Laserfiche WebLink
CERTIFICATE OF MAYOR APPROVING PLAN OF FINANCING <br /> AND RELATED OBLIGATIONS TO BE ISSUED BY <br /> THE HOUSING AUTHORITY OF THE CITY OF EVERETT <br /> WHEREAS, the Housing Authority of the City of Everett (the "Authority") has advised <br /> the City of Everett, Washington (the "City") that the Authority intends to issue certain <br /> obligations (the"Obligations") in the maximum aggregate principal amount of not to exceed <br /> $13,000,000 pursuant to chapter 35.82 RCW and a plan of financing (the "Plan of Financing") <br /> with respect to the Broadway Plaza Apartments project (the "Project"). The Project will be <br /> owned by Broadway Plaza LLLP (the"Borrower"), a Washington limited liability limited <br /> partnership of which the Authority is the sole general partner; and <br /> WHEREAS, the Authority has advised.the City that, following timely notice thereof <br /> being published in a newspaper of general circulation throughout the City, a public hearing was <br /> held on May 3, 2011, in accordance with the requirements of Section 147(f) of the Internal <br /> Revenue Code of 1986, as amended (the "Code"), on the proposed issuance of the Obligations <br /> pursuant to the Plan of Financing for the Project; and <br /> WHEREAS, I have received a written summary of the public testimony and written <br /> comments received at such public hearing; and <br /> WHEREAS, the Mayor is a city-wide elected official and the Authority's bond counsel <br /> has advised that the Mayor represents the City for the purposes of the approval of the issuance of <br /> the Obligations pursuant to the Plan of Financing as required by Section 147(f) of the Code;and <br /> WHEREAS, the Authority has advised the City that the Obligations to be issued by the <br /> Authority for the Project pursuant to the Plan of Financing (a) may consist of a line of credit <br /> and/or one or more issues (including refunding issues) of revenue bond anticipation notes to <br /> provide interim financing for the Project and one or more issues (including refunding issues) of <br /> long-term revenue bonds to provide permanent financing for the Project; (b) will be issued in <br /> accordance with a schedule such that the first issue of Obligations for each Project will be issued <br /> no later than one year after the date of this approval and any subsequent issue for the Project will <br /> be issued no later than three years after the issue date of the first such issue for that Project; <br /> (c)will not exceed a maximum aggregate principal amount of $13,000,000; and (d) in <br /> calculating the maximum aggregate principal amount of Obligations issued for the Project <br /> pursuant to the Plan of Financing, the principal amount of any issue of Obligations used to <br /> currently refund a prior issue of Obligations will be disregarded to the extent that the principal <br /> amount of such refunding issue does not exceed the outstanding principal amount of such prior <br /> issue; and <br /> WHEREAS, the Authority has further advised the City that the proceeds of the <br /> Obligations will be used to make a loan or loans to the Borrower to finance the costs of the <br /> Project; <br /> 5 <br />