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HomeMy WebLinkAbout85-111 - ResolutionsRESOLUTION NO. 85-111 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING APPLICATION FOR ALLOCATION OF MORTGAGE SUBSIDY BONDS AND FILING OF NOTICE OF SALE THEREOF WITH MORTGAGE BOND ALLOCATION COMMITTEE, AUTHORIZING EXECUTION OF PROGRAM DEPOSIT AGREEMNTS AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO CITY OF RANCHO CUCAMONGA RESIDENTIAL MORTGAGE REVENUE BONDS RESOLVED, by the City Council of the City of Rancho Cucamonga, California, as follows: WHEREAS, both the City and the Rancho Cucamonga Redevelopment Agency have undertaken programs and have issued qualified mortgage revenue bonds to finance the purchase of mortgages made to finance single-family owner-occupied homes constructed within the City and the Agency, respectively, and the City and the Agency may each desire to issue additional qualified mortgage revenue bonds (the "Bonds") to finance the purchase of additional mortgages; and WHEREAS, to obtain an allocation to issue the Bonds within the fedorally imposed limit upon the issuance of mortgage subsidy bonds, the City, for itself and on behalf of the Agency, must file, pursuant to the Costs-Marks Housing Bond Allocation Act of 1982, as amended (the "Costs-Marks Act"), a notice of sale or the desired principal amount of the Bonds proposed to be issued with the State Mortgage Bond Allocation Committee, all or a portion or which allocation the City proposed to assign to the Agency; and WHEREAS, in addition, in order for the City 'to obtain such an allocation, the Mortgage Bond Allocation Committee requires that the City cause evidence of the deposit of an amount of money or, in lieu thereof, of a letter of credit, securing such amount, which amount shall be subject to forfeiture and application by the City to assist housing for persons of low and moderate income within the City upon the failure to sell any or only a portion of the Bonds; and WHEREAS, developers within the City and the Agency desire to provide the deposit required to be made in order to obtain such an allocation, such deposit to be subject to the terms and conditions described in Program Deposit Agreement between such developer and the Agency; and WHEREAS, the City desires to use for purposes of deposits by the developers the Program Deposit Agreement previously approved by the City's Resolution No. 83-160, adopted September 7, 1983. NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED, as follows: 1. Application to the State Mortgage Bond Allocation Committee for an allocation for the Bonds under the Costa-Marks Act is hereby authorized and approved. 2. A notice of sale of $150,000,O00.00 principal amount of such Bonds is hereby caused to be filed by the City Clerk with the Mortgage Bond Allocation Committee. 3. The Program Deposit Agreement previously approved by the adoption of the City's Resolution No. 83-160, adopted September 7, 1983, is hereby approved for use in connection with the collection of deposits from developers, as required by the Costa-Marks Act. Resolution No. 85-111 Page 2 4. The City Clerk shall cause to be delivered to the Mortgage Bond Allocation Committee a certified copy of this resolution, together with a certificate executed by the City Manager and substantially in the form attached hereto as Exhibit A, and hereby made a part hereof, to the effect that the City has on deposit in an interest-bearing trust account or, to the extent applicable has secured by a letter of credit an amount which equals 1/2 of 1% of the principal amount of the Bonds requested for allocation. PASSED, APPROVED, and ADOPTED this 3rd day of April, 1985. AYES: Wright, Buquet, Mikels, Dahl NOES: None ATTEST: ABSENT: King Beverl A. Authelet, City Clerk I, BEVERLY A. AUTHELET, CITY CLERK of the City of Raneho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Raneho Cueamonga, at a regular meeting of said City Council held on the 3rd day of April, 1985. Executed this 4th day of April, 7985 at Rancho Cucamonga, California.