HomeMy WebLinkAboutORD 885ORD 885tÄ— À HÄ—@¸— Õ XþORDINANCE NO. 885
AN ORDINANCE OF THE CITY OF BALDWIN PARK
ADOPTING A HOME MORTGAGE FINANCING PROGRAM
FOR THE CITY OF BALDWIN PARK
City Council of the City of Baldwin Park
to engage in a home mortgage financing
WHEREAS, the
the City") proposes
program the Program'
of Division 31 of the
California the Act")
limits established by
bonds pursuant to the
pursuant to Chapters 1-5 of Part 5
Health and Safety Code of the State of
I for persons and families within the income
the Act, and proposes to issue revenue
Act to provide funds for the Program; and
WHEREAS, there is a shortage of decent, safe and sanitary
housing, particularly of housing affordable by persons of low or
moderate income, and a consequent need to encourage the
construction of homes affordable by such persons and otherwise
to increase the housing supply in the City for such persons and
that the authorization, issuance and sale of mortgage revenue
bonds under the Act represents a means of providing funds at
below-market interest rates for the purpose of financing such
housing.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
CITY OF BALDWIN PARK:
Section 1. The City hereby adopts the Program for
the purpose of increasing the housing supply in the
City.
Section 2. The City shall operate the Program with
respect to all property located within the incorporated
area of the City.
Section 3. The provisions of this Ordinance, being
necessary for the welfare of the City and its
inhabitants, shall be liberally construed to effect
its purposes.
Section 4. This Ordinance shall be in full force
and effect from and after the date of its final passage.
APPROVED and ADOPTED this 19th day of December 1984
LI'NDA L. GAI3?< CITY CLERK
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ORD 885tÄ— À HÄ—@¸— Õ XþOrdinance No. 885
Page Two
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Park, do hereby certify that the foregoing Ordinance No. 885
was regularly introduced and placed upon its first reading at
an ADJOURNED REGULAR MEETING of the City Council on the llth day
of December, 1984. That, thereafter, said Ordinance was duly
passed and approved at a REGULAR MEETING of the City Council on
the 19th day of December 1984, by the following vote:
AYES: COUNCILMEN KING, MC NEILL, GIBSON, IZELL, WHITE
NOES: COUNCILMEN NONE________________________________
ABSENT: COUNCILMEN NONE
L^L
LINDA L. GAlR. CITY CLERK
BIB]
40819-U01
ORD-U02
885-U02
LI2-U03
FO4404-U03
FO33428-U03
DO33628-U03
C5-U03
ORDINANCES-U03
12/16/2003-U04
ROBIN-U04