HomeMy WebLinkAbout1983 097 CC RESO1983 097 CC RESO (Ìì è ïPjRESOLUTION NO. 83-97
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK APPROVING AND AUTHORIZING
THE CITY MANAGER TO SUBMIT AN APPLICATION FOR
AN ALLOCATION UNDER THE MORTGAGE BOND TAX SUBSIDY
ACT OF 1980 TO THE STATE OF CALIFORNIA MORTGAGE
BOND ALLOCATION COMMITTEE
RESOLVED, by the City Council of the City of Baldwin
Park, California, as follows:
WHEREAS, Chapter 8 of Part 1 of Division 24 of the
Health and Safety Code of the State of California herein called
the Act") authorizes redevelopment agencies to issue revenue
bonds for the purpose of financing home mortgages authorized by
the Act.
WHEREAS, pursuant to the Act, the Baldwin Park
Redevelopment Agency is authorized to carry out the public
purposes described therein by issuing its revenue bonds to acquire
home mortgages and by pledging such home mortgages as security for
payment of the principal of and interest on such revenue bonds,
and by entering into any agreements in connection therewith; and
WHEREAS, the Baldwin Park Redevelopment Agency proposes
to undertake a Home Mortgage Financing Program the Program") to
purchase loans the Home Mortgages") made to finance new and
existing single-family owner-occupied residential units the
Homes") within the City and to issue Home Mortgage Revenue Bonds
the Bonds") to finance the purchase of the Home Mortgages; and
WHEREAS, to obtain an allocation to issue the Bonds
within the federally imposed limit upon the issuance of mortgage
subsidy bonds, the City of Baldwin Park is required to file
pursuant to the Costa-Marks Housing Bond Allocation Act of 1981,
as amended the Costa-Marks Act"), a Notice of Sale and an
application containing certain specified information with the State
Mortgage Bond Allocation Committee; and
WHEREAS, the Mortgage Bond Allocation Committee requires
that the City Council adopt a resolution authorizing the filing
of the Notice of Sale and application with the Mortgage Bond
Allocation Committee; and
WHEREAS, the Mortgage Bond Allocation Committee also
requires that the City cause evidence of the deposit of an amount
of money, which amount shall be subject to forfeiture and
application by the City to assist housing for persons of low and
moderate income within the City upon the failure to sell any or
only a portion of the Bonds; and
WHEREAS, certain developers within the City desire to
provide a pro rata portion of the deposit required.
NOW, THEREFORE, the City Council of the City of Baldwin
Park does hereby resolve as follows:
SECTION 1: The application to the State Mortgage Bond
Allocation Committee for an allocation for the Bonds under the
Costa-Marks Act is hereby authorized and approved.
SECTION 2: The Notice of Sale of $20,000,000 principal
amount of such Bonds to be filed with the Mortgage Bond Allocation
Committee is hereby confirmed.
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1983 097 CC RESO (Ìì è ïPjResolution No. 83-97
Page Two
SECTION 3: The City Clerk shall cause to be
delivered to the Mortgage Bond Allocation Committee a certified
copy of this resolution, together with a certificate executed
by the City Manager and substantially in the form attached hereto
as Exhibit A, and hereby made a part hereof, to the effect that
the City has on deposit in an interest-bearing trust account
an amount which equals one-half of 1% of the principal amount of
the Bonds requested for allocation.
APPROVED AND ADOPTED this n^day of November, 1983.
ATTEST:-
Linda L. Gair, City Clerk
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 Resolution was
regularly approved and passed at an ADJOURNED REGULAR MEETING
of the Baldwin Park City Council on the 22nd day of November, 1983,
by the following vote:
KING, AGUILAR, MC NEILL
COUNCILMEN
AYES:
NOES:
COUNCILMEN
NONE
ABSENT: COUNCILMEN WHITE, IZELL
LINDA L. GA^K, CITY CLERK
BIB]
37672-U01
1983-U02
097-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO10175-U03
DO10190-U03
C6-U03
RESO-U03
2/20/2003-U04
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