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HomeMy WebLinkAbout1984-552 1,010-27/0179S/ks 12/11/84 RESOLUTION NO. 84-552 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE MORTGAGE BOND ALLOCATION COMMITTEE FOR AN ALLOCATION FOR THE ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE BONDS DURING CALENDAR YEAR 1985 WHEREAS, the Mortgage Bond Allocation Committee as established by the applicable laws of the State of California provides for the approval of a mortgage revenue bond allocation amount in connection with the issuance of mortgage revenue bonds in accordance with the Mortgage Subsidy Bond Tax Act of 1980, as amended, and applicable State laws; and WHEREAS, the Mayor and Common Council of the City of San Bernardino, California (the "City Council"). declares that it is in the best interests of the City of San Bernardino, California (the "Ci ty"), and the City of San Bernardino Redevelopment Agency (the "Agency") that an application be made to the Mortgage Bond Allocation Committee at this time for the obtaining of said allocation; and WHEREAS, the Tax Reform Act of 1984 amends Section 103A of the Internal Revenue Code of 1954, as amended (the "Code"), and requires the preparation and consideration of a report which shall include a statement of policies with respect to housing, development and low income housing assistance to be followed by the City and the Agency in issuing qualified mortgage bonds and certain other matters (the "Report"); and - 1 - WHEREAS, the City Council has caused to be prepared said Report and has conducted a public hearing thereon in accordance with Code Section 103A and it is appropriate at this time for the City Council to authorize certain actions. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. The City Council hereby directs the City Staff and the Staff of the Agency to apply to the Mortgage Bond Allocation Committee for an allocation for the issuance by the City or the Agency of mortgage revenue bonds during the calendar year of 1985 in an amount not to exceed $100,000,000 for such year, and to obtain the fees from prospective participants as provided in Health and Safety Code Section 50185, et seq, and/or the Agency and the City may designate certain otherwise available funds for such purpose. Section 2. The City Manager shall execute and transmit to the Mortgage Bond Allocation Committee an application for a mortgage revenue bond allocation amount, such certifications, letters and a copy of this Resolution or other documents as shall be necessary to comply with the intent hereof all in accordance with Health and Safety Code Section 50185, et seq., and specifically, the City Manager shall certify that there is on deposit with the City in an - 2 - ,.' . interest bearing account or otherwise as permitted by the Mortgage Bond Allocation Committee an amount from each participant totalling in the aggregate not less than one-half percent (1/2%) of the total allocation for which an application shall be made. Section 3. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a reqular meeting thereof, held on the 17th day of December , 1984, by the following vote, to wit: AYES: Council Members Castaneda, Reilly, Hernandez, t1arks, Quiel, Frazier, Strickler NAYS: None ABSENT: None ~/$#/d~ Ci~ Clerk . of The foregoing resolution is December ' 1984. s c?Oa day Approved as to form: ~ Jt!r .,r -4..#"- r i ty Attorney - 3 -