HomeMy WebLinkAbout1979-397 i
RESOLUTION NO. 79 397
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A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
3 OF SAN BERNARDINO AUTHORIZING THE ISSUANCE OF RESIDENTIAL R~-
HABILITATION MORTGAGE REVENUE BONDS, FOR THE PURPOSE OF ACQUIR-
4 ING MORTGAGES ORIGINATED WITH RESPECT TO THE HERF~'IN DESCRIBED
PROJECTS.
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WHEREAS, this City has heretofore formulated a proposal
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;to issue bonds to acquire mortgages originated with respect
7 Ito the hereinafter described projects; and
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WHEREAS, it is in the public interest, for the public
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benefit and furtherance of the public purposes of this City that
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this body authorize the issuance of said bonds.
11 NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND
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ORDERED AS FOLLOWS:
13 Section 1. Pursuant to its home rule powers and pursuant
14 to Part 13, commencing with Section 37910 of the Health and
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Safety Code (the "Marks-FOran Residential Rehabilitation Act of
16 1973"), the City is legally authorized to issue bonds and to use
17 the proceeds thereof to acquire mortgages on rehabilitated
18 residences.
19 Section 2. This body constitutes the governing body of
20 the City and is legally authorized to provide for issuance of
21 bonds by the City.
22 Section 3. The projects described in Exhibit "A", at-
23 tached hereto and hereby made apart hereof (hereinafter referred
24 to as the "Projects") constitute rehabilitated housing develop-
25 ments located within the City.
26 Section 4. The City hereby declares its intention to
27 issue bonds of the City in the approximate amount of
28 11~11~~ZL(1~- under and in accordance with the law, in
1 lamounts as will be adequate to implement the City financing of
2 'the projects by acquiring mortgages originated with respect
3 lto the projects, for the payment of issuance costs with respect
4 Ito the Bonds and for the establishment of a mortgage reserve
5 (fund and a debt service reserve fund to provide for the further
6 isecurity of the Bonds.
7 Section 5. The Bonds shall be payable from the revenues
8 jdescribed in the applicable provisions of law.
9 Section 6. The Bonds shall be and are special obligations
10 !iof the City and, subject to the right of the City to apply moneys
11 ~~las provided, are hereby secured by an irrevocable pledge of the
12 i'mortgage loans and revenues and funds and accounts to be held
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13 'j by the trustee and are payable as to principal redemption price,
14 'liif any, and interest from the revenues of the City as herein
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15 described. Except for the revenues pledged to their payment,
16 the Bonds are not a debt of the City, the State of California
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17 or any of its political subdivisions, and neither the City, the
18 State, nor any of its political subdivisions is liable thereon,
19 nor in any event shall the Bonds be payable out of any funds
20 or properties other than all or any part of the revenues, mort-
21 gage loans, and funds and accounts as in this Resolution set
22 forth. The Bonds do not constitute an indebtedness within the
23 meaning of any constitutional or statutory debt limitation or
24 restriction. Neither the officers of the City nor any persons
25 executing the Bonds shall be liable personally on the Bonds or
26 subject to any personal liability or accountability by reason
27 of the issuance thereof.
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1 Section 7. The aforesaid principal amount of Bonds
2 constitutes the aggregate face amount of obligations to be
3 issued pursuant to the issue of Bonds at this time for the j
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4 lacquisition of mortgages originated with respect to the Pro-
s ~,ject, and the details of such Bonds shall be authorized by
6 'supplemental resolution or resolutions of the City at a meeting
~ or meetings to be held for such purpose.
g Section 8. The Mayor is hereby authorized and directed
g to provide for the sale of the Bonds, and the City staff and
10 consultants and legal counsel to the City are hereby directed
11 to take such steps as shall be appropriate to implement such
12 ;sale and delivery of the Bonds including working with developers
13 Land others who may acquire vested rights as the result of such
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14 ~I actions .
Section 9. This Resolution constitutes a proper exer-
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16 cise of the powers of this body and conforms to State and local
17 (legal requirements relating to the issuance of residential
18 (mortgage rehabilitation revenue bonds by a City in this State.
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19 Section 10. It is intended that this Resolution shall i
20 constitute such "official action" toward the issuance of the
21 bonds within the meaning of the United States Treasury Regula-
22 I~Itions, the United States Tax Laws, and any legislation now or
23 (',hereafter pending in Congress which may require official action
24 ~'in order for the Bonds to be exempt from Federal Income Taxes.
25 I HEREBY CERTIFY that the foregoing resolution was duly
26 adopted by the Mayor and Common Council of the City of San Ber-
27 nardino at a -~~~~r~~ _Meeting thereof, held on the ~
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.'day of ,~p~~ , 1979, by the following vote to-wit:
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AYES: Councilmen Ana /Lx a ~ os~....
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o/u~ ~
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5 NAYS : TJ~~
6 ~ ABSENT : ~,{ii.H A.D.wscJ
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8 I ,~t~d/C1.(dA~~
9 Iii The foregoing resolution is hereby approved this
10 day of /lL/.P~~ 1979.
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ay of th i of S Bernardino
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14 Approved as to Form r
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16 City At orney
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lg RE-ADOPTED WITH AMENDMENTS 11-15-79
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-89 ~ 39'
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2 PROJECT AREA: Entire City of San Bernardino
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4 NUMBER OF HOUSING UNITS
TO BE REHABILITATED: 586 - subject to cost of construction and
5 inflation readjustment
6 BOND AMOUNT Subject to cost of
~ construction and inflation
7 readjustment $60,000,000
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EXHIBIT "A"
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