HomeMy WebLinkAbout84-218 - Resolutions RESOLUTION NO. 84-218
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF R~CHO
CUCAMONGA, C~IFORNIA, AUTHORIZING APPLICATION FOR
ALLOCATION OF MORTGAGE SUBSIDY BONDS AND FILING OF NOTICE OF
SALE THEREOF WITH MORTGAGE BOND ALLOCATION COMMITTEE,
AUTHORIZING EXECUTION OF PROGR~ DEPOSIT AGREEMENTS AND
PROVIDING OTHER MATTERS PROPERLY RELATING THERETO
CITY OF R~CHO CUC~MONGA
RESIDENTIAL MORTGAGE REVENUE BONDS
RESOLVED, by the City Council of the City of Rancho Cucamonga,
~lifornia, 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
federally imposed limit upon the issuance of mortgage subsidy bonds, the City,
for itself and on behalf of the Agency, must fila, pursuant to the Costa-Marks
Housing Bond Allocation Act of 1982, as amended (the "Costa-Marks Act"), a
notice of sale of the desired principal amount of the Bonds proposed to be
issued with the State Mortgage Bond Allocation Committee, all or a portion of
which allocation the City proposes 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 applicatiou 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-~Larks Act is hereby authorized and
approved.
2. A notice of sale of $150,000,000.00 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. 84-218
Page 2
4. At such time as the developers shall have complied with the
deposit requirements of the Program Deposit Agreement, 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 I/2 of 1% of the principal amount of
the Bonds requested for allocation.
PASSED, APPROVED, and ADOPTED this Ist day of August, 1984.
AYES: Wright, Buquet, Mikels, Dahl, King
NOES: None
ABSENT: None
/~D. Mikels, Mayor
ATTEST:
Beverly ~. Authelet, City ~lerk
Resolution No. 84-218
Page 3
EXHIBIT A
CERTIFICATION REGARDING NOTICE TO THE
MORTGAGE BOND ALLOCATION COMMITTEE
The City of Rancho Cucamonga hereby certifies to the Mortgage Bond
A/location Committee pursuant to the requirements of Section 50191 of the
Costa-Marks Housing Bond Allocation Act of 1981 (the "Costa-Marks Act"), as
follows:
1. The City did by Resolution adopted on August 1, 1984, order the
fll lug with the Mortgage Bond A/location Co~ittee of a notice of sale and
request for grant to the City of an allocation of mortgage subsidy bonds in the
amount of $150,000,000.00, all or a portion of which the City wishes to assign
to its Redevelopmerit Agency.
2. The City has on deposit in an interest-bearing trust account or
has secured by appropriate letters of credit an amount equal to 1/2 of 1
percent of the dollar amount set forth in paragraph I hereof, which deposit ls
subject to the forfeiture provisions of the Costa-Marks Act.
3. The City requests the grant of an entitlement allocation of
$20,000,000.00.
4. The undersigned City Manager of the City of Rancho Cucamonga has
been duly authorized and directed to execute and deliver this Certification
pursuant to resolution of the City. A certified copy of the above-mentioned
resolution accompanies this Certification. The City will provide in a timely
manner any further information required or requested by the Committee.
CITY OF R~CHO CUCAMONGA