HomeMy WebLinkAboutResolution No. 89RESOLUTION NO. 89
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA APPROVING RULES AND
REGULATIONS AND OWNER PARTICIPATION AGREEMENT
IN CONNECTION WITH THE AGENCY'S RESIDENTIAL
MORTGAGE FINANCING PROGRAM
WHEREAS, Chapter 8 of Part 1 of Division 24 of the
Health and Safety Code of the State of California, as amended
(the "Act"), empowers redevelopment agencies to develop
residential mortgage financing programs for the purpose of
issuing bonds to purchase mortgage loans to finance the
construction of new residences within redevelopment project
areas as defined in the Act; and
WHEREAS, Section 33767 of the Act requires that
all such residential construction be undertaken or completed
subject to the rules and regulations of the Agency; and
WHEREAS, pursuant to and in accordance with the
provisions of the Act, the Agency is now prepared to adopt
its Rules and Regulations and enter into an Owner Partici-
pation Agreement with L/E Properties, all in connection with
its residential mortgage financing program (the "Program")
for the development of that redevelopment project area con-
sisting of the area of land and comprising the "Azusa Central
Business District Development Project," established pursuant
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to Ordinance No. 2062, adopted on September 18, 1978, as
amended by Ordinance No. 2077, adopted on July 2, 1979, and
Ordinance No. 2113, adopted on July 20, 1981:
NOW, THEREFORE, BE IT RESOLVED:
1. The Rules and Regulations in the form this
date presented to this Agency and attached hereto as the
Exhibit "A" are hereby approved as the Rules and Regulations
of the Agency for its Program.
2. The Owner Participation Agreement with L/E
Properties attached hereto as Exhibit "B" is hereby approved.
3. The Chairman and Secretary of the Agency are
hereby authorized and directed to execute each of the above
documents with such additions, deletions or modifications
that are necessary for the sale and delivery of the Bonds to
be issued in connection with the Agency's Program, subject
to the approval of Counsel to the Agency and Bond Counsel
for the Bonds.
4. This Resolution shall become effective immediately
upon its adoption and approval.
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PASSED, APPROVED AND ADOPTED this 16th day of August 1982.
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i man of the Redevelopment
Agency of the City of Azusa
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 16th day of August
1982, by the following vote of the Agency:
AYES: DIRECTORS: Decker, Hart, Latta, Moses
NOES: DIRECTORS: None
ABSENT: DIRECTORS: None
[SEAL]
Secretary
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