HomeMy WebLinkAboutResolution No. 7639RESOLUTION NO. 7639
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF AZUSA APPROVING ISSUANCE
OF MULTIFAMILY HOUSING REVENUE BONDS
FOR PROJECT TO BE DEVELOPED BY LINCOLN PACIFIC,
A CALIFORNIA LIMITED PARTNERSHIP
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 Pacific, 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 of the Developer 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 has heretofore approved the execution and delivery of
the various financing documents to which the City is a party relating to the
issuance of the Bonds, subject to approval by the City Council following such
public hearing;
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 foregoing
recitals are true and correct.
2. The City Council hereby approves the issuance of the Bonds under the
Act in the principal amount of not to exceed $22,000,000 for the purpose of
providing financial assistance to the Developer for the construction and improve-
ment of the Project.
3. This resolution shall take effect immediately.
PASSED AND ADOPTED this 7th day of January, 1985, by the following vote:
AYES: COOK, CAMARENA, MOSES
NOES: NONE
ABSENT: CRUZ, LATTA
Mayor
Attest:
C y Clerk
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