HomeMy WebLinkAboutRES CC 1995 1134 1995 0621RESOLUTION NO. 9 - 1134
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MOORPARK APPROVING
THE ISSUANCE AND SALE OF THE CALIFORNIA
VALLEYS HOUSING FINANCE AUTHORITY,
SINGLE FAMILY MORTGAGE REVENUE BONDS, ISSUE OF
1995 IN AN AMOUNT NOT TO EXCEED $22,088,000
WHEREAS, California Valleys Housing Finance Authority (the
"Authority "), a joint powers authority of which the City is a
member, has engaged in a home mortgage finance program within the
jurisdiction of the Authority (including for such purposes the
City) by providing mortgages to qualifying mortgagors for such
purposes (the "Program ") , pursuant to Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act "); and
WHEREAS, the authority intends to provide funds for the
Program through the issuance of one or more series of Bonds to be
designated "California Valleys Housing Finance Authority Single
Family Mortgage Revenue Bonds" (the "Bonds ") to be sold prior to
December 31, 1995 in an aggregate principal amount not to exceed
$22,088,000; and
WHEREAS, the City has found and determined that it is in the
best interest of the City to participate in the Program in
conjunction with the Authority in order to increase the supply of
housing available to first -time homebuyers in the City within
certain income limits; and
WHEREAS, the City Council hereby finds and determines that the
Program complies with the land use element and the housing element
required to be included in the general plan of the City by Section
65302 of the Government Code of the State of California; and
WHEREAS, the Bonds are being issued by the Authority on behalf
of the City and the other members of the Authority, and financing
for homes located in the City will be made available through the
issuance of the Bonds; and
WHEREAS, the Bonds will be "private activity bonds" for
purposes of the Internal Revenue Cede of 1986 (the "Code "); and
WHEREAS, pursuant to Section 147(f) of the Code prior to their
issuance, private activity bonds are required to be approved by the
applicable elected representative of the governmental unit on whose
behalf the bonds are expected to be issued and by each governmental
unit having jurisdiction over the area in which any facility
financed by such bonds is to be located, after a public hearing
held following reasonable public notice; and
WHEREAS, this City Council has caused to be published, at
least 14 days prior to the date hereof, in a newspaper of general
circulation within the City, notice that a public hearing regarding
Bonds would be held on the date hereof; and
WHEREAS, the Bonds are being issued by the Authority on behalf
of the City and the other member of the Authority, and financing of
homes located in the City will be provided from the proceeds on the
Bonds; and
WHEREAS, the members of the City Council are the applicable
governmental representatives of the city; and
WHEREAS, this City Council has conducted a public hearing on
June 21, 1995, at which time an opportunity was provided to
interest parties to present arguments both for and against the
issuance of the Bonds and the nature and location of the Program;
and
WHEREAS, the City desires to authorize the expenditure of
certain funds made available by the issuance of the Authority's
bonds under the Program, to provide for the payment of costs of
issuance with respect to the Program and any other costs relating
to the Program; and
WHEREAS, this City Council hereby finds and declares that this
resolution is being adopted pursuant to the powers granted by the
Act;
NOW, THEREFORE BE IT RESOLVED that this City Council does
hereby FIND, DETERMINE, RESOLVE, AND ORDER as follows:
Section 1. The above recitals arE true and correct.
E
Section 2. The City hereby approves the issuance of the Bonds
in one or more series by the Authority in an
aggregate principal amount not to exceed
$22,088,000 to be sold prior to December 31, 1995
to provide funds for the Program.
Section 3. The City hereby authorizes the use of any funds
made available by the issuance of the Authority's
bonds under the Program, including the Bonds, to
provide for any Program purpose as may be permitted
by the indentures, purchase agreements, origination
and servicing agreements, compliance agent
agreements, commitment agreements, and any other
documents relating to the Authority's bonds under
the Program, including the Bonds.
Section 4. The officers and employees of the City are hereby
authorized and directed, jointly and severally, to
do any and all things necessary or advisable in
order to effectuate the purposes of this resolution
or the issuance of the Bonds, and all actions
previously taken by the officers and employees of
the City are hereby ratified and approved.
Section 5. This Resolution shall take effect immediately upon
its adoption.
PASSED, APPROVED and ADOPTED thiS _' st day of June , 1995.
Paul Lawrason Jr., May
ATTEST:
a °ice 9
Lillian Hare, City Clerk
SGHA.002- 05/26/95 -June 14, 1995
MOORPARK
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Lillian E. Hare, City Clerk of the City of Moorpark,
California, do hereby certify under penalty of perjury that
the foregoing Resolution No. 95- 1.54 was adopted by the
City Council of the City of Moorpark at a meeting held on
the 21st day of June , 1995, and that
the same was adopted by the following vote:
AYES: COUNCII,MEMBF.RS BUNTER, NONT( PEI F.Z, WOZNIAK, AND MAYOR LAWRASON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
WITNESS my hand and the .)If icial seal of said City
this 26th day of June -_ 1995.
Lillian E. Hare
City Clerk
vyf4 _
PAUL W LAWRASON JR BERNARDO M. PEREZ PATRICK HUN';:; ;C OTT MONTGOMERY JOHN E. WOZNIAK
Mayor Mayor Prn Tern C:ounrilmeml Cxrncilmember Councilmember