HomeMy WebLinkAboutResolution No. 788311024-2 JHHW:PNL:cb 12/11/85 L2940
RESOLUTION NO. 7883
A RESOLUTION OF THE CITY COUNCIL APPROVING THE
ENTERING INTO BY THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA OF A LOAN AGREEMENT
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 "Act") the legislature of the State has authorized redevelopment agencies
to issue revenue bonds, borrowing money and make loans 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 and to provide for second
mortgage relating to the Single Family Residential Mortgage Revenue Bonds of the
Redevelopment Agency of the City of Azusa;
WHEREAS, to that end, the Agency did by Resolution No. 230 , adopted
December 9, 1985, authorize the entering into of a loan agreement in order to
have funds for pending second mortgage relating to the Residential Mortgage
Revenue Bonds; 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 bonds, including any borrowing agreement authorized pursuant to the
Act;
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 enter into said loan agreement by and between it and First
Nationwide Network Mortgage Company.
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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 the18 th day of February,194 by the following vote:
AYES: Council Members: COOK, CAMARENA, LATTA
NOES: Council Members: NONE
ABSENT: Council Members: NONE
ABSTAIN: COUNCILMEMBERS: CRUZ, MOSES
CITY OF AZUSA
ATTEST:
City C erl
c�u� .neLb� J
Mayor
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1.
I hereby certify that this is a true and accurate copy of a document on
file in the Office of the City Clerk.
AD LPH A. S IS,'CITV CLERK—
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