Resolution - 6790RESOLUTION NO. 6790
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA SELECTING A LENDING INSTITUTION TO
ORIGINATE AND SERVICE HOME MORTGAGES
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health and
Safety Code of the State of California (herein called the "Act") authorizes
cities to issue revenue bonds for the purpose of financing home mortgages
authorized by the Act; and
WHEREAS, pursuant to Section 52020(a) of the Act, the City of West Covina
has adopted regulations establishing criteria for qualification of lending
institutions eligible to originate and service home mortgages; and
WHEREAS, in a letter dated the City of West Covina
sent invitations to all the lenders within the City of West Covina to
participate in the City of West Covina Home Mortgage Financing Program; and
WHEREAS, the City of West Covina has received bids from certain lenders
desiring to participate in the City of West Covina Home Mortgage Financing
Program (a.list of those submitting bids is attached as Exhibit "A:); and
WHEREAS, Atlas. Capital Corp. qualifies under the City of West Covina
Regulations Establishing Criteria for Qualification of Lending Institutions
and submitted the lowest bid for originating and servicing home mortgages
under the program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
• Covina as follows:
Section 1. The request for reservation submitted by Atlas Capi.tal Corp.,
attached hereto as Exhibit "B", is hereby accepted, and Atlas Capital Corp.
is selected as the lending institution to originate and service home mortgages
under the City of. West Covina's program.
Section 2. The City Clerk shall certify to the adoption of this
resolution.
APPROVED AND ADOPTED this
following vote:
ATTEST:
• City. Clerk
5th day of December , 1983, by the
Mayor
0
0
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I HEREBY CERTIFY that the foregoing Resolution No. 67g� was duly
adopted by the City Council of the City of West Covina at a regular meeting
thereof held on the 5th day of December 1983, by the following
vote of the Council:
AYES: Councilmen: Tice, Bacon, Chappell
NOES: Councilmen: None
ABSENT: Councilmen: Tennant, Shearer
APPROVED AS TO FORM:
City Attorney
- Z'- AV
Ci ty Olerk