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EJC:ar <br />6/26/80 <br /> <br />RESOLUTION NO. 80-113 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE BY THE COMMUNITY <br /> REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OF <br /> RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1980, <br /> SERIES A, IN A PRINCIPAL AMOUNT OF $11,500,000.00 <br /> <br /> WHEREAS, the Community Redevelopment Agency of the <br />City of Santa Ana has undertaken, and is carrying out, a <br />redevelopment program in the City of Santa Ana in accordance <br />with the provisions of the California Community Redevelop- <br />ment Law; and <br /> <br /> WHEREAS, by the enactment of Chapter 8 of Part 1, <br />commencing with Section 33750 of Division 24 of the Health <br />and Safety Code of the State of California, the Legislature <br />of the State has authorized redevelopment agencies to make <br />long-term, low interest loans to finance residential con- <br />struction in redevelopment project areas, in order to en- <br />courage investment and upgrade such areas, and to use bonds <br />for the purpose of financing such residential construction <br />(a "Residential Mortgage Financing Program"); and <br /> <br /> WHEREAS, the Community Redevelopment Agency of the <br />City of Santa Ana has determined to implement a Residential <br />Mortgage Financing Program and to provide for the issuance <br />of Residential Mortgage Revenue Bonds, Issue of 1980, Series <br />A, the proceeds of which are to be used to carry out such <br />program; and <br /> <br /> WHEREAS, Section 33640 of the Health and Safety <br />Code requires the Agency to obtain the approval of the City <br />Council of the City of Santa Ana, prior to issuance of such <br />bonds. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL <br />OF THE CITY OF SANTA ANA: <br /> <br /> That the Community Redevelopment Agency of the <br />City of Santa Ana is hereby given approval to issue said <br />Residential Mortgage Revenue Bonds, Issue of 1980, Series A, <br />in a principal amount of Eleven Million Five Hundred Thou- <br />sand Dollars ($11,500,000.00). <br /> <br /> ADOPTED this lst day of July , 1980, by <br />the following vote: <br /> <br />AYES: <br /> <br />NOES: <br /> <br />COUNCILMEN: <br />COUNCILMEN: <br /> <br />Bricken, Griset, Luxembourger, Serrato, <br />Ward, Yamamoto <br />Markel <br /> <br />ABSENT: COUNCILMEN: None <br /> <br />ATTEST: <br /> <br />APPROVED AS TO FORM: <br /> <br />CITY ATTORNEY <br /> <br /> <br />