HomeMy WebLinkAboutResolution - 1589 II
1jy RESOLUTION NO. 1589
A RESOLUTION OF THE CITY COUNCIL CF
THE CITY OF SAN JACIhITO, CALIFORNIA,
3{ AUTHORIZING THE SUBMISSION OF INFORMATION
FORM TO THE MORTGAGE ALLOCATION COMMITTEE �
4I THE CITY COUNCILrOF THE CITY OF SAN JACINTO HEREBY FINDS, DETERMINES, RESOLVES
5'11 AND ORDERS AS FOLLO'IAS: I
Section 1 . The City Manager of the City of San Jacinto is hereby author-]
5� ized and directed to submit to the f,'.ortgage Bond Allocation Committee of the
5 State of California the Submission Information Form attached hereto as Exhibit
d "A", and to do all things and acts which are required by law or .ihich may be
10�,
necessary or desirable to facilitate the submission of such form and the
11 morteage financing contemplated thereby.
12 Section 2. The City Clerk shall certify to the passage and adoption of
13 I this resolution, and the same shah take effect and be in force. V
14 MOVED, PASSSED AND ADOPTED this 5th day of May 1985 by the following
15 vote:
16 AYES: Councilmen Visser, Rose, Stevens and Divine
17I NOES: None iI
18 ABSENT Councilman Stuart
n ABSTAIN: . None
r T/
21 � k-it-zz�c �.. lice Mayor
22 65u;ty City Clerk
23 CERTIFICATE
I
21 The foregoing is certified to be a true copy of Resolution No. 1589 duly
25, adopted by the said City Council of the City of San Jacinto on the date there-
26 in 5jd forth.
27! , ty City Clerk
28i
i,
291
30
31I'
s
32�
I51AIL OF CAIIF04"
I Hort®age DDrld Allocation Committ Urea. Sec; W.b.A.C.
90 SUBMISSION INFORMATION FORM P.O.Box 1919
Sao u nada,CA 95W9
I.Narwe and Addicts al(stuen
City of San Jacinto 201 -E. Main Street e FaiAeel,loruorinlarmalon
San Jacinto, CA 92383 CaUs(916)"54UI
7.Aurtwriry lot Issuanca 01 Bonder 3.1ype al Program,
A.1yp®al Sola, P,iverla
AB1355 or BB99 PAU X
3.heporanenlRe6poni161®7orAdminetlsotitinalfh�proptam,
City Managers Office
6.Pulpoa al Bond Foos,
To provide below market mortgage funds to increase the
stock of affordable dousing.
7.A••-oun{of 4w®, 9.Dols al Propoud Sole
$ 10,000,000 Entitlement Mid 1986
9.Appli olion of Bond P,acaadie
Cost of Issuance 2%
10.Usl a applicable Iceland lea tchadules,
Approximately 4.5 points from participating developer
042 lesetvas in Bond Peogtorn,
Capital Reserve Fund
17.Litt oil insu,oac■programs,
Private Mortgage Insurance
Special Hazard insurance
Standard Hazard Insurance
i i±.hy,aamtand" pikelindtatiwrIndiopragiaeiu
Income: 150% and/or 120% of the median household income.
Sales Price: 110% of the averdge area purchase price.
'�•�•.a6eielwmmaryola4vademphonprarisiaetolthe{ewee
Special Mandatory Redemption
Mandatory Sinking Fund Redemption
Optional Redemption
you ow oppGod lar a hoied rating,pLa"Ctw d4 daia oI application,
Moady't. March 1985 SlondordaedPaor•e March 1985
ti yeti 4n.a,9 a;�:�c;I!a,a:e13.;�,ptaati ptwe it;i actimaled doii tr+,tr ro.r p?an 3�a agrisye
:r<aooYe Standard and Foor't
11 you don't plan to apply.please ecplatn why.
ICL ii4 the some and addewe at Bond Couwh
CERI IFICAI IONe Icertity tbat the Warmailon prodded In thie SeebmLefan Inloetnai6on Farm Is ke•®
and caveerde
Rose` Natmnar City Manager
C''��''�/vionu N glliW reopen iU6e Wit laopen Pets
S.a.ean. Pw