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REOVELOPMENT AQENCY-IQMEST FOR o-ISSION/COUNCIL A()oN
Subject:
AUTHORIZE SUBMITTING APPLICATION TO
STATE FOR SINGLE FAMILY BOND
ALLOCATION - 1986
. From: Glenda Saul, Executive Director
Ct: Redevelopment Agency
Date: December 18, 1985
Synopsis of Previous Commission/Council ection:
12/17/84
9185
11/4/85
11/4/85
11/18/85
12/2/85
12/16/85
Resolution 84-552 authorized submission of an application to the Mortgage
Bond Allocation COlDlllittee 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.
Continued to December 23, 1985.
Recommended motion:
(Mayor and Comaon Council)
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RESOLUTION OF TIlE MAYOR AND COMMON COUNCIL OF TIlE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING TIlE SUBMISSION OF AN APPLICATION TO THE MORTGAGE BOND ALLOCATION COMMITTEE
FOR AN ALLOCATION FOR TIlE ISSUANCE OF SINGLE FAMILY MORTGAGE REVENUE BONDS DURING
CALENDAR YEAR 1986
dt<Al~
Signatu re
Contact person:
Phone: 383-5081
Supporting data attached:
FUNDING REQUIREMENTS:
No edverse Impact on City:
Council Notes:
C
Glenda Saul
Ward:
YES
Amount: $
NIA
NIA
Project :
Data:
NIA
December 23, 1985
199C:/EB
Agenda Item No. R 4
. CI" OF SAN BERNARDCO - REQUICT FOR COUNCIL ACWoN
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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 aame 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.
At the time the allocation becomes available, staff will assess and make a
recommendation to the Council of whether or not to proceed with a Single Family
Bond issue at that time. Currently 71 cities are on the allocation list. The
City will probably not receive an allocation in 1986. If not, the application
would rollover and be at the top of the list for 1987.
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199G/EB
12-23-85
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SBEOOl-93/l,010/13l0S/jm
12/18/85
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,
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 Mayo r and Common Council of the Ci ty of
San Bernardino,
(the "Mayor and Common Counci 1") ,
California
declares
is
in
interests of the Ci ty of
that
the
best
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 l.
The Mayor and Common Council hereby directs
the 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 the Agency andlor the City may designate
certain otherwise available funds for such purpose.
Section 2. The Executive Director of the Agency 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, g!, seq.,
and specifically, the Executive Director of the Agency 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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I HEREBY
adopted by the
San Bernardino at
held on the
the following vote,
AYES:
NAYS:
ABSENT:
CERTIFY
Mayor
a
that
and
the foregoing
Common Counc i 1
resolution
of the
meeting
day of
to wit:
C day of
The foregoing resolution is hereby approved this
, 1985.
Council Members
Approved as to form:
A. ~~~
t-".I4J. Ci ty Attorney
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was duly
City of
thereof,
1985, by
City Clerk
Mayor of the City of
San Bernardino
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
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
...J
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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