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8-20-85
RESOLUTION NO. 85q10
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
AUTHORIZING APPLICATION TO THE MORTGAGE BOND ALLOCATION
COMMITTEE OF THE STATE OF CALIFORNIA
FOR AN ALLOCATION NOT TO EXCEED $105,000,000 IN AGGREGATE
PRINCIPAL AMOUNT OF MORTGAGE REVENUE BONDS -
CALENDAR YEAR 1986
WHEREAS, the City of Santa Ana (the "City") has established
a qualified program for the issuance of mortgage revenue
bonds and the financing of single family residences within
the city (the "Program"), in accordance with Part 5, Division
31 of the Health and Safety Code of the State of California;
and
WHEREAS, Section 50191(a) of the California Health and
Safety Code requires that the City Council of the City authorize
the application by the City for an allocation from the Mortgage
Bond Allocation Committee of the State of California (the
"CommitteE");
NOW, THEREFORE, the City Council of the City of Santa
Ana resolves as follows:
Section 1. That the City Manager or his designee, be
and each of them hereby is, authorized to file a notice on
behalf of the City with the Committee to the effect that the
City proposes to issue an amount not to exceed $105,000,000
of its mortgage revenue bonds in order to finance the acqui-
sition of single family residences within the city of Santa
Ana in accordance with the Program established therefor, all
as of a date which is, in the judgment of said person or
persons, a likely date for the issuance of said bonds, and
identifying the aggregate amount of bonds which shall be
issued under the entitlement allocation of the City and
which shall be issued under the supplemental allocation of
the City.
Section 2. The notice filed with the Committee shall
include a certification from the City Manager or his designee
to the effect that the City has on deposit an amount equal
to one-half of one percent of the aggregate principal amount
of mortgage revenue bonds proposed to be issued under the
requested allocation, which amount has been paid to the City
by the proposed developers under the City's Program.
RESOLUTION NO. 85-110
PAGE TWO
Section 3. That the City Clerk shall certify to the
passage of this Resolution by the City Council of the City of
Santa Ana and it shall thereupon take effect.
ATTEST:
ADOPTED this 3rd day of ~q~.n~=mh~ , 1985.
Daniel E. Griset
Mayor
Janice C. Guy
Clerk of the Council
COUNCILMEMBERS:
Griset Aye
Johnson Aye
Acosta Aye
Hart Aye
Luxembourger Aye
McGuigan Absent
Young Absent
APPROVED AS TO FORM:
E a wa r~ Co~per
city Att~