HomeMy WebLinkAboutCC RESO 12,529RESOLUTION NO. 12,529
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY AUTHORIZING THE COMMUNITY
DEVELOPMENT COMMISSION ISSUE BONDS FOR ANY OF
ITS CORPORATE PURPOSES AND TO ISSUE REFUNDING
BONDS FOR THE PURPOSE OF PAYING OR RETIRING
BONDS PREVIOUSLY ISSUED BY THE COMMUNITY
DEVELOPMENT COMMISSION
WHEREAS, the Community Development Commission
of the City of National City has issued bonds for its
corporate purposes and has issued refunding bonds for
the purpose of paying or retiring bonds previously issued
by the Community Development Commission, and
WHEREAS, effective January 1, 1978 Section
33640 of the California Community Redevelopment Law
will require approval of the legislative body of the
City of such issuances of bonds or issuances of refunding
bonds, and
WHEREAS, the Community Development Commission
is currently in process of refunding its E. J. Christman
Business & Industrial Park I Redevelopment Project fed-
erally secured, privately held project temporary loan
notes;
NOW, THEREFORE, BE IT RESOLVED by the City
Council of the City of National City, California as follows:
(1) The Community Development Commission of
the City of National City, California is
hereby authorized to issue bonds for any
of its corporate purposes;
(2) The Community Development Commission of
the City of National City, California is
hereby authorized to issue refunding bonds
for the purpose of paying or retiring
bonds previously issued by the Community
Development Commission;
(3) This authority and approval shall apply
to all future sales and issuances of bonds
and shall extend until the project or
projects, program or programs of the
Community Development Commission are
closed or terminated.
PASSED AND ADOPTED this l5th day of November,
1977.
ATTEST: