HomeMy WebLinkAbout1985-035
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1/11/85
RESOLUTION NO. RS-35
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF TH~
CITY OF SAN BERNARDINO, CALIFORNIA MAKING CERTAIN
FINDINGS AND DETERMINATIONS IN CONNECTION WITH A
PUBLIC HEARING ON THE ISSUANCE OF APPROXIMATELY
$5,500.000 PRINCIPAL AMOUNT OF ITS MULTIFAMILY
MORTGAGE REVENUE BONDS (LIMITED CARE ~l)
WHEREAS. there has been presented to the Mayor and Common
Council of the City of San Bernardino. California (the "City"), a
request by Limited Care ~l. a california general partnership or its
assign; or nominee (the "company"). for the issuance of multifamily
mortgage revenue bonds for the acquisition. construction and
financing of a seventy-one (71) unit full-setivce apartment
development for senior citizens on a parcel of property located near
the southwest corner of the intersection of Gilbert Street and
Parks ide Drive in the City (the "Project"); and
WHEREAS. the City shall, in furtherance of the ~oals and
intent of Ordinance No. 3815, as amended (the "Ordinance"). issue
its Bonds to provide a mortgage loan or loans to assist in the
financing of the Project; and
WHEREAS, the Mayor and Common Council of the City have,
pursuant to Internal Revenue Code section l03(k), set a public
hearing on the issuance of the Bonds and have authorized the
publication of notice thereof which has been duly published in The
Sun; and
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WHEREAS. the Mayor and Common Council of the City must no~
approve the findings and determinations to be made in conneotion
with said public hearing.
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND
ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
Section 1.
The recitals set forth hereinabove are true
and correct in all respects,
section 2.
The Mayor and Common Council after having
conducted a public hearing, notice of which ~as duly published in a
newspaper of general ciroulation within the City of San Bernardino,
as said public hearing is required pursuant to the requirements of
Internal Revenue Code Section 103(k), do hereby find and determine
that the purposes and intent of the Ordinance. enacted pursuant to
its home rule powers to finance various types of projects including
the finanoing contemplated herein. will be furthered by the issuance
of the Bonds for the express purpose of providing financing for the
Project in a maximum principal amount not to exceed $5,500,000. The
Bonds shall be issued upon such terms and conditions as shall be set
forth in one or more Project Agreements by and among the City and
the Company or such other documents prepared in connection with the
issuance and delivery of the Bonds I and shall be issued solely for
the Project.
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Section 3. The Mayor and Common Council hereby find and
determine that the public purposes and public benefits as set forth
in the Ordinance wi 11 be furthered by the issuance of the Bonds
specifically, that the Bonds will provide for the acquisition,
construction and financing of a seventy-one (71) unit fUll-service
senior citizen apartment development, appropriate on-site vehicle
park.ing, land$caping amI othet: 15 i tEl improvements, that such
financing will thus make the Project a financially viable and
productive project and thereby increase the availability of
moderately priced rental units for senior citizen residents of the
City and provide employment opportunities within the City.
Section 4. The Mayor of the City is hereby appointed as
the elected official to approve the issuance of the Bonds pursuant
to Internal Revenue Code Section l03(k.).
Section 5.
adoption.
This Resolution shall take effect upon
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I HEREBY CERTIFY that the foregoing resolution was duly
a<iopted by the Mayor and Common Council of the city of San.
Bernardino
at
a
r~iJll1 .::::ar.____
meeting
thereof.
held
on
the
21st
day of
,Tilnuaq__' 1985, b}' the following vote. to
wit:
AYES
Council Members ~Re_illy. Hernandez,. Marks,
Quiel, Frazier, Strickler
NAYS:
None
ABSENT:
Council Members Castaneda, Strickler
~r.1/~..1
CitY c erk
day of
The foregoing resolution is hereby approv
. 1985.
Ja)1pnry
c25M
Approved as to form:
c&::r~
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