HomeMy WebLinkAboutResolution No. 4212 RESOLUTION NO. 4212
THE RESOLUTION AUTHORIZING APPLICATION FOR ALLOCATION
OF MORTGAGE REVENUE BONDS, CONFIRMING FILING OF
NOTICE OF SALE THEREOF WITH MORTGAGE BOND ALLOCATION
COMMITTEE AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO
RESOLVED by the City Council of the City of Downey, California,
as follows:
WHEREAS, Chapters 1 to 5 of Part 5 of Division 31 of the Health
and Safety Code of the State of California (herein called the "Act ")
authorizes the cities and counties to issue revenue bonds for the purpose
of financing Home Mortgages authorized by the Act and the Act provides
complete, additional, and alternative methods for doing the things
authorized thereby;
WHEREAS, pursuant to the Act the City is authorized to carry out
the public purposes described therein by issuing its revenue bonds to
acquire Home Mortgages and by pledging such Home Mortgages as security
for payment of the principle and interest on such revenue bonds, and by
entering into any agreement in connection therewith;
WHEREAS, the City proposes to undertake a Home Mortgage Financing
program (the "Program ") to purchase loans (the "Home Mortgages ") made to
finance new 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;
WHEREAS, to obtain an allocation to issue the bonds within the
federally imposed limit upon the issuance of mortgage subsidy bonds, the
City must file, pursuant to the Costa -Marks Housing Bond Allocation Act
of 1 981 as amended (the "Costa -Marks Act ") a notice of sale of the bonds
with the State Mortgage Bond Allocation Committee;
WHEREAS, in order for the City of Downey to obtain an allocation
from the State, the City must also cause evidence of the deposit of an
amount of money or, in lieu thereof, of a letter of credit, securing such
amounts; and
WHEREAS, Downey Savings and Loan must provide the deposit required
to be made in order for the City to obtain an allocation, such deposit to
be subject to the terms and conditions described in the Program Deposit
Agreement in form to be presented to and reviewed by the City Council
with the aid of its staff.
NOW, THEREFORE, it is hereby found, determined, and ordered as
follows:
1) A notice of sale of $ 9,000,000 principle amount of the
bonds with the Mortgage Bond Allocation Committee, is
hereby approved and directed.
2) A form of Program Deposit Agreement shall be presented
to the Council for execution and the City Manager is
hereby authorized and directed to execute Program
Deposit Agreements on behalf of the City with developers
desiring to participate in the City's program on the
terms and conditions therein to be provided.
3) At such a time as the developers have complied with the
deposit requirements of the respective Program Deposit
Agreements, the City Clerk shall cause to be delivered
to 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 and /or has on deposit a letter of credit in
an amount which equals one -half of one percent of the
principle amount of the bonds requested for allocation.
RESOLUTION NO. 4212 (continued)
4) The City of Downey hereby directs the Community
Development Commission of the City of Downey to
implement the proposed program when the allocation
is made by the Mortgage Bond Allocation Committee.
APPROVED AND ADOPTED this 12th day of April, 1983.
ATTEST: James T. Quinn , ' 'Mayor
A*; J L
City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted
by the City Council of the City of Downey at a regular meeting thereof
held on the 12th day of April, 1983, by the following vote, to wit:
AYES: 5 Council Members: Cormack, Jackman, Barb, Davila, Quinn
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None
/
City Clerk
i
- 2a-
RESOLUTION NO. 4212 (continued)
4) The City of Downey hereby directs the Community
Development Commission of the City of Downey to
implement the proposed program when the allocation
is made by the Mortgage Bond Allocation Committee.
APPROVED AND ADOPTED this 30th day of March , 1983.
. _A,
'OBERT G. MACK, MAYOR PRO TEM
ATTEST:
wlhAL
•ok, Deputy City Clerk
p Y y
I HEREBY CERTIFY that the foregoing resolution was duly adopted
by the City Council of the City of Downey at a regular meeting thereof
held the 30th day of March , 1983, by the following vote, to wit:
AYES: 2 Council Members: JACKMAN, CORMACK
NOES: 1 Council Members: DAVILA
ABSENT: 2 Council Members: BARB, QUINN (1:110
0.v..Y. -i_
Jea k •.k, Deputy City Clerk
SEE PAGE 2a
2 -
EXHIBIT A
NOTICE AND CERTIFICATION TO THE
MORTGAGE BOND ALLOCATION COMMITTEE
The City of Downey hereby certifies to the Mortgage Bond Allocation
Committee pursuant to the requirements of Section 50191 of Costa -Marks
Housing Bond Allocation Act of 1981 (the "Costa -Marks Act ") as follows:
1) Notice is hereby given that the City of Downey intends to
authorize, sell, and deliver $9,000,000 principle amount
of Home Mortgage Revenue Bonds pursuant to Chapter 1 to 5
of Part 5 of Division 31 of the Health and Safety Code of
the State of California and hereby requests the grant of
an allocation of such amount, the request being for a
supplemental allocation only.
2) The City has on deposit in an interest - bearing trust
account an amount equal to one -half of one percent of the
dollar amount set forth in Paragraph 1 hereof, which
deposit is subject to the forfeiture provisions of the
Costa -Marks Act or, in lieu thereof, has on deposit a
letter of credit securing such amount.
3) The undersigned Acting City Manager of the City of Downey
has been duly authorized and directed to execute and
deliver this certification pursuant to resolution of the
City duly adopted on March 30, 1983. A certified copy of
said resolution accompanies this certification.
Acting City ' nager
City of Downey
Dated: 3 -2;o 1 ��