Laserfiche WebLink
CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br />ALAMEDA COUNTY, CALIFORNIA <br /> <br />RESOLUTION NO. 92-213 <br /> <br />RESOLUTION CLOSING THE PT~ASANTON-NEWARK <br />FINANCING AUTHORITY AND ASSIGNING MORTGAGES <br /> <br />WHEREAS, <br /> <br />on October 1, 1992, the Pleasanton-Newark Home Financing <br />Authority (the Authority) redeemed all outstanding 1982 <br />home mortgage bonds and purchased the remaining four <br />mortgages in the program until they can be refinanced in <br />the next few months; and <br /> <br />WHEREAS, <br /> <br />to save additional accounting, auditing and <br />administrative costs between the two cities, it would be <br />beneficial to close out the Authority prior to the <br />refinancing of the four mortgages and assign the <br />mortgages to the two cities; and <br /> <br />WHEREAS, <br /> <br />the City investment policy requires Council to approve <br />the holding of investments with maturities greater than <br />five years; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: <br /> <br /> Authorizes the close out and disbanding of the <br />Pleasanton-Newark Home Financing Authority established in <br />1982. <br /> <br />Section 2: <br /> <br /> Approves the assignment of the four remaining mortgages <br />to be held jointly as investments with the City of Newark <br />until the mortgages are refinanced. <br /> <br />Section 3: This resolution shall become effective immediately <br /> upon its passage and adoption. <br /> <br /> I HEREBY CERTIFY THAT THE FOREGOING WAS DULY AND <br />REGULARLY ADOPTED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON, AT <br />A MEETING HELD ON NOVEMBER 17, 1992 BY THE FOLLOWING VOTE: <br /> <br />AYES: Councilmembers <br /> Mayor Mercer <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br />APPROVED AS TO FORM: /7 <br /> <br />Michael H. Roush, City Attorney <br /> <br />- Butler, Mohr, Scribner, Tarver, and <br /> <br />ATTEST: /~ <br /> <br />~egg~. ~Ez~idro~ city Clerk <br /> <br /> <br />