HomeMy WebLinkAboutRES NO 84-81RESOLUTION NO. 84-81
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE ISSUANCE OF
BONDS FOR THE PURPOSE OF MAKING A LOAN TO
LENDER TO FINANCE MULTI-FAMILY RESIDENTIAL
RENTAL STRUCTURES FOR OCCUPANCY BY PERSONS
AND FAMILIES OF LOW AND MODERATE INCOME.
WHEREAS, the City Council of the City of Bakersfield
(the "City") is authorized to issue and sell its bonds, notes,
interim certificates, debentures or other obligations (the "Bonds")
pursuant to the City Charter for the purpose of making a loan to
a lending institution to provide financing for the acquisition,
rehabilitation, construction and improvement of multi-family
residential rental structures located within the City for occupancy
by persons and families of low and moderate income;
WHEREAS, qualified lenders (the "Lenders") have requested
the City to issue and sell its revenue Bonds for the purpose of
making a loan to the Lenders to permit them to undertake a financing
program (the "Program") for multi-family low and moderate income
rental structures, including related and appurtenant facilities
and properties (the "Projects"), to be constructed by the Developers
within the City; and
WHEREAS, the City Council wishes to induce the Lenders
to undertake the Program and to induce Developers to undertake
Projects; and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purpose of the City
that the City Council authorize Bonds for the aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfield as follows:
1. The City Council hereby authorizes the issuance and
sale of Bonds of the City, pursuant to the City Charter and the
procedures to be specified in an Ordinance, in a principal amount
of not to exceed $80,000,000.00 for the purpose of making loans
to the Lenders for the acquisition, construction and improve-
ment of multi-unit apartments.
2. Authorization shall be for the purpose of inducing
the Lenders to undertake the Program and to induce Developers to
undertake Projects.
3. The issuance and sale of said Bonds shall be upon
such terms and conditions as may be mutually agreed upon by the
City, the Lenders and underwriters and shall be authorized by
resolution of the City Council at a meeting duly held and conducted
for such purpose.
4. The proceeds of the Bonds shall include such related
and necessary expenses, administrative costs, debt service reserves
and interest payments as may be required to accomplish successfully
the financing.
5. The Lenders may include the financing of additional
projects pursuant to the loans to the Lenders and the Program,
provided that inducements contained herein are first duly sup-
plemented by action of this Council.
6. This resolution shall take effect immediately upon
its passage and adopt ion.
o0o
I HEREBY CERTIFY that the foregoing Resolution was
passed and adopted by the Council of the City of Bakersfield at a
regular meeting thereof held on the 18th day of November, 1981, by
the following vote:
A'/!~, ODUNEILMEN': BARTON, CHRISTENSEN, MEANS, PAYNE, RATTY, ROCKOFF, STRONG
NOE~. COUNCILMEN: -I/LO]/L4p
_
~BSENT: COUNCILMEN: ~
ABSTAINING: COUNCILMEN: "1~'F[ ~O
CITY Ex f
Council of the City of Bakersfield
the
AP~, j~ED th~S:;aI--B~h day of November, 1981
o~~sfield
APPROVED as t~ form: