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6/26/80
RESOLUTION NO. 80-113
A RESOLUTION APPROVING THE ISSUANCE BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA OF
RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1980,
SERIES A, IN A PRINCIPAL AMOUNT OF $11,500,000.00
WHEREAS, the Community Redevelopment Agency of the
City of Santa Ana has undertaken, and is carrying out, a
redevelopment program in the City of Santa Ana in accordance
with the provisions of the California Community Redevelop-
ment Law; and
WHEREAS, by the enactment of Chapter 8 of Part 1,
commencing with Section 33750 of Division 24 of the Health
and Safety Code of the State of California, the Legislature
of the State has authorized redevelopment agencies to make
long-term, low interest loans to finance residential con-
struction in redevelopment project areas, in order to en-
courage investment and upgrade such areas, and to use bonds
for the purpose of financing such residential construction
(a "Residential Mortgage Financing Program"); and
WHEREAS, the Community Redevelopment Agency of the
City of Santa Ana has determined to implement a Residential
Mortgage Financing Program and to provide for the issuance
of Residential Mortgage Revenue Bonds, Issue of 1980, Series
A, the proceeds of which are to be used to carry out such
program; and
WHEREAS, Section 33640 of the Health and Safety
Code requires the Agency to obtain the approval of the City
Council of the City of Santa Ana, prior to issuance of such
bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF SANTA ANA:
That the Community Redevelopment Agency of the
City of Santa Ana is hereby given approval to issue said
Residential Mortgage Revenue Bonds, Issue of 1980, Series A,
in a principal amount of Eleven Million Five Hundred Thou-
sand Dollars ($11,500,000.00).
ADOPTED this lst day of July , 1980, by
the following vote:
AYES:
NOES:
COUNCILMEN:
COUNCILMEN:
Bricken, Griset, Luxembourger, Serrato,
Ward, Yamamoto
Markel
ABSENT: COUNCILMEN: None
ATTEST:
APPROVED AS TO FORM:
CITY ATTORNEY