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Title:
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Resolution declaring the intent of the City and County of San Francisco (the “City” to reimburse certain expenditures from proceeds of future bonded indebtedness; authorizing the Director of the Mayor’s Office of Housing (the “Director”) to submit an application and related documents to the California Debt Limit Allocation Committee (“CDLAC”) permit the issuance of qualified multifamily housing revenue bonds in an aggregate principal amount not to exceed $13,000,000 for the Hotel Essex project; authorizing and directing the Director to direct the Controller’s Office to hold in trust an amount not to exceed $65,000 in accordance with the CDLAC procedures; authorizing the Director to certify CDLAC that the City has on deposit the required amount; authorizing the Director to pay an amount equal to such deposit to the State of California if the City fails to issue the qualified multifamily housing revenue bonds; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance and sale of qualified multifamily housing revenue bonds by the City in an aggregate principal amount not to exceed $13,000,000; authorizing and directing the execution of any documents necessary to implement this Resolution; and ratifying and approving any action heretofore taken in connection with the Project (as defined herein) and the Application (as defined herein).
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