HomeMy WebLinkAboutResolution No. 78250 6
11024-2 JHHW:PNL:pab 12/3/85 L2857
RESOLUTION NO. 7825
A RESOLUTION OF THE CITY COUNCIL APPROVING THE ISSUANCE BY
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS (GNMA MURTGAGE -BACKED
SECURITIES PROGRAM) SERIES 1985 A,
IN THE PRINCIPAL AMOUNT OF $16,800,000
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 No. 224 , 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 pursuant to a trust indenture dated as of December 1, 1985 by and
between the Agency and Seattle -First National Bank, as trustee; and
WHEREAS, Section 33640 of the Health and Safety Code requires the Agency
to obtain the approval of the City Council of the City of Azusa, prior to
issuance of the Bonds authorized pursuant to the foregoing described Indenture;
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, sell and deliver said Single Family Residential Mortgage
Revenue Bonds (GNMA Mortgage -Backed Securities Program) Series 1985 A, in a
principal amount of $16,800,000.
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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 2na day of December, 1985, by the following vote:
AYES: Council Members: CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: Council Members: NONE
ABSENT: Council Members: NONE
CITY OF AZUSA
6111101! An- WE
DEPUTY CITY CLERK
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I hereby certify that this is
file in the Office of the City Clerk.
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true and accurate copy of a document on
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