CC Resolution 1986-067^!48 RESOLUTION NO. 86-67
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, STATING ITS INTENT TO
ISSUE MORTGAGE REVENUE BONDS FOR RESIDENTIAL
RENTAL PROJECTS.
WHEREAS, the City of La Quinta is authorized by the provisions of
Health and Safety Code Section 52000 et seq., to issue mortgage revenue
bonds for the purpose of financing multifamily residential rental
projects; and
WHEREAS, The Western Corporation the 1tDeveloper11) has requested
the City to issue and sell its revenue bonds pursuant to said provi-
sions in order to provide financing for the acquisition and construc-
tion of certain land and facilities which will comprise a 648 unit
multifamily rental housing project to be located in the City of La
Quinta, California the Project:); and
WHEREAS, the Project will be of benefit to the City and its
residents and the City desires to authorize the issuance of bonds or
notes in the approximate principal amount of $55,000,000.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby states its intent to authorize, issue
and sell bonds or notes pursuant to the aforesaid provision of the
Health and Safety Code in a principal amount not to exceed
$55,000,000 in order to provide financial assistance to Developer
or its successors or assigns, or such other person or entity
designated by the City Council.
2. The issuance and sale of such bonds or notes shall be upon
such terms and conditions as may be agreed upon by the City, the
Developer, and the initial purchasers of such bonds or notes;
provided, however, that the terms and conditions of such sale shall
be determined by subsequent resolution of the City Council.
3. The Mayor is hereby authorized and directed to take whatever further
action, relating to the aforesaid financial assistance, may be
deemed reasonable and desirable, provided that terms and conditions
under which the bonds or notes are issued must be approved by the
City Council in the manner provided by law prior to the sale thereof.
APPROVED and ADOPTED this 15th day of July, 1986, by the following
roll call vote:
AYES: Council Members Allen, Bohnenberger Cox and Mayor Pena.
NOES: None.
ABSENT: Council Member Wolff.
ABSTAIN: None.
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^!48Resolution No. 86-67
ATTEST:
Deputy **er*
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
I 4
City 1< City
L> 2
Attorney Manager
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ADMIN-U01
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86-U02
67-U02