1996-03 HA - Laserfiche WebLink

Home Browse Search

. . . , '. I. The Authority hereby declares its present intention to issue the Bonds pursuant to the procedures specified in the Law in an aggregate principal amOlUlt not to exceed $12,000,000 for the purposes of providing financing for the acquisition and rehabilitation of the Project. 2 The issuance and sale of the Bonds shall be upon such tenns and conditions as may be mutuaIly agreed upon by the Authority, the Developer and the purchaser of said Bonds, and shall be authorized by resolution of the Authority at a meeting duly held and conducted for such purposes, 3. The proceeds of the Bonds shall include such related and necessary issuance expenses, administrative costs and debt service reserves as may be required to accomplish successfully the financing, 4. The Authority declares the issuance ofthe Bonds to be an emergency matter within the meaning of Section 34292 of the California Health and Safety Code, 5. The Authority hereby finds that the issuance of the Bonds is a substantial inducement to the Developer to acquire and rehabilitate the Project. 6. The Developer shall be responsible for the payment of all present and future costs in connection with the issuance of the Bonds, including, but not limited to, any fees and expenses incUITed by the Authority in anticipation of the issuance of the Bonds, the costs of printing an official statement, rating agency costs, bond cOlUlsel fees and expenses, financial advisor fees and expenses, undetwriting discount and costs, trustee fees and expenses, and the cost of printing the Bonds, 7. The payment of the principa~ redemption premium, if any, and purchase price of and interest on the Bonds shall be the sole responsibility of the Developer, and the payment of such amounts shall be insured by bond insurance provided by an insurance company acceptable to the Authority or secured by a letter of credit issued by a financial institution acceptable to the Authority or other third party credit enhancement. The Bond shall not constitute a debt or obligation of the Authority, 8. The Executive Director and the appropriate officers or staff of the Authority are hereby authorized, for and in the name of and on behalf of the authority, to make an application to the California Debt Limit Allocation Committee for an allocation of private activity bonds for a multifamily rental housing bond project and to execute and deliver an appropriate agreement with the Developer with respect to any deposit required in connection therewith, 9. 11ùs resolution is being adopted by the Authority for purposes of establishing compliance with the requirements of Section 1.I03-8(a)(5) and Section 1.105-2 of the Treasury Regulations, In that regard, the Authority hereby declares its official intent to use proceeds of Bonds to reimburse the Reimbursement Expenditures,