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Title:
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Resolution authorizing the execution and delivery of a multifamily housing revenue note (tax-exempt) in a principal amount not to exceed $43,761,006 and a multifamily housing revenue note (taxable) in an aggregate principal amount not to exceed $25,000,000 for the purpose of providing financing for the construction of a 80-unit multifamily rental housing project known as “Sunnydale HOPE SF Block 3A,” for a total amount not to exceed $68,761,006; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the loan from the funding lender identified therein to the City and for the execution and delivery of the notes; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to the borrower; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; approving the form of and authorizing the execution of an assignment of deed of trust and loan documents; authorizing the collection of certain fees; approving, for purposes of the Internal Revenue Code of 1986, as amended, the issuance, execution and delivery of residential mortgage revenue bonds by the City in an aggregate principal amount not to exceed $53,000,000 (tax-exempt); approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, the notes and the project; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and related matters, as defined herein.
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