1985-312RESOLUTION N0. 85R-312
A RESOLUTION AUTHORIZING APPLICATION FOR
ALLOCATION OF MORTGAGE SUBSIDY BONDS AND
FILING OF NOTICE OF SALE THEREOF WITH MORTGAGE BOND
ALLOCATION COMMITTEE, AUTHORIZING EXECUTION OF
PROGRAM DEPOSIT AGREEMENTS AND PROVIDING OTHER MATTERS
PROPERLY RELATING THERETO
CITY OF ANAHEIM
HOME MORTGAGE REVENUE BONDS
follows:
RESOLVED, by the City Council of the City of Anaheim, California as
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health and
Safety Code of the State of California (herein called the "Act") authorizes
cities and counties to issue revenue bonds for the purpose of financing home
mortgages authorized by the Act, and the Act provides a complete, additional
ar~d alternative method for doing the things authorized thereby;
WHEREAS, pursuant to the Act, the City is authorized to carry out the
public purposes described therein by issuing its revenue bonds to acquire
home mortgages and by pledging such home mortgages as security for payment of
the principal of and interest on such revenue bonds, and by entering into any
agreements in connection therewith;
WHEREAS, the City proposes to undertake a Home Mortgage Financing
Program (the "Program") to purchase loans (the "Home Mortgages") made to
finance new and existing single-family owner-occupied residential units (the
"Homes") within the City and to issue Home Mortgage Revenue Bonds (the
"Bonds") to finance the purchase of the Home Mortgages;
WHEREAS, to obtain an allocation to issue the Bonds within the
federally imposed limit upon the issuance of mortgage subsidy bonds, the City
must file, pursuant to the Costa-Marks Housing Bond Allocation Act of 1981,
as amended (the "Costa-Marks Act"), a notice of sale of the principal amount
of the proposed Bonds with the State Mortgage Bond Allocation Committee;
WHEREAS, in addition, in order for the City to obtain such an
allocation, the City must cause evidence of the deposit of an amount of money
._ or letters of credit securing such amount, which amount shall 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, at least one developer within the City desires to provide
the deposit required to be made in order for the City to obtain such an
allocation, such deposit to be subject to the terms and conditions described
in the Program Deposit Agreement in form presented to and reviewed by the
City Council with the aid of its staff.
follows:
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED and ORDERED, as
1. Application to the State Mortgage Bond Allocation Committee for
an allocation for the Bonds under the Costa-Marks Act is hereby authorized
and approved.
2. A notice of sale of $120,000,000 principal amount of Bonds,
substantially in the form attached hereto as Exhibit A, is hereby ordered to
be filed by the City Clerk with the Mortgage Bond Allocation Committee.
3. The Program Deposit Agreement in form presented at this meeting
is hereby approved for execution and the Mayor or his designee is hereby
authorized and directed to execute the Program Deposit Agreement on behalf of
the City with any developer desiring to participate in the City's Program on
the terms and conditions therein provided.
4. At such time as one or more of the developers shall have complied
with the deposit requirements of the Program Deposit Agreement, the City
Clerk shall cause to be delivered to the Mortgage Bond Allocation Committee a
certified copy of this resolution, together with a certificate executed by
the Mayor and substantially in the form attached hereto as Exhibit B, and
hereby made a part hereof, to the effect that the City has on deposit in a
trust account or, to the extent applicable, has secured by one or more
letters of credit, in an amount which equals 1/2 or 1~ of the principal
amount of the Bonds requested for allocation.
5. The staff of the City is authorized and directed to commence
implementation of a Program in cooperation with Jones Hall Hill & White, A
Professional Law Corporation, Bond Counsel, and such other consultants and
firms as the staff deems- appropriate )subject to prior approval by the City
Council of any written agreement with such other consultants and firms).
THE FOREGOING RESOLUTION is approved and adopted by the City Council
this 16 th day of July , 1985.
/~ `
MAYOR OF THE CITY ANAHEIM
ATTEST:
CITY CLERK OF THE CITY OF ANAHEIM
PW:kal
U351N
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 85R-312 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 16th day of July, 1985, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Kaywood, Pickler, Overholt and Roth
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Bay
AND I FURTHER certify that the Mayor of the City of Anaheim signed said
Resolution No. 85R-312 on the 16th day of July, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 16th day of July, 1985.
CI CL F THE CI OF ANAHEIM
(SEAL)
I, LEONORA N. SOHZ,,, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 85R-312 duly passed and
adopted by the Anaheim City Council on July 16, 1985.
~~
C Y CLERK
EXHIBIT A
NOTICE OF SALE OF BONDS
TO THE MORTGAGE BOND ALLOCATION COMMITTEE
The City of Anaheim, (the "City"), in connection with the requirements
of Section 50191(a) of the HealthMoa~d aaeetBonddeAllocationatCommittleefor~the
hereby gives notice to the 9 9
"Committee") as follows:
1. The City intends to issue qualified mortgage bonds in the amount of
$120,000,000 subject to the grant of an allocation in such amount from the
Committee and the completion of proceedings for the issuance of such bonds.
2. The bonds are expected to be i ssued wi thi n ninety days of the grant
of an allocation from the Committee, which is expected to occur in the Spring
of 1986.
3. If the City receives an allocation from the Committee as requested,
$30,000,000 principal amount of the proposed issue of bonds would be
attributable to the City's entitlement alloc~e entard al9 o a~o on00 principal
amount would be attributable to the City's supp y
4. No portion of the proposed issuance of bonds will be from an
allocation assigned to the City by a local agency and the City, at present,
does not intend to assign any portion of its allocation to its housing
authority or any redevelopment agency.
CITY OF ANAHEIM
By
City Clerk of the City of Anaheim
EXHIBIT B
CERTIFICATION REGARDING NOTICE TO THE
MORTGAGE BOND ALLOCATION COMMITTEE
The City of Anaheim 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 (the "Contra Marks Act">, as follows:
1. The City did by Resolution adopted on June 16 1985, order the
filing with the Mortgage Bond Allocation Committee of a notice of sale and
request for grant to the City an allocation of mortgage subsidy bonds in the
amount of $120,000,000.
2. The City has on deposit in an interest bearing rrust account or has
secured by appropriate letters of credit an amount equal to 1/2 of 1 percent
of the dollar amount set forth in paragraph 1 hereof, which deposit is subject
to the forfeiture provisions of the Costa-Marks Act.
3. The City requests the grant of a supplementary allocation in the
amount of $90,000,000 and an entitlement allocation in the amount of
$30,000,000.
4. The Mayor of the City of Anaheim has been duly authorized and
directed to execute and deliver this Certififaction pursuant to resolution of
the City duly adopted on June ~_ , 1985. A certified copy of said
resolution accompanies this Certification.
CITY OF ANAHEIM
By
Mayor
Date: June 16 1985