HomeMy WebLinkAboutCity Council - 5609 RESOLUTION NO. 5609
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH STATING ITS INTENTION TO ISSUE
MORTGAGE REVENUE BONDS IN 1986
WHEREAS, the California Legislature 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 established 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 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:
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 from fi
mortgage loans, the funds in the debt service reserve fund, and
other funds and accounts created by the trust indenture estab-
lishing the program and the earnings thereon. The bonds will
1.
not be a general or moral obligation of the city or agency
within the meaning of any constitutional or statutory provi-
sions, 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 per-
son 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 ex-
isting residences.
The City Administrator shall 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 an amount which
equals one-half of 1 percent of the principal amount of the
bonds requested for allocation, which amount shall be subject
to forfeiture 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 6th
day of January 1986.
IL4
Mayor Pro I e
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney
2.
REVIEWED AND APPROVED: ITIATED AND APPROVED:
ity A mi is r or D p ty City m1 istrator
Redevelopment
ahb; 12/18/85
1098L/3987
3.
Res. No. 5609
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 6th 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 Preach, California