HomeMy WebLinkAboutCity Council - 5458 RESOLUT ION NO. 5458
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 juris-
diction; and
The Legislature, in Health and Safety Code Sections
52000 et seq. , has established parameters by which a City may
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issue mortgage bonds for the purpose of financing such const-
ruction, 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 authorized 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.
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 constitutional
or statutory provisions, nor a charge against its general
credit.
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.
It is hereby found and determined that the issuance of
such bonds is a valid and lawful public purpose.
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 substantial
rehabilitation of existing residences.
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 which equals
one-half of one percent of the principal amount of the bonds
requested for allocation, which amount shall be subject to for-
feiture and application by the City to assist housing for
2.
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 5th day of November , 1984
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ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney
REVIEWED AND APPROVED: N TIATED AND APPROVED:
r
___,
City Administrator Special Projects
Coordinator
3.
Res. No. 5458
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) as:
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 November , 19 84 by the following vote:
AYES: Councilmen:
MacAllister, Thomas, Kelly, Finley, Bailey, Mandic
NOES: Councilmen:
None
ABSENT: Councilmen:
Pattinson
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California