HomeMy WebLinkAboutResolution No. 39RESOLUTION NO. 39
A RESOLUTION OF THE- REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA, ESTABLISHING THE LOW AND
MODERATE INCOME HOUSING FUND.
WHEREAS, the Redevelopment Plan (the "Plan") for the
Azusa Central Business District Redevelopment Project (the "Project")
was adopted on September 18, 1978, by Ordinance No. 2002 of the
City Council of the City of.Azusa, and the Plan was amended on
July 2, 1979, by Ordinance No. 2077;
WHEREAS, the Agency intends to issue Mortgage Revenue Bonds
pursuant to Section 33750 et seq. of the Health and Safety Code, to
make available long term low interest mortgage loans to finance
residential construction in the Project area; and
WHEREAS,.the Agency desires to establish a fund for the
purposes of increasing and inproving the City's supply of low and
moderate income housing iri accordance with the provisions of the
Plan, as amended.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA DOES HEREBY RESOLVE AS FOLLOWS: .,
.1. The Agency does hereby establish the Azusa Central
Business District Low and Moderate Income Housing Fund (the "Housing
Fund") into which funds may be appropriated from time to time, in-
cluding but not limited to funds received by the Agency in connection
with the issuance of Mortgage Revenue Bonds pursuant to Section 33750
of the Health and Safety Code.
2. The Agency shall use the funds in the Housing Fund to
carry out the purposes of the Plan, as amended, by exercising any or
all of its powers, including the following:
a. Acquire land or building sites.
b. Improve land or building sites with on-site
or off-site improvements.
c. Donate land to private or public persons
or entities.
d. Construct buildings or structures.
e. Acquire buildings or structures.
f. Rehabilitate buildings or structures.
g. Provide subsidies to or for the benefit of
persons or families of very low, low or
moderate income.
h. Develop plans, pay principal and interst on .
bonds, loans, advances or other indebtednds.s,:;
or pay financing or carrying charges.
3. Funds deposited into the Housing Fund shall be held
therein until used for the purposes described herein. Any interest
earned by the Housing Fund shall accrue to the fund and may be used
only for the purposes of the fund as described herein.
PASSED, APPROVED AND ADOPTED this 25th day of September,
1979.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Redevelopment Agency of the City of Azusa, at an
adjourned regular meeting thereof, held on the 25th day of September,
1979, by the following vote of the Agency%
AYES: DIRECTORS: ••Decker, Fry, Cruz, Moses, Solem
NOES: DIRECTORS: None
ABSENT: DIRECTORS:. None
SECRETARY