HomeMy WebLinkAboutReso 1998-19255 RESOLUTION NO. 19255
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AMENDING, IN PART, RESOLUTION NO. 19204
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE
CITY OF CHULA VISTA MULTI-FAMILY HOUSING REVENUE
BONDS, SERIES 1998A (GATEWAY TOWN CENTER) AND THE
CITY OF CHULA VISTA SUBORDINATE MULTI-FAMILY
HOUSING REVENUE BONDS (GATEWAY TOWN CENTER)
SERIES 1998B, IN A COMBINED PRINCIPAL AMOUNT NOT-TO-
EXCEED ~43,000,000
WHEREAS, the City Council has previously adopted Resolution No. 19204 approving
the issuance by the City of multi-family housing revenue bonds to be designated "City of
Chula Vista Multi-Family Housing Revenue Bonds, Series 1998A (Gateway Town Center)" (the
"Series 1998A Bonds") and "City of Chula Vista Subordinate Multi-Family Housing Revenue
Bonds (Gateway Town Center), Series 1998B" (the "Series 1998B Bonds" and, together with
the Series 1998A Bonds, the "Bonds") in an aggregate principal amount non-to-exceed
$43,000,000 in order to finance the acquisition and construction of a 440-unit multi-family
housing project (the "Project") located at the southwest corner of East Palomar Street and La
Media Road; and
WHEREAS, Section 5 of Resolution No. 19204 provides that the Series 1998A Bonds
shall be sold to Newman & Associates, Inc. (the "Purchaser") pursuant to the terms of a Bond
Purchase Agreement among the City, the Borrower and the Purchaser (the "Bond Purchase
Agreement"); and
WHEREAS, the Purchaser has advised the City that the Federal National Mortgage
Association ("Fannie Mae") desires to purchase some or all of the Series 1998A Bonds but
that as a condition of such purchase Fannie Mae requires that it purchase the Bonds directly
from the City; and
WHEREAS, the City desires to amend Resolution No. 19204, in part, to permit some
or all of the Series 1998A Bonds to be purchased by Fannie Mae if the Purchaser determines
that such a purchase by Fannie Mae will result in a lower overall borrowing cost for the
Project.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista,
as follows:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. Section 5 of Resolution No. 19204 is hereby amended, in part, to permit
Fannie Mae to be added as a party to the Bond Purchase Agreement in the event that Fannie
Mae purchases a portion of the Series 1998A Bonds and to permit Fanhie Mae to be
substituted for the Purchaser as a party to the Bond Purchase Agreement in the event that
Fannie Mae purchases all of the Series 1998A Bonds.
Resolution 19255
Page 2
Section 3. If any section, paragraph or provision of this Resolution shall be held to
be invalid or unenforceable for any reason, the invalidity or unenforceability of such section,
paragraph or provision shall not affect any remaining provision of this Resolution.
Section 4. Except as expressly amended by this Resolution, all provisions of
Resolution No. 19204 shall remain in full force and effect.
Section 5. This Resolution shall take effect immediately upon its adoption.
Presented by Approved as to form by
Community Development Director ~
Resolution 19255
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 10th day of November, 1998, by the following vote:
AYES: Councilmembers: Padilia, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Rindone
ABSTAIN: Councilmembers: Moot
Shirley ~o~o~, Mayor
ATTEST:
Beverly ~.~Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 19255 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 10th day of November, 1998.
Executed this 10,h day of November, 1998.
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