HomeMy WebLinkAboutResolution No. 76020 9
3239F JHHW:CFA:dfd 11/07/84
RESOLUTION NO. 7602 11/12/84
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF AZUSA APPROVING ISSUANCE
OF MULTIFAMILY HOUSING REVENUE BONDS
FOR PROJECT TO BE DEVELOPED BY
LINCOLN PROPERTY CO. NUMBER 1076
WHEREAS, the City of Azusa (the "City") is authorized by the provisions
of Chapter 7 of Part 5 of Division 31 of the California Health and Safety
Code (the "Act") to issue its revenue bonds to finance the development of
multifamily rental housing projects by private developers; and
WHEREAS, Lincoln Property Co. 1076, a California limited partnership,
(the "Developer") has requested the City to issue its tax-exempt revenue
bonds (the "Bonds") under the Act for the purpose of financing a 320 -unit
multifamily rental housing project to be located at the northwest corner
of Citrus and Alosta in the City (the "Project"); and
WHEREAS, the Bonds will be considered to be "industrial development
bonds" under Section 103(b) of the Internal Revenue Code of 1954, as
amended, (the "Code")and Section 103(k) of the Code requires that the
City Council hold a public hearing on the issuance of the Bonds; and
WHEREAS, notice of such hearing has been duly given as required by
law, and the City Council has heretofore held such hearing at which all
interested persons were given an opportunity to be heard thereon; and
WHEREAS, the City approves of the issuance of the Bonds in the
public interests of the City:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Azusa, as follows:
1. The City Council hereby finds and determines that the fore-
going recitals are true and correct.
2. The City Council hereby approves the issuance of the Bonds
under the Act in the principal amount of $21,090,000 for the purpose
of providing financial assistance to the Developer.
3. The issuance of the Bonds shall be subject to future approval
by the City of all financing documents relating thereto to which the
City is a party subject to the sale of the Bonds to the underwriter
thereof.
4. This resolution shall take effect immediately.
PASSED and ADOPTED THIS 19th day of November, 1984, by the
following vote:
Ayes: Councilmembers: Cruz, Cook, Camarena, Latta, Moses
Nos: Councilmembers: None
Absent: Councilmembers: None�ltlG�doO�►
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Mayo
ATTEST: ZX li
City Cler%