HomeMy WebLinkAbout1990-183
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JHHWACH:zdg 05/11/90
H9401
RESOLUTION NO. 90-183
RESOLUTION OF THE MAYOR AND COMMON COUNCn..
OF THE CITY OF SAN BERNARDINO APPROVING
ISSUANCE BY THE CITY OF $18,840,000 PRINCIPAL
AMOUNT OF SINGLE FAMll..Y MORTGAGE REVENUE
REFUNDING BONDS
WHEREAS, the City of San Bernardino (the "City") proposes to issue its City of
San Bernardino, California, Single Family Mortgage Revenue Refunding Bonds (GNMA
Mortgage-Backed Securities) Series 1990A (the "Bonds"), in the aggregate principal
amount of $18,840,000, under and pursuant to Chapters 1-5 of Part 5 of Division 31 of
the California Health and Safety Code, to be issued to provide funds to refund the City's
outstanding $18,840,000 Single Family Residential Mortgage Revenue Bonds, 1980 Series
A (the '1980 Bonds"). Such refunding will enable the City to use the proceeds of the sale
of mortgage loans derived from the City's 1980 Bond program to provide approximately
$18,840,000 for new, low interest home mortgages in order to finance the purchase of
approximately 90 newly constructed homes and approximately 60 existing homes to be
located within the City (the "Projects"). The City intends to enter into an origination and
servicing agreement with a participating lender for the origination and servicing of such
home mortgages to be guaranteed by the Government National Mortgage Association;
WHEREAS, the Mayor and Common Council of the City of San Bernardino have
heretofore called and conducted a public hearing on the issuance of the Bonds for the
purpose of financing the Projects as required by the Internal Revenue Code of 1986; and
WHEREAS, the Mayor and Common Council approve of said transactions in the
public interests of the City.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Common Council of
the City of San Bernardino as follows:
Section 1. Findings and Declarations. The Mayor and Common Council hereby
find and declare that the financing of the Projects to be facilitated by the issuance of the
Bonds as herein described serves the public purposes of assisting persons and fanillies of
low and moderate income within the City to afford the costs of decent, safe and sanitary
housing.
Section 2. Approval of Issuance and Sale of Bonds. The Mayor and Common
Council hereby authorize the issuance of the Bonds as hereinabove contemplated.
Section 3. Effective Date. This resolution shall take effect from and after its
adoption.
0~1/17 /90
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PASSED AND ADOPTED this /.:ZA~ay of May, 1990, by the following vote:
A~S: Council Members Reilly, Flores, Maudsley,
Minor, Pope-Ludlam, Miller
NOES: None
ABSENT: Council Member Estrada
Attest:
czVtUHtC0 (!tCU!-: ~ ~ I<!~
City Clerk ' ~
Approved as to form and legal content:
James F. Penman
City Attorney
BY:~)
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05/17/90
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