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6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br />11 <br /> <br />12 <br /> <br />13 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />RESOLUTION NO. 20346 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE <br /> APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE <br /> BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES <br /> DEVELOPMENT AUTHORITY <br /> <br /> WHEREAS, the California Statewide Communities Development Authority (the <br />"Authority") is authorized pursuant to the provisions of California Government Code Section 6500 <br />et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of <br />June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California, <br />including the City of Riverside (the "City"), to issue revenue bonds in accordance with Chapter 7 of <br />Part 5 of Division 31 of the California Health and Safety Code for the purpose of financing <br />multifamily rental housing projects; and <br /> <br /> WHEREAS, KDF Breezewood, L.P. (collectively, with any related entity, the "Borrower") <br />has requested that the Authority issue multifamily housing revenue bonds in an aggregate principal <br />amount not to exceed $10 million to finance the acquisition and rehabilitation of a 155-unit <br />multifamily rental housing project located at 1401 Satinwood Court, Riverside, California, and <br />generally known as the Breezewood Apartments; and <br /> <br /> WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for purposes of the <br />Internal Revenue Code of 1986 (the "Code"); and <br /> <br /> WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity <br />bonds are required to be approved by the "applicable elected representative" of the governmental units <br />on whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction <br />over the entire area in which any facility financed by such bonds is to be located, after a public hearing <br />held following reasonable public notice; and <br /> <br /> WHEREAS, the members of this City Council (this "Council") are the applicable elected <br />representatives of the City; and <br /> <br />WHEREAS, there has been published, at least 14 days prior to the date hereof, in a newspaper <br />of general circulation within the City, a notice that a public hearing regarding the Bonds would be held <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-~567 <br /> <br /> <br />