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 />N <br />O: O <br />`�13 <br />U' W N 0"o w W 0 a <br />WYNom 14 <br />U wO <br />LL ;<F� 15 <br />3moow <br />Q° F ° 16 <br />N <br />U) N 0 <br />UJ W <br />M an:: 17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />Subsidy Bond Act of 1980, it is necessary that the City file a <br />notice with said Committee pursuant to the provisions of the <br />Costa -Marks Housing Bond Allocation Act of 1981 (Section 50172 <br />and following of the Health and Safety Code and referred to herein <br />las the "Costa -Marks Act"); and <br />WHEREAS, the City is required pursuant to provisions of <br />Section 50191 of the Costa -Marks Act to collect a fee from <br />participating developers equal to at least one-half of one percent <br />of the dollar amount of bonds being requested for allocation, which <br />funds are to be used in accordance with the provisions of said <br />section; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Colton as follows: <br />Section 1. City staff is hereby directed to cause to be <br />prepared an appropriate notice and supporting documentation to be <br />submitted to the California Mortgage Bond Allocation Committee and <br />setting forth such information as may be required by the <br />Costa -Marks Act, said notice to request an allocation of <br />11 principal amount of bonds up to $31,95.0, Q00. <br />Section 2. City staff is hereby directed to cause <br />to be collected from interested developers who desire to participate <br />in the proposed home financing program an amount equal to .55 of <br />1% of the respective principal amount of bonds requested by them, <br />which funds shall be deposited in an interest-bearing trust <br />-2- <br />