HomeMy WebLinkAbout95-014 - ResolutionsRESOLUTION NO. 95-014
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA APPROVING THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF RANCHO
CUCAMONGA OF ITS ADJUSTABLE RATE MULTIFAMILY
HOUSING REVENUE REFUNDING BONDS (RANCHO VERDE
APARTMENTS PROJECT) 1995 SERIES A
WHEREAS, the Redevelopment Agency of the City of Rancho Cucamonga (the
"Agency") is authorized pursuant to Section 33750 and following the California Health and
Safety Code (the "Act") to provide assistance in financing multifamily residential housing
developments within redevelopment project areas; and
WHEREAS, the City of Rancho Cucamonga (the "City") and the Agency have
determined that it is in the best interests of the City to maintain the supply of affordable
rental housing within the City through the issuance by the Agency of the Redevelopment
Agency of the City of Rancho Cucamonga Adjustable Rate Multifamily Housing Revenue
Refunding Bonds (Rancho Verde Apartments Project) 1995 Series A (the "Bonds"); and
WHEREAS, the proceeds of the Bonds, if any are issued, will be loaned to Southern
California Housing Development Corporation, a California public benefit corporation (the
"Company"), for the purpose of financing the acquisition of a 248-unit rental housing project
known as the Rancho Verde Apartments located at 8837 Grove Avenue, Rancho
Cucamonga, California (the "Project"); and
WHEREAS, as required by Section 147 (f) of the Intemal Revenue Code of 1986,
as amended, this City Council has heretofore conducted a duly noticed public hearing on
February 1, 1995, with respect to the proposed issuance of the Bonds and financing of the
Project, such notice being published in the Inland Valley Daily Bulletin.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, as follows:
SECTION 1. Approval of Issuance of Bonds and Making of Loan. The issuance of
the Bonds by the Agency pursuant to the Act, the making of the Loan with the proceeds of
Bonds by the Agency to the Company and the financing of the Project are hereby approved.
This approval is made in order to meet the public approval requirements of Section 147(I)
of the Internal Revenue Code, as amended.
SECTION 2. Effective Date. This Resolution shall take effect upon adoption.
Resolution No. 95-014
Page 2
PASSED, APPROVED, AND ADOPTED this 15th day of February, 1995.
AYES: Alexander, Biane, Curatalo, Gutierrez, Williams
NOES: None
ABSENT: None
ATTEST:
'De'>m J. Adan~dCMC, City Clerk
William J. Alex~fider, Mayor
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby
certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council
of the City of Rancho Cucamonga, California, at a regular meeting of said City Council held on the
15th day of February, 1995.
Executed this 16th day of February, 1995, at Rancho Cucamonga, California.
Dgbra J. Adan~MC, City Clerk