HomeMy WebLinkAboutResolutions 9615 N.C.S. 12/06/1982DEC 6 t~g2 $
FZesolu;tion No. 9615 ~. ~. S.
of the City of Pefa_luma; California
. A RESOLUTION OF THE CITY OF FETALUMA AUTHORIZING
APPLI~CAT`IO;N, TO THE MORTGAGE BO:ND ALLO'CATI`ON COMMITTEE
FOR AN ALLOCATION TO PERM:IT THE I'SSUANCE OF
N10RTGAGE S`UBSIDY BO~NDS.
WHEREAS, Chapter5 1-5 of Part 5 of Divis:io'n 31 of the Health and
Safety Code of the State of California author-izes cities to incur
indebtedness for the purpose of financin.g home mortgages authorized
thereby; ~ ~ ~ ~ ~ ,
WHEREAS, tfie~ fede.ra]. Mortgage Subsidy Bond Tax A.ct of 1980 limits
the amount of qualified ~ mor-t;gage: bonds that~ may ~be iss:ued in any calendar
year by entities within a s'tate;. and authorizes t,h`e ;legislature of suc'h state
to provide the method of .a1To'cation of such bonds within the state; and
WHEREAS, the Legislature of the State of: California has implemented
such federal act by passin,g Chapter 1097~- of 1981 California Statutes
(commencing with C;alifornia Health and Safety Code Section 50171), as
amended by C hapters 153 and 1452 of the 1982 California Statutes, which
provides 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 Petaluma as follo.ws:
l. The proper officers of the Gity ar.e, hereby authorized and
directed, for and in the . name and on be;half of the City, to submit an
application to the 'Mortga~ge Bond Allocation Committee for an allocation with
re'spect to qualified mortgage bonds to be issued~ by the City of Petaluma in
an aggregate principal am.ount not to exceed $20,000,000.
LAW3 m~rtgage bond allocation
Under the, power; and.authority conferred upon this Council by'the: Charter-of said City.
I hereby certify the foregoing Resolution was introduced' and. adopted by the:. ,Ap oved to ---~
. .
Council of the City of Pgtaluma at a(Regular) (A~j~i~~~~ge~'al) meeting- ~ ~' ~
on the..__.._.6th..._..... day of ....:...~~'i~~iA~Fi~ . .......:.......:....... 19..~~, by the
' following vote: .
---... .• ~
/ , .
AYES: Balshaw, Battaglia, Ca~ana~h, Harberson, Perry,,~Mayor Mattei
NOES:
ABSENT;
A-TTEST:
Form>GA,2.7/81
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Mayor
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