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R~L~adg <br />1 /5/84 <br /> <br />RESOLUTION NO. 84-155 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA AUTHORIZING APPLICATION <br />TO THE MORTGAGE BOND ALLOCATION COMMITTEE <br />FOR AN ALLOCATION TO PERMIT THE ISSUANCE <br />OF MORTGAGE SUBSIDY BONDS. <br /> <br /> WHEREAS, Chapters 1-5 of Part 5 of Division 31 of <br />he Health and Safety Code of the State of California authorizes <br />ities to incur debtedness for the purpose of financing home <br />9rtgages authorized thereby; and <br /> <br /> WHEREAS, the Federal Mortgage Subsidy Bond Tax Act <br /> 1980 limits the amount of qualified mortgage bonds that may <br />issued in any calendar year by entities within a state and <br />thorizes the legislature of such state to provide the method <br /> allocation of such bonds within the state; and <br /> <br /> WHEREAS, Chapter 3.5 of Part 1 of Division 31 of the <br />alth and Safety Code of the State of California governs the <br />llocation of the State ceiling among governmental units in the <br />tate having the authority to issue qualified mortgage bonds; and <br /> <br /> WHEREAS, Section 50191 of the Health and Safety Code <br />f the State requires a local agency to file an application <br />ith the Mortgage Bond Allocation Committee prior to the <br />ssuance of qualified mortgage bonds; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL <br />F THE CITY OF SANTA ANA that the City Manager of the City of <br />anta Ana is hereby authorized and directed in the name and on <br />~half of the City of Santa Ana, to submit an application, and <br />ich other documents as may be required, to the Mortgage Bond <br />.location Committee for an allocation with respect to qualified <br />Drtgage bonds to be issued by the City of Santa Ana in an <br />]gregate principal amount not to exceed $90,000,000. <br /> <br /> ADOPTED this ]?th day of December , 1984. <br /> <br />rTEST: ~ <br />~ice C. Guy,Cle~k~/~he Council <br /> <br />DUNCILMEMBERS: <br /> <br />riset Aye <br />costa Aye <br />art Aye <br />ohnson -~ye <br />uxembourger -~ye <br />cGuigan -~ <br />oung -~ye <br /> <br />Daniel E. Griset <br />Mayor <br /> <br />APPROVED AS TO FORM: <br /> <br />City Attorney <br /> <br /> <br />