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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. .......... 000 .......... o 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