HomeMy WebLinkAboutCC RESO 13,600RESOLUTION NO. 13,600
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL
CITY, CALIFORNIA, APPROVING 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 provisions 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 authorizes 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 with a 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 the 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 the 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 not to exeed $975,000.
APPROVED AND ADOPTED this 28th day of July, 1981.
Kile Morgan, Mayor
ATTEST:
Ion- Campbell, City Clerk