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<br />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 Redevelopfuent 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 />
<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 />
<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
<br />the following vote:
<br />
<br />day of
<br />
<br />July
<br />
<br />, 1980, by
<br />
<br />1st
<br />
<br />AYES: COUNCILMEN: Bricken, Griset, Luxembourger, Serrato,
<br /> Ward, Yamamoto
<br />NOES: COUNCILMEN: Markel
<br />ABSENT: COUNCILMEN: None
<br />
<br />
<br />
<br />À~~~Ò~~~\STO FORM:
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<br />CITY ATTORNEY
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