HomeMy WebLinkAboutReso 13-1985RESOLUTION NO. 13-85
RESOLVED,
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF
PROVIDING FINANCING FOR MULTIFAMILY
-RENTAL HOUSING DEVELOPMENT
(MAGNOLIA CENTER PROJECT)
by the City Council of' the City of South San Francisco~
California, as follows:
WHEREAS, the City of South San Francisco (the "City") is authorized to
issue and sel) its bonds for the purpose of providing financing for the
acquisition or construction of multifamily rental housing structures located
within its boundaries pursuant to Chapter 7 (commencing with Section 52075)
Part 5,-Division 31 of the Health and Safety Code of the State of Catifornl~
(the "Ac~"); "
WHEREAS,. the City proposes to lSsue and sell Its bonds for the purpose
of providing financing for the construction of the multlfamily rental housing
development and related auxiliary facilities identified and located within tile
Ctty as set forth in Exhibit "A" (the "Project"); and
WHEREAS, it is tn the public interest, for .pub~i'c benefit and
furtherance of the public purposes of the Clty that the City authorize bonds
for the aforesaid purposes;
NOW, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED as follows:
1. The City 'Council of the City of South San Francisco hereby
expresses its intent to issue and authorizes the issuance and sale of bonds of
the City pursuant to the Act in a principal amount of not to exceed the amount
set forth in Exhibit "A"~ for the purpose of providing construction and
permanen~ financing for the Project.
2. The City hereby determines that it will take all action necessary-
or advisable, in connection with the issuance ~nd~ sale of the bonds, the
acquisition, construction and improvement of the Project and the execution of
the financing agreements for the Project. ..
3. The bonds shall be special obligations of the City payable solely
from mortgage repayments and such other special credit sources as may be
provided in the trust indenture and shall not constitute an indebtedness of
the City or a loan of credit thereof within the meaning of any constitutional
or statutory provisions.
4. T~e issuance and sale ~f said bonds shall be upon such terms and
conditions as may be mutually agreed upon by the City, the management'
organization, if any, and the.purchaser of said bonds and shall be subject to
completion of proceedings for issuance, sale and delivery by the City.-
5~ The proceeds of 'the bonds shall tnclude such related and necessary
tssuance expenses, administrative costs, debt service reserves'and interest
payments as may be required to accomplish the financing successfully.
6~ The City hereby finds that .the issuance of the. bonds as more
particularly described herein is a substantial inducement to the City to
acquire and construct the Project and to cause the management of s&id Project.
by a competent private management organization, or otherwise, and that said
Project w~11 further the public purposes of the City.
I hereby certify that the foregolngResolutton was regularly introduced
and adopted by the City Council of the City of South San Francisco at an adjourned
regular meeting held on the ~6th day of ,l~nl~ry , 1985 by the following
vote:
AYES:
NOES:
ABSENT:
COUNCIl. MEMBERS: Emanuele N. Damonte, Richard .A. Haffey, Gus Nicolopulos;
~nd Roberta Ce:rri Tegiia
COUNCILMEMBERS: None
COUNCILMEMBERS: Mark N: Addiego
2052K
EXHIBIT "A"
TO RESOLUTION NO. 13-85
DESCRIPTION OF DEVELOPER AND PROJECT
Developer:
Pro~ct:
Estlmated'F1nanclng:
'City of South San Francisco and a
management organization to be
identified
A multtfamlly rental housing project
comprised of 150 units located on a
3.53 acre site bounded by Magnolia
Avenue, Grand Avenue, Baden Avenue and
Orange Avenue, South San Francisco~
California, consisting of 12 buildings,
each comprised of 2-4 stories and 5-1¢
units
$10,500,000 '