HomeMy WebLinkAboutCC Reso No 1982-74RESOLUTIOfd N0. 82-74
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LAKE ELSINORE, CaLIFORNIA
ASSIGNING THE CITY'S ENTITLEPIENT
AS AUTHORIZED UNDER THE
FEDERAL P40RTGAGE SUBSIDY
BOND ACT OF 1980 AND
ASSEMBLY BILL 1355
WHEREAS, the City of Lake Elsinore's Housing Element
recognizes the provisions of affordable housing as a primary
need and identifies high mortgage interest rates as a primary
obstacle; and
WHEREAS, the County of Riverside is preparing to issue
mortgage revenue bonds as authorized by state and federal law,
the proceeds of which are to be used to provide below-market
rate home financing; and
WHEREAS, the City Council of the City of Lake Elsinore
may authorize the County of Riverside to allocate and administer
funds for use within the City boundaries;
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF
THE CITY OF LAKE ELSINORE, CALIFORNIA, AS FOLLOWS:
~ The City of Lake Elsinore hereby authorizes
the County of Riverside to issue qualified
mortgage revenue bonds in 1982, in an amount
up to its entitlement under the federal P4ort-
gage Subsidy Bond Tax Act of 1980, for quali-
fied developers within its jurisdiction
according to Assembly Bill 1355. This approval
is contingent upon Riverside County approving,
packaging and issuing said bonds in a timely
manner according to the guidelines of the
Governor's Proclamation.
BE IT FURTHER RESOLVED, that the City Clerk is hereby
directed to forward a certified copy of this resolution to the
Riverside County Board of Supervisors.
This Certificate is dated this 26th Day of October, 1982.
AYES: MACPIURRAY, TORN, VALENZUELA, UNSWORTH
NOES: NONE
ABSENT: KNIGHT
hn G. Unswor~~
ity of Lake Elsinore
ATTEST:
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