HomeMy WebLinkAbout3544 ResolutionRESOLUTION NO. l
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE HOUSING AUTHORITY OF THE
CITY OF PASCO AND FRANKLIN COUNTY IN THE PRINCIPAL AMOUNT OF NOT TO
EXCEED $5,250,000 TO FINANCE LOW- INCOME HOUSING IN THE CITY OF PASCO,
WASHINGTON.
WHEREAS, RCW 35.82.130 authorizes housing authorities to issue bonds and RCW
35,82.070(l 8) authorizes housing authorities to make loans for the acquisition and construction of land,
buildings and developments for housing for persons of low income; and
WHEREAS, the Housing Authority of the City of Pasco and Franklin County (the "Authority ")
advised the City of Pasco, Washington (the "City "), that the Authority intends to issue its revenue bonds
(the "Bonds ") in the principal amount of not to exceed $5,250,000 in connection with the financing of a
multifamily housing project located at the southeast corner of the intersection of Fourth Avenue and Pearl
Street in Pasco, Washington (the "Project "), by Fourth and Pearl Family Housing LLLP (the
"Partnership "), to provide housing for low- income persons within the City; and
WHEREAS, the Authority also advised the City that a public hearing was held pursuant to the
requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "), with
respect to the Bond on February 3, 2014, in Pasco, Washington, following timely notice being published
in a newspaper of general circulation throughout the City; and
WHEREAS, the Authority has provided the City with a written summary of the public testimony
of the February 3, 2014, hearing; NOW, THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF PASCO:
That the City Council approves the issuance by the Authority of the Bonds in the principal
amount of not to exceed $5,250,000, the proceeds of which will be used to make a loan to the Partnership
to finance housing for low income persons: and
That this approval is intended to comply with the requirements of Section 147(f) of the Code in
order to permit the issuance of the Bonds; and
That this approval, however, is not intended to imply that the Bonds are issued on behalf of the
City or that the City is under any duty or has any responsibility to repay the Bonds; and
That the City neither underwrites the Bonds nor certifies that the Project will meet the
requirements to qualify as a "qualified residential rental project" within the meaning of Section 142(d) of
the Code; and
That the City makes no representations about the treatment of interest on the Bonds for state,
local or federal tax purposes, or about the commercial feasibility and viability of the Project and the City,
its officers, employees, agents and representatives will not bear liability to any investor, resident, lender,
or any other person or entity for any claim rising out of the Bonds and neither the Authority nor the
Partnership are agents of the City, and neither has authority to act on behalf of, or bind the City or its
members, officers, employees, agents, or representatives.
Passed by the City Council of the City of Pasco this _7 day of
N/lnit Wntkinc Mnvor
r ! 2014
APPR AS TO FORM:
Leland Kerr, City Attorney