HomeMy WebLinkAbout1987-11 CRA
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RESOLUTION NO, 87-11
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA APPROVING EXTENSION OF THE
1985 HOME MORTGAGE REVENUE BOND PROGRAM AND
APPROPRIATING FUNDS IN CONNECTION THEREWITH
WHEREAS, on July 31,1985, the City of Santa Ana, California
(the"City") issued its $18,499,040 aggregate principal amount of
Home Mortgage Revenue Bonds, 1985 Series A (the "Bonds") in
order to provide funds to make home mortgages with respect to
single family residences located within the City (the
"Program");
WHEREAS, a portion of the proceeds of the Bonds was reserved
by the City for use in connection with the funding of home
mortgages on residences located in the Riverview Housing
Development Project (the "Project"), a development previously
assisted by the Community Redevelopment Agency of the City of
Santa Ana (the "Agency");
WHEREAS, unless certain actions are taken by the City and
certain funds are paid by the Agency to extend the reservation
of funds for use in funding home mortgages for homes in the
Project, said funds will be used to redeem the Bonds; and
WHEREAS I in furtherance of the provision of decent, safe and
sanitary housing within the City and in particular in the
Project and to enable persons of low and moderate income to
obtain said housing, the Agency desires to assist the city in
extending a portion of the reservation of funds for use in
connection with the Project by means of appropriating funds
necessary to ensure the extension,
NOW, THEREFORE, BE IT RESOLVED by the Community
Redevelopment Agency of the City of Santa Ana as follows:
1, In order to provide for an extension of funds under the
Program for use in connection with the making of home mortgages
on homes located within the Project, the Agency hereby
appropriates up to $7,000 to be paid to or upon the order of the
city. The Executive Director of the Community Development
Agency is hereby authorized and directed to pay to the City or
its designee, against an invoice therefore, up to the $7,000
heretofore appropriated, said funds to be drawn against the
Agency's housing set-aside monies, for use in connection with
the extension referred to above,
2, Said Executive Director and other officers of the Agency
are hereby authorized and directed, for and in the name and on
behalf of the Agency, to execute and deliver such other
certificates, agreements or documents which they, or any of
them, deem necessary or advisable in order to consummate the
extension described herein,
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3, This resolution shall take effect immediately upon its
adoption.
ADOPTED, this ~ day of
the following vote,
AYES:
NOES:
ABSENT:
April
, 1987 by
MEMBERS: Adler, AlIE!11aIl, Gosse, Mack, Mills and
Rosenow
MEMBERS: None
MEMBERS Coil
ATdI ~
Secret
APPROVED AS TO FORM
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