HomeMy WebLinkAboutReso 82-245 - Authorizing application to Mortgage Bond Allocation Committee for allocation to permit the issuance of mortgage subsidy bondsi
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING APPLICATION TO THE MORTGAGE BOND ALLOCATION
COMMITTEE FOR AN ALLOCATION TO PERMIT THE ISSUANCE OF
i MORTGAGE SUBSIDY BONDS.
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I WHEREAS, Chapters 1-5 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 t'ea'r 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 Legislatures of the State of California has
implemented such federal act by passing Chapter 1097 of
1981 California Statutes (commencing with California Health and
Safety Code Section 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;
NOW, THEREFORE, BE. IT RESOLVED by the City Council of the
City of Redding as follows:
1. The City Manager is hereby authorized and directed for
in the name and on behalf of the City, to submit an application
to the Mortgage Bondl Allocation Committee for an allocation with
respect to qualified mortgage bonds to be issued by the City of
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Redding in an aggregate principal amount not to exceed
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$30,000,000.
2. This resolution shall take effect immediately upon its
adoption.
ADOPTED this 20th day of December 1982, by the
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following vote:
AYES: Demsher, Fulton, Pugh, and Gard
NOES: None
ABSENT: Kirkpatrick
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ARBA ALLEN GARD, Ma or ✓
City of Redding
ATTEST:
ETHEL A. NICHOLS',2.' City Clerk:,,
FORM APPROVED:
*NALLA. HAYS, City torney
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