1986 CC MIN DEC 02 - Laserfiche WebLink

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(8) Parking Establish "No Parking" on Reche Canyon Road, RESOLUTION NO. R-173-86. (9) Reports/Policy Adopt the Riverside -Corona Resource Conservation District's Soils Curriculum, RESOLUTION NO. R-174-86. Moved by Mayor Gonzales, seconded by Councilman Rehrer, to approve the Consent Calendar, with deletion of Item No. 4. Unanimous vote. MAYOR'S REPORTS AND PROCLAMATIONS: Centennial Committee Mrs. Hazel Olson, representing the Centennial Committee, presented the City Council with a Centennial Flag containing the City's Centennial Logo, depicting in picture form the City's 100 years of growth and progress. Mrs. Olson asked Centennial Committee members present to stand. Mayor Gonzales thanked Mrs. Olson and the Committee members for the flag and stated it will be proudly displayed. PUBLIC HEARINGS: Appeals Index No. C-13-84 Mayor Gonzales declared the Continuation of the Public Hearing. City Attorney Edwards stated the City has been advised by Mr. Matt Kurilich that this property has been sold, it has cleared escrow, he no longer has standing and, therefore, there is no longer an appeal pending and this matter is now moot. No further action was taken. Housing Finance Agency Res. No. R-175-86 Mayor Gonzales declared the Public Hearing open. City Clerk Ramos submitted the Affidavit of Publication and reported that no protests or objections had been received. Redevelopment Manager Jennifer Thornberry reported on the proposed financ- ing of single family mortgage revenue bonds for Rancho Cucamonga-Palmdale- Porterville-Colton Housing Finance Agency. Mrs. Thornberry stated the Bonds are being issued to provide funds to originate home mortgage loans on newly constructed family residences located within the Cities of Rancho Cucamonga, Palmdale, Porterville and Colton. Mrs. Thornberry continued each mortgagor is generally required to be a first-time homebuyer, intended to occupy the residence as his/her principal residence, and have a family income that does not exceed 115% of the applicable median family income, approximately $34,000 annual income. The purchase price of the residences may not exceed 90% of the applicable average area purchase price, approximately $90,000. Mrs. Thornberry advised the Bonds are a special obligation of the Authority and are payable solely from payments made on and secured by a pledge of the Government National Mortgage Association Securities. Neither the faith and credit, nor the taxing power of the Authority, or .. any of the Cities has been pledged to the payment of the Bonds. Mrs. Thornberry concluded Staff recommends adoption of Resolution No. R-175-8.6, approving issuance of the single family mortgage revenue bonds by the Housing Finance Agency. Mayor Gonzales asked if anyone present desired to speak on this matter. Mr. John Longfield, 1809 Cottonwood, Colton, asked if these loans are going to be assumable. DEC 21986