1983 RES NO 4341 - Laserfiche WebLink

Browse Search

itz 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 Section 1. Findings. This City Council hereby deter- mines that the undertaking of the financing of the proposed Project by the City will be a substantial factor in the accrual of public benefits to be received from the Project, should the Project be approved and constructed, and that the proposed financing is in accord with the purposes and requirements of the Act. Section 2. Issuance of Obligations. Subject to the completion of the proceedings and other matters relating thereto, to the full satisfaction of this City Council, and subject to the proposed Project receiving all necessary local governmental approvals, this City Council hereby agrees to provide financing to the Developer or such other person or entity approved by the City for the Project, through the issuance of obligations in an amount not to exceed $11,500,000. Section 3. Nature of Obligations. The obligations to be issued shall be special obligations of the City payable solely from revenues to be received by the City pursuant to a loan or other financing agreement or a loans -to -lender arrange- ment, all in a form acceptable to the City and the Developer and shall not be a general obligation of the City, the State of California, or any political subdivision thereof. Section 4. Action by City Manager. The City Manager is hereby directed to indicate the willingness on the part of the City to proceed with and effect such financing and to advise the Developer that subject to compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts and conditions, the City will -2-