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CITY COGNCIL OF THE CITY OF PLEASANTON <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br />RESOLUTION NO. 83-523 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />PLEASANTON AUTHORIZING APPLICATION TO THE MORTGAGE <br />BOND ALLOCATION COMMITTEE FOR AN ALLOCATION TO <br />PERMIT THE ISSUANCE OF MORTGAGE SUBSIDY BONDS. <br /> <br />WHEREAS, <br /> <br />Chapters 1-5 of Part 5 of Division 31 of the Health <br />and Safety Code of the State of California authorizes <br />cities to incur debtedness for the purpose of financing <br />home mortgages authorized thereby; and <br /> <br />WHEREAS, <br /> <br />the Federal Mortgage Subsidy Bond Tax Act of 1980 limits <br />the amount of qualified mortgage bonds that may be issued in <br />any calendar year by entities within a state and authorizes <br />the legislature of such state to provide the method of <br />allocation of such bonds within the state; and <br /> <br />WHEREAS, <br /> <br />Chapter 3.5 of Part 1 of Division 31 of the Health and <br />Safety Code of the State of California governs the <br />allocation of the State ceiling among governmental units <br />in the state having the authority to issue qualified <br />mortgage bonds; and <br /> <br />WHEREAS, Section 50191 of the Health and Safety Code of the State <br /> requires a local agency to file an application with the <br /> Mortgage Bond Allocation Committee prior to the issuance of <br /> qualified mortgage bonds;. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br /> Pleasanton as follows: <br /> <br />Section 1. The proper officers of the City of Pleasanton (the <br /> "City") are hereby authorized and directed for in the name <br /> and on behalf of the City, to take the steps required to <br /> make application to the Mortgage Bond Allocation Committee <br /> for an allocation with respect to qualified mortgage bonds <br /> to be issued by the City. <br /> <br />Section 2. This resolution shall take effect immediately upon its passage and adoption. <br /> <br />PASSED AND ADOPTED on this 22nd day of November 1983 by the following <br /> <br /> vote: <br />AYES: Councilmembers <br /> Mayor Butler <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br />Brandes, Mercer, ~ohr, Wood and <br /> <br />APPROVED AS TO FORM: <br /> <br /> <br />