RES 84628 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 84-628 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON AUTHORIZING APPLICATION TO THE MORTGAGE BOND ALLOCATION COMMITTEE FOR AN ALLOCATION TO PERMIT THE ISSUANCE OF MORTGAGE SUBSIDY BONDS, WHEREAS, Chapters 1-5 of Part 5 of Division 31 of th Health and Safety Code of the State of California authorizes cities to incur debtedness for the purpose of financing home mortgages authorized thereby; and WHEREAS, the Federal Mortgage Subsidy Bond Tax Act of 1980 limits the amount of qualified mortgage bonds that may be issued in any calendar year by entitles within a state and authorizes the legislature to such state to provide the method of allocation of such bonds within the state; and WHEREAS, Chapter 3.5 of Part 1 of Division 31 of the Health and Safety Code of the State of California governs the allocation of the State ceiling among governmental units in the state having the authority to issue qualified mortgage bonds; and WHEREAS, Section 50191 of the Health and Safety Code of the State requires a local agency to file an application with the Mortgage Bond allocation Co~nmittee prior to the issuance of qualified mortgage bonds. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pleasanton as follows: Section 1. The proper officers of the City of Pleasanton (the "City) are hereby authorized and directed for in the name and on behalf of the City, to submit an application, and such other documents as may be required, to the Mortgage Bond Allocation Committee for an allocation with respect to qualified mortgage bonds to be issued by the City in an aggregate principal amount not to exceed $50,000,000.