RES 92178 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 92-178 RESOLUTION APPOINTINGMEMBERSTOTHEGOVERNING BOARD OF THE pLRASANTON-NEWARK HOME FINANCING AUTHORITY AND AUTHORIZING AN ADVANCE OF FUNDS WHEREAS, the City of Pleasanton and the City of Newark entered into a joint powers agreement in 1982 establishing the Pleasanton-Newark Home Financing Authority; and WHEREAS, most of the original mortgages financed by the program have been refinanced due to lowered interest rates and therefore the program may be closed out and all outstanding bonds called on October 1; and WHEREAS, there will be inadequate time to refinance the few remaining mortgages before the October 1 bond call date; and WHEREAS, the City of Pleasanton may have to advance up to $175,000 during the period of the programs termination and will be reimbursed with interest within 90 days of the October 1 bond call; and WHEREAS, pursuant to Section 7 of the Joint Exercise of Powers Agreement, Council must appoint two members to represent the City of Pleasanton at the September board meeting of the Authority. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section__l: Appoints Mayor Kenneth R. Mercer and City Manager Deborah Acosta as the City of Pleasanton representatives to the Pleasanton-Newark Home Financing Authority. Section 2: Section 3: Authorizes an advance of up to $175,000 from the General Fund to cover the city of Pleasanton's portion during the period of the programs termination while the few remaining mortgages proceed with refinancing. This resolution shall become effective immediately upon its passage and adoption.