HomeMy WebLinkAboutCity Council - 5708 RESOLUTION NO. 5708
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 15th day
of September , 1986 .
Mayor Pro Tempore
ATTEST: APPROVED AS TO FORM:
City Clerk
9C ' ty` Attorney
REVIEWED ND APPROVED: I TIATED AND APPROVED:
Ci y Administ ator V Dep City Admini trator
Red v lopment
P
A
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. .Mk, adopted
on �, 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. _5,7 jr adopted by the City Council onsgp+-. ,
Section 5. Median Household Income to include $44,605
(September 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.
Res. No. 5708
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) so:
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 15th day
of September 19 86 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Finley, Bailey, Green , Thomas
NOES: Councilmen: .
None
ABSENT: Councilmen:
Mandic
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California