HomeMy WebLinkAbout85-51 - ResolutionsRESOLUTION NO. 85-51
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, TRANSFERRING A PORTION OF THE ALLOCATION OF
MORTGAGE SUBSIDY BONDS, IN AN AMOUNT NOT TO EXCEED
$6,000,000, TO THE REDEVELOPMENT AGENCY OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA
WHEREAS, the City of Rancho Cuoamonga (the "City") has received an
allocation from the Mortgage Bond Allocation Committee; and
WHEREAS, the City believes that the purposes of the City will be
better served by having the Redevelopment Agency of the City carry out the
issuance of a portion of the 1985 Mortgage Subsidy Bond Allocation.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1: A portion of the City's 1985 allocation of Mortgage
Subsidy Bonds from the Mortgage Bond Allocation Committee is hereby assigned
to the Community Redevelopment Agency of the City of Rancho Cucamonga.
Section 2: This transfer is for servicing Lewis Homes, a
participating developer, in the 1985 Bond Program. The allocation transfer
will be equal to Lewis Homes' entitlement allocation as determined by the
City.
PASSED, APPROVED, and ADOPTED this 20th day of February, 1985.
AYES: Wright, Buquet, Mikeis, Dahl, King
NOES: None
ABSENT: None
ATTEST:
Mikels, Mayor
Beverly 'A'.' Adthel~, City Clerk