HomeMy WebLinkAbout4406_CCv0001.pdf RESOLUT10i4 NO. 4406
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS APPROVING THE ISSUANCE
OF BONDS BY THE CITY OF REDLANDS FOR THE
ORANGE VILLAGE APARTMENT PROJECT IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$8, 000, 000
WHEREAS, pursuant to Chapter 7 , Part S, Divi-
sion 31 of the California Health and Safety Code ( commencing
with Section 52075 ) ( the "Law" ) , the City of Redlands ( the
"City" ) has heretofore adopted its Resolution No. 4136 ( the
"Inducement Resolution" ) expressing the intention of the
City to issue its multifamily residential revenue bonds to
finance the acquisition and construction of a 188-unit
apartment complex to be located at the corner of San Bernar-
dino Avenue and Orange Street, on a parcel of approximately
11 acres (the "Project" ) and to be owned by Maskan Develop-
ment Company, a California Limited Partnership, and
WHEREAS, pursuant to the requirements of Section
1.47( f ) of the Internal Revenue Code of 1986 , the City Coun-
cil of the City has on the date hereof conducted a public
hearing regarding the issuance of the Bonds by the City for
the Project, notice of which was published in the Redlands
Daily_ Facts at least 14 days prior thereto;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS FOL-
LOWS:
_1_
1 , Lorrie Poyzer , City Clerk of the City of Red-
lands , 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 19th day of July, 1988 , by the
following vote of the City Council :
AYES . Councilmembers Johnson , Cunningham; Mayor .Beswick
NOES. Counciimember DeMirjyn
ABSENT. CounQilmember Wormser
ABSTAINED; None
IN WITNESS WHEREOF, I have hereunto set my
hand and affixed the official seal of the City of Redlands,
California, this 19th day of July - , 1988 .
i
Ci y C rk of th
City of.)Redlands , aiifornia
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Section 1. Approval of Project and Financing.
The City Council hereby approves the Project and the issu-
ance of bonds by the City pursuant to the Law in an amount
not to exceed $8,000, 000 for the purpose of financing the
Project.
Section 2. Effective Date. This resolution shall
take effect immediately upon its adoption.
ADOPTED this 19th day of July, 1988 .
Mayor of the City of Redlands,
California
(SEAL)
ATTEST:
CityC jerk of the ity of Redlands,
California
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