HomeMy Public PortalAbout83-159 (12-06-83)~~ ^
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RESOLUTION NO" 83~I59
A RESOLUTION OF THE CITY OF LYNWOOD
AUTHORIZING APPLICATION TO THE MORTGAGE BOND
ALLOCATION COMMITTEE FOR AN ALLOCATJnN TO
PERMIT THE ISSUANCE OF MORTGAGE SUBSIDY BONDS,
WHEREAS, Section 33750, et. seg., of the Health and
Safety Code of the State of California authorize a Redevelopment
Agency, and Section 5046 et. sQ ., of the Health and Safety'
Code of the State of California authorize a City to incur
indebtedness for the purpose of financing home mortgages
authorized thereby; and
WHEREAS, the Federal Mortgage Subsidy Bond Ta: Act of
1980 limits the amount of qualified mortgage bonds that may be
issued in any calendar year by entities within a state and
authorizes the legislature of such state to provide the method of
allocation of such bonds within the state; and
WHEREAS, Chapter 1.5 of Part 1 of Division 31 of the
Health and Safety Code of the State of California governs the
allocation of the State ceiling among governmental units in the
state havinn the authority to issue qualified mortgage bonds; and
WHEREAS, Section 50191 of the Health and Safety Code of
the State requires a local agency to file an application with the
Mortgage Bond Allocation Committee prior to the issuance of
qualified mortgage bonds;
' _ _NOW, THEREFORE, the rify Council � of the City of Lynwood
does hr�rehy find, determjne, order and reso]vr as follows:
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SPAM 1" That the Mayor and/or City Manager are
hereby authorized and directed, for and in the name and on behalf
of the City of Lynwood, to submit an application, and such other
documents as may be required, to the Mortgage Bond Allocation
Committee for an allocation with respect to qualified mortgage
bonds to he issued by or on behalf of the City of | ynwnod in an
aggregate principal amoont ^ ot to e:ceed $10,000,000.
0001 2" That the
Thousand Dollars ($50,000) as a
Redevelopment Agency to be used as
required by the State of California
Committee, and that loan proceeds s
Agency at the highest rate available"
City hereby accepts Fifty
loan from the Lynwood
the good faith deposit
Mortgage Bond Allocation
ial] bear interest to the
Section 7. That if an allocation of bonds is not
made to the City of Lynwood by December 31, 1984. the City shall
repay to the Agency the $50,000 and any interest earned by
January 21, 1985.
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Section 4. That this* resolution shell take effect
immediately - APIA its adoption"
PASSED, APPROVED AND ADOPTED this _6t�� day of
___DE ___ , 198g.
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City of Lyn ood
ATTESl:
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ANDREA L. HOOP '/
ER, Ci+y ,ler�
�'zry r/rrorney
APPR E
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�dra M. Read. Director
fL
xmunity Development
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STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Citv Clerk of the City of
Lynwood, do hereby certify that the foregoing resolution
was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the
6th day of December .1983..
AYES: COUNCILMEN BYORK, ROWE, THOMPSON, MORRIS
NOES: NONE
ABSENT: NONE
ABSTAINED: COUNCILMEN HENNING
City Clerk, City of Lynw od
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