HomeMy WebLinkAbout83-35 - ResolutionsRESOLUTION NO. 83-35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, APPROVING THE ISSUANCE BY THE BANCHO CUCAMONGA
REDEVELOPRENT AGENCY OF RESIDENTIAL MORTGAGE REVENUE
BONDS, 1983 SERIES A, IN THE PRINCIPAL AMOUNT OF
$36,200,000
RESOLVED, by the City Council of the City of Raneho Cucamonga, San
Bernardino County, California, as follows:
WHEREAS, the Rancho Cucamonga Redevelopment Agency has undertaken and
is carrying out a redevelopment program in the City of Rancho Cueamonga in
accordance with the provisions of the California Community Redevelopment
Law; and
WHEREAS, by the enactment of Chapter 8 (commencing with Section
33750) of Part I 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 Raneho Cucamonga Redevelopment Agency has determined to
implement a residential construction financing program to provide for the
issuance of Residential Mortgage Revenue Bonds of the Rancho Cucamonga
Redevelopmerit 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. RA83-03,
adopted March 14, 1983, authorize the issuance of $36,200,000 principal amount
of Residential Mortgage Revenue Bonds, 1983 Series A; 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 the Raneho Cucamonga Redevelopment Agency is hereby
given approval to issue said Residential Mortgage Revenue Bonds, 1983 Series
A, in a principal amount of $36,200,000.
PASSED, APPROVED, and ADOPTED this 14th day of March, 1983.
AYES:
Buquet, Schlosser, Frost, Mikeis
NOES: None
ABSENT: Dahl
ATTEST:
Lauren M. Wasserman, City Clerk