HomeMy WebLinkAbout85-018s
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RESOLUTION NO. 85-18
A RESOLUTION OF THE BOARD OE SUPERVISORS OF THE COUNTY OF BUTTE
AUTHORIZING THE ISSUANCE OE REVENUE BOLDS FOR THE PURPOSE'OF
PROVIDING FINANCING FOR A MULTIFAMILY RENTAL HOUSING DEVELOPMENT
BY BUTTE INVESTMENT CORPORATION, OR A RELATED PARTY
WHEREAS, the County of Butte {the "County"} is authorized by
Chapter 7 (commencing with Section 52075 of Part 5, Division 31 of
(the Health and Safety Code of the State of California (the "Act"}
to issue and sell revenue bonds for the purpose of providing
financing for the construction of multifamily rental housing
(structures located within the County;
WHEREAS, Butte Investment Corporation, (the "Developer"} has
applied to the County to issue and se11 revenue bonds far the pur-
pose of providing financing for the acquisition of land and con--
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'',struction of an approximately 80 unit multifamily rental housing
I, development and related auxiliary facilities to be located within
the County on Lassen Avenue, East of Burnap Avenue (the
"Project" } ; and
WHEREAS, the County wishes to induce the Developer to con--
street said development and facilities and, in particular, to do
Aso at such location; and
WHEREAS, it is in the public interest, for public benefit and
in furtherance of the public purposes of the County that the Coun-
ty authorize revenue bonds for the aforesaid purpose;
NOW, THEREFORE, BE TT RESOLVED:
Section 1. The Board of Supervisors of the County of Butte
authorizes the issuance and sale of bonds (the "Bonds") of the
County pursuant to the Act in a principal amount of not to exceed
THREE MILLION DOLLARS ($3,000,000} for the purpose of providing
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1$
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2$
construction and permanent financing to the Developer for the con-
'struction of the Project.
Section 2. The issuance and sale of the Bonds shall be upon
such terms and conditions as may be mutually agreed upon by the
County, the Developer and the purchaser of the Bands and shall be
subject to completion of proceedings for issuance, sale and deliv-
ery of the Bonds by the County.
Section 3. The proceeds of the Bonds shall include such re-
lated and necessary-issuance expenses, administrative costs, debt
service reserves and interest payments as may be required to suc-
cessfully accomplish the financing of the Project,
Section 4. The Board of Supervisors of the County of Butte
hereby finds that the issuance of the Bonds is a substantial in-
ducement to the Developer to construct the Praject and that the
Project will further the public purposes of the County.
Section 5. The Developer shall be responsible for costs in
connection with the issuance of the Bonds, including, but not
limited to: printing of the official statement; cost of ratings on
the Bonds; bond counsel fees and expenses; underwriting discount
and costs; trustee fees and expenses; and the cost of printing the
Bonds.
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PASSED AND ADOPTED this 12th day of February, 1985, by the
following vote:
' AYES: Supervisors: Dolan, Mclnturf, McLaughlin and
Chairman Fulton
NOES: Supervisors: wheeler
ABSENT: Supervisors: None
,Attest : MARTIN J . 'N ICHOLS
Chief Administrative Officer and
Clerk of .,the Board -
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r
EN FULTON, Chairman
utte County Board of Supervisors
Approved as to form:
ounty Counsel