HomeMy WebLinkAboutResolutions 9932 N.C.S. 10/11/1983Resolution No. 9 9 32 N. C. S.
of the City of Petaluma, Califorriia
A RESOLUTION OF. THE CITY COUNCIL OF THE
CITY OF PETALUMA AUTHORTZING~ ~APPLICATION
TO THE M,ORTGAGE BONll ALLOCATION COMMITTEE
FOR AN' ALLOCATION TO PERMIT THE ISSUANCE
OF MORTGAGE SUBSIDY ~BONDS
WHEREAS, Chapters 1-5 of Part 5 of Diyision 31 of the Health and
Safety Code of the State of California authori'zes cities to incur debtedness
for the purpose of financing home mortgages authorized thereby; and,
WHEREAS, the Federal Mortgage Subside Bond Tax Act of 1980 limits the
amount of qualified mortgage bonds • that may_ be iss.ued in any calendar year
by entities within a state and authorizes the leg'islature 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 3'1 of the Health and Safety
Code of the State of California governs the aliocation 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 Gity of Petaluma, to
submit an applieation, and such other do'euments. as may be required,
to the Mortgage B.ond Allocation Committee for" an allocation with
with respect to qualified mortgage bonds to ~be issued by the City
of Petaluma in an aggregate principal amount not to exceed $60,000,000.
2.. This resolution shall take effect 'immediately upon its
adoption .
Unde; the, power and;authority conferied upon this Council by the. Charter of said City.
T hereby ce;tify the foregoing Resolution .was introduced and adopted by the Ap ed as to
Gouncil of the Gity of Petaluma at a(~.~di~ (Adjourned) ($~]e~~) rimeeting fo
on the ...__..,..llth... day of ......_...Q~~~2~.~~ ............................ 19::83, by the /.
•-•-•• =•--... . . .._..••--•-••••-
following vote :
City Attomey
AYES: Balshaw/Battaglia/Bond/Cavanac~h/Perry/Vice-r~ayor Harberson/
Mayor Mattei
NOES: None
. ABSENT: None ~
. r -
ATTEST: -•• -•••- -~~~-~~~x-•• .~~=5~. .l....... ~...._-••••-•-••~~ •••-• I~IIY`~t
......... ..••••- ••••--•• •-e•• ••••-„• •-••--• .............••-•••-•-.....••-•-...-•-••-•---•--•
ty Clerk • Viee 1VI or
Cotmcil File_...._......••• ..................
Form CA 2 7/81 Res. No......9.~..~,~.....~.~ S