HomeMy WebLinkAboutCity Council - 4927 4
RESOLUTION NO. 4927
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH ADOPTING RULES AND REGULATIONS
ESTABLISHING ELIGIBILITY CRITERIA FOR LENDING
INSTITUTIONS AND MORTGAGORS PARTICIPATING IN THE
PROGRAM, AUTHORIZING CITY OFFICERS TO IMPLEMENT
THE PROGRAM, APPROVING CERTAIN DOCUMENTS , AND
AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS
WHEREAS, in Resolution No. 4926 adopted on October 20,
1980, the Council of the City of Huntington Beach determined
that a housing need exists in the city of Huntington Beach
(hereinafter called the "City" ) ; and
The Council of the City of Huntington Beach also declared,
in Resolution No. 4926 , adopted October 20, 1980, its intent to
issue notes and bonds, pursuant to Part 5 of Division 31 of
the Health and Safety Code of the State of California (hereinafter
called the "Act" ) , to provide financing for the acquisition, con-
struction or rehabilitation of housing in the city; and
The Act requires the city to adopt regulations establishing
criteria for qualification of lending institutions eligible to
originate and service home mortgages under any program adopted
pursuant to the Act; and
The Act requires the city to adopt regulations establishing
criteria for qualification of mortgagors eligible to borrow funds
under any program adopted pursuant to the Act; and
Certain other Program documents need to be approved for the
completion of the Program,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach as follows:
1. Rules and regulations establishing eligibility criteria
for lending institutions and mortgagors (hereinafter called the
/ahb
10/14/80
1 .
and Regulations shall serve the purpose of enabling qualified
lending institutions and mortgagors to participate in the Program
on an equitable basis .
3. The "Invitation to Lending Institutions to Participate
in the City of Huntington Beach's Home Financing Program, " in
substantially the form submitted to this meeting, is hereby ap-
proved and adopted. The Mayor and the City Clerk are authorized
and directed to execute said Invitation.
4. The "Origination, Service and Administration Agreement,"
in substantially the form submitted to this meeting, is hereby
approved and adopted. The Mayor and the City Clerk are authorized
.and directed to execute said Agreement.
5. The "Application to Originate, Sell and Service Home
Mortgages, " in substantially the form submitted to this meeting,
is hereby approved and adopted.
6. The proper officers of the city are hereby authorized
and directed to perform any acts and enter into and execute any
agreements or other documents that they may deem necessary or ap-
propriate to implement the Program. Any documents approved by this
resolution or subsequently entered into by appropriate city officers
may be amended or revised as the City Administrator, on the ad-
vice of counsel, deems advisable and in the best interest of the
city.
7. This resolution shall take effect from and after its
adoption.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 20th
day of October, 1980.
Mayor
ATTEST: APPROV D AS TO FORM:
City Clerk tity A to ney
2.
INITIATED, REVIEWED AND APPROVED:
I a
of
�I
Acting City Adm istrator
3.
Res. No. 4927
STATE OF CALIFORNIA )
COUNTY OF ORANGE
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 meeting thereof held on the .20th day
of October , 19 80 , by the following vote:
AYES: Councilmen:
Thomas, Finley, Bailey, MacAllister, Mandic, Kelly
NOES: Councilmen:
None
ABSENT: Councilmen:
Pattinson
62��Cllx
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California