1995 RES R-40-95 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the duties and obligations of the Owner are defined in that certain Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants by and among the City, the Owner, and the Trustee, the form of which is presently on file with the City Clerk (the "Regulatory Agreement"); and WHEREAS, as prospective underwriter of the Series A Bonds, Houlihan, Lokey, Howard & Zukin (the "Underwriter") has informed the City that it intends to submit an offer to purchase the Series A Bonds and shall cause to be prepared an official statement as may be necessary for the sale and marketing of the Series B Bonds,, the form of which official statement is presently on file with the City Clerk (the "Official Statement"); and WHEREAS, the City has considered the terms of the transaction) as contemplated herein and finds that approval of issuance of the Bonds at this time is in the best interests of the City. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Findings and Determinations. The City hereby) finds and determines that issuance of the Bonds will provide) substantial public benefits to the City and its residents by the provision of certain housing for low income residents of the City. Section 2. Issuance of the Bonds. The City hereby) authorizes the issuance of the Bonds in the aggregate principal amount of not to exceed $7,000,000 pursuant to the Indenture, and the preparation of the financing documents necessary to issue the Bonds and loan the proceeds of the Bonds to the Owner. Section 3. Approval of Final Form of Indenture. The City hereby approves the form of Indenture presently on file with the Mc