HomeMy WebLinkAboutResolutions 84-310 N.C.S. 12/03/1984R~SOlI~tlOrl N0.84-310 ~. ~. S,
of the City of Petaluma, California
/ 9A'
AUTHORIZE APPLICATION TO' MORTGAGE B'ONL~ ALLOCATION COP~IR9ITTEE
FOR ALLOCATION TO PERMIT ISSUANCiJ' 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 provide 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 St"ate 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 A/Iortgage 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 $20,000,000.
2 . This resolution shall. take effect immediately upon its adoption .
apply. tcR,TfiB~f'~Qie~t~~~~g~,j~ferred upon this Council by the Charter of said City.
I hereby certify 'the :foregoing Resolution was introduced and adopted by' ;the
Council of the City of Petaluma at a (Regular) (~34~1~$ (Spy) meeting
on the ...:3rd ............. day of ....Decemb_er----..........:.....--•---•--., i~4..., by the
following vote:
AYES: Battaglia, Tencer, Cavanagh, Balshaw, Mayor Mattei
NOES: None
ABSENT: ~ er_ V' Mayon Bond
ATTEST : ..... ........ .. , ~ ..............
City Clerk
f
., ~.
Mayor
Council File .............g4 - 3~'fl
Form EA 2 7/81 Res. No .................................