Resolution - 6532•
RESOLUTION NO. 6532'
A RESOLUTION OF THE CITY COUNCIL OF THE CITY .OF WEST
COVINA APPROVING AND AUTHORIZING THE .CITY MANAGER
TO SUBMIT AN APPLICATION FOR AN ALLOCATION UNDER THE
MORTGAGE BOND TAX SUBSIDY ACT OF 1980 TO THE STATE OF
CALIFORNIA MORTGAGE BOND ALLOCATION COMMITTEE.
WHEREAS, the Cities of West Covina and Baldwin Park have entered into a,Joint
Powers Agreement for the purposes of exercising their common powers jointly to the end
• that they may issue Marks-Foran Residential Rehabilitation Revenue Bonds (Bond Issue); and
WHEREAS, the Cities of West .Covina and Baldwin Park have approved the Joint
West Covina/Baldwin Park Comprehensive Residential Rehabilitation Financing Program
(Program); and
WHEREAS, the Cities of West Covina and Baldwin Park retained Questor
Associates to performa Market Demand and Feasibility Study for the Program in order that
the bond issue could be properly sized; and
WHEREAS, the State of California has adopted legislation to implement the
Mortgage Bond Tax Subsidy Act of 1980, which legislation requires the City to submit an
application to the Mortgage Bond Allocation Committee requesting a mortgage revenue
bond allocation.
NOW, THEREFORE, the City Council of the City of West Covina does hereby
resolve as follows:
r]
Section 1: The application to the Mortgage Bond Allocation Committee is
hereby approved, and the City Manager is authorized to transmit a copy of said application
` to the Mortgage Bond Allocation Committee.
APPROVED AND ADOPTED THIS loth day of May ,
1982.
Mayor
ATTEST:
U
City.Clerk
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of the City of West Covina at a regular meeting thereof held on the 10th day of
May , 1982, by the following vote of the Council:
•
AYES: Councilmen: Bacon, Tennant, Shearer, Chappell, Tice
NOES: Councilmen: None
ABSENT: Councilmen: None
APPROVED AS TO FORM:
City Attorney
D-R
/04/
City Clerk
2