1984 RES 4464 - Laserfiche WebLink

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Section 1. Findings. This City Council hereby deter - 1 mines that the undertaking of the financing of the proposed` 2 Project: by the City will be a substantial factor in the 'accrual 3 of public benefits to be received from the Project; should the 4 Project; be approved and constructed, and that the proposed 5 financing is in accord with the purposes and requirements of the 6 Act„ 7 Section 2. Issuance of Obligations. Subject to. the 8 completion of the proceedings and other matters relating thereto, 9 to the full satisfaction of this City Council, and subject to 10the proposed Project receiving all necessary local governmental 11 approvals, this City Council hereby agrees to provide financing 12 to the Developer or such other person or entity approved by the 13 City for the Project, through the issuance of obligations in, an 14 amount not to exceed $20,000,000. 15 Section 3. Nature of Obligations. The obligations to 16 be issued shall be special obligations of the City payable 17 solely from revenues to be received by the City pursuant to a 18 loan or other financing agreement or a loans -to -lender arrange - 19 Ment:, all in a form acceptable to the City and the Developer and 20 shall not be a general obligation of the City, the State of 21 California, or any political subdivision thereof. 22 Section 4. Action by City Manager. The City Manager 23 is hereby directed to indicate the willingness on the part of 24 the City to proceed with and effect such financing and to advise 25 the Developer that subject to compliance with all requirements 26 of law and the obtaining of all necessary consents and approvals 27 and to the happening of all acts and conditions, the City will 28 -2-