HomeMy WebLinkAbout81-0843437B JHHW:PNL:sc 05/20/81
RESOLUTION NO. 81 - 84
A RESOLUTION APPROVING THE ISSUANCE BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OF
RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1981,
SERIES A, (PARTICIPATION PURCHASE AND LOAN TO LENDER
PROGRAJ4), IN A PRINCIPAL A~IOUNT OF $15,730,000
WHEREAS, the Community Redevelopment Agency of the City of Santa Ann has
undertaken, and is carrying out, a redevelopment program in the City of Santa
Ana in accordance with the provisions of the California Community
Redevelopment Law; and
WHEREAS, by the enactment of Chapter 8 of Part 1, commencing with
Section 33750 of Division 24 of the Health and Safety Code of the State of
California, the Legislature of the State has authorized redevelopment agencies
to make long-term, low interest loans to finance residential construction in
redevelopment project areas, in order to encourage investment and upgrade such
areas, and to use bonds for the purpose of financing such residential
construction (a "Residential Mortgage Financing Program" or "Mortgage Loan
Program");
WHEREAS, the Community Redevelopment Agency of the City of Santa Ana has
determined to implement a Mortgage Loan Program and to provide for the
issuance of Residential Mortgage Revenue Bonds, Issue of 1981, Series A
(Participation Purchase and Loan to Lender Program), the proceeds of which are
to be used to carry out such program; and
WHEREAS, Section 33640 of the Health and Safety Code requires the Agency
to obtain the approval of the City Council of the City of Santa Ana, prior to
issuance of such bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA
ANA:
That the Community Redevelopment Agency of the City of Santa Ann is
hereby given approval to issue said Residential Mortgage Revenue Bonds, Issue
of 1981, Series A (Participation Purchase and Loan to Lender Program), in a
principal amount of Fifteen Million Seven Hundred and Thirty Thousand Dollars
($1D,720,000).
this 26th day of May, 1981, by the following vote:
AYES: COUNCILMEN:
NOES: COUNCILMEN:
Acosta, Bricken, Griset, Luxembourger, Markel,
McGuigan, Serrato
None
ABSENT: COUNCILMEN: None
Gordon Bricken, Mayor
A11 .-.ST:
ClErk of the Cotlncil f J
APPROVED AS TO FORM: