HomeMy WebLinkAbout83-14 - ResolutionsRESOLUTION NO. 83-14
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, AUTHORIZING APPLICATION FOR
ALLOCATION OF A MORTGAGE SUBSIDY BOND, CONFIRMING FILING
OF NOTICE OF SALE WITH THE MORTGAGE BOND ALLOCATION
COMMITTEE AND THE OTHER MATTERS RELATING THERETO
The City Council of the City of Rancho Cucamonga, California has
resolved as follows:
WHEREAS, the legislature of the State of California has, pursuant to
Chapter 8 (commencing with Section 33750) of Part 1 of Division 24 of the
California Health and Safety Code (the "Act"), authorized redevelopment
agencies to purchase longterm low-interest rate loans to finance new
residential construction in redevelopment project areas in order to encourage
investment within and to upgrade such areas and has authorized such agencies
to issue revenue bonds to finance the purchase of such loans; and
WHEREAS, pursuant to the Act, the Rancho Cucamonga Redevelopment
Agency (the "Agency") proposes to undertake a Mortgage Loan Financing Program
(the "Program") to purchase loans (the "Mortgage Loans") made to finance new
single-family owner-occupied residential units (the "Residences") to be
constructed within its Rancho Redevelopment Project Area (the "Project Area")
and to issue Residential Mortgage Revenue Bond (the "Bonds") to finance the
purchase of the Mortgage Loans; and
WHEREAS, to obtain an allocation to issue the Bonds within the
federally imposed limit upon the issuance of mortgage subsidy bonds, the City
of Rancho Cucamonga on August 31, 1982, caused to be filed, pursuant to the
Costa-Marks Housing Bond Allocation Act of 1981, as amended (the "Costa-Marks
Act"), a notice of sale of $66,000,000 principal amount of the Bonds with the
State Mortgage Bond Allocation Committee, which allocation is now pending
before the Committee; and
WHEREAS, in order for the City of Rancho Cucamonga to maintain its
position for allocations in 1983 on the listing of local entities which have
filed such notices, the Mortgage Bond Allocation Committee requires that this
City Council adopt a resolution authorizing the described allocation and
confirming the filing of the notice of sale of the Bonds with the Mortgage
Bond Allocation Committee; and
WHEREAS, in order for the City of Rancho Cucamonga to maintain its
position on the listing for allocations in 1983, the Mortgage Bond Allocation
Committee also 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, certain developers desire to provide a pro rata portion of
the deposit required to be made in order for the City to maintain its position
on the listing for allocations in 1983, such deposit to be subject to the
terms and conditions described in Program Deposit Agreements between such
developers and the Agency.
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED and ORDERED as
follows:
1. The 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. The notice of sale of $66,000,000 principal amount of such Bond
filed with the Mortgage Bond Allocation Committee on August 31, 1982, is
hereby confirmed.
3. At such time as the developers shall have complied with the
deposit requirements of the respective Program Deposit Agreements, the City
Manager shall cause to be delivered to the Mortgage Bond Allocation Committee
a certified copy of this resolution, together with a certificate signed by the
City Manager substantially to the effect that the City has on deposit in an
interest-bearing trust account and/or has on deposit a letter of credit in an
amount which equals 1/2 of 1% of the prinicipal amount of the Bonds requested
for allocation and that the City wishes the notice of request for allocation
to be deemed delivered by the Mortgage Bond Allocation Committee as of January
1, 1983, such certificate to be substantially in the form attached hereto as
Exhibit "A" and hereby made a part hereof.
PASSED, APPROVED, and ADOPTED this 19th day of January, 1983.
AYES:
Dahl, Buquet, Frost, Mikels
NOES: None
ABSENT: Sehlosser
ATTEST:
lsserman, City Clerk
,~' D. Mikels, Mayor
Resolution No. 83-14
Page 3
CERTIFICATION REGARDING NOTICE TO THE
MORTGAGE BOND ALLOCATION COMMITTEE
The City of Rancho Cucamonga hereby certifies to the Mortgage Bond
Allocation 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 on August 31, 1982, request the Mortgage Bond
Allocation Committee to grant to the City an allocation of mortgage subsidy
bonds, which request is hereby reduced to a dollar amount of $39,000,000.00,
Thirty-nine million dollars.
2. The City has on deposit in an interest bearing trust account
and/or there is a letter of credit posted with the City in a total amount
equal to 1/2 of 1 percent of the dollar amount set forth in paragraph 1
hereof, which deposit is subject to the forfeiture provisions of the Costa-
Marks Act.
3. The City wishes its prior notice to the Committee to be deemed
accepted as of January 1, 1983.
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 duly adopted on January 19, 1983. A
certified copy of said resolution accompanies this Certification.
CITY OF RANCHO CUCAMONGA
By~~
DATE: January 19, 1983