HomeMy WebLinkAboutResolution No. 6839RESOLUTION NO. 6839
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA APPROVING THE ISSUANCE BY
THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA OF RESIDENTIAL MORTGAGE REVENUE
BONDS, 1979 SERIES A, IN A PRINCIPAL
AMOUNT OF NOT TO EXCEED $38,3503000
RESOLVED, "by .the. City, Council`' of '',the'•City of Azusa,
Los Angeles County; California, as follows:
WHEREAS, ;the Redevelopment -Agency of1the City of
Azusa has undertaken, and is carrying_�out a,redevelopment
program in the City of Azusa in accordance with the provisions
of the California Community Redeyelopment Law;
WHEREAS, by the enactment of Chapter 8 of Part 1,
commencing with Section 33750, of Division 24 of the Health
and Safety Code of the State of California•, the legislature
of the State has authorized redevelopment agencies to make
long-term, low-interest loans to finance residential con-
struction in redevelopment project areas in order to encour-
age investment and upgrade such area, and to use bonds for
the purpose of financing such residential construction (a
"Residential Mortgage Financing Program");
WHEREAS, the Redevelopment Agency of the City of
Azusa has determined to'implement a Residential Mortgage
Financing Program and to provide for the issuance of Residen-
tial Mortgage Revenue Bonds, 1979 Series A, of the Redevelop-
ment Agency of the City of Azusa, the proceeds of which are
to be used to carry out such Program; and
WHEREAS, Section 33640 of the Health and Safety
Code requires the Agencyto obtain the approval of the City
Council of the City of Azusa prior to issuance of such Bonds;
NOW, THEREFORE, IT IS HEREBY ORDERED by the City
Council of the City of Azusa that the Redevelopment Agency of
the City of Azusa is hereby given approval to issue said
Residential Mortgage Revenue Bonds 1979 Series A, in a
principal amount of not to exceed 38,350,000.
Adopted and Approved this 25th day of September,
1979»
I hereby certify that the foregoing is a full, true
and correct copy of a resolution duly passed and adopted at
an adjourned regular meeting of the City Council of the City
of Azusa on the 25th day of September, 1979, by the following
vote:
AYES: Councilmen: Decker, Fry,, Cruz, Moses, Solem
NOES: Councilmen: None
ABSENT: Councilmen: None
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