RESOLUTION NO. _____________

 

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

 

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RESOLUTION OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF SAN MATEO APPROVING THE FINANCING OF
A MULTI-FAMILY HOUSING PROJECT

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    RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that:

 

    WHEREAS, the ABAG Finance Authority for Nonprofit Corporations (the "Authority") proposes to issue multi-family housing revenue bonds (the "Bonds") in an amount not to exceed $27,500,000 and to lend the proceeds thereof to limited partnership, a general partner of which will be JSM Enterprises, (the "Borrower"), to be used for the construction of an approximately 144-unit apartment project (the "Project") known as the Colma BART Station Apartments, located directly adjacent to the Colma BART Station, fronting on El Camino Real at the intersection of El Camino Real and Albert M. Teglia Boulevard in Colma (County of San Mateo), California, all to be owned and operated by the Borrower or an entity related thereto or a partner thereof;

 

    WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 requires the Board of Supervisors of the County of San Mateo (the "Board"), as the elected representative of the County of San Mateo, the host jurisdiction of such facilities, to approve the issuance of the Bonds after a public hearing has been held following reasonable notice;

 

    WHEREAS, a public hearing was held by the Board on this 23rd day of October, 2001, at the meeting which commenced at the hour of 9:25 a.m., in the Board Chambers, 400 County Center, Redwood City, California, following duly published notice thereof, and all persons desiring to be heard have been heard;

    WHEREAS, it is in the public interest and for the public benefit that the Board, as the elected representative of the County, the host jurisdiction of such facilities, approve the issuance and delivery by the Authority of the Bonds; and

 

    WHEREAS, the County will not be a party to any of the documents relating to the Bonds and will in no way have any liability for the Bonds.

 

    NOW, THEREFORE, BE IT RESOLVED THAT the Board of Supervisors of the County of San Mateo hereby finds, determines and declares that issuance and delivery by the Authority of the Bonds in the maximum principal amount of $27,500,000, for the purposes described above, is hereby approved.

 
 

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