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Housing Revenue Bonds will not constitute a charge, lien, or encumbrance upon any property of <br />the Issuers, except the interests of the Issuers in payments to be made by the Borrower under the <br />Loan Agreements. The Bonds and Notes are not obligations on the part of the State or its political <br />subdivisions, including the Issuers, and the Bonds and Notes will not constitute a debt of the Issuers <br />within the meaning of any constitutional or statutory limitation. <br />Vice President of Development Paul Keenan will be in attendance at the City Council meeting to <br />address any questions you may have about the Lica Apartment project. Bond Attorney Daniel <br />Burns from Taft Law will also be in attendance at the meeting to guide the City Council through <br />the required steps and answer any questions you may have. The following documents related to <br />the Lica Apartments Project bond issuance are included in the City Council packet: <br />•Borrower Loan Agreement; <br />•Funding Loan Agreement; <br />•Regulatory Agreement; <br />•Mortgage; <br />•Assignment; and <br />•Final Resolution. <br />RECOMMENDED ACTION: <br />City staff recommends City Council approval of a resolution for the Issuance of Conduit <br />Revenue Bonds by the City of Little Canada for a Multifamily Affordable Housing Project known <br />as Lica Apartments.