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HomeMy WebLinkAbout86-350 - Resolutions RESOLUTION NO. 86-3 50 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RAMCliO CUCANONGA, CALIFORNIA, APPROVING ISSUAMCE BY THE RAMCHO CUCANONGA-PALMDALE-PORTHRVILLE-COLTON HOUSING FINAMCE AGENCY OF NOT TO EXCEED $38,000,000 PRINCIPAL AMOUNT OF SINGLE FAMILY MORTGAGE REVENUE BOND8 RESOLVED, by the City Council of Ehe City of Rancho CucamonSa, as follows: WHEREAS, the Rancho CucamonSa-Palmdale-porterville-Colton HousinS Finance ASency (the "ASshEy") proposes to issue its Rancho CucamonSa-Palmdale-Porterville-Colton HousinS Finance A~ency SinSle Family MortBaSe Revenue Bonds (Ehe 'bonds"), in Ehe aSgreSate principal amount of noE to exceed $38,000,000 under and pursuant Eo Pare 5 of Division 32 of the California Health and Safety Code, of which $10,000,000 of the proceeds will be allocated in order to provide financing Home MortSages to be made to buyers of (i) approximately 34 Homes to be constructed by The William Lyon Company in VicEoria Village locaEed along Victoria SEreeE and Route 15 within Ehe City; (ii) approximaEely 3 5 Homes Eo be construcEed by Houck DevelopmanE Inc. in Villa Paloma located aE the inEersection of Vineyard Avenue and Foothill Boulevard within Ehe City; (iii) approximaEely 37 Homes Eo be constructed by The Artden Group in Cimmaron Oaks locaEed at the intersection of Turner Avenue and Arrow HiShway; and (iv) approximaEely 30 Homes Eo be constructed by Lewis Homes of California located along FooLhill Boulevard and Haven Avenue within the City. If for reasons beyond Ehe control of the participanEs Ehe loreSsinS proceeds are not applied to Ehe described projecEs then, to Ehe extent permitted by stale and federal law, such moneys may be applied to Ehe following described projecEs. (a) (i) approximately 15 Homes to be constructed by Emblem DevelopmanE Corporation in Tract No. 10048 located aE Rosedale Avenue and La Lama Avenue; (ii) 40 Homes Eo be consEructed by Forecast Corporation in Meadowsod Homes located north of Citrus Avenue, south of Johnson Avenue and wesE of Grand Avenue; (iii) 30 Homes Eo be consErucEed by Jenel Company in Iron Horse Ranch located west of Pepper Avenue and north of San Bernardins Avenue; and (iv) 80 Homes to be consEructed by Presley of Southern California in its project known as Cedarbrook Homes locsEed north of San Bernardins Avenue and ease of Sycamore Avenue, all viEhim Ehe City of ColEon. (b) (i) approximately 52 Homes Eo be consEructed by Sherwood Homes in Sherwood Park Units ~4 located at Henderson Avenue (one-quarter mile east of West~ood StreeE) and Sherwood Park UniEs ~5 (one-quarter mile east of Westwood StreeE); (ii) approximately 20 Homes to be constructed by Phyllis Carlin in Sierra Woods located aC the norEhwesE corner of MorEonAvenue and LegSerE Drive; (iii) approximately 20 Homes to be constructed by Delay Enterprise, Inc. in Hillside Estates located at the northeasE corner of Morton Avenue and LeggaLE Drive within Ehe City and 19 uniEs in Glenn Grove EsEates located at the southeast corner of Westfield Avenue and Lowsty SEteat; and (iv) approximately 75 Homes Eo be consEructed by Cuarancy ConsEruction Co. in LoanOak Estate located aE Poplar Avenue west of Jays Street within the CiEy of Portervilla. (c) (i) approximately 34 Homes Eo be constructed by Tiffany DevelopmanE Co. in Quail Meadows locaEed aE 30th SEreet Fast and Avenue Q2; (ii) 20 Homes to be construELed by Toby Ranch in its Ehree projecEs known as Sandpiper and Robin's Court locaEed at 25th and R4 and VicEoria Meadows locaEed at 16th and R4; and (iii) 62 Homes to be consErucEed by MarlborouKh Development Corporation in Marlborough Country Palmdale locaEed aE 20th Street W and Avenue P within Ehe City of Palmhie. WHEREAS, the CiEy COuncil of the City of Rancho CucamonSa has heretofore called and conducted a public hearinS on the issuance of Ehe Bonds for the purpose of financing the projecEs as required by SacLion 103(k) of the InEernal Revenue Code of 1986, as amended; and Resolution No. 86-350 Page 2 lillIitP,~k$, the City Council approves of said transactions in the public interests of ~he City. N(N, THEREFORN, BB IT R~D by ~he City Council of ~he City hncho Cucaaon~s as foll~s: Section 1. Findinns and ~clsra~i~ns. ~e Ci~ Council hereby ~inds and declares ~ha~ ~be finsncin2 of ~he projects ~rm the proceeds o~ ~he Bonds as herein described sexes ~he public purposes of assistin2 persons and f~ilies o~ 1~ and moders~e incme vi~hin ~he ~ency ~o afford ~he costs decent, safe and ssnitsry housing. Sec~i~ ~. A~ur~sl of Issuance snd Sale o[ ~dS ~e City Council hereby auchorises ~he iss~nce of the Bonds by ~be ~ency as hereinshore con~mpla~ed. Sec~i~ 3e E~fec~ive DaCe~ ~is resoluCion shall take e~ecC frm and after i~s adoption. P~SED, ~D, end ~P~D ~his 3rd ~y of ~cuber, A~9: Br~, ~que~, S~ou~, King, Wrighc NO~: None ~8~T: None ~nnis L. SCou~yor A~ST: ~erly ~ ~chelet, Ci~ Clerk I, B~Y A. ~ET, CI~ CL~ o~ Che City o~ ~ncho CucamouBa, C81i~nis, do hereby certify ~hat ~he ~oregoin2 ReeoluCiou was duly passed, ap~ed, and adopted by the CiCy Co~cil of Che City of ~ncho CucamonBa, ~li~ornia, 8C s regular usetin2 o~ said City ~cil held on Che 3rd day ~caber, hecuCed Chis ~h ~y o~ ~ca~r, 19M st ~ncbo CucamonSa, California. B~erly A/~hele~, CiCy Clerk