Resolution 4698 - Laserfiche WebLink

RESOLUTION NO. 4698 A RESOLUTION of the City Council of Everett, Washington, approving the issuance of a revenue bond by the Housing Authority of the City of Everett in the principal amount of not to exceed $12,200,000, to provide funds to finance low- income housing within the City. WHEREAS, RCW 35.82.070(18) provides that a housing authority may, among other things and if certain conditions are met, make . . . loans for the . . . acquisition, construction . . . rehabilitation, improvement . . .or refinancing of land, buildings, or developments for housing for persons of low income"; and WHEREAS, RCW 35.82.130 provides that a housing authority may issue bonds, notes or other obligations for any of its corporate purposes; and WHEREAS, the Housing Authority of the City of Everett(the"Authority") has advised the City Council of the City of Everett, Washington (the "City"), that the Authority intends to issue its revenue bond(the `Bond") in the principal amount of not to exceed$12,200,000 in connection with the financing of a 111-bed skilled nursing facility to be located in Providence General Hospital Medical Center, located at 916 Pacific Avenue, and a 54-unit assisted living facility to be known as Bethany at Silver Crest to be located at 2231 Lake Heights Drive, and the refinancing of a 120-bed skilled nursing facility known as Bethany at Silver Lake located at 2235 Lake Heights Drive, all within the City(collectively,the "Project"),to provide housing for low income persons; and WHEREAS, the Authority has 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 November 18, 1998, in Everett, Washington, following timely notice being published in a newspaper of general circulation throughout the City; and -1- 50059609.01