HomeMy WebLinkAboutReso 1985-12123 l~vised 8/1/85
(A)
RESOLUTION NO. 12123
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING SALE OF NOT TO EXCEED
$24,000,000 PRINCIPAL AMOUNT OF MULTIF~4ILY
HOUSING REVENUE BONDS (EUCALYPTUS GROVE PROJECT),
SUBJECT TO SUBSEQUENT APPROVAL OF RELATED
DOCUMENTS
WHEREAS, the City of Chula Vista (the "City") proposes to issue its
Multifamily Housing Revenue Bonds (Eucalyptus Grove Project) (the "Bonds") in
the aggregate principal amount of not to exceed $24,000,000, under and
pursuant to Chapter 7, Part 5 of Division 31 of the California Health and
Safety Code, as amended, in order to provide financing to Eucalyptus Grove
International, a California Limited Partnership, whose general partner will be
Morgan-Gardner Subdivision (the "Developer") for the acquisition and
construction of an approximately 376-unit multifamily residential rental
project to be located at the northwest and northeast corners of "E" Street and
Flower Street in the City (the "Project"); and
WHEREAS, the financing of the project through the bonds serves the
public purposes of assisting persons and families of low and moderate income
within the City to afford the costs of decent, safe, and sanitary housing; and
WHEREAS, the bonds are to be issued pursuant to the following documents
in the event that the form and content of those documents are acceptable to
the City:
1. Indenture of Trust
2. Regulatory Agreement
3. Housing Cooperation Agreement
4. Loan Agreement
5. Intercreditor Agreement
6. Bond Purchase Agreement
7. Official Statement;
and
WHEREAS, a number of these documents are not yet available in final
form; and
WHEREAS, the City Council of the City has conducted a duly-noticed
public hearing on the question of issuing said bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista that the sale of not-to-exceed $24,000,00 principal amount of
Multifamily Housing Revenue Bonds for Eucalyptus Grove Project is authorized
subject to subsequent approval of the aforementioned documents by the City
Council, that approval being contingent upon the City Council's satisfaction
with the documents' financial and public purpose considerations.
Approved as to form by
Community Development Di rector
WPC 1205X
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ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
HULA VISTA, CALIFORNIA, this 6th doy of. August
~ 85 , by the following vote, to-wit:
YES: Councilmembers Malcolm, Moore, Cox
~YES: Councilmembers None
BSTAIN: Councilmembers Scott
~]SENT: Counci lmembers McCandliss
City of Chula Vista
~ - City Cl~rk->' ~
'ATE OF CALIFORNIA )
IUNTY OF SAN DIEGO ) ss.
rY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
HEREBY CERTIFY that the above and foregoing is o full, true and correct copy of
RESOLUTTON NO. 12123 ,and that the some has not been amended or repealed.
TED
(seal) City Clerk
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