HomeMy WebLinkAboutCity Council - 4903 RESOLUTION NO . 4903
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH AUTHORIZING THE ISSUANCE
OF HOUSING MORTGAGE REVENUE BONDS TO BE ISSUED
BY THE CITY
WHEREAS , the Congress of the United States has indicated,
per Congressman Ullman, that it is the interest of Congress to
prohibit the issuance of local housing bonds, bearing tax-exempt
interest unless such bonds have been authorized by July 1, 1980 ;
and
Without acknowledging the power of the Congress of the
United States to diminish the power of the City of Huntington
Beach to issue bonds , the interest on which is exempt from tax
pursuant to the Constitution of the United States, this City
Council wishes to take all possible steps to assure that it has
power to issue such bonds, should it be in the interest of, and
in accordance with, the wishes of the citizens of Huntington Beach.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach that it hereby determines to issue, not
to exceed Fifteen Million Dollars ($15 ,000,000) principal amount
of housing mortgage revenue bonds , said bonds to be issued by the
city or by such other lawful entity as may be in existence at the
time the bonds are to be used. Said bonds shall be issued under
legislation of the State of California, then authorizing such is-
suance, which at the date of this resolution includes legislation
commonly referred to as Assembly Bill 1355 and Marks-Foran.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at an adjourned regular meeting thereof held
1 .
on the 28th day of June , 1980.
Mayor
ATTEST: APPROVED AS TO FORM:
ALICIA M. WENTWORTH, CITY CLERK
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Deputy City Clerk cting CJX7 AftorVI
REVIEWED AND APPROVED: INITIATED AND APPROVED:
000,
City dministrator rector of Development
S ervic es
2 .
Res. No. 4903
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular adjourned meeting thereof held on the 28th day
of June 19 80 by the following vote;
AYES: Councilmen:
Finley, Bailey, MacAllister, Mandic, Kelly
NOES: Councilmen:
None
ABSENT: Councilmen:
Thomas Pattinson
Alicia M. Wentworth
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California
By: d" zzgk'_I�
Deputy