HomeMy WebLinkAboutCity Council - 5155 RESOLUTION NO. 5155
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH STATING ITS INTENTION TO ISSUE
MORTGAGE REVENUE BONDS
WHEREAS, the Legislature of the State of California has authorized cities
and redevelopment agencies to make long-term, low-interest loans through qualified
mortgage lenders to finance residential construction, rehabilitation, and resale
of existing housing stock within the local jurisdiction; and
The Legislature, in Health and Safety Code Sections 52000 et seq. , has esta-
blished parameters by which a city may issue mortgage bonds for the purpose of
financing such construction, rehabilitation and resale; and
The City of Huntington Beach (the "CITY") believes that it is in its best
interest to utilize mortgage revenue bonds to increase the supply of housing in
Huntington Beach; and
Expanding housing opportunities through the issuance of mortgage revenue bonds
is a valid public purpose; and
In order to issue the bonds successfully, the City requires the advice of
qualified investment bankers and bond counsel ,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington
Beach that:
1. It hereby approves and authorizes the issuance of mortgage revenue bonds,
pursuant to Health andSafety Code Sections 52000 et-seq. , in an amount not to
exceed $20,000,000.
2. The bonds will be payable solely out of revenuesand other amounts derived
by the City or its Redevelopment Agency (the "AGENCY") from mortgage loans, the
funds in the debt service reserve fund, and other funds and accounts created by
the trust indenture establishing the program and the earnings thereon. The bonds
will not be a general or moral obligation of the City or Agency within the meaning
of any constitutional orstatutory provisions, nor a charge against its general
credit.
3. Neither the members of the City Council , Redevelopment Agency, nor any
official or employee of the City, nor any person executing the bonds issued under
the program, shall be liable personally on the bonds or be subject to any personal
liability of accountability by reason of the issuance thereof.
4. It is hereby found and determined that the issuance of such bonds is a
valid and lawful public purpose.
5. Bond proceeds shall be used for either, one, two, or all of the follow-
ing purposes: sale of newly constructed residences, sale of existing homes, or
substantial rehabilitation of existing residences.
6. The City Administrator is authorized and directed to submit to the
Mortgage Bond Allocation Committee an application of the purpose for which bonds
are proposed to be issued and the amount of the proposed issue, and to take
further actions as are required to prepare a mortgage bond issue and program.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 7th day of September 1982.
ATTEST:
vow
ity Clerk Mayor
REVIEWED AND APPROVED: APPROVED AS TO FORM:
City Administr or City Attorney �S
INTIATED AND APPROVED:
Director, Business and Industrial Enterprise
-2-
Res. No. 5155
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 meeting thereof held on the 7th day
of September 19 82 by the following vote:
AYES: Councilmen:
Thomas, MacAllister, Mandic, Finley, Bailey, Kelly
NOES: Councilmen:
None
ABSENT: Councilmen:
Pattinson
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California