HomeMy WebLinkAboutResolution No. 87RESOLUTION NO. 87
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA, CALIFORNIA AUTHORIZING THE ADVANCE OF
ONE HUNDRED THOUSAND DOLLARS FROM THE AGENCY'S
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. 2062 of the City Council of the City of Azusa, and
whereas the Plan was amended on July 2, 1979 by Ordinance
No. 2077 and again amended on July 20, 1981 by Ordinance
No. 2113.
WHEREAS, the Agency intends to issue $9,525,000 Single
Family Residential Mortgage Revenue Bonds 1982 Series A (the
"Bonds") pursuant to Section 33750 et seq. of the Health and
Safety Code, to make available long term low interest mort-
gage loans to finance residential construction in the Pro-
ject area; and
WHEREAS, the Agency established a Low and Moderate
Income Housing Fund by Resolution No. 39 adopted on Septem-
ber 25, 1979 to assist in increasing the City's supply of
low and moderate income housing.
NOW THEREFORE, The Redevelopment Agency of the City of
Azusa does hereby resolve as follows:
1. Upon the execution of a Purchase Contract for the
Bonds, the Agency hereby agrees to contribute $100,000 to
assist in the costs associated with the issuance of the
Bonds.
2. The Agency realizes that said funds will assist in
the timely development of housing of this type and further-
more realizes that the tax increments generated by this
E
project will replenish the Agency's Low and Moderate Income
Housing Fund.
PASSED, APPROVED AND ADOPTED THIS 16th day of August
1982.
&.�Z
Cha' 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] (� ,/� 'C
—� Secretary
2