Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15' <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />wishes further to declare its intention to authorize an <br />issue of its mortgage revenue bonds for the purpose of <br />financing said program under the Act upon such terms and <br />conditions as may be agreed upon by the City and partici- <br />pants in said program; and <br />WHEREAS, in the alternative, said home financing <br />program may be undertaken by means of an issue of the <br />Agency's mortgage revenue bonds under the Law; and <br />WHEREAS, in either event, in order to comply with <br />the requirements of the Tax Reform Act of 1986, it is neces- <br />sary for the City to obtain an allocation from the State of <br />California (the "State") prior to the issuance of any such <br />bonds; and <br />WHEREAS, the State Mortgage Bond Allocation Commit- <br />tee ("MBAC") has promulgated rules and procedures with which <br />the City must comply in order to obtain an allocation for <br />its proposed issue of bonds, including the filing of an <br />appropriate application with MBAC; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND <br />ORDERED BY THE CITY COUNCIL OF THE CITY OF COLTON AS <br />FOLLOWS: <br />Section 1. Establishment of Program. The City <br />hereby declares its intention to establish a home financing <br />program in accordance with the Act and further declares its <br />intention to authorize the issuance and sale of the bonds <br />either (i) by the City in accordance with the Act or (ii) by <br />the Agency in accordance with the Law, all in amounts as <br />will be adequate to implement said home financing program by <br />-2- <br />