HomeMy WebLinkAboutRES NO 74-83RESOLUTION NO. 74-gB
RESOLUTION OF INTENTION TO ISSUE REVENUE BONDS
FOR MULTIFAMILY RENTAL HOUSING AND AUTHORIZING
THE EXECUTION AND DELIVERY OF A MEMORANDUM OF
INDUCEMENT AND INTENT BETWEEN THE CITY AND
GANNON ENTERPRISES
WHEREAS, the City of Bakersfield, California, a political
subdivision and charter city of the State of California (the "City"),
is authorized under Chapter 7 of Part 5 of Division 31 of the
California Health and Safety Code, as amended (the "Act"), to issue
revenue bonds for the purpose, among others, of financing the con-
struction or development of multifamily rental housing; and to make
and execute agreements, security documents and other contracts and
instruments necessary or convenient in the exercise of such powers;
and
WHEREAS, the City has been informed by a representative
of GANNON ENTERPRISES, INC., a California Corporation (the "Developer"),
that the Developer proposes the acquisition, construction and in-
stallation of multifamily rental housing development in the City
(the "Project"); and
WHEREAS, it is currently estimated by the Developer that
the Project will cost approximately $8,000,000; and
WHEREAS, the Developer has requested the City to take
official action declaring its intention to issue its revenue bonds
to finance all or a portion of the Project so that the acquisition,
construction and installation of the Project may commence, and
WHEREAS, the City has determined that the financing of
the Project is designed to meet the multifamily rental housing
needs of people of low or moderate income in the City and to benefit
the people of the State of California and be for their health and
welfare, and the City, in providing such financing under the terms
and conditions of this Resolution, will be acting in furtherance
of the public purposes of the Act; and
WHEREAS, the City has determined that it is in the best
interest of the inhabitants of the City and the State of California
that the acquisition, construction and installation of the Project
be commenced without delay; and
WHEREAS, the City and the Developer desire to enter into
a Memorandum of Inducement and Intent, substantially in the form
attached hereto, setting forth their understandings regarding the
financing of the Project and other provisions.
NOW, THEREFORE, BE IT RESOLVED by the City of Bakersfield,
California, as follows:
1. The City hereby determines to authorize the issuance
of its multifamily rental housing revenue bonds (the "Bonds"), for
the purpose of paying all or a portion of the Project, subject to:
compliance with all requirements of law; this Resolution, the policies
and standards of the City relating to the issuance of revenue bonds
for multifamily rental housing, as such policies and standards may
be amended from time to time; and an agreement between the City and
Developer containing terms and conditions satisfactory to the City.
Any Bonds issued for the Project shall be in prinicipal amount of
not more than $8,000,000 and may be issued separately or as part of
a composite issue of multifamily rental housing revenue bonds of the
City.
2. In order further to evidence its intention to issue
Bonds to finance the Project in accordance with the terms of this
Resolution, the City hereby approves the Memorandum of Inducement
and Intent in the form submitted to it and hereby authorizes the
execution and delivery to the Devloper on behalf of the City by its
Mayor and the attestation by its Clerk of a Memorandum of Inducement
and Intent in substantially such form, with such minor changes,
insertions, and omissions as may be approved by the City Attorney.
The execution of such Memorandum of Inducement and Intent by the
Mayor shall be conclusive evidence of such approval, subject to
the conditions contained herein.
3. In order to facilitate the commencement of acquisition
and installation of the Project, the City hereby determines that the
purposes of the Act will be more effectively served if all contracts
relating to the acquisition, construction, installation and equipping
of the Project are solicited, negotiated, awarded and executed by
the Developer, subject to applicable state and federal laws and the
requirements of the City.
4. It is understood that
of any kind to the Developer or any
the City shall incur no liability
others for any fees, charges,
or obligations in connection with the Project.
5. It is understood further that the passage of this
Resolution does not obligate the City to issue the Bonds and that
the City may issue revenue bonds to finance the costs of multifamily
rental housing projects other than the Project.
6. The officers of the City are hereby authorized and
directed to take such other action as they may deem necessary or
advisable to carry out the intent and purpose of this Resolution.
7. This Resolution shall take effect upon its passage.
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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 8th day of June, 1983, by the following
vote:
CITY CLERK and Ex Officio Cler~ of the
Council of the City of Bakersfield
APPROVED this 8th day of June, 1983
~._,~-~.~,,~ ,.~. ,, '_,-',~.~-.~-., ..
MAYO,R~/the City of Bakersfield
APPROVED as to form:
CITY ATTOP~Y of the C~f~y of Bakersfield