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, ~VEI.OPIBtT AGBNCY'-IOMJEST FOR a...ss.o../COUNCIL AbllON
Subject: AUTHORIZE SUBMITTING APPLICATION TO
STATE FOR SINGLE FAMILY BOND
ALLOCATION - 1986
. From: Glenda Saul, Executive Director
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\....pt: Redevelopment Agency
Oate: December 9, 1985
12/17/84
Synopsis of Previous Commission/Council ection:
9/85
11/4/85
11/4/85
11/18/85
12/2/85
Resolution 84-552 authorized submission of an application to the Mortgage
Bond Allocation Committee for Single Family Bonds in 1985.
Notified by the State that San Bernardino had been allocated $36 million
for the issuance of Single Family Bonds in 1985.
First reading of the Ordinance.
Approved current structure of the proposed 1985 issue.
Adopted Ordinance MC 483 establishing a Home Mortgage Finance Program.
Adopted Resolution 85-498 approving final bond documents.
Recommended motion:
(Mayor and COIIIDon Council)
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RESOWTION 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 1986
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Signature
Supporting date attached:
FUNDINGrUIREMENTS:
No edverse Impact on City:
Contect person:
~ncil Notes:
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Phona: 383-5081
Glenda Saul
YES
Ward: NI A
Amount: $ N/A
Project:N I A
Date: no"om'ho,..' ~, , aAc;,
U9Ul:lK/EB
12/16/85
Agenda Item No. R-9
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CIU OF SAN BERNARD~ - REQUWT FOR COUNCIL AC~ON
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75-0264
STAFF REPORT
The resolution before you today authorizes staff to submit an application to the
State for an allocation to issue a Single Family Mortgage REvenue bond in 1986.
Staff will request an allocation for $100,000,000. This is the same amount
requested for 1985 in which we received $36,000,000.
The application may be submitted as soon as the 1985 Single Family bond is
closed. The anticipated closing date is December 24, 1985. The application
will be submitted soon thereafter enabling the City to get as high upon the
State allocation list as possible.
0908K/EB
12/16/85
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SBEOOl-93/1,010/1310S/jm
12104/85
RESOLUTION NO.
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 1986
WHEREAS,
Bond Allocation Committee
as
the Mortgage
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 "Council"), declares that is in the
best interests of the City of San Bernardino, California (the
"City"), that an application be made to the Mortgage Bond Allocation
Committee at this time for the Obtaining of said allocation.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1.
The Council hereby directs the City Staff
and Staff of the Redevelopment Agency of the City of San Bernardino
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(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 1986 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 Administrator 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 ~., and specifically, the
City Administrator shall certify that there is on deposit with the
City in an 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.
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Section 3.
This
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adoption.
that
and
I HEREBY CERTIFY
adopted by the Mayor
San Bernardino at a
held on the day of
the following vote, to wit:
AYES:
Council Members
NAYS:
ABSENT:
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Resolution
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shall take effect upon
the foregoing
Common Council
resolution
of the
meeting
was duly
City of
thereof,
1985, by
City Clerk
C day of
The foregoing resolution is hereby approved this
, 1985.
Approved as to form:
f21t~ ~~
;h,(~JfCity Attorney I
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Mayor of the City of
San Bernardino
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
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I, SHAUNA CLARK, City Clerk in and for
San Bernardino, DO HEREBY CERTIFY that the foregoing
copy of San Bernardino City Resolution No.
true and correct copy of that now on file in this office.
the
and
is
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City of
attached
a full,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of San Bernardino this day of
, 1985.
City Clerk
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