1987 RES R-79-87 - Laserfiche WebLink

Browse Search

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 1 Ka (bonds for the purpose of refinancing said Program; and WHEREAS, the City has heretofore issued its City of Colton, Single Family Residential Mortgage Revenue Bonds, 1984 Series A, in the aggregate principal amount of $23,300,000 (the "1984 Bonds") pursuant to the Act and pursuant to Resolution No. 4480 of the City Council (the "1984 Resolution") dated as of July 1, 1984 and adopted on June 19, 1984 in order to provide moneys to fund mortgages for first-time home buyers of single- family residences located in the City of Colton; and WHEREAS, the City has indicated its intention to issue not to exceed $23,300,000 aggregate principal amount of its Single Family Residential Mortgage Revenue Refunding Bonds (GNMA Mortgage -Backed Securities Program) Series 1987 A (the "Bonds") pursuant to the Act, the proceeds of which will be used to refund the 1984 Bonds; and WHEREAS, notice of a public hearing to be conducted by this City Council with respect to the proposed issuance of the Bonds was duly published at least 14 days prior to June 16, 1987 in a newspaper of general circulation in the City of Colton, which notice set 7:30 p.m, on June 16, 1987 and the City Council chambers as the time and place for said hearing; and WHEREAS, this City Council is the applicable govern- mental unit to conduct said public hearing for purposes of Sec- tion 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, this City Council has duly held said public meeting and hearing with respect to the proposed issuance of the Bonds, all in accordance with Section 147(f) of the Code, at -2-