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HomeMy WebLinkAbout1985 010 CC RESO1985 010 CC RESO;¢f4çwRESOLUTION NO. 85- 10 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, Calif ornia, as follows: WHEREAS, Chapter 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California herein called the Act") authorizes cities to issue revenue bonds for the purpose of financing home mortgages authorized by the Act. WHEREAS, the City of Baldwin park 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. 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. BIB] 37672-U01 1985-U02 010-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10071-U03 DO10081-U03 C6-U03 RESO-U03 2/19/2003-U04 ROBIN-U04 1985 010 CC RESO;¢f4çwResolution No. 85-10 Page Two APPROVED and ADOPTED this 6th ay of February, 1985 //^^z^~ MAYOR ATTEST: 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 a REGULAR MEETING of the Baldwin Park City Council on the 6th day of February, 1985, by the following vote: AYES: NOES: COUNC1LMEN McNEILL, GIBSCN, IZELL, KING AND MAYOR WHITE COUNCILMEN NONE ABSENT: COUNCILMEN NONE y/ LINDA GAIR, CITY CLERK BIB] 37672-U01 1985-U02 010-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10071-U03 DO10081-U03 C6-U03 RESO-U03 2/19/2003-U04 ROBIN-U04 1985 010 CC RESO;¢f4çwResolution No. 85-10 Page Three CERTIFICATION REGARDING NOTICE TO THE MORTGAGE BOND ALLOCATION COMMITTEE The City of Baldwin Park hereby certifies to the Mortgage Bond Allocation Committee pursuant to the requirements of Section 50191 of the Costa-Marks Housing Bond Allocation Act of 1981 the Costa-Marks Act"), as follows: 1. The City is requesting the Mortgage Bond Allocation Committee to grant to the City an allocation of mortgage subsidy bonds in the amount of $20/000/000. 2. The City has a letter of credit in an amount equal to 1/2 of 1 percent of the dollar amount set forth in paragraph 1 hereof. 3. The undersigned City Manager of the City of Baldwin Park has been duly authorized and directed to execute and deliver this Certification pursuant to resolution of the City. A certified copy of said resolution accompanies this Certification. CITY OF BALDWIN PARK By: R^TLph Vebb, City Manager Date- February 6, 1985 EXHIBIT A" BIB] 37672-U01 1985-U02 010-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10071-U03 DO10081-U03 C6-U03 RESO-U03 2/19/2003-U04 ROBIN-U04