HomeMy WebLinkAbout85-205 - ResolutionsRESOLUTION NO. 85-205
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCliO
CUCAMONGA, CALIFORNIA, AHENDING THE RULES AND REGULATIONS
RELATING TO THE 1984 AND 1985 SERIES '~" RESIDENTIAL HOME
MORTGA~E REVENUE BOND PROGRAM
RESOLVED, by the City Council of the City of Rancho Cucamonga,
California, as follows:
WHEREAS, the City Council approved Rules and Regulations pertaining to
the Residential Mortgage Financing Program on July 26, 1984; and
WHEREA~, the Rules and Regulations contained statements identxfying
the median household income in Section 5 of the Rules and Regulations based on
an economic study prepared for the Home Mortgage Revenue Bond Program; and
WHEREAS, wording was .contained in said section which gave authority to
the City to adjust, from time to time, the median household income -in
accordance with authorization contained in the Tax Act and Indenture; and
WHEREAS, pursuant to a study, prepared by Empire Economics and dated
June 13, 1985, which provides an update of the median household income; and
WHEREAS, the City Council determines that it is necessary to amend the
previously adopted Rules and Regulations in accordance with the findings of
said study.
NOW, THEREFORE, BE ~T RESOLVED that Section 5 of the Rules and
Regulations which are the attachment of Resolution No. 84-211 of Part 4 of the
Authorization and Issuance documents be amended as lollova:
Section 5. Median Household Income. For purposes of the Program, the
applicable California statewide median household income is currently $31,750.
The City reserves the right to adjust the Median Household Income from time to
time in accordance with the authorization therefore contained in the Act.
PASSED, APPROVED, and ADOPTED this 27th day of June, 1 985.
AYES: Wright, Buquet, MikeIs, Dahl, King
NOES: None
ABSENT: None
ATTEST:
MikeIs, Mayor
Beverly A. Authelet, City Clerk
Resolution No. 85-205
Pa~e ~
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga,
California, at an adjourned meeting of said City Council held on the 27th day
of June, 1985.
Executed this 28th day of June, 1985 at Rancho Cucamonga, California.
Beverly '&. Authelet, C~ty C~e~k