HomeMy WebLinkAbout84-69 - Multi-Family Housing Revenue Bonds for Costa Mesa Family Village ProjectRESOLUTION NO. 84-69
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE ISSUANCE
OF MULTI -FAMILY HOUSING REVENUE BONDS BY THE
COSTA MESA REDEVELOPMENT AGENCY FOR THE COSTA
MESA FAMILY VILLAGE PROTECT.
WHEREAS, the Costa Mesa Redevelopment Agency (the "Agency") has by
Resolution No. 55-84 declared its intention to issue multi -family housing
revenue bonds in an amount not to exceed $4,000,000.00 (the "Bonds"), to
finance a multi -family rental housing development of approximately 72 units
(the "Project"), to be located in the City of Costa Mesa, and to be devel-
oped by Costa Mesa Family Village, or its successors or assigns or other
persons designated by the Agency; and
WHEREAS, Notice of Public Hearing with respect to the proposed issu-
ance of the Bonds was published on May 4, 1984, in the Orange Coast Daily
Pilot, a newspaper of general circulation in the City of Costa Mesa; and
WHEREAS, on May 21, 1984, said public hearing was held before this
City Council, and an opportunity was provided for interested persons to
present arguments for and against the issuance of the Bonds and the nature
and location of the Project; and
WHEREAS, the interest on the Bonds may qualify for tax exemption under
Section 103(b) of the Internal Revenue Code of 1954 (the "Code"), as
amended, only if the Bonds are approved in accordance with Section 103(k)
of the Code; and
WHEREAS, the Project is located wholly within the City of Costa Mesa;
and
WHEREAS, the Agency has no elected legislative body, officers, or
other officials; and
WHEREAS, this City Council is the elected legislative body of the City
of Costa Mesa, and is the applicable elected representative required to
approve the issuance of the Bonds within the meaning of Section 103(k) of
the Code;
NOW, THEREFORE, the City Council of the City of Costa Mesa does hereby
resolve as follows:
SECTION 1. Each of the foregoing recitals is correct and is certified
to be a representation of the City Council.
SECTION 2. The City Council hereby approves the issuance of the Bonds
to finance costs of the Project. It is the purpose and intent of this City
Council that this Resolution constitute the approval of the Bonds by the
appropriate applicable elected representative in accordance with Section
103(k) of the Code.
SECTION 3. The Clerk or a Deputy Clerk is hereby directed to certify
and deliver a copy of this Resolution to the Agency.
SECTION 4. This Resolution shall take effect immediately upon its
passage.
PASSED AND ADOPTED this 21st day of May, 1984.
ATTEST:
Cifty Clerk of the City of Costa Me Mayor of the City of Costa Mesa
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
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. 84-69 was duly and regularly passed and adopted by
said City Council at a regular meeting thereof held on the 21st day of
May, 1984, by the following roll call vote:
AYES: COUNCIL MEMBERS: Johnson, Hertzog, McFarland, Schafer
NOES: COUNCIL MEMBERS: Hall
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 22nd day of May, 1984.
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C' y Clerk and ex -officio Clerkthe
City Council of the City of Cos 2r. sa