HomeMy WebLinkAboutCity Council - 5399 RESOLUTION NO. 5399
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON
BEACH APPROVING AND AUTHORIZING THE TRANSFER OF MORTGAGE
ALLOCATION UNDER THE 1982 SINGLE FAMILY MORTGAGE REVENUE
BOND - ISSUE III FROM THE HUNTINGTON BEACH/FOUNTAIN VALLEY
BOARD OF REALTORS TO MOLA DEVELOPMENT CORPORATION
WHEREAS, the City of Huntington Beach and the County of Orange entered
into a cooperative agreement on May 17, 1982 for the preparation and sale
of bonds and to govern the allocation of mortgage proceeds under the 1982
Single Family Mortgage Revenue Bond - Issue III as issued by the County of
Orange; and
WHEREAS, the Huntington Beach/Fountain Valley Board of Realtors received a
mortgage allocation from the proceeds of this bond issue; and
WHEREAS, $975,350 of this mortgage allocation remains unused; and
WHEREAS, the Huntington Beach/Fountain Valley Board of Realtors wishes to
sell this remaining allocation to Mola Development Corporation for use in this
firm's projects known as Cabo Del Mar and Seabridge in the City of Huntington
Beach;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Huntington Beach approves the transfer of the remaining $975,350 mortgage
allocation from the Huntington Beach/Fountain Valley Board of Realtors to Mola
Development Corporation for its use in the Cabo Del Mar and Seabridge projects
sponsored by this firm in the City of Huntington Beach.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 18th day of June 1984.
ATTEST:
City Clerk
APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT:
City Attorney �4 Redevelopment Coordinator
APPROVED:
City Administ t r
Res. No. 5399
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 18th day
of June 19 84 , by the following vote:
AYES: Councilmen:
Pattinson, MacAllister, Kelly, Finley, Bailey
NOES: Councilmen:
None
ABSENT: Councilmen:
None
NOT VOTING: Thomas
ABSTAIN: Mandic , kJt
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California