HomeMy Public PortalAbout84-122 (11-06-84)RESOLUTION N0, 84-122
A RESOLUTION OF THE CITY OI' LYN4VOOD AUTIIORIZING
APPLICATION TO TIC 6ORTGAGE FOND ALLOCATION
,~+ CO11~4ITI'EF, IOR AN ALLOCATION 'lb PERMIT THE ISSUANCE
I OP MORTGAGE SUBSIDY I?oNDS
~NfIGRL^AS, Section 33750, et, seq., of the Health and Safety
Code of the. State of California authorize a Redevelopment Agency, and
Section 52000, et, seq., 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
~VFIIItEAS, the Federal Mortgage Subsidy Bond Tax 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
Wf~REAS, Chapter 3.5 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 having the
authority to issue qualified mortgage bonds; and
4VIlEREAS, Section 50191 of the Health and Safety Code of the
State requires a local agency to file an application with the I~4ortgage
Bond Allocation Committee prior to the issuance of qualified mortgage
(~ bonds;
I NOFV, THEREFORE, the City Council of the City of Lynwood does
hereby find, determine, order and resolve as follows:
Section 1. That the Mayor and~or City It4anager 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 be issued by or on behalf of
the City. of Lynwood in an aggregate principal amount not to exceed
$10,000,000.
Section 2.. That the City has accepted Fifty Thousand Dollars
($50,000) as a loan from the Lynwood Redevelopment Agency to be used as
the Good faith deposit required by the State of California Mortgage Bond
Allocation Committee, and that loan proceeds shall continue to bear
interest to the Agency at the highest rate available.
Section 3. 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, 1986.
Section 4. This Resolution supersedes Resolution No. 83-159
which established the original authorization to apply to the State of
~, California Mortgage Bond Allocation Committee for $10,000,000 Mortgage
Subsidy Bonds.
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
i
I, the undersigned, City Clerk of the City of Lynwood,
J
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 November 1984.
AYES: COUNCILMEN BYORK, HENNING, ROWE, THOMPSON, MORRIS
NOES: NONE
ABSENT: NONE
~i~~~~~.4.~~
City Clerk, City o£ Lyn ood
1
Section 5. That this resolution shall take effect immediately
upon its adoption.
PASSID, APPROVED AND ADOPTED this Fith day of nlov mh r ,
1984.
~ MO MAYOR
ATPEST:
C~~~2ce~iE~-G~'~ Cif I ~~~ ~ ~~~tJ
ANDREA L. HOOFER,, City C1erkT-
APPROVED AS TO FORM:
City Attorney'
APPROVEll AS iY) CONTENT:
' ~/+.~~
Patrick P. Import a, Director
Community Develo nt
t