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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 85-49 <br /> <br /> AUTHORIZING STAFF TO SUBMIT APPLICATION TO THE STATE <br /> MORTGAGE BOND ALLOCATION COMMITTEE FOR AN ALLOCATION IN <br /> 1985 TO PERMIT ISSUANCE OF MORTGAGE SUBSIDY BONDS IN AN <br /> AMOUNT NOT TO EXCEED $50 MILLION AS AUTHORIZED BY <br /> RESOLUTION NO. 84-628 <br /> <br />WHEREAS, at its meeting of December 11, 1984, Council authorized <br /> application to the Mortgage Bond Allocation Committee <br /> for an allocation to permit the issuance of Mortgage <br /> Subsidy Bonds in an aggregate principal amount not to <br /> exceed $50,000,000.00; and <br /> <br />WHEREAS, some interest was indicated by the housing developers <br /> regarding a 1985 Home Mortgage Revenue Bond Program, <br /> however, these developers do not feel their housing <br /> projects are at a point where they can commit to this <br /> program at this time; and <br /> <br />WHEREAS, staff has received an overwhelming response from <br /> potential Pleasanton home buyers interested in the bond <br /> program and staff feels the city should continue to make <br /> these types of financing programs available, whenever <br /> possible, to the public; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: Council authorizes staff to submit the application to <br /> the State Mortgage Bond Allocation Committee for an <br /> allocation in 1985 to permit the issuance of Mortgage <br /> Subsidy Bonds in an amount not to exceed $50 million as <br /> authorized in Resolution No. 84-628 adopted on <br /> December 11, 1984. <br /> <br />Section 2: This resolution shall become effective immediately <br /> upon its passage and adoption. <br /> <br /> <br />