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R95-119RESOLUTION NO. R95-//~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, RELATING TO A PROPOSED REVENUE BOND ISSUE IN AN AMOUNT NOT TO EXCEED $12,000,000 FOR THE ACQUISITION OF CLIPPER COVE APARTMENTS (THE "PROJECT") WHEREAS, Cornerstone Housing Corporation and Housing Partnership, Inc~ intend to form a not-for-profit corporation (the "Corporation"), which shall be qualified as a Section 501(c)(3) corporation under the Internal Revenue Code, to acquire Clipper Cove Apartments, a 384-unit multifamily project (the ".Project") located within the City of Boynton Beach, Florida; WHEREAS, Cornerstone Housing Corporation and Housing Partnership, Inc., on behalf of the Corporation, seek to ~finance the costs of acquisition of the Project from the Resolution Trust Corporation, together with all required reserves and financing c©sts, through the issuance of revenue bonds by the City of Boynton Beach, Florida; WHEREAS, the City of Boynton Beach, Florida will not be obligated to pay principal, interest or any other sums due under the proposed revenue bonds, which would be paid from Project revenues and any other items pledged as security therefor by the Corporation and credit enhancement obtained by the Corporation; WHEREAS, the City Commission of the City of Boynton Beach, Florida desires to express its official intent to the Resolution Trust Corporation and for the purposes of Treasury Regulation Section 1.150-2, that it intends to issue its revenue bonds for such purposes and that expenditures paid from a source other than proceeds of the bonds will be reimbursed from proceeds of the bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA THAT: ~ection ~ This Resolution constitutes an expression of the official intent for purposes of Treasury Regulation Section 1.150-2. The project for which the original expenditure is to be paid is Clipper Cove, a 384-unit multifamily project which is located within %he jurisdiction of the City of Boynton Beach, Florida. The maximum principal amoun% of obligations expected to be issued for the Project is $12,000,000. Cornerstone Housing Corporation and Housing Partnership, Inc., on behalf of the Corporation, reasonably expect that expenditures made by them, or by the Corporation, will be reimbursed with bond proceeds. Although the City of Boynton Beach, Florida is not obligated to issue any bonds, this Resolution is being adopted to indicate the present intention of the City of Boynton Beach, Florida to issue bonds for the purpose of satisfying the requirements of Treasury Regulation Section 1.150-2 concerning reimbursement of prior expenditures with bond proceeds. Section 2. its adoption. This Resolution shall take effect immediately upon Passed and adopted this 3rd day of August, 1995. (SEAL) ATTEST: Ci~ Clerk APPROVED~AS T~) FORM · AND BY:ci~'t~~' CITY OF BOYNTON BEACH, FLORIDA Mayo r Vice-Mayor Con~issioner ~2ommi ~s i onej / % -2-