R-7090
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RESOLUTION NUMBER 7090(CCS)
(City Councll Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA AUTHORIZING APPLICATION TO THE MORTGAGE BOND
ALLOCATION COMMITTEE OF THE STATE OF CALIFORNIA FOR AN
ALLOCATION NOT TO EXCEED $75,0'0'0,00'0 IN AGGREGATE PRIN-
CIPAL AMOUNT OF MORTGAGE REVENUE BONDS - CALENDAR YEAR
1985
WHEREAS, the Clty of Santa Monlca (herelnafter "Clty")
deslres to lssue mortgage revenue bonds durlng calendar year 1986
ln an aggregate prlnclpal amount not to exceed $75,0'00,0'0'0 for
the flnancing of the purchases of slng1e-fanll1y residences wlthln
the Clty, in accordance with the adopted Houslng Element of the
City and Part 5, Dlvislon 31, of the Health and Safety Code of
the State of California; and
WHEREAS, Sectlon 5019l(a) of the Californla Health and Safe-
ty Code requlres that the City Council of the Clty of Santa Moni-
ca authorize the appllcatlon by the City for an allocation from
the Mortgage Bond Allocatlon COmn\lttee of the State of Callfornla
(herelnafter "Cornmlttee");
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION l. The Clty Manager or hlS deslgnee shall be au-
thorized to flle a notlce on behalf of the Clty wlth the Cornmlt-
tee to the effect that the Clty proposes to lssue an amount not
to elCceed $75,000',00'0 of lts nlortgage revenue bonds in order to
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finance the acquisltlon of single-family residences within the
City of Santa MonIca in accordance with the Program established
therefor, all as of a date WhICh 1S, ln the Judgment of said per-
sons, a likely date for the issuance of said bonds, and identify-
ing the aggregate amount of bonds which shall be issued under the
entltlement allocatIon of the Clty and which shall be lssued
under the supplemental allocation of the City.
SECTION 2. The notlce filed wlth the Committee shall In-
clude a certificatlon from the City Manager to the effect that
the Clty has on deposit 1n an lnterest-bear1ng account the amount
equal to one-half of one percent of the aggregate principal
amount of mortgage revenue bonds proposed to be 1ssued under the
requested allocation.
SECTION 3. The Clty Clerk shall certify to the passage of
thlS resolutlon by the Clty Council of the City of Santa Monlca
and thenceforth and thereafter the same shall be In full force
and effect.
APPROVED AS TO FORM:
~"'1.~ \,..A.. ~
Robert M. Myers
City Attorney
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Adopted and approved this 17th day of September, 1985.
fL~~~
(- Mayor
I hereby certIfy that the foregoing Resolution No. 7090(CCS)
was duly adopted by the CIty Council of the City of Santa Monica
at a meeting thereof held on September 17, 1985 by the following
Council vote:
Ayes: CouncIlmembers: Conn, EpsteIn, JennIngs, Zane and
Mayor Reed
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Coul1cilmembers: Katz
ATTEST:_ "- ~ /
tL::n ~.~
City Clerk
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