Resolution - 7153RESOLUTION NO. 7153
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, Chapter 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.
• WHEREAS, The City of West Covina proposes to undertake a Home Mortgage
Financing Program (The "Program") to purchase loans (the "Home Mortgages")
made to finance new and existing single-family owner -occupied residential
units (the "Homes") within the City and to issue Home Mortgage Revenue Bonds
(the "Bonds") to finance,the purchase of the Home Mortgages; and
WHEREAS, to obtain an allocation to issue the Bonds within the federally
imposed limit upon the issuance of mortgage subsidy bonds, the City of West
Covina is required to file pursuant to the Costa -Marks Housing Bond Allocation
Act of 1981, as amended (the "Costa -Marks Act"), a Notice of Sale and an
application containing certain specified information with the State Mortgage
Bond Allocation Committee; and
WHEREAS, the Mortgage Bond Allocation Committee requires that the City
Council adopt a resolution authorizing the filing of the Notice of Sale and
application with the Mortgage Bond Allocation Committee; and
WHEREAS, the Mortgage Bond Allocation Committee also requires that the
City cause evidence of the deposit of an amount of money, which amount shall
be subject to forfeiture and application by the City to assist housing for
persons of low and moderate income Within the City upon the failure to sell
any or only a portion of the Bonds; and.
WHEREAS, certain developers within the City desire to provide a pro rata
portion of the deposit required.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Covina as follows:
Section 1: The application to the State Mortgage Bond. Allocation Committee'
for an allocation for the Bonds under the Costa -Marks Act is hereby authorized
and approved.
Section 2: The Notice of Sale of $20,000,000 principal amount of such
Bonds to be if led with the Mortgage Bond Allocation Committee is hereby
confirmed.
Section 3: The City Clerk shall cause to be delivered to the Mortgage Bond
Allocation Committee a certified copy of this resolution, together with a certificate
executed by the City Manager and substantially in the form attached hereto as
Exhibit A, and hereby made a part hereof, to the effect that the City has on
• deposit in an interest -bearing trust account an amount which equals one-half
of 1% of the principal amount of the Bonds requested for allocation.
APPROVED AND ADOPTED this 24th day of February 1986,
by the following vote:
ATTEST:
& X"
City 0erk
1
GU4;�- 3_a4,e.F�
Mayor
(1)
RESOLUTION NO. 7153
I HEREBY CERTIFY that the foregoing Resolution No. 7153
was duly adopted by the City Council of the City of West Covina at a regular
• meeting thereof held on the 24th day of February 1986, by
the following vote of the Council:
AYES: Councilmembers: Bacon, Manners, Chappell, Shearer, Tennant
NOES: Councilmembers: None
ABSENT: Councilmembers: None
•
Q
City ClerV
APPROVED AS TO FORM:
City Attorney
�q_
(2)
•
THIS IS TO CERTIFY THAT THE ATTACHED CITY COUNCIL RESOLUTION
NO. -7/ 3 , APPROVED AND ADOPTED ON , 19,6, IS A TRUE AND
CORRECT COPY OF THE ORIGINAL ON FILE IN THE OFFICE OF THE CITY CLERK OF
THE CITY OF WEST COVINA.
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CITY CLERK