HomeMy WebLinkAbout20335 - RESOLUTIONS - 5/15/2002 RESOLUTION NO. 20335
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS AUTHORIZING THE
ISSUANCE OF NOT TO EXCEED $5,000,000
AGGREGATE PRINCIPAL AMOUNT OF
CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY FOR THE PURPOSE
OF ASSISTING SEMINOLE GARDENS
PRESERVATION, LP TO ACQUIRE AND
RENOVATE THE SEMINOLE GARDENS
APARTMENTS AT 2607 LINDEN WAY
WHEREAS, the City of Palm Springs is a member of the California Statewide
Communities Development Authority; and
WHEREAS, Seminole Gardens Preservation, LP, a California nonprofit public
benefit corporation (the "Borrower') qualified as an exempt organization under
Section 501(c)(3) of the Internal Revenue Code of 1966, as amended (the "Code"),
has requested that the California Statewide Communities Development Authority
("Authority") issue and sell revenue bonds for the purpose of providing financing for
the acquisition and renovation of a 60 unit low-income apartment project located at
2607 Linden Way in the City of Palm Springs, California (the"Project"); and
WHEREAS, the financing of the Project will lessen the governmental burden
of the City by preserving 50 affordable housing units within the City; and
' WHEREAS, the Authority proposes to issue its not to exceed $5,000,000
aggregate principal amount Bonds in one series (the "Bonds") pursuant to the Law to
finance the acquisition and renovation by the Borrower of the Project; and
WHEREAS, as required by Section 147(f) of the Internal Revenue Cade of
1986, as amended, this City Council has on this date conducted a duly noticed public
hearing with respect to the proposed issuance of the Bonds and financing the Project,
such notice being published in a newspaper of general circulation in the City; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PALM SPRINGS AS FOLLOWS,
Section 1 Recitals. The above recitals, and each of them, are true and
correct.
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Resolution 20335
Page 2
Section 2. The California Statewide Communities Development Authority's
bond issue, in an amount not to exceed $5,000,000 aggregate principal amount,
pursuant to the Law to finance the acquisition and renovation by Seminole Gardens
Preservation, LP of the Seminole Gardens Apartments at 2607 Linden Way, are
hereby approved.
ADOPTED THIS I_Uhday of May , 2002.
AYES: Members Hodges, MiIIs, Oden, Roller—Spurgin and Mayor Rleindienst
NOES: None
ABSENT' None
r,¢� i CITY OF PALM SPRINGS, CALIFORNIA
/ I
ity I k City Mana`ger�
REVIEWED AND APPROVED AS TO FORM: