HomeMy WebLinkAboutReso 1983-111308380C JHHW:CFA:dfd 1/03/83
RESOLUTION NO. 11130
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA 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 RELATED THERETO
RESOLVED, by the City Council of the City of Chula Vista, California, as
follows:
WHEREAS, the legislature of the State of California has, pursuant to Part 5
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 investment within and to upgrade local areas and has authorized
cities to issue revenue bonds to finance the purchase of such loans;
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;
WHEREAS, to obtain an allocation to issue the Bonds within the federally-
imposed limit upon the issuance of mortgage subsidy bonds, the City 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 $50,000,000 principal amount
of Bonds with the State Mortgage Bond Allocation Committee, which allocation is now
pending before the Committee;
WHEREAS, in order for the City 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;
WHEREAS, in order for the City 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 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, certain developers 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, such deposit to be subject to the terms and
conditions described in Program Deposit Agreements between such developers and the
City;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED, 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. The notice of sale of $50,000,000 principal amount of such Bonds filed
with the Mortgage Bond Allocation Committee on November 22, 1982, is hereby
confirmed.
3. At such time as the developers shall have complied with the deposit
requirements of the respective Program Deposit Agreements, the City Manager shall
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 and/or has on deposit a letter of credit in an amount which equals
one-half of one percent of the principal amount of the Bonds requested for
allocation and that the City wishes the notice of request for allocation to be
deemed delivered by the Mortgage Bond Allocation Committee as of January 1, 1983,
such certificate to be substantially in the form attached hereto as Exhibit A and
hereby made a part hereof.
Presented Approved as to form by
~ George D. Lindberg
Community Development Director City Attorney
/l ls°
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 11 th day of January
19 83 , by the following vote, to-wit:
AYES: Councilmen Scott, Cox, Malcolm, Moore, McCandliss
NAYES: Councilmen None
None
ABSTAIN: Comcilmen
None
ABSENT: Councilmen
Maybe City of Chula Vista
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chulo Vista, California,
DO HEREBY CERTIFY that the above and foregoing is o full, true and correct copy of
RESOLUTION NO. lll3O
,and that the some has not been amended or repealed.
DATED
(seal) City Clerk
cc-sso