HomeMy WebLinkAbout84-217 - ResolutionsRESOLUTION NO. 84-217
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA ASSIGNING ALLOCATION OF QUALIFIED BONDS TO THE
RANCHO CUCAMONGA REDEVELOPMENT AGENCY AND APPROVING THE
ISSUANCE BY THE AGENCY OF ITS RESIDENTIAL MORTGAGE REVENUE
BONDS, 1984 SERIES A, IN THE PRINCIPAL AMOUNT OF $21,375,000
RESOLVED, by the City Council of the City of Rancho Cucamonga, San
Bernardino County, California, as follows:
WHEREAS, by the enactment of Chapter 8 (commencing with Section 33750)
of Part 1 of Division 24 of the Health and safety Code of the State of
California, the legislature of the State has authorized redevelopment agencies
to issue revenue bonds for the purpose of financing residential construction
within redevelopment project areas; and
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency") has
determined to implement a residential construction financing program to provide
for the issuance of Residential Mortgage Revenue Bonds f the Rancho Cucamonga
Redevelopment Agency, the proceeds of which are to be used to carry out such
program; and
WHEREAS, to that end, the Agency did by Resolution No. RA84-06,
adopted August 1, 1984, authorize the issuance of $21,375,000 principal amount
of Residential Mortgage Revenue Bonds, 1984 Series A; and
WHEREAS, the City of Rancho Cucamonga (the "City") pursuant to the
provisions of the Costa-Marks Bond Allocation Act of 1981 (the "Act"), Chapter
3.5 (commencing with Section 50171) of Part 1 of Division 31 of the Health and
Safety Code of the State of California, did file with the Mortgage Bond
Allocation Committee of the State of California a notice specifying among other
things, the amount of qualified mortgage revenue bonds proposed to be issued by
the City; and
WHEREAS, the Mortgage Bond Allocation Committee by its Resolution No.
23, assigned an allocation to the City to issue qualified mortgage bonds in an
amount not to exceed $49,200,000.00.
WHEREAS, the Rancho Cucamonga Redevelopment Agency has undertaken and
is carrying out a redevelopment program in the City of Rancho Cucamonga in
accordance with the provisions of the California Community Redevelopment Law;
and
WHEREAS, the City now desires to assign $21,375,000 of its allocation
to the Agency; in accordance with the further provisions of the Act; 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 Rancho
Cucamonga, prior to issuance of the Bonds authorized pursuant to the foregoing
described Indenture.
NOW, THEREFORE, IT IS HEREBY ORDERED by the City Council of the City
of Rancho Cucamonga that
$21,375,000 of the City's allocation to issue mortgage revenue
bonds heretofore granted to the City by the Mortgage Bond
Allocation Committee is hereby assigned to the Agency.
The Rancho Cucamonga Redevelopment Agency is hereby given
approval to issue said Residential Mortgage Revenue Bonds, 1984
Series A, in the principal amount of $21,375,000.
Resolution No. 84-217
Page 2
PASSED, APPROVED, and ADOPTED this 1st day of August, 1984.
AYES: Wright, Buquet, Mikels, Dahl, King
NOES: None
ABSENT: None
ATTEST:
B~uthe~l~t
, City Clerk