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RESOLUTION NO. 15604 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, APPROVING DOCI/MENTS FOR THE ISSUANCE <br /> OF MULTIFAMILY RENTAL HOUSING REVENUE BONDS <br /> (LINCOLN CHANNING PROJECT) <br /> <br /> WHEREAS, there is a shortage in the County of Riverside <br />(the "County") and in the City of Riverside (the "City") of <br />decent, safe and sanitary housing which is affordable by <br />persons in the lower end of the income spectrum and a <br />consequent need to encourage the construction of rental units <br />affordable by such persons and otherwise to increase the <br />housing supply in the County and in the City for such persons~ <br />and <br /> <br /> WHEREAS, the City has determined to engage in a multifamily <br />rental housing revenue bond finance program (the "Program") <br />pursuant to its Charter and Ordinance No. 5067, An Ordinance of <br />the City Council of the City of Riverside Providing for Multi- <br />family Rental Housing Revenue Bonds, 'adopted on February 22, <br />1983 (the "Ordinance"), for persons and families within the <br />income limits established by the Ordinance~ and <br /> <br /> WHEREAS, on March 13, 1984, the City Council of the City of <br />Riverside adopted a resolution declaring its intent to issue <br />bonds for a multifamily residential rental project (the <br />"Project") to be constructed by Lincoln Channing, A California <br />Limited Partnership (the "Developer")~ and <br /> <br /> WHEREAS, the City Council finds and determines that the <br />Project complies with the Land Use Element and the Housing <br />Element of the City's General Plan; and <br /> <br /> W~HER3EAS, the City Council has duly published notice of a <br />public hearing regarding the issuance of revenue bonds for the <br />Project in accordance with the requirements of Section 103(k) <br />of the Internal Revenue Code of 1954, as amended; and <br /> <br /> WHEREAS, the members of the City Council are the applicable <br />elected representatives to conduct a public hearing regarding <br />the issuance of the revenue bonds; and <br /> <br /> WHEREAS, on January 2, 1985 the City Council conducted a <br />public hearing regarding the issuance of the revenue bonds for <br />the Project and determined it to be in the public interest to <br />issue revenue bonds and approved the issuance of bonds for the <br /> <br /> <br />