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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />Section 2. Findings and Determinations. <br />(a) The City Council hereby finds and determines that the issuance of the 2004 <br />Bonds by the Authority will result in savings in effective interest rates, bond underwriting and <br />bond issuance costs and thereby will result in significant public benefits to the Authority and the <br />Agency. <br />(b) The City Council further finds and determines that the pledge of low and moderate <br />income housing fund moneys of the Agency to repayment of the 2004 Subordinate Housing <br />Loan Agreement pursuant to the terms of said agreement will benefit the project areas of the <br />Agency generating such low and moderate income housing fund moneys. <br />Section 3. Approval of 2004 Bonds. The City hereby approves the issuance of the 2004 <br />Bonds by the Authority and the loan of the proceeds thereof to the Agency pursuant to the 2004 <br />Subordinate Housing Loan Agreement. <br />Section 4. Effective Date. This Resolution shall take effect upon adoption. <br />PASSED, APPROVED AND ADOPTED this 9th day of June, 2004. <br />ATTEST: <br />CAROLINA P. BARRERA, CMC <br />City Clerk <br />RVPUB\FJB\673080.1 <br />1►7/1��JW&F4MWF1� <br />DEIRDRE H. BENNETT <br />Mayor <br />-2- <br />