HomeMy WebLinkAbout1989-11-07; City Council; Resolution 89-397-?4 /1 0 0
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RESOLUTION NO. 8 9 - 39 7
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, DIRECTING
THE STAFF TO PROCEED WITH THE REFUNDING
ISSUE 1985 SERIES B SEASCAPE VILLAGE
PROJECT AND TO RETURN WITH DOCUMENTS
OF THE MULTI-FAMILY HOUSING REVENUE BOND
WHEREAS, the City of Carl sbad issued bonds dated April 1, 1985 for
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mortgage revenue bond law in existence at that time; and 8
the purpose of constructing a multi-family housing complex under the
9 WHEREAS, the 1985 Multi-Family Housing Revenue bond issue has been
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placed into a default condition by the inabil i ty of Lincoln Properties,
public benefit and should be continued. 18
housing units being provided to low and moderate income families is in the 17
WHEREAS, the City Counci 1 of the City of Carl sbad does find that the 16
owner operator; and 15
these bonds may be refunded in the event of default on the part of the 14
WHEREAS, under the terms of the 1985 mortgage revenue bond issue, 13
the necessary debt service payment; and 12
Incorporated, owners and operators of the Seascape Village project to make
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2. That the City staff is hereby directed to pursue the refunding 22
1. The above recitations are true and correct. 21
Carlsbad, Cal ifornia as follows: 20
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
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of the Multi -Family Housing Revenue Bonds 1985 Series B and to return with
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documents necessary to accomplish said issue.
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3. That the staff shall review the low and moderate housing
elements of the agreement with Lincoln Properties to insure that the low
income residents of Carlsbad are properly served by this agreement.
4. That documents necessary to form the financing team which shall
include Stradl ing, Yocca, Carlson and Rauth as bond counsel, Dean Witter,
Reynolds, Incorporated as managing underwriter and Newman and Associates,
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Incorporated to act as co-manager be returned to Council for approval.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
of the City of Carlsbad, California, held on the 7th day of
November , 1989, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT : None
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ATTEST:
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i'' AL ETeku4
(SEAL)
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