HomeMy WebLinkAboutResolution 9456 N.C.S. 05/24/1982~~ • '
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r- - . l~esolution No. 9456 jv. ~. S.
. ~ of the City :of . PetaTuma,: California
RESOLl1TI0N OF THE C.ITY OF ~PETA'LUMA AUT,HORIZ:ING ApPLICATION
TO THf ~MORTGAGE BOND ~ALLOCATTON COMMITTEE' FOR~ AN ALLOCATION
- TO PERMIT THE ISS~UANCE OF QUALIFIED MORTGRGE B~OND, DESIGNAT-
ING BOND:"COUNSEL. /~ND UNDERWRI;TERS .AND` AUTHQRI.ZING OTHER,. '-' '
- _ . ~• , RELATED A~CT`IONS r ~~ ~ ~ ' ~ . ~ ~
WHEREAS, there~is a shortage in the City of Petaluma (the "City")
of decent, safe and sanitary housing, parti~cu;larly_ of housing~affordable
by persons in the lower end of the.purchasing spectrum; and a consequent
. need to encourage the construcrytion ofF.homes affo.rdable by and otherwise
to increase the housing supPly in the City for•su~cii' persons;
~. WHEREAS, Chapters 1-5 of Part 5 of Divisi.on 31 of the Health and
Safety Code of the Sta>te of CaJifo,rnia authorizes citi.es to incur in-
~. debtedness for. the pu-rpose of financing home mortgages authorized there-
by; and; . ' •
WHERfAS, the Council of tlie City finds a,nd determines that it is in
the best i~nterest of~ the'City to engage~in a home financing program by
acquiring home mortgages made to qualified persons through qualified
'lending institu~tions and to issue bonds for such purpose pursuant to the
aforementi:oned autho'r~ity; and
~` .. , WHEREAS, the federal Mortgage Subsidy Bond Tax Act of 1980 limits
the amount of quali'fi:ed mortgage bonds that may be issued in any
calendar year by entities~ within a state, and autho"rized the legislature
of such state to provi;de the method of allocation of such state ceiling;
- - and, ~ ' -
WHEREAS`, the~Legisl;ature of the State of Cali`forni.a has i.mplemented
such federa.l act by passing Chapter 1097 of the 198'1 Statutes (Health
.and Safety Co,de Sect.ion 50171 et se~c), as amended by Chapter 153 of the.
. T9_82 Statutes, which provides that allocati:ons of portions of the state
-; ceiling be 'granted by the Mortgage 'Bond.Allocation Committee;
NOW, THEREFORE,.BE IT RESOLVED by the City Gouncil of .the City of
Petaluma, as~follows: . ~
1: The proper, offi cers .of the. Ci ty :.are hereby authori zed and.
" ~d~irected, .for and in the name and on behalf of the~City, to submit an
~ a'ppl i cati on to the 'Mo,rtgage Bond. 'A11 ocat~i;on •Commi ttee for an al l ocati on
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Reso. 9456 N.CS- ~ Page S o~f 2~
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with respect; to qualified,mor'tgage bonds to be issued in~an aggregate
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pri nci pal amou'nt not_ to exceed $'30^;000,00:0
2. The law fi'r.m of Orr.ick, Herrington,&~Sutcliffe is hereby
designated bond-counsel: to the City and the investment banking firm of
Dean Witte'r Reyno'lds Inc,:-'i~s hereby designa'ted seni;or managing
underwri''ter with respect to.such bonds, a.nd the pro,per officers of the
City are her.eby aut'hori:zed~~and d'irec.ted, for .and in the name and on
behalf of the City, to.enter into such agreements with such firms as
they o.r any of them may deem necessary or ap:p.ropriate:
3. The proper officers of the City are he.reby authorized and
directed~to take any and all steps, to prepare.or cause to be prepared
by re'so'lution, ordi"nance, i~ndenture, contract- ~for. o.ri'gination and
servi.c~ing of home mortgages or other document~s;,and to select and employ
feasi bi l i ty consul~tants , l~endi ng i nsti tut,i ons :an.d': o.ther. necessary ex-
perts, which they or.any of them may deem;n.e~cessary or appropriate in
connection with 'the proposed finaneing..
Under tke power and .authbrity conferi~ed upon :this";Council by the Charter of said City.
I hereby• certify the.°foregoing Resolution, ,was introduced and adopted by~ the -.
' Approved as to
, Council of the C~ty of Petaluma, at a~A(~ (Ad~oumed) (~~~ meeting f 1
on the, 24_th ..._ day of _•-°M~~ ;;,.••, ..:..:,_ -•.:...:, 19_.:82,.by'the
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. following vote:
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. . . ~ .- Ci Attorney
AYES: PERRY, WARBERS'QN; BOND; B;ATTAGLI~,~~ VICE `MAYOR~ CAVANAGH~; MAYOR MATTEI
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NOES: NQNE ~ _ , . . •
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ABSENTiVONE ~ A~ AI ALSHAW<" ~ : ~ ' ' ~. ~ ~/ ~
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,. ' Gity,Clerk . . : " •' . 404-Q8- May~' r -
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,FORM'GA.2 1/80 : aRES No:_ ~4=Jh; - ` , .' . f"Pa:4E 2'.Af ;Zr
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