Resolution 14562CITY OF ALAMEDA RESOLUTION NO.
APPROVING THE ISSUANCE BY THE COMMUNITY IMPROVEMENT
COMMISSION OF THE CITY OF ALAMEDA OF TAX ALLOCATION
HOUSING REVENUE BONDS
WHEREAS, on March 2, 2011, the Community Improvement
Commission of the City of Alameda (the "CIC ") adopted a resolution authorizing
the issuance of tax allocation housing revenue bonds (the "Bonds ") in order to
provide financial assistance to the Housing Authority of the City of Alameda and
as otherwise required for the acquisition and rehabilitation of a rental housing
facility located at 2428 Central Avenue known as the Islander Motel (the
"Project "); and
WHEREAS, the CIC plans to now adopt a resolution increasing the
authorized principal amount of the Bonds that may be issued, approving
documents for the Bonds, and allowing for proceeds of the Bonds to also be
used to refinance the CIC's obligations under a Loan Agreement, dated as of
April 1, 1992 (the "Loan Agreement "), between the CIC and the Alameda Public
Financing Authority; and
WHEREAS, in accordance with the requirements of Section 33640 of
the California Health and Safety Code, the City Council of the City of Alameda
wishes at this time to approve the issuance and sale of the Bonds by the CIC.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ALAMEDA as follows:
Section 1. Approval of Issuance of Bonds. The issuance and sale of the
Bonds by the CIC in the aggregate principal amount of not to exceed
$1 2,000,000 for the purposes of assisting in the acquisition and rehabilitation of
the Project, and refinancing the CIC's obligations under the Loan Agreement, is
hereby approved.
Section 2. Effective Date. This Resolution shall take effect upon its
adoption by the City Council.
1, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda in a regular
meeting assembled on the 6th day of April, 2011, by the following vote to wit:
AYES: Councilmembers Bonta, deHaan, Johnson, Tam and
Mayor Gilmore —5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, 1 have hereunto set my hand and affixed the official seal of
said City this 7th day of April, 2011.
Lara Weisiger, City k
City of Alameda