HomeMy WebLinkAboutCity Council - 5359 RESOLUTION NO. 5359
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH AUTHORIZING
EXECUTION OF PROGRAM DEPOSIT AGREEMENTS
AND PROVIDING OTHER MATTERS PROPERLY
RELATING THERETO
CITY OF HUNTINGTON BEACH
HOME MORTGAGE REVENUE BONDS
RESOLVED, by the City Council of the City of Huntington Beach,
California, as follows:
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health
and Safety Code of the State of California (herein called the "Act")
authorizes cities and counties to issue revenue bonds for the purpose
of financing home mortgages authorized by the Act, and the Act pro-
vides a complete, additional and alternative method for doing the
things authorized thereby;
WHEREAS, pursuant to the Act, the City is authorized to carry out
the public purposes described therein by issuing its revenue bonds
to acquire home mortgages and by pledging such home mortgages as
security for payment of the principal of and interest on such revenue
bonds, and by entering into any agreements in connection therewith;
WHEREAS, the City has heretofore undertaken and proposed to
continue a Home Mortgage Financing Program (the "program") to purchase
loans (the "Home Mortgages") made to finance new and existing single-
family owner-occupied residential units (the "Homes") within the City
and to issue Home Mortgage Revenue Bonds (the "Bonds") to finance the
purchase of additional Home Mortgages;
WHEREAS, to obtain an allocation to issue the Bonds within the
federally imposed limit upon the issuance of mortgage subsidy bonds ,
the City has filed, pursuant to the Costa-Marks Housing Bond Allocation
Act of 1981, as amended (the "Costa-Marks Act") , a notice of sale of
the principal amount of the proposed Bonds with the State Mortgage
Bond Allocation Committee;
WHEREAS, in addition, in order for the City to obtain such an
allocation, the City has caused evidence of the deposit of an amount
of money or letters of credit securing such amount, which is 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 , developers within the City desire to provide the deposit
required to be made in order for the City to obtain such an allocation,
such deposit to be subject to the terms and conditions described in
the Program Deposit Agreement in form presented to and reviewed by
the City Council with the aid of its staff;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED, as
follows:
1. The Program Deposit Agreements in form presented at this
meeting are hereby approved for execution and the City
Administrator is hereby authorized and directed to execute
the Program Deposit Agreements on behalf of the City with
the developers desiring to participate in the City' s Program
on the terms and conditions therein provided.
2. The staff of the City is authorized and directed to continue
further implementation of the City' s Home Mortgage Financing
Program.
PASSED AND ADOPTED THIS 5th day of March , 1984 .
ATTEST:
� -
City Clerk ` a o
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO
CONTENT:
City Ptorney ecial rojects Coordinator
APPROVED:
4 ltlaAl
City Administrator
-2-
Res. No. 5359
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 5th day
of March , 19 84 by the following vote:
AYES: Councilmen:
Thomas , Pattinson, Kelly, MacAllister, Finley, Bailey
NOES: Councilmen:
None
ABSENT: Councilmen:
Mandic
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California