2011-011 - Finance Multifamily Residential Rental Facilities

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E. Pursuant to section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds at which all those interested in speaking with respect to the issuance of the Bonds and the financing of the Project were heard, and now desires to approve the issuance of the Bonds by the Authority. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this Resolution constitute approval of the issuance of the Bonds by the Authority for the purposes of section 147(f) of the Code, by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project will be located. Section 3. The issuance of the Bonds shall be subject to approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to repayment or administration of the Bonds. Section 4. The adoption of this Resolution shall not obligate the City or any department thereof to (a) provide any financing to construct the Project; or (b) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the construction or operation of the Project. Section 5. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this Resolution and the financing transaction approved hereby. Section 6. This Resolution shall take effect from and after the date of its passage and adoption. Resolution No. 2011-011 Page 2 of 3