City of Long Beach - File #: 04-2181

• File #: 04-2181
• Version: 1
• Name: Resolution approving the issuance by California Statewide Communities Development Authority of taxable and tax-exempt obligations.
• Type: Resolution
• Status: Passed
• File created: 12/8/2004
• In control: City Council
• On agenda: 12/7/2004
• Final action: 12/7/2004
• Title: Resolution approving the issuance by California Statewide Communities Development Authority of taxable and tax-exempt obligations in an aggregate principal amount not to exceed $69,000,000, of which not more than $7,000,000 will be allocable to the project (as defined below), and authorizing related actions. (District 8)
• Sponsors: Financial Management

Date	Ver.	Action By	Action	Result
12/7/2004	1	City Council	adopted	Pass

Title

Resolution approving the issuance by California Statewide Communities Development Authority of taxable and tax-exempt obligations in an aggregate principal amount not to exceed $69,000,000, of which not more than $7,000,000 will be allocable to the project (as defined below), and authorizing related actions.  (District 8)

Discussion

[Description/Discussion]

Timing Considerations

[Timing Considerations]

Fiscal Impact

[Fiscal Impact]

SUGGESTED ACTION

Adopt resolution authorizing the conversion of obligations issued by the California Statewide Communities Development Authority to benefit Bixby Knolls Towers, Inc., a wholly owned subsidiary of the Retirement Housing Foundation, a California not-for-profit corporation, from federally taxable to federally tax-exempt status.

Body

RESOLUTION OF THE CITY COUNCIL OF THE

CITY OF LONG BEACH APPROVING THE ISSUANCE BY

CALIFORNIA STATEWIDE COMMUNITIES

DEVELOPMENT AUTHORITY OF TAXABLE AND TAXEXEMPT

OBLIGATIONS IN AN AGGREGATE PRINCIPAL

AMOUNT NOT TO EXCEED $69,000,000, OF WHICH NOT

MORE THAN $7,000,000 WILL BE ALLOCABLE TO THE

PROJECT (AS DEFINED BELOW), AND AUTHORIZING

RELATED ACTIONS

Respectfully Submited,

[Respectfully Submited,]