HomeMy WebLinkAbout85-195~~~ , x
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•ca: ¢..~.~~ :m. BOARD OF SUPERVISORS
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~~~~ Resolufion No. 85-195
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RESOLUTION APPROVING THE ISSUANCE BY THE
HOUSING AUTHORITY OF THE COUNTY OF BUTTE OF
VARIABLE RATE MULTIFAMILY HOUSING REVENUE DEh1AND BONDS
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3.5 MILLION
WHEREAS, by the enactment of the Housing Authorities Law
(Chapter 1 of Part 2, commencing with Section 34200, of Division 24 of
the Health and Safety Code of the State of California), the Legislature
of the State has authorized housing authorities to provide financing for
the construction or development of multi-family rental housing including
specified percentages of housing for low-income households, in order to
enhance and supplement the traditional housing authority role of providing
housing only for low-income households, and to issue bonds for the purpose
of financing such residential construction; and
WHEREAS, the- Housing Authority of the County of Butte (the
"Authority") has determined to issue bonds (the "Bonds") to provide
financial assistance for a multi-family rental housing development project
(the "Project") of approximately 116 residential rental units (including
at least 23 units for low-income tenants), parking, and related facilities
located on West 12th Street, one block west of Ivy Street, Chico,
California, by Merle A. Webb & Sons, a California general partnership,
or its designee approved by the Executive Director of the Authority, which
Project is located within the Authority's area of operation; and
WHEREAS, Section 103(k} of the Internal Revenue Code of 1954,
as amended, requires as a prerequisite to exemption from federal income
tax of interest on the Bonds that issuance of the Bonds be approved by
this Board of Supervisors, such approval being preceded by a public hearing
with fourteen (14} days` prior notice thereof, which notice has been given
and which public hearing has been held;
NOW, THEREFORE, BE IT RESOLVED that the issuance of the Bonds
by the Authority in an aggregate principal amount not to exceed $3.5 million
for purposes of providing financing for a multi-family residential housing
project in the City of Chico, as described above, is hereby approved;
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provided that the Bonds shall not be deemed to constitute a debt, or pledge
of the faith and credit, of the Authority, the City of Chico, or the County
of Butte and that all conditions of applicable law and requirements imposed
by the Authority regarding the issuance of the Bonds be satisfied before
the Bonds are issued.
PASSED AND ADOPTED by the Board of Supervisors, County of Butte,
State of California, this 3rd day of December, 1985, by the following
vote:
AYES: Supervisors Dolan, Mclnturf, Wheeler and Chairman Fulton
NOES: None
ABSENT: Supervisor McLaughlin
NOT DOTING: None n
LIUN; ~naa~man of the
County Board of Supervisors
ATTEST:
MARTIN J. NICHOLS, Chief Administrative
Officer and CTerk of the Board