HomeMy WebLinkAboutRES CC 1985 208 1985 0617RESOLUTION NO. 85- 208
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MOORPARK AUTHORIZING APPLICATION TO THE
MORTGAGE BOND ALLOCATION COMMITTEE OF THE
STATE OF CALIFORNIA FOR AN ALLOCATION TO
ISSUE OF MORTGAGE REVENUE BONDS AND PROVIDING
OTHER MATTERS PROPERLY RELATED THERETO
RESOLVED, by the City Council of the City of Moorpark, California, as
follows:
WHEREAS, the legislature of the State of California has, pursuant to
Part 5 of Division 31 of the California Health and Safety Code (the "Act "),
authorized cities to purchase long -term low- interest rate loans to finance
home mortgages in order to encourage investment within and to upgrade local
areas and has authorized cities to issue revenue bonds to finance the purchase
of such loans; and
WHEREAS, pursuant to the Act, the City of Moorpark (the "City ")
proposes to undertake a Home Mortgage Financing Program (the "Program ") to
purchase loans (the "Mortgage Loans ") made to finance new single family
owner - occupied residential units (the "Residences ") to be constructed within
the City and to issue Residential Mortgage Revenue Bonds (the "Bonds") to
finance the purchase of such Mortgae Loans; and
WHEREAS, to obtain an allocation to issue the Bonds (the "Allocation "),
the City is required to file, pursuant to the Costa -Marks Housing Bond
Allocation Act of 1981, as amended (the "Costa -Marks Act "), a Submission
Information Form (the "Form ") with the Mortgage Bond Allocation Committee of
the State of California (the MBAC "); and
WHEREAS, in order for the City to secure a position on the local entity
allocation list to obtain an Allocation, the MBAC requires that this City
Council adopt a resolution authorizing the application for the subject
Allocation and directing the filing of the Form with the MBAC; and
WHEREAS, in order for the City to obtain a position on the listing for
allocations, the MBAC also requires that the City provide evidence of the
deposit of a certain amount of money or, in lieu thereof, letters of credit,
securing such amount, which amount may be subject to forfeiture and
application by the City to assist housing for persons of low and moderate
income within the City upon the failure to sell any or only a portion of the
Bonds; and
WHEREAS, certain developers have provided pro -rata portions of the
deposit required to be made in order for the City to obtain a position on the
listing for allocations, and such deposits are subject to the terms and
conditions described in the Program Deposit Agreements between such developers
and the Cify ;.znd -
WHEREAS, the City will need the assistance of an investment banking
firm to perform such investment banking services as will be required to sell
and issue the Bonds;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED, as follows:
1 . The application to the MBAC for a *50.000,000A4A1 location of Bonds
under the Costa -Marks Act is hereby authorized and approved.
2. The City Manager is authorized to deliver to the MBAC a certified
copy of this resolution, the Form and a certificate signed by the City Manager
certifying that the City has on deposit cash in an interest - bearing trust
account and /or has on deposit letters of credit in a combined amount equaling
one -half of one percent of the principal amount of Bonds requested for
Allocation (such certificate to be substantially in the form attached hereto
as Exhibit A and hereby made a part hereof.
pASSED AND ADOPTED on June 17, 1985.
Mayor of the City of Moorpark,
California
ATTEST:
Clerk
-2-
CERTIFICATE REGARDING NOTICE TO THE
MORTGAGE BOND ALLOCATION COMMITTEE
The City of Moorpark hereby certifies to the Mortgage Bond Allocation
Committee, pursuant to the requirements of Section 50191 of the Costa -Marks
Housing Bond Allocation Act of 1981, as amended. (the "Costa -Marks Act "), as
follows:
1. The City is on this date requesting' that the Mortgage Bond
Allocation Committee grant the City a $5Q,0Oo, 00 0.00 allocation of mortgage
subsidy bonds.
2. The City has on deposit in an interest- bearing trust account and /or
there are letters of credit posted with the City in a combined amount equal to
one -half of one percent to the dollar amount set forth in paragraph 1 hereof,
which deposit is subject to the forfeiture provisions of the Costa -Marks Act.
3. The undersigned City Manager of the City of Moorpark has been duly
authorized and directed to execute and deliver this Certificate pursuant to a
resolution of the City Council duly adopted on June 17, 1985. A certified
copy of said resolution accompanies this Certificate.
Dated: June 17, 1985
EXHIBIT A
CITY OF MOORPARK
By:
City Manager
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) SS.
CITY OF MOORPARK )
I, DORIS D. BANKUS City Clerk of the City of
Moorpark, California, do hereby certify that the foregoing
Resolution No. 85 -208 was adopted by the City Council of the City
of Moorpark at an adjourned regular meetinq thereof held on the
17 day of June , 19 85 , and that the same was
adopted by the following vote, to wit.:
AYES: Councilmembers Yancy- Sutton, Ferguson, Weak,
and Mayor Prieto;
NOES: None;
ABSENT: Councilmember Woolard.
WITNESS my hand and the of*:cial :;cal of said City this
17 day of June , I') 85
I - ) C'LI;RK