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WHEREAS, <br /> <br />WHEREAS, <br /> <br />WHEREAS, <br /> <br /> CITY COUNCIL OF THE CITY OF PLEASANTON <br /> ALAMEDA COUNTY, CALIFORNIA <br /> RESOLUTION NO. 83-534 <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 PERMIT <br />THE ISSUANCE OF MORTGAGE SUBSIDY BONDS. <br /> <br />Chapters 1-5 of Part 5 of Division 31 of the Health and Safety <br />Code of the State of California authorizes cities to incur <br />debtedness for the purpose of financing home mortgages <br />authorized thereby; and <br /> <br />the Federal Mortgage Subsidy Bond Tax Act of 1980 limits the <br />amount of qualified mortgage bonds that may be issued in <br />any calendar year by entitles within a state and authorizes the <br />legislature of such state to provide the method of allocation <br />of such bonds within the state; and <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 allocation <br />of the State ceiling among governmental units in the state <br />having the authority to issue qualified 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 FESOLVED 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 "City") <br /> are hereby authorized and directed for in the name and on <br /> behalf of the City, to submit an application, and such other <br /> documents as may be required, to the Mortgage Bond Allocation <br /> Committee for an allocation with respect to qualified mortgage <br /> bonds to be issued by the City in an aggregate principal amount <br /> not to exceed $39,000,000. <br /> <br />Section 2. This resolution will take effect immediately upon its <br /> passage and adoption. <br /> <br />PASSED AND ADOPTED by the City Council of the City of Pleasanton on the <br /> 6th day of December 1983 by the following vote: <br /> <br />AYES: Councilmembers Brandes, Mercer, Mohr, Wood and Mayor <br /> Butler <br /> None <br /> None <br /> None <br /> <br />NOES: <br />ABSENT: <br />ABSTAIN: <br />ATTEST: <br /> <br />By Doris George, Deputy City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br /> <br />