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7/17/2007 8:35:51 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
8975
Resolution Title
Preliminary approval for the issuance of $16 million of Housing Revenue Bonds to finance Care Institute Inc.'s proposed expansion of the Rosewood Estates Senior Housing project at 2750 N. Victoria Street and setting the public hearing date for Septem
Resolution Date Passed
8/23/1993
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<br />will be to encourage the prOV1S1on of additional multifamily <br />rental housing opportunities to residents of the city, and to <br />promote more intensive development and use of land within the <br />city. <br /> <br />4. Future Approvals. The Project, and the program to <br />finance the Project by the issuance of revenue bonds, is hereby <br />given preliminary approval by the City subject to final approval <br />by the city, Company and purchasers of the Bonds as to ultimate <br />details of the financing of the Project. <br /> <br />5. CompanY to Pay Costs. The Company has agreed, and it <br />is hereby determined that, any and all costs incurred by the City <br />in connection with the financing of the Project, whether or not <br />the Project is carried to completion, will be paid by the <br />Company. <br /> <br />6. Assistance with Documents. Briggs and Morgan, <br />Professional Association, acting as bond counsel, and A.H. <br />Williams & Co. Incorporated, acting as investment bankers <br />selected by the City with the consent of the Company, are <br />authorized to assist in the preparation and review of necessary <br />documents relating to the project and the financing program <br />therefor, to consult with the City Attorney, Company and <br />purchasers of the Bonds (or the trustee for the purchasers of the <br />Bonds) as to the maturities, interest rates and other terms and <br />provisions of the Bonds and as to the covenants and other <br />provisions of the necessary documents and to submit such <br />documents to the city for final approval. <br /> <br />7. Revenue Obligations. Nothing in this Resolution or the <br />documents prepared pursuant hereto shall authorize the <br />expenditures of any municipal funds on the Project other than the <br />revenues derived from the project or otherwise granted to the <br />City for this purpose. The Bonds shall not constitute a charge, <br />lien or encumbrance, legal or equitable, upon any property or <br />funds of the City except the revenue and proceeds pledged to the <br />payment thereof, nor shall the city be subject to any liability <br />thereon. The holder of the Bonds shall never have the right to <br />compel any exercise of the taxing power of the City to pay the <br />outstanding principal of the Bonds or the interest thereon, or to <br />enforce payment thereon against any property of the city. The <br />Bonds shall recite in substance that the Bonds, including the <br />interest thereon, are payable solely from the revenue and <br />proceeds pledged to the payment thereof. The Bonds shall not <br />constitute a debt of the City within the meaning of any <br />constitution or statutory limitation. <br /> <br />8. Authorization for Ex~enditures. In anticipation of the <br />and the issuance of the Bonds to finance all or a portion of the <br />Project, and in order that completion of the Project will not be <br />unduly delayed when approved, the Company is hereby authorized to <br /> <br />245954 <br /> <br />4 <br />
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