HomeMy WebLinkAboutCC RESO 13,602RESOLUTION NO. 13,602
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NATIONAL CITY, CALIFORNIA, APPROV-
ING THE ISSUANCE OF A CERTAIN OBLIGATION
BY THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY
WHEREAS, the Community Development Commission of
the City of National City (the "Commission") has undertaken
and is carrying out the redevelopment program in the City
of National City, California, in accordance with the pro-
visions of the Community Redevelopment Law; and
WHEREAS, by the enactment of Chapter 8 of Part 1
of Division 24 of the Health and Safety Code of the State
of California (the "Act"), the California Legislature author-
izes the making of construction loans and permanent mortgage
loans to participating parties through qualified mortgage
lenders for the financing of residential construction, as
defined in the Act, within a redevelopment project area;
and
WHEREAS, the Act defines "residence" to include
real property improved witha commercial structure within
a redevelopment project area that is determined to be an
integral part of a residential neighborhood; and
WHEREAS, the Act further authorizes the issuance
of revenue bonds for the purpose of financing residential
construction authorized by the Act, including the issuance
of bonds, notes, interim certificates, debentures and other
obligations; and
WHEREAS, the Commission has determined to make a
construction loan and permanent financing under provisions
of the Act and to provide for th.e issuance of its Revenue
Note of 1981, No. 1, the proceeds of which are to be used
to make such a loan; and
WHEREAS, Section 33640 of th.e Health and Safety
Code requires the Commission to obtain the approval of the
City Council of the City of National City, California, prior
to issuance of such Note.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of National City, California, that the Community
Development Commission of the City of National City is hereby
given approval to issue said Revenue Note of 1981, No. 1, in
a principal amount of not less than $975,000 and not to ex-
ceed $1,200,000.
APPROVED AND ADOPTED this 4thday of August, 1981.
ATTEST:
ITY CLERK