Resolution - 6584•
RESOLUTION NO. 6584
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF WEST COVINA ASSIGNING THE
ALLOCATION OF QUALIFIED BONDS TO THE
WEST COVINA-BALDWIN PARK MORTGAGE AUTHORITY
— RESOLVED, by -the City Council of the City of West
Covina, that
WHEREAS, the City of West Covina (the "City") pursuant
to the provisions of the Costa -Marks Bond Allocation Act of 1981,
as amended (the "Act"), Chapter 3.5 (commencing with, Section 50171)
of Part -I of Division 31 of the Health and Safety Code of the
State of California, did file with the Mortgage Bond Allocation
Committee of the State of California a notice specifying, among
other things, the amount of qualified mortgage revenue bonds
proposed to be issued by the City of West Covina and the portion
of said issue to be assigned to the City of Baldwin Park;
WHEREAS, the Mortgage Bond Allocation Committee has
granted an allocation of qualified mortgage revenue bonds to the
City;
WHEREAS, the City of West Covina and the City of Baldwin
Park have entered into a joint powers agreement forming,
establishing and creating the West Covina -Baldwin Park Mortgage
Authority, a joint powers agency and a separate and distinct
public entity, for the purpose of issuing qualified mortgage
bonds to acquire home mortgages to finance homes within the
• respective Cities of West Covina and Baldwin Park pursuant to
the provisions of Part 5 of Division 32 of the Health and
-Safety Code; and
WHEREAS, the Act provides that'the City may assign
all or any portion of said allocation to a joint powers agency
created by an agreement to which the City is a party;
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED,
that all of the allocation of qualified mortgage.bonds granted
to the City by the Mortgage Bond Allocation Committee be, and
it is hereby, assigned to the West Covina -Baldwin Park Mortgage
Authority.
BE IT FURTHER RESOLVED that the City Clerk shall certify
to the adoption of this resolution.
APPROVED and ADOPTED this 9th day of August, 1982.
Mayor
Herb Tice
ATTEST:
•
City Clerk
Helene M. Mooney
Resolution No. 6584
Page two
I HEREBY CERTIFY that the foregoing Resolution No. 6584
was duly adopted by, the City Council of the City of West Covina
at a regular meeting thereof held on the 9 day of August, 1982,
by the following vote of the Council:
is AYES: Councilmen: Bacon, Tennant, Shearer, Chappell, Tice
NOES: Councilmen: None
ABSENT: Councilmen: None
APPROVED AS TO FORM:
loe
Bond Counsel
is
0
City Clerk.
Helene M. Mooney