HomeMy WebLinkAboutCity Council - 5266 RESOLUTION NO. 5266
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 and Safety Code Sections 52000 et seq. , in an amount not to
exceed $20,000,000, and hereby applies to the Mortgage Bond Allocation Committee
for an entitlement allocation ._to sell such bonds.
2. The bonds will be payable solely out of revenues and 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 con-
stitutional or statutory 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 following
purposes: sale of newly constructed residences, sale of existing homes, or sub-
stantial rehabilitation of existing residences.
I
6. The City Administrator will cause to be delivered to the Mortgage
Bond Allocation Committee a certified copy of this resolution, together with
a certificate signed by the City Administrator, 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 re-
quested for allocation, which amount shall be subject to forfeiture and appli-
cation 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,
all in accordance with the Costa-Marks Housing Bond Allocation Act of 1981,
as amended.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 16th day of May 1983.
ATTEST:
1ty Clerk Major
INITIATED AND APPROVED: APPROVED AS TO FORM:
I
Director, Business & Industrial City Attorney
Enterprise
I
APPROVED:
City Administra or
Res. No. 5266
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 16th day
of May 19 g3 , by the following vote:
AYES: Councilmen:
Pattinson, Thomas, Kelly, MacAllister, Bailey, Mandic
NOES: Councilmen:
None
ABSENT: Councilmen:
Finley
�*- jr •
V/
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California