS PRO-
JECT) , AUTHORIZING THE FILING OF AN
APPLICATION FOR AN ALLOCATION OF A
PORTION OF THE STATE CEILING FOR PRIVATE
ACTIVITY BONDS WITH THE MORTGAGE BOND AND
TAX CREDIT ALLOCATION COMMITTEE OF THE
STATE OF CALIFORNIA IN AN AMOUNT NOT TO
EXCEED $8,000, 000 AND SETTING A PUBLIC
HEARING ON THE ISSUANCE OF BONDS
WHEREAS, pursuant to Chapter 7, Part 5, Division 31
of the California Health and Safety Code (commencing with
Section 52075) ( the "Law" ) , the City of Redlands ( the
"City" ) on December 17, 1985, adopted Resolution No. 4136
( the "Inducement Resolution" ) expressing the intention of
the City to finance a 188--unit apartment complex named
Orange Village Apartments to be located at the corner of San
Bernardino Avenue and Orange Street in the City (the
"Project" ) including the issuance of multifamily housing
revenue bonds for the Project; and
WHEREAS, the City wishes to reaffirm its intention
to issue and sell its multifamily housing revenue bonds to
obtain moneys to finance the Project, all under and in
accordance with the Law, and the Constitution and laws of
the State of California; and
WHEREAS, in connection with the proposed issuance
of its multifamily housing revenue bonds pursuant to the
Law, it is necessary for the City to submit an application
to the Mortgage Bond and Tax Credit Allocation Committee of
the State of California ( "MBTCAC" ) requesting an allocation
of a portion of the "state ceiling" for private activity
bonds pursuant to Section 146 of the Internal Revenue Code
of 1986 ( the "Tax Act" ) ; and
WHEREAS, pursuant to the requirements of Section
147 ( f) of the Tax Act it is necessary for the City to
conduct a noticed public hearing regarding the proposed
issuance of multifamily housing revenue bonds by the City
for the Project;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS
FOLLOWS:
Section 1. Reaffirmation of Intention to Issue
Bonds for the Project . This City Council hereby reaffirms
its intention to undertake proceedings resulting in the
issuance of multifamily housing revenue bonds pursuant to
the Law in an amount not to exceed $8,000,000 to finance the
Project ; provided that the documents relating to such bonds
shall first be approved by this City Council and shall
contain provisions requiring the Project to comply with all
applicable requirements of the Law and the Tax Act.
Section 2 . Filing of Application. This City
Council hereby authorizes and directs the City Manager to
cause to be completed, executed and filed with MBTCAC an
application on behalf of the City requesting an allocation
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in an amount not in excess of $8 ,000,000 of a portion of the
"state ceiling" for private activity bonds pursuant to
Section 146 of the Tax Act , in connection with the proposed
issuance by the City of its multifamily housing revenue
bonds for the financing of the Project .
Section 3. Public Hearing. This City Council
shall hold a public hearing on the proposed issuance of its
multifamily housing revenue bonds to finance the Project ,
which public hearing shall be held in the Council Chambers
on Tuesday, July 19, 1988, beginning at the hour of
3 :00 p.m. The City Clerk shall cause a notice of such
public hearing, in a form prepared or approved by bond
counsel to the City, to be published in a local newspaper at
least 14 days prior to said hearing.
Section 4 . Effective Date. This resolution shall
take effect immediately upon adoption.
ADOPTED this 21st day of June, 1988.
ze
Mayor of the City of Redlands,
California
Attest:
Cify Clferk of th ty of
Redlarfds, Califs nia
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FJB0636
I , Lorrie Poyzer , City Clerk of the City of
Redlands, California, do hereby certify that the foregoing
Resolution was regularly introduced and adopted by the City
Council of the City of Redlands, California, at a regular
meeting thereof held on the 21st day of June, 1988 , by the
following vote of the City Council :
AYES: Councilmembers Wormser , Johnson, Cunningham;
Mayor Beswick
NOES: Councilmember DeMirjyn
ABSENT: None
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Redlands,
California, this 21st day of June, 1988 .
Ci
lerk o I y
Cit of
RedlZnds, Cal``if rnia
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FJB0636
CERTIFICATION
I , Lorrie Poyzer, City Clerk of the City of
Redlands , California, do hereby certify that the foregoing
Resolution No. 4388 was regularly introduced and adopted
by the City Council of the City of Redlands , California ,
at a regular meeting thereof held on the 21st day of
June, 1988 , by the following vote of the City Council :
AYES : Councilmembers Wormser , Johnson , Cunningham;
Mayor Beswick
NOES : Councilmember DeMirjyn
ABSENT: None
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the official seal of the City of Redlands ,
California, this 10th day of August , 1988 .
City Clerk
City of Redlands , California