HomeMy WebLinkAbout84-06 - Approving Bond Issuance of Costa Mesa Redevelopment Agency319
RESOLUTION NO. 84-6
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COS9A MESA, CALIFORNIA, APPROVING THE ISSUANCE
OF BONDS BY THE COSTA MESA REDEVELOPMENT AGENCY.
WHEREAS, by its Resolution No. 49-83, the Costa Mesa Redevelopment
Agency (the "Agency") has indicated its intention to issue its revenue
bonds in a principal amount not to exceed $3,500,000.00 in order to provide
financing to Costa Mesa Family Village, A California Limited Partnership,
for the construction of 72 apartment units on 3 parcels of land commonly
known collectively as the Costa Mesa Family Village Project (the "Project");
and
WHEREAS, in order for the interest on such bonds to be excludable frau
gross incame for purposes of federal income taxation, Section 103(k) of the
Internal Revenue Code of 1954, as amended, requires that such issue of
bonds be approved by the City Council of the City of Costa Mesa; and
WHEREAS, the Agency has duly published notice of a public hearing
regarding the issuance of revenue bonds to provide financing for the
Project, all in accordance with requirements of said Section 103(k); and
WHEREAS, the members of this City Council, acting as the members of
the Agency, have conducted a public hearing as required by said Section
103(k) regarding the issuance of such revenue bonds and have determined
the same to be in the public interest;
NOW, THEREFORE, the City Council of the City of Costa Mesa does hereby
find, determine, resolve, and order that the issuance of such revenue bonds
by the Agency is in the public interest, for the public benefit, and in
furtherance of the public purposes of the Agency and that the same is
hereby approved; provided, however, that such bonds shall be revenue bonds
arra not obligations for which the full faith and credit of the Agency is
pledged, and provided further that such bonds shall not constitute an obli-
gation or indebtedness of any kind whatsoever of the City of Costa Mesa
and that a statement to that effect shall be included in the bonds them-
selves and in any official statement distributed in connection with the
sale thereof.
This Resolution shall take effect frau and after its adoption.
PASSED AND ADOPTED this 3rd day of January, 1984.
ATTEST:
Ci y Clerk of the City of Costa sa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
Mayor of the City of Costa Mesa
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 84-6 was duly and regularly passed and adopted by
said City Council at a regular meeting thereof, held on the 3rd day of
January, 1984.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 4th day of January, 1984.
Ci y Clerk and ex -officio Cler7ohe
City Council of the City of Co