3C Public Hearing 2012 0416 - Laserfiche WebLink

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File Number: 12 -168 WHEREAS, all or a portion of the units in the Project will be occupied by persons or families of lower or very low income; and WHEREAS, in order for the interest on the Bonds to be tax exempt, Section 147(f) of the Internal Revenue Code of 1986, as amended (Code), requires that an "applicable elected representative" of the governmental unit, the geographic jurisdiction of which contains the site of facilities to be financed with the proceeds of the Bonds, hold a public hearing on the issuance of the Bonds and approve the issuance of the Bonds following such hearing; and WHEREAS, the City Council is the elected legislative body of the City and is one of the applicable elected representatives required to approve the issuance of the Bonds under Section 147(f) of the Code and the requirements of Section 4 of the Agreement; and WHEREAS, the CMFA has requested that the City Council approve the issuance of the Bonds by the CMFA in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Agreement; and WHEREAS, notice of such public hearing has been duly given as required by the Code, and this City Council has heretofore held such public hearing at which all interested persons were given an opportunity to be heard on all matters relative to the financing of the Project and the CMFA's issuance of the Bonds therefor; and WHEREAS, it is in the public interest and for the public benefit that the City Council approve the issuance of the Bonds by the CMFA for the aforesaid purposes; and WHEREAS, there is now before this City Council the form of the Agreement; and WHEREAS, the City Council is familiar with the contents thereof; and WHEREAS, the City Manager has recommended approval of said Agreement. NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows: 1. That the City Council hereby finds and determines that the foregoing recitals are true and correct. 2. That said Agreement substantially in the form presented is hereby approved and execution by the City Manager is hereby authorized, and the City Clerk is hereby authorized and directed to attest thereto; and 3. That the City Council hereby approves the issuance of the Bonds with respect to the Project by the CMFA in the not to exceed amount set forth above. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the CMFA only for the purposes of (i) 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, in accordance with said Section 147(f), and (ii) Section 4 of the Agreement. City of San Leandro Page 2 Printed on 411012012