1986 RES R-175-86 - Laserfiche WebLink

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28021-1 JHHW:ACH:ea 11/12/86 H7612 ea 11 /18/86 RESOLUTION NO. R-175-86 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING ISSUANCE BY THE RANCHO CUCAMONGA-PALMDALE-PORTERVILLE-COLTON HOUSING FINANCE AGENCY OF NOT TO EXCEED $38,000,000 PRINCIPAL AMOUNT OF SINGLE FAMILY MORTGAGE REVENUE BONDS RESOLVED, by the City Council of the City of Colton, as follows: WHEREAS, the Rancho Cucamonga- Pal mdale-Porterville-Colton Housing Finance Agency (the "Agency") proposes to issue its Rancho Cucamonga- Pal mdale-Porterville- Colton Housing Finance Agency Single Family Mortgage Revenue Bonds (the "Bonds"), in the aggregate principal amount of not to exceed $38,000,000, under and pursuant to Part 5 of Division 32 of the California Health and Safety Code, of which $10,000,000 of the proceeds will be allocated in order to provide financing purpose of financing Home Mortgages to be made to buyers of (i) approximately 15 Homes to be constructed by Emblem Development Corporation in Tract No. 10048 located at Rosedale Avenue and La Loma Avenue; (ii) 40 Homes to be constructed by Forecast Corporation in Meadowood Homes located north of Citrus Avenue, south of Johnson Avenue and west of Grand Avenue; (iii) 30 Homes to be constructed by Jenel Company in Iron Horse Ranch located west of Pepper Avenue and north of San Bernardino Avenue; and (iv) 80 Homes to be constructed by Presley of Southern California in its project known as Cedarbrook Homes located north of San Bernadino Avenue and east of Sycamore Avenue, all within the City of Colton. In addition, a portion of the proceeds of the Bonds will be set aside for a temporary period to purchase Home Mortgages made in certain qualified census tracts of the! City, namely, Census Tract No. 0060 in the northeast portion of the City. Census Tract 0068 in the northwesterly portion of the City and Census Tract 0069 in the central portion of the City. If for reasons beyond the control of the participants the foregoing proceeds are not applied to the described projects then, to the extent permitted by state and federal law, such moneys may be applied to the following described projects: (a) (i) approximately 52 Homes to be constructed by Sherwood Homes in $h,erwood Park Units #4 located at Henderson Avenue (one-quarter mile east of - Ostwood Street) and Sherwood Park Units #5 (one-quarter mile east of Westwood i1dated reet); (ii) approximately 20 Homes to be constructed by Phyllis Garlin in Sierra Woods j at the northwest corner of Morton Avenue and Leggett Drive; (iii) approximately 20 I ofnes to be constructed by Daley Enterprise, Inc., in Hillside Estates located at the A' +kheast corner of Morton Avenue and Leggett Drive within the City and 19 units in Glenn i. Orgve Estates located at the southeast corner of Westfield Avenue and Lowery Street; and (i�)approximately 75 Homes to be constructed by Guaranty Construction Co. in Loan Oak Estate located at Poplar Avenue west of Jaye Street within the City of Porterville.