HomeMy WebLinkAbout1984-07-17; City Council; Resolution 76771
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RESOLUTION NO. 7677
A RESOLUTION OF THE CITY COUNCIL FO THE CITY OF
CARLSBAD, CALIFORNIA AUTHORIZING PARTICIPATION IN
THE SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAM
AND AUTHORIZING THE CITY MANAGER TO SUBMIT AN
APPLICATION FOR SAID PROGRAM TO THE MORTGAGE BOND
ALLOCATION COMMITTEE.
WHEREAS, the City Council of the City of Carlsbad, California,
aishes to participate in the single family mortgage revenue bond
>rogram;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
if Carlsbad, California as follows:
1. That the above recitation is true and correct.
2. That the City of Carlsbad has on hand $75,000 in letters of
credit from developers representing a 0.50%"good~fa%th"
deposit for $15 million of Mortgage Revenue Bonds.
That the City Council hereby authorizes participation by 3.
the City of Carlsbad in the Single Family Mortgage Revenue Bond
?rogram. The City is hereby authorized and directed to make
3pplication to the Mortgage Bond Allocation Committee for an
3llocation of revenue bonds in an amount equal to the product of 20C
times the total of the developer good faith cash deposits or letter:
Df credit held by the City of Carlsbad.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, held on the 17th day of July ,
by the following vote to wit:
AYES :
NOES: None
ABSENT: Council Member Chick
Council Pkn'bers Casler, Lewis, Kulchin and Prescott
1981
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