05 - MORTREVBONDIDUCE - Laserfiche WebLink

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financing costs of the Project, in an aggregate principal amount not to exceed ~~,5~0,~0~, Section The Authority finds and determines that the above recitals are truo and correct. Section The Authority finds and hereby determines that it is necessary and desirable and a public purpose for the Authority to provide financing for the Project and hereby expresses ifis ofi'icial infiertt to issue and sell the Bonds pursuant to the Dousing Act, at one time or from tine to tune, subject to the conditions set forth herein. This Resolution does not bind the Authority to make any expenditure, incur any indebtedness, or proceed with the financing of the Project. Section The Bands gill be payable solely from the revenues to be received by the Authority pursuant to a loan agreement ar other agreements to be entered into between the Authority and the Borrower in connection with the financing of the Project. The issuance of the Bonds is subject to the following conditions: the Authority and the Borrower shall have first agreed to mutually acceptable terns for the Bands and of the sale and delivery thereof, and mutually acceptable terms and conditions ofthe Bond indenture, loan agreement, regulatory agreement and other related docunents for the financing of the Project; ~b~ all requisite governr~ental approvals far the Bonds shall have been obtained; and ~c} a resolution approving the financing documents to which the Authority gill be a party shall have been adapted by the Authority. ecfiian . This resolution is a Declaration of official Intent under U,, Treasury Regulations for purposes of Bec#ions ~ 0 and ~4~ to 1g of the Internal Revenue Code of ~ 8~, as amended the "code"}. Based upon the representations of _ the Borrower, the Authority reasonably expects that cerkain of the casts of the Project will be reimbursed with the proceeds of the Bonds. The expected maximum principal amount of the Bonds is ,Og,0o0. Section The officers of and the financial advisors to the Authority are hereby authorized and directed to take any and all actions a may be necessary or appropriate in connection with ~a} an application to the Galifarnia Debt Limit Allocation Committee far an allocation of the State's private activity bond volume cap under Section ~4~ of the Code and Section ~8~9.~ of the California Government bode, and ~b}compliance with the requirements of Section 4~~f} of the Code relating to public approval of the Bonds. Any such actions heretofore taken by such officers and financial advisors with respect thereto are hereby ratified, approved and canf red. Section This Resolution shall take effect inmediately upon its adoption by the Authority, and the Secretary of the Authority shall attest to and certify the vote adopting this Resolution, Reso~utron No. 2~~ Page o~ 3