06-23-2025 Workshop Packet - Laserfiche WebLink

Home Browse Search

5 2(f)(2) of the Regulations, or (iv) expenditures in a “de minimis” amount (as defined in Section 1.150- 2(f)(1) of the Regulations), no expenditures with respect to the Project to be reimbursed with the proceeds of the Bonds have been made by the Borrower more than sixty (60) days before the date of adoption of this resolution of the City. (d) Based on representations by the Borrower, as of the date hereof, there are no funds of the Borrower reserved, allocated on a long term-basis, or otherwise set aside (or reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside) to provide permanent financing for the expenditures related to the Project to be financed from proceeds of the Bonds, other than pursuant to the issuance of the Bonds. This resolution, therefore, is determined to be consistent with the budgetary and financial circumstances of the Borrower as they exist or are reasonably foreseeable on the date hereof. 7. Commitment Conditional. (a) The adoption of this resolution does not constitute a guaranty or firm commitment that the City will issue the Bonds as requested by the Borrower. If, as a result of information made available to or obtained by the City during its review of the Project, it appears that the Project or the issuance of the Bonds to finance or refinance the costs thereof is not in the public interest or is inconsistent with the purposes of the Housing Act, the City reserves the right to decline to give final approval to the issuance of the Bonds. The City retains the right in its sole discretion to withdraw from participation and accordingly not to issue the Bonds, or issue the Bonds in an amount less than the amount referred to herein, should the City at any time prior to issuance thereof determine that it is in the best interests of the City not to issue the Bonds, or to issue the Bonds in an amount less than the amount referred to in this resolution, or should the parties to the transaction be unable to reach agreement as to the terms and conditions of any of the documents required for this financing transaction. (b) The City’s obligation to proceed with the issuance of the Bonds to finance the costs of the Project is conditioned upon the consideration and adoption by the Council of a final resolution granting final approval to the issuance of the Bonds following a duly noticed public hearing in accordance with the Housing Act and Section 147(f) of the Code. 8. Bond Counsel Is Empowered to Take All Necessary Actions. Bond Counsel is hereby designated bond counsel with respect to the Bonds and is hereby authorized to take all actions necessary to prepare required documents to permit the issuance of the Bonds and to submit such documents to the Council for its final approval. 9. Effective Date. This Resolution shall be in full force and effect from and after its passage.