HomeMy WebLinkAboutResolution No. 76230 0 0 0
RESOLUTION NO. 7623
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF
MULTIFAMILY HOUSING REVENUE BONDS
RESOLVED, by the City Council of the City of Azusa, California, that
WHEREAS, the City is a duly constituted municipal corporation and
general law city duly organized and existing pursuant to the Constitution and
laws of the State of California and is a duly constituted political
subdivision of the State of California within the meaning of such term in
Section 103 of the Internal Revenue Code of 1954, as amended (the "Code") and
in the Regulations of the Department of the Treasury and the rulings of the
Internal Revenue Service prescribed and promulgated pursuant to the Code;
WHEREAS, the Azusa Pacific University, a nonprofit corporation organized
and existing under the laws of the State of California and a charitable
organization within the meaning of Section 501(c)(3) of the Code, (the
"University") has applied to the City for financial assistance in connection
with the construction of a new dormitory on the University campus (the
"Development");
WHEREAS, the City is willing to issue, sell and deliver its Multifamily
Housing Revenue Bonds, (the "Bonds") in the aggregate principal amount
necessary to accomplish the financing of the Development, to establish certain
reserves for the benefit of the holders of the Bonds, and to pay the costs of
issuing the Bonds, all under and in accordance with the Constitution and laws
of the State of California; and
WHEREAS, the City hereby determines and finds that the issuance of the
Bonds will accomplish a valid public purpose of the City by assisting persons
of low and moderate income in the territorial jurisdiction of the City in
obtaining decent, safe and sanitary housing, thereby helping to reduce public
expenditures for crime prevention and control, public health, welfare and
safety and for other purposes;
NOW, THEREFORE, IT IS ORDERED as follows:
Section 1. Findings and Determinations. It is hereby found and
determined that it is necessary and desirable for the City to assist in the
financing for the Development through the issuance and sale of the Bonds in
order to assist in the development of decent, safe and sanitary multifamily
rental housing in the jurisdiction of the City, at rentals which persons and
families of low and moderate income can afford and to bring long-range
benefits to the City.
• • •
Section 2. Authorization of the Bonds. For the purpose of raising
moneys with which to finance the Development, the City hereby determines to
issue the Bonds, in the aggregate principal amount, maturing and bearing
interest at the rates provided and subject to all of the terms and conditions
to be hereafter determined.
The Bonds shall be limited obligations of the City and shall be payable
as to principal and interest, and the obligations of the City shall be paid
and satisfied, solely from the revenues, receipts and other moneys and
property to be made available therefor under the terms of the loan to the
University.
The City Council hereby authorizes the use of the services of Jones Hall
Hill & White, a Professional Law Corporation, as bond counsel, DeDios &
Associates as financial advisor and Miller and Schroeder Municipals, Inc., as
underwriter in connection with the financing with all compensation payable
solely from and at the time of consummation of the financing.
Section 3. Effective Date. This Resolution shall be effective on the
date of its adoption.
I hereby certify that the foregoing is a full, true and correct copy of
a resolution duly passed and adopted and a regular meeting of the City Council
of the City of Azusa held on the 17th day of December 1984, by the
following vote:
AYES: Council Members
NOES: Council Members
ABSENT: Council Members
ATTEST:
City Clerk/
CRUZ, COOK, CAMARENA, LATTA, MOSES
NONE
NONE
CITY OF AZUSA
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