Resolution 11951CITY OF ALAMEDA RESOLUTION NO. 11951
APPROVING ISSUANCE OF MULTIFAMILY HOUSING REFUNDING REVENUE
BONDS FOR A PROJECT DEVELOPED BY THE HOUSING AUTHORITY OF THE
CITY OF ALAMEDA
WHEREAS, the Alameda Housing Financing Corporation issued on
behalf of the Housing Authority of the City of Alameda (the
"Housing Authority ") Mortgage Revenue Bonds, Series 1982 (FHA
Insured Mortgage Loan - Eagle Avenue Apartments Section 8 Assisted
Project) (the "Prior Bonds ") for the purpose of financing the
construction and development of a multifamily rental housing
facility owned and operated by the Housing Authority and located
in the City of Alameda (the "Project ");
WHEREAS, the Housing Authority at the time of issuance of the
Prior Bonds agreed with the United States Department of Housing and
Urban Development ( "HUD ") to refund the Prior Bonds in the event
that a savings could be realized by HUD as a result of such
refunding; and
WHEREAS, HUD has requested that the Housing Authority refund
the Prior Bonds; and
WHEREAS, the Santa Cruz County Housing Authority (the "Santa
Cruz Authority ") is planning to issue multifamily housing refunding
revenue bonds for the purpose of refinancing multifamily rental
housing facilities financed under terms similar to those imposed
upon the Project; and
WHEREAS, the Housing Authority and the Santa Cruz Authority
will enter into a agreement of cooperation, dated as of April 1,
1990 (the "Cooperation Agreement "), pursuant to which the Housing
Authority will delegate to the Santa Cruz Authority the authority
with respect to the Project to refinance the Project by the
issuance of multifamily housing refunding revenue bonds; and
WHEREAS, the Housing Authority has requested the Santa Cruz
Authority to issue its multifamily housing refunding revenue bonds
(the "Bonds ") under the Law for the purpose of refinancing the
Project which, pursuant to the Cooperation Agreement, will be
within the area of operation of the Santa Cruz Authority, and
WHEREAS, the Santa Cruz Authority ( "Santa Cruz ") is authorized
by Article 10 of Chapter 3 of Part 1 of Division 2 of Title 5 of
the Government Code of the State of California, (the "Law "), to
issue and sell its refunding revenue bonds for the purpose of
refinancing multifamily rental housing facilities located within
the area of operation of the Santa Cruz Authority; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Alameda, as follows:
1. The City Council of the City of Alameda hereby finds and
determines that the foregoing recitals are true and correct.
2. The City Council of the City of Alameda hereby approves
the issuance of the Bonds by the Santa Cruz Authority under the Law
for the purpose of providing funds to refinance the Project.
3. The issuance of the Bonds shall be subject to approval
by the housing Authority of all financing documents relating
thereto to which the Housing Authority is a party and subject to
the sale of the Bonds by the Santa Cruz Authority to the
underwriter thereof.
4. This resolution shall take effect immediately.
I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by the Council
of the City of Alameda in regular meeting assembled on the 17th
day of April , 1990, by the following vote to wit:
AYES: Councilmembers Camicia, Withrow and Acting President Arnerich - 3.
NOES: None.
ABSENT: Councilmember Thomas and President Corica - 2.
ABSTENTIONS: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said City this 18th day of April , 1990.
City Clerk of the City of Alameda