CC Resolution 1991-043^#> RESOLUTION NO. 91-43
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LA QUINTA DETERMINING THE NECESSITY TO
PROVIDE FINANCING FOR THE SALE OF MORTGAGE
REVENUE BONDS DESERT VILLA)
WHEREAS, the City of La Quinta the City") is authorized by
the provisions of Health and Safety Code Section 52000 et seq.
the Act") to issue and sell mortgage revenue bonds for the
purpose of making loans or otherwise providing funds to finance
the development of multifamily residential rental housing
projects, including units for households meeting the income
limits set forth in the Act; and
WHEREAS, Tandam Builders, Inc. and Amcor Capital, Inc., a
joint venture the Developer") has requested the City to issue
and sell its revenue bonds pursuant to the Act to provide
financing for the acquisition of certain land and/or the
construction of a certain multifamily rental housing development
comprising approximately 104 units to be located on the
northwest corner of Calle Tampico and Washington Street in the
City the Project"); and
WHEREAS, the Project will be of benefit to the City and its
residents; and
WHEREAS, as an inducement to the Developer to carry out the
Project, the City desires to authorize the issuance of bonds in
the approximate principal amount not to exceed $7,500,000; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986
limits the amount of multifamily housing revenue bonds that may
be issued in any calendar year by entities within a state and
authorizes the governor or the legislature of a state to provide
the method of allocation within the state; and
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WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the
Government Code of the State of California the Government
Code") governs the allocation of the state ceiling among
governmental units in the State of California having the
authority to issue multifamily housing revenue bonds; and
WHEREAS, Section 6869.85 of the Government Code requires a
local agency to file an application with the California Debt
Limit Allocation Committee prior to the issuance of multifamily
housing revenue bonds;
NOW? THEREFORE, BE IT RESOLVED as follows:
1. The City hereby determines that it is necessary and
desirable to provide financing for the Project by the issuance
and sale of mortgage revenue bonds pursuant to the Act and
hereby authorizes the issuance and sale of such bonds in a
principal amount not to exceed $7,500,000. This action is
taken expressly for the purpose of inducing the Developer, or
its successors or assigns, or such other person or entity
designated by this City Council, to undertake the Project,
provided that nothing contained herein shall be construed to
signify that the Project complies with the planning, zoning,
subdivision and building laws and ordinances applicable thereto
or to suggest that the City or any officer, agent or employee
of the City will grant any approval, consent or permit which
may be required in connection with the development of the
Project.
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2. The issuance and sale of the bonds shall be upon such
terms and conditions as may be agreed upon by the City, the
Developer, and the initial purchasers of the bonds; provided,
however, that the bonds shall not be sold or issued unless
specifically authorized by the subsequent resolution of this
City Council.
3. The City Manager or his designee is hereby authorized
and directed to prepare and submit an application, and such
other documents as may be required, to the California Debt
Limit Allocation Committee for an allocation of authority to
issue mortgage revenue bonds in an amount not to exceed
$7,500,000, to collect from the Developer and place into an
escrow account an amount equal to one percent 1%) of the
requested allocation, and to certify to the California Debt
Limit Allocation Committee as to the placement into escrow of
such amount.
4. The City Manager or his designee is hereby authorized
and directed to take whatever further action, relating to the
aforesaid financial assistance, may be deemed reasonable and
desirable, provided that the terms and conditions under which
the bonds are issued and sold must be approved by this City
Council in the manner provided by law prior to the sale thereof.
4. This Resolution shall take effect immediately upon its
adoption.
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ADOPTED, SIGNED AND APPROVED this 4th day of June 1991.
Mayo ty 0 a Q*inta
SEAL)
o';In* IQi
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STATE OF CALIFORNIA
55.
COUNTY OF RIVERSIDE
I, SAUNDRA JUHOLA, City Clerk of the City Council of the
City of La Quinta, do hereby certify that the foregoing
resolution was duly adopted by the City Council of said City at
a regular meeting held on the 4th of June 1991, and that it
was so adopted by the following vote:
AYES: DIRECTORS Council Members Bohnenberger, Rushworth
Sniff & Mayor Pena
NOES: DIRECTORS- None
ABSENT: DIRECTORS Council Member Franklin
ABSTAIN: DIRECTORS- None
of the City Council
of the City of La Quinta
SEAL)
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STATE OF CALIFORNIA
55.
COUNTY OF RIVERSIDE
I, SAUNDRA JUHOLA, City Clerk of the City CouncU of the
City of La Quinta, do hereby certify that the above and
foregoing is a full, true and correct copy of RESOLUTION
NO. 91-43 of said City Council, and that the same has not
been amended or repealed.
DATED: June 4 1991
of the*City Council
of the City of La Quinta
SEAL)
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