HomeMy WebLinkAbout84-155R~L~adg
1 /5/84
RESOLUTION NO. 84-155
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING APPLICATION
TO THE MORTGAGE BOND ALLOCATION COMMITTEE
FOR AN ALLOCATION TO PERMIT THE ISSUANCE
OF MORTGAGE SUBSIDY BONDS.
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of
he Health and Safety Code of the State of California authorizes
ities to incur debtedness for the purpose of financing home
9rtgages authorized thereby; and
WHEREAS, the Federal Mortgage Subsidy Bond Tax Act
1980 limits the amount of qualified mortgage bonds that may
issued in any calendar year by entities within a state and
thorizes the legislature of such state to provide the method
allocation of such bonds within the state; and
WHEREAS, Chapter 3.5 of Part 1 of Division 31 of the
alth and Safety Code of the State of California governs the
llocation of the State ceiling among governmental units in the
tate having the authority to issue qualified mortgage bonds; and
WHEREAS, Section 50191 of the Health and Safety Code
f the State requires a local agency to file an application
ith the Mortgage Bond Allocation Committee prior to the
ssuance of qualified mortgage bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
F THE CITY OF SANTA ANA that the City Manager of the City of
anta Ana is hereby authorized and directed in the name and on
~half of the City of Santa Ana, to submit an application, and
ich other documents as may be required, to the Mortgage Bond
.location Committee for an allocation with respect to qualified
Drtgage bonds to be issued by the City of Santa Ana in an
]gregate principal amount not to exceed $90,000,000.
ADOPTED this ]?th day of December , 1984.
rTEST: ~
~ice C. Guy,Cle~k~/~he Council
DUNCILMEMBERS:
riset Aye
costa Aye
art Aye
ohnson -~ye
uxembourger -~ye
cGuigan -~
oung -~ye
Daniel E. Griset
Mayor
APPROVED AS TO FORM:
City Attorney