Loading...
HomeMy WebLinkAboutReso 1983-11498 RESOLUTI ON NO. 11498 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING SUBMISSION OF APPLICATION FOR MORTGAGE SUBSIDY BONDS ALLOCATION, FILING OF NOTICE OF SALE THEREFOR WITH MORTGAGE BOND ALLOCATION COMMITTEE, AND PROVIDING OTHER MATTERS PROPERLY RELATED THERETO The City Council of the City of Chula Vista does hereby resolve as follows: WHEREAS, the Legislature of the State of California has, pursuant to Part V of Division 31 of the California Health and Safety Code (the "Act"), authorized cities to purchase long-term low-interest rate loans to finance home mortgages in order to encourage investments within and to upgrade local areas and has authorized cities to issue revenue bonds to finance the purchase of such loans; and, WHEREAS, pursuant to the Act, the City of Chula Vista (the "City") proposes to undertake a Home Mortgage Financing Program (the "Program") to purchase loans (the "mortgage loans") made to finance new single-family owner-occupied residential units (the "residences") to be constructed within the City and to issue Residential Mortgage Revenue Bonds (the "bonds") to finance the purchase of the mortgage loans; and, WHEREAS, to obtain an allocation to issue the bonds within the federally-imposed limit upon the issuance of Mortgage Subsidy Bonds, the City 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 of $10,000,000 principle amount of bonds with the State Mortgage Bond Allocation Committee; and, WHEREAS, in order for the City to obtain a position for allocations in 1984 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 to obtain its position on the listing for allocations in 1984, the Mortgage Bond Allocation Committee also requires that the City cause evidence of the deposit of an amount of money or, in lieu thereof, of a Letter of Credit, securing such amount, 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, the Redevelopment Agency of the City of Chula Vista desires to provide the deposit required from the Low- Income Housing Fund in order for the City to obtain its position on the listing for allocations in 1984 such deposit to be subject to the terms and conditions described in Program Deposit Agreements between the Redevelopment Agency and the City. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chu1a Vista as follows: 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. 2. A Notice of Sale of $10,000,000 principle amount of such bonds is hereby intended to be filed with the Mortgage Bond Allocation Committee. 3. The City Manager is hereby authorized to cause to be delivered to the Mortgage Bond Allocation Committee a certified copy of this resolution, together with a certificate signed by the City Manager substantially to the effect that the City has on deposit in an interest bearing trust account an amount which equals one-half of one percent of the principal amount of the bonds requested for allocation, such certificate to be substantially in the form attached hereto as Exhibit A and hereby made a part hereof. Presented by Approved as to form by ity -2- I("II'/fl ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF JLA VISTA, CALIFORNIA, this 20th day of Decemb.er 83 , by the following vote, to-wit: Scott, Malcolm, Cox, Moore, McCandliss ::S: Councilmen fES: Councilmen STAIN: Councilmen SENT: Councilmen None None None R~ ~~~ ITS / City Clerk Mayor City of Chula Vista ~TE OF CALIFORNIA ) UNTY OF SAN DIEGO ) ss. 'Y OF CHULA VISTA ) I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California, I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 11498 ,and that the same has not been omended or repealed. ,TED ( seal) City Clerk ~-660 EXHIBIT ~ CERTIFICATE REGARDING NOTICE TO THE MORTGAGE BOND ALLOCATION COMMITTEE The City of Chula Vista 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 on this date requesting the Mortgage Bond Allocation Committee to grant to the City a $10,000,000 allocation of mortgage subsidy bonds. 2 . trust account dollar amount is subject to The City has on deposit in an interest bearing an amount equal to one-half of one percent to the set forth in paragraph one hereof, which deposit the forfeiture provisions of the Costa-Marks Act. 3. The undersigned City Manager of the City of Chula Vista has been duly authorized and directed to execute and deliver this certification pursuant to resolution of the City duly adopted on December 20, 1983. A certified copy of said resolution accom- panies this certification. CITY OF CHULA VISTA Dated: December 20, 1983 By City Manager I(-//P"