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JHHW:TEC:dlv <br />8-20-85 <br /> <br />RESOLUTION NO. 85q10 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />AUTHORIZING APPLICATION TO THE MORTGAGE BOND ALLOCATION <br />COMMITTEE OF THE STATE OF CALIFORNIA <br />FOR AN ALLOCATION NOT TO EXCEED $105,000,000 IN AGGREGATE <br />PRINCIPAL AMOUNT OF MORTGAGE REVENUE BONDS - <br /> CALENDAR YEAR 1986 <br /> <br /> WHEREAS, the City of Santa Ana (the "City") has established <br />a qualified program for the issuance of mortgage revenue <br />bonds and the financing of single family residences within <br />the city (the "Program"), in accordance with Part 5, Division <br />31 of the Health and Safety Code of the State of California; <br />and <br /> <br /> WHEREAS, Section 50191(a) of the California Health and <br />Safety Code requires that the City Council of the City authorize <br />the application by the City for an allocation from the Mortgage <br />Bond Allocation Committee of the State of California (the <br />"CommitteE"); <br /> <br /> NOW, THEREFORE, the City Council of the City of Santa <br />Ana resolves as follows: <br /> <br /> Section 1. That the City Manager or his designee, be <br />and each of them hereby is, authorized to file a notice on <br />behalf of the City with the Committee to the effect that the <br />City proposes to issue an amount not to exceed $105,000,000 <br />of its mortgage revenue bonds in order to finance the acqui- <br />sition of single family residences within the city of Santa <br />Ana in accordance with the Program established therefor, all <br />as of a date which is, in the judgment of said person or <br />persons, a likely date for the issuance of said bonds, and <br />identifying the aggregate amount of bonds which shall be <br />issued under the entitlement allocation of the City and <br />which shall be issued under the supplemental allocation of <br />the City. <br /> <br /> Section 2. The notice filed with the Committee shall <br />include a certification from the City Manager or his designee <br />to the effect that the City has on deposit an amount equal <br />to one-half of one percent of the aggregate principal amount <br />of mortgage revenue bonds proposed to be issued under the <br />requested allocation, which amount has been paid to the City <br />by the proposed developers under the City's Program. <br /> <br /> <br />