HomeMy WebLinkAboutResolution No. 782811024-2 JHHW:PNL:cb 12/4/85
RESOLUTION NO. 7828
A RESOLUTION OF THE CITY COUNCIL APPROVING
THE TRANSFER TO THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA OF ITS MORTGAGE REVENUE
BONDS ALLOCATION IN THE PRINCIPAL
AMOUNT OF $16,800,000
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RESOLVED, by the City Council of the City of Azusa, Los Angeles, County,
California, as follows:
WHEREAS, the Redevelopment Agency of the 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 Redevelopment Law;
WHEREAS, by the enactment of Chapter 8 (commencing with Section 33750) of
Part 1 of Division 24 of the Health and Safety Code of the State of California,
the legislature of the State has authorized redevelopment agencies to issue
revenue bonds for the purpose of financing residential construction within
redevelopment project areas;
WHEREAS, the Redevelopment Agency of the City of Azusa has determined to
implement a residential construction financing program to provide for the
issuance of Single Family Residential Mortgage Revenue Bonds of the
Redevelopment Agency of the City of Azusa, the proceeds of which are to be used
to carry out such program;
WHEREAS, to that end, the Agency did by resolution adopted December 2,
1985, authorize the issuance of $16,800,000 principal amount of Residential
Mortgage Revenue Bonds (GNMA Mortgage -Backed Securities Program) Series 1985 A;
and
WHEREAS, on September 4, 1985 the Mortgage Bond Allocation Committee (the
"Committee") approved an allocation of $20 Million aggregate amount of mortgage
revenue bonds for the City of Azusa and the City of Azusa desires to transfer
such allocation to the Redevelopment Agency of the City of Azusa; and
NOW, THEREFORE, IT IS HEREBY ORDERED by the City Council of the City of
Azusa that the $20 Million aggregate principal amount of mortgage revenue bond
allocation is hereby transferred to the Redevelopment Agency of the City of
Azusa.
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I hereby certify that this is
file in the Office of the City Clerk.
ADOLPH A. SOLIS, CITY CLERK
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true and accurate copy of a document on
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I hereby certify that the foregoing is a full, true and correct copy of a
resolution duly passed and adopted and a regular meeting of the City Council of
the City of Azusa held on the 9 th day of December, 1985, by the following vote:
AYES: Council Members: Cook, Camarena, Latta
NOES: Council Members: None
ABSENT: Council Members: None
ABSTAIN: COUNCIL H MBERS: CRUZ, MOSES
ATTEST:
City Cler
iLAM
Mayor it
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