HomeMy WebLinkAbout129-01TOWN OF DANVILLE
RESOLUTION NO. 129-2001
APPROVING THE ISSUANCE OF BONDS BY THE TOWN OF
DANVILLE FINANCING AUTHORITY AND APPROVING THE
BORROWING OF BOND PROCEEDS BY THE COMMUNITY
DEVELOPMENT AGENCY OF THE TOWN OF DANVILLE
WHEREAS, the Town and the Community Development Agency of the Town of
Danville (the "Agency") have heretofore entered into a joint exemise of powers agreement
establishing the Town of Danville Financing Authority (the "Authority") for the purpose, among
others, of issuing its bonds to be used to provide financial assistance to its members;
WHEREAS, the Agency is undertaking to assist the redevelopment of its Downtown
Redevelopment Project Area;
WHEREAS, the Agency has determined that, due to prevailing financial market
conditions, it is in the best interests of the Agency to finance low and moderate income housing
projects of the Agency and the Agency has requested the Authority to lend it funds in an amount
sufficient for such purpose;
WHEREAS, for the propose of raising funds necessary to provide such financial
assistance to the Agency, the Authority proposes to authorize the issuance of its revenue bonds
under the provisions of Article 4 (commencing with section 6584) of Chapter 5 of Division 7 of
Title 1 of the Califomia Government Code (the "Act"), designated as the Town of Danville
Financing Authority Taxable Revenue Bonds, 2001 Series A (Community Redevelopment
Agency of the Town of Danville--Downtown Redevelopment Project), in an amount not to
exceed $3,700,000 (the "Bonds");
WHEREAS, the proceeds of the Bonds will be applied to make a loan (the "Loan") to the
Agency pursuant to a loan agreement (the "Loan Agreement");
WHEREAS, the Town Council approves of said transactions as being in the public
interest of the Town, the Agency and the Authority.
NOW, THEREFORE, BE IT RESOLVED, as follows:
Section 1. The issuance of the Bonds by the Authority, the entering into of the Loan
Agreement by the Agency and the Loan made to the Agency pursuant thereto, and the
application of the proceeds of the Loan for the purposes described above, be and are hereby
approved.
Section 2. This Resolution shall take effect from and after the date of its passage and
adoption.
I, the undersigned City Clerk of the Town of Danville, hereby certify that the foregoing is
a full, true and correct copy of a resolution duly adopted by the Town Council of the Town at a
meeting thereof on the 20th day of November, 2001, by the following vote of the members
thereof:
AYES: Doyle, Waldo, Arnerich, Shimansky
NOES: None
ABSTAIN: None
ABSENT: Greenberg
OVED AS TO FORM:
CITY ATTORNEY ?
CITY CLERK
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