HomeMy WebLinkAboutCC RESO 92-112RESOLUTION NO. 92-112
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE OF THE
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
NATIONAL CITY DOWNTOWN REDEVELOPMENT PROJECT
TAX ALLOCATION BONDS, SERIES 1992 B
WHEREAS, the Community Development Commission of the City of
National City (the "Commission") proposes to issue its Downtown Redevelopment Project
Tax Allocation Bonds, Series 1992 B (the "Bonds"), comprising (1) qualified mortgage
bonds in an aggregate amount not to exceed $4,500,000 for the purpose of making or
purchasing eligible mortgage loans secured by mortgages on both newly constructed and
existing single family homes (which may be detached, condominiums, units in planned
unit developments and manufactured housing permanently attached to the land) located
within the City of National City (the "City") to be owned and occupied primarily by low
and moderate income mortgagors and (2) qualified Section 501(c)(3) bonds in an
aggregate amount not to exceed $1,500,000 to be used to provide financing for two
planned unit developments, each housing four families, to be owned and operated by
MAAC, a community housing development organization, located at the north end of
Sheryl Lane southerly of Plaza Boulevard and on the easterly side of Euclid Avenue
between 13th Street and 14th Street within the City; and
WHEREAS, pursuant to notice duly given, the City held a public hearing
at 4:00 o'clock P.M. on June 16, 1992, at which hearing all interested persons wishing
to express their views on the issuance of the Bonds or on the nature of the homes securing
the mortgages to be purchased with the proceeds of the Bonds were given the opportunity
to do so, and all interested persons were, prior to the time of such hearing, given the
opportunity to submit written comments on the issuance of the Bonds to the City Clerk
of the City; and
WHEREAS, this City Council is fully advised of the premises.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of National City, as follows:
Section 1. The foregoing recitals are true and correct, and this City Council
so finds and determines.
Section 2. For the purposes of Section 147(f) of the Internal Revenue Code
of 1986, this City Council hereby approves the issuance of the Bonds in an aggregate
amount not to exceed $6,000,000.
Continued on Page Two
Resolution No. 92-112
Page 2 of 2
PASSED and ADOPTED this 16th day of June, 1992.
ATTEST:
Loaf AnneavvLS
t 1erk
Peoples, Czty Cleric
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney
, a
George H. ters, Mayor