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File #: 121022    Version: 1 Name: Multifamily Housing Revenue Bonds - 1401-1415 Mission Street - Not to Exceed $50,000,000
Type: Resolution Status: Passed
Introduced: 10/16/2012 In control: Board of Supervisors
On agenda: 10/23/2012 Final action: 10/29/2012
Enactment date: 10/29/2012 Enactment #: 390-12
Title: Resolution declaring its intent to reimburse certain expenditures from proceeds of future bonded indebtedness; authorizing the Director of the Mayor’s Office of Housing (Director) to submit an application and related documents to the California Debt Limit Allocation Committee (CDLAC) to authorize the issuance of residential mortgage revenue bonds in an aggregate principal amount not to exceed $50,000,000 for a 121-unit residential rental housing development to be located at 1401-1415 Mission Street; authorizing and directing the Director to request the Controller’s Office to hold in trust an amount not to exceed $100,000 in accordance with CDLAC procedures; authorizing the Director to certify to CDLAC that the City has on deposit the required amount; authorizing the Director to pay an amount equal to such deposit to CDLAC if the City fails to issue the residential mortgage revenue bonds; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance and sale of residential mortgage revenue bonds by the City in an aggregate principal amount not to exceed $50,000,000; 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.
Sponsors: Jane Kim
Attachments: 1. Legislation_Ver1, 2. Board_Packet_102312, 3. Legislation_Final
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
10/29/20121 Mayor APPROVED  Action details Meeting details Not available
10/23/20121 Board of Supervisors ADOPTEDPass Action details Meeting details Not available
10/16/20121 President REFERRED FOR ADOPTION WITHOUT COMMITTEE REFERENCE AGENDA AT THE NEXT BOARD MEETING  Action details Meeting details Not available
Legislation Details
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