TO:	Honorable Mayor and City Council	FROM:	Scott P. Johnson Leslye Corsiglia
SUBJECT:	See Below	DATE:	May 27, 2003

Council District: 6

SNI: NA

SUBJECT: APPROVAL OF THE ISSUANCE OF BONDS, Loan of Bond Proceeds AND RELATED DOCUMENTS FOR The Oaks of Almaden Apartments Project

Recommendation

Adoption of a resolution of the City Council:

(a) Authorizing the issuance of tax-exempt multifamily housing revenue bonds designated as "City of San José Multifamily Housing Revenue Bonds (The Oaks of Almaden Apartments Project) Series 2003B" in an aggregate principal amount not to exceed $8,350,000 (the "Bonds") to be issued and delivered in two sub-series designated as Series 2003B-1 in the original principal amount of $4,350,000 and as Series 2003B-2 in the original principal amount of $4,000,000;

(b) Approving a loan of bond proceeds to The Oaks of Almaden, L.P., a California limited partnership, for financing the construction of The Oaks of Almaden to be located at 5067 Almaden Expressway in San Jose;

(c) Approving in substantially final form the Bonds, Trust Indenture, Financing Agreement, Regulatory Agreement and Declaration of Restrictive Covenants, the Bond Purchase Agreement, Mortgage Note, and the Assignment of Mortgage Loan; and

(d) Authorizing the Director of Finance and Director of Housing to execute and, as appropriate, to negotiate, execute and deliver these documents and other related documents as necessary.

CEQA

Negative Declaration: PDCSH 02-032