HomeMy WebLinkAbout86-330 - Resolutions RESOLUTION NO. 86-330
A RESOLUTION OF THB CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, APPROVING JOINT P0WBRS AGREEMENT BY
AND AMONG THE CITY OF RANCHO CUCAMONGA, THE CITY OF
PALMDALE, THE CITY OF PORT~-RVILLE AND THE CITY OF COLTON FOR
THE PURPOSE OF FINANCING HOME MOR~I~AGES, PROVIDING FOR THE
TRANSFER OF ALLOCATION AND PROVIDING FOE II4PLEMENTATION OF A
HOM~ MORTGAGE FINANCING PHGGRAM
RESOLVED, by the City Council of the City of Rancho Cucamonga, as
follows:
I. That this City make and enter into a "Joint Powers Agreement to
create Rancho Cucamonga-Palmdale-Porterville-Colton Housing Finance Agency to
Exercise Common Powers of the Cities of Rancho Cucamonga, Palmdale, Portervilla
and Colton to Finance Home Mortgages pursuant to Part 5 of Division 31 of the
Health and Safer7 Code of the State of California"; such Joint Powers Agreement
to be in form this day presented to the City Council, and the Mayor is hereby
authorized to execute such 3oint Powers Agreement on behalf of the City and the
City Clerk is authorized to attest the Mayor's signature thereto and to affix
thereto the seal of the City.
2. That the total allocation to issue single family mortgage revenue
bonds assigned to the City of Rancho Cucamong· by the Mortgage Bond Allocation
Committee pursuant to its iesolution No. 86-Ig, adopted October 29, 1985, is
hereby assigned to the Rancho Cucamonga-Palmdale-Porterville-Colton Housing
Finance Agency, provided that such assignment shall not be effective unless and
until any required transfer or approval of such assignment of allocation shall
be obtained or granted.
3. That in accordance with Section 3. of the Joint Powers Agreement,
The Mayor, a member of this City Council, is hereby designated ·s the initial
member of the Board of Directors of the Agency acting on behalf of the City of
Rancho Cucamong·, such member to serve at the pleasure of this City Council.
4. That the City staff is authorized and directed to implement a
Home Mortgage Financing Program in accordance with the 3oint Powers Agreement.
PANBED, APPROVED, and ADOPTED this 19th day of November, 1986.
AYES: Buquet, King, Wright
NOES: None ~
A~SEST: Mikels, Dahl
A*rTEB T: /~g~
Beverly ~. ][uthelet, City Clerk
I, BEVERLY A. AUTHxv-ET, CITY CLERX 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 Cucamongm,
California, at · regular meeting of said City Council held on the 19th day of
November, 1 986.
Resolu=ion No. 86-330
Page 2
Executed this 20th day of November, 1986 at Rancho Cucamonga,
California.
Beverly A[ Authelet, City Clerk