HomeMy WebLinkAboutReso. 1983 - 058 - Authorizing the city manager to send an amended allocation request to the mortgage revenue bond allocation committee f•
RESOLUTION NO. b "_
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING THE CITY MANAGER TO SEND AN AMENDED ALLOCATION
REQUEST TO THE MORTGAGE REVENUE BOND ALLOCATION COMMITTEE.
WHEREAS, Chapters 1 through 5 of Part 5 of Division 31 of
the Health and Safety Code of the State of California authorizes
cities to incur, indebtedness for the purpose of financing home
mortgages authorized thereby; 'and
WHEREAS, the Federal Mortgage Subsidy Bond Tax Act of 1980
limits the amount of qualified mortgage bonds that may be issued
in any calendar year by entities within a state and authorizes
the legislature of such state to provide the method of allocation
of such bonds within the state; and
WHEREAS, the Legislature of the State of California has
implemented such federal act by passing Chapter 1.097 of 1981
California Statutes (commencing with California Health and Safety
Code §50171) as amended by Chapters 153 and 1452 of the 1982
California Statutes, which provide that allocations of portions
of the state limit be granted by the Mortgage Bond Allocation
Committee; and
WHEREAS, the City of Redding, in December of 1982 , pursuant
to City of Redding Resolution No. 82-245 , filed with the State of
California Mortgage Revenue Bond Allocation Committee a request
for both entitlement and supplementary allocations; and
WHEREAS, the City of Redding did not receive any type of
allocation which it requested; and
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WHEREAS, it is the opinion of staff, consultants and
interested developers that a supplementary allocation only would
result in funds which would establish a workable program;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City • of Redding that the City Manager is authorized to send a
letter to the State of Californ'ia'' Mortgage Revenue Bond Allo-
cation Committee requesting that the previously •submitted appli-
cation of the City of 'Reddingbe . amended to be considered an
application for only. a Supp=lementary allocation.
I HEREBY CERTIFY_ that the foregoing Resolution was intro-
duced and read at a regular meeting of the City Council of the
City of Redding on the 21st day of March , 1983 , and
was duly adopted at said meeting by the following vote:
AYES: COUNCILMEN: Demsher, Fulton, Kirkpatrick, 'Pugh, and Gard
NOES: COUNCILMEN: None
'ABSENT: COUNCILMEN: None
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: I l LL , e J
: BA44. ALLEN GARD, Mayor
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ATTEST:
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E EL A. NICHOLClerk
FORM A"ROVED: /,
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RANIaALL A. HAYS , City Xttorney
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