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CITY COUNCIL OF TtIE CITY OF PLEASANTON <br /> <br />ALAMEDA COUNTY, CALIFORNIA <br /> <br />RESOLUTION NO. 81-288 <br /> <br />RESOLUTION AUTHORIZING THE ISSUANCE OF AB1355 <br />HOUSING BONDS <br /> <br />for the past several months the Chamber of Commerce <br />Task Force on affordable housing has been exploring <br />possible ways of making the purchase of homes available <br />to more families in Pleasanton; and <br /> <br />it has become evident that high interest rates were as <br />responsible for making homes unaffordable as was the <br />price of the homes; and <br /> <br />WHEREAS, one possibility that offers a major reduction in interest <br /> costs is mortgage backed bonds; and <br /> <br />the City Manager presented a report to the Council <br />dated August 19, 1981 detailing the important facts <br />regarding the issuance of mortgage revenue bonds and <br />indicating the bonds should be sold during the next <br />two months to keep the interest rate of the bonds <br />below 13%. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: The City Council authorizes the issuance of AB 1355 <br /> Housing Bonds. <br /> <br />Section 2: Authorizes the City Manager to do the following: <br /> <br />(1) <br /> <br />Interview and retain a qualified investment banking <br />firm to work on a contingency basis. <br /> <br />(2) Interview and retain a qualified bond counsel to <br /> work on a contingency basis. <br /> <br />(3) <br /> <br />Meet with local developers to determine their <br />interest in the housing bond issue including <br />their estimate of mortgage loan demands. <br /> <br />(4) Interview and retain a feasibility consultant to <br /> determine the maximum income limits for the program. <br /> <br />(5) Collect funds from local developers to pay for the <br /> feasibility study. <br /> <br /> <br />