HomeMy WebLinkAboutCity Council - 5608 RESOLUTION NO. 5608
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH AMENDING ITS HOME MORTGAGE
FINANCING PROGRAM RULES AND REGULATIONS
WHEREAS , the city has undertaken a home mortgage financing
program and, to that end , has authorized the issuance of home
mortgage revenue bonds for the purpose of purchasing home
mortgages to provide financing for residential construction within
the city in order to encourage investment within the city; and
The provisions of applicable law require the city to adopt
rules and regulations to implement its home mortgage financing
program, and the city has adopted such rules and regulations which
it now desires to amend,
NOW , THEREFORE, BE IT RESOLVED that the City Council of the
City of Huntington Beach approves the amendments to the Home
Mortgage Financing Program Rules and Regulations, attached hereto
as Exhibit A, and incorporated by reference.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 6th
day of January 1986.
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Mayor Pro T
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney
REVIIInED AND APPROVED: IN TIATED AND APPROVED:
City Administra or D u City Administrator
Redevelopment
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12/16/85
EXHIBIT A
CITY OF HUNTINGTON BEACH
HOME MORTGAGE FINANCING PROGRAM
RULES AND REGULATIONS ESTABLISHING
ELIGIBILITY CRITERIA FOR BORROWERS AND
CRITERIA FOR HOME MORTGAGES
AMENDMENT
The Rules and Regulations adopted February 28, 1983 by Res. No. 5240 are hereby
amended by Resolution No. 5608 , adopted on 1/6/86 , as follows:
Section 1. Definitions.
Bonds. "Bonds" definition to include the City of Huntington Beach,
California, Home Mortgage Revenue Bonds, 1984 Series A.
Indenture. "Indenture" definition to include the Trust Indenture dated as of
July 1, 1984 by and between the City and First Interstate Bank of California, as trustee
(the "Trustee").
Resolution. "Resolution" definition to include Resolution No. 5608 ,
adopted by the City Council on 1/6/86
Section 5. Median Household Income to include $41,549 (January 1986).
Section 7. Maximum Acquisition Cost. The Maximum Purchase Price for Homes
for purposes of the Program is $178,890 for newly constructed Homes and $166,540 for
existing Homes.
0314H 1.
Res. No. 5608
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) $a:
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 ()th day
of January 19 86 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Finley, Bailey
NOES: Councilmen:
None
ABSENT: Councilmen:
Mandic, Green, Thomas
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California