HomeMy WebLinkAbout1983 005 CC RESO1983 005 CC RESO (Ìì ê ³ RESOLUTION NO. 83-5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
B&QDWIN PARK AUTHORIZING APPLICATION FOR
ALLOCATION OF MORTGAGE SUBSIDY BONDS, CONFIRMING
FILING OF NOTICE OF SALE THEREOF WITH MORTGAGE
BOND ALLOCATION COMMITTEE AND PROVIDING OTHER
MATTERS PROPERLY RELATING THERETO HOME MORTGAGE
REVENUE BONDS)
RESOLVED, by the City Council of the City of Baldwin
Park/ California, as follows:
WHEREAS, Chapters 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 and counties to issue revenue bonds
for the purpose of financing home mortgages authorized by the
Act, and the Act provides a complete, additional and alternative
method for doing the things authorized thereby; and
WHEREAS, pursuant to the Act, the City 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 City 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 on November 22, 1982,
filed, pursuant to the Costa-Marks Housing Bond Allocation Act of
1981, as amended the Costa-Marks Act"), a notice of sale of
$20,000,000 principal amount of the Bonds with the State Mortgage
Bond Allocation Committee, which allocation is now pending before
the Committee; and
WHEREAS, in order for the City of Baldwin Park to maintain
its position for allocations in 1983 on the listing of local
entities which have filed such notices, the Mortgage Bond Allocation
Committee requires that this City Council adopt a resolution
authorizing the described allocation and confirming the filing of
the notice of sale of the Bonds with the Mortgage Bond Allocation
Committee; and
WHEREAS, in order for the City of Baldwin Park to maintain
its position on the listing for allocations in 1983, 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 to be made in order for
the City to maintain its position on the listing for allocations
in 1983.
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1983 005 CC RESO (Ìì ê ³ Resolution No. 83-5
Page Two
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 filed with the Mortgage Bond Allocation
Committee on November 22, 1982, is hereby confirmed, subject to
reduction as set forth in the hereinafter described certificate.
SECTION 3: The Program Deposit Agreement in form
presented at this meeting is hereby approved for execution, and the
Mayor is hereby authorized and directed to execute Program Deposit
Agreements on behalf of the City with the developers desiring to
participate in the City's Program on the terms and conditions
therein provided.
SECTION 4: At such time as the developers shall have
complied with the deposit requirements of the respective Program
Deposit Agreements, 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 account an amount which equals
one-half of 1% of the principal amount of the Bonds requested for
allocation. 7
APPROVED and ADOPTED this 19th da./ of January, 1983.
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MAYOR
GA1W 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 a REGULAR MEETING of the Baldwin Park City
Council on the 19th day of January, 1983, by the following vote:
AYES:
NOES:
ABSENT:
COUNCILMEN AGUILAR, IZELL, KING, MC NEILL, WHITE
COUNCILMEN NONE
COUNCILMEN NONE
g^____________
L^TDA L. GA^f, CITY CLERK
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1983 005 CC RESO (Ìì ê ³ 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 did on October 19, 1982, request the
Mortgage Bond Allocation Committee to grant to the City an
allocation of mortgage subsidy bods, which request is hereby
reduced to the amount of $7,500,000.
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 City wishes its prior notice to the Committee
to be deemed accepted as of January 1, 1983.
4. 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 previously
submitted to the Committee. A certified copy of said resolution
accompanies this Certification.
CITY OF BALDWIN PARK
Ralph H. Webb, City Manager
Date: January 19 1983
EXHIBIT A
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