HomeMy WebLinkAboutResolutions 85-390 N.C.S. 12/16/1985l~esolution No. 85-390 N. C. S.
of the City of Petaluma, California
AUTHORIZE APPLICATION TO MORTGAGE BOND ALLOCATION COMMITTEE
FOR ALLOCATION TO PERMIT ISSUANCE OF MORTGAGE SUBSIDY BONDS
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 debtedness
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 pr.ovide the method of allocation of such bonds within the state; and,
WHEREAS, Chapter 3.5 of Part 1 of Division 31 of the Health and
Safety Code of the State of California governs the allocation of the State
ceiling among governmental units in the state having the authority to issue
qualified mortgage .bonds; and,
WHEREAS, Section 50191 of the Health and Safety Code of the State
requires a local agency to file an application with the Mortgage Bond
Allocation Committee prior to the issuance of qualified mortgage bonds :
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Petaluma as follows:
1. The proper officers of the City are hereby authorized and directed
in the name and on behalf of the City of Petaluma to submit an application,
and such other documents as may be required, to the Mortgage Bond
Allocation Committee for an allocation with respect to qualified mortgage
bonds to be issued by the City of Petaluma 'in ~ an aggregate principal
amount not to exceed $15;000,000..
2. This resolution shall take effect immecliately upon its adoption.
ti..
apply.tpg~p~r~i~~i~~d~erred upon this Council by the Charter of'said City.
I hereby .certify the ~foregoing Resolution was introduced and adopted by the A oved as to
Council of the City of Petaluma at a(Regular) ~~~ meeting ~ form
on the _16th ............. day of ..December.._._...------....._.....__._...., 19g:5..., by the ~. ._
following vote: t ' ' ' - - ---•-- •....
i . . ~ , { ••- ••- --- ----- ---- __..
~ ' 'ty Attorney
~ ;' t ; j ,
AYES: Cavanagh; Davis, Woolsey, Tencer, Vice Mayor Balshaw, YViayor 1Vlattei ;
r~ i ! ~
NOES~ None ~r ; ', ~ ~
ABS~NT: Bond c:.; ~ ''. ~
~
ATTEST: --• ...... ....................................... .. ..... .....••----..._....._.........••••. ••--•--•:•.....•i-••-•••~-•••-••.•••••• ~:......•:•••-•-••••••••-••-••-•••••••-•--••••-•..........
City Clerk Mayor ` ~
Council File ....................................
Fo~- en z ~isr ~. No...85-390,_NCS