HomeMy WebLinkAbout1995-07-11; City Council; Resolution 95-1971
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RESOLUTION NO. 95-197
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING
THE RESERVATION OF $524,000 FOR AFFORDABLE
HOUSING PROGRAMS
WHEREAS, on September 6, 1994, City Council authorized the sale of the
mortgages securing the outstanding 1983 single family residential mortgage revenue
bonds and the redemption of these bonds with the proceeds; and
WHEREAS, the sale of the mortgages was successfully completed on
September 9,1994 and the bonds were redeemed as of the October 1 payment date; and
WHEREAS, as a result of the transaction, the City has received approximately
$524,000; and
WHEREAS, the proceeds may be used for any lawful purpose as directed
by the City Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Carlsbad, California as follows:
1. That the above recitations are true and correct.
2. That the City Council does hereby reserve the proceeds from the
defeasance of the 1983 Single Family Mortgage Revenue Bonds in the amount of
$524,000 for affordable housing purposes.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council on the w day of JULY , 1995, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Finnila, Hall
NOES: None
ABSENT: Council Member Nyga
ATTEST:
ALETHA L. RAUTEN (SEAL)