HomeMy WebLinkAboutRESOLUTIONS - 12141982 - 82/1481THE BOARD OF SUPEFIVISORS f)F CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on December 14 , 1982 , by the following vote:
AYES: Supervisors Powers, Schr oder, Torlakson, and McPeak.
NOES : None.
ABSENT: Supervisor Fahden.
ABSTAIN: None.
SUBJECT:
RESOLUTION OF THE COUNTY OF )
CONTRA COSTA AUTHORIZING ) RESOLUTION NO. 82 /1481
APPLICATION TO THE MORTGAGE )
BOND ALLOCATION COMMITTEE )
FOR AN ALLOCATION TO PERMIT )
THE ISSUANCE OF MORTGAGE )
SUBSIDY BONDS ) ______________ )
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code
of the State of California authorizes counties to incur indebtedness for the purpose of
financing home mortgages authorized thereby;
WHEREAS, the federal Mortgage Subsidy Bond Tax Act of 1980 limits the
amount of qualified mortgage bonds that may be issued in any calendar year by entities
within a state, and authorizes t he leg islature of such state to provide the method of
allocation of such bonds within the state; and
WHEREAS, the Legislature of t he State of California has . implemented such
federal act by passing Chapter 1097 of 1981 California Statutes (commencing with
California Health and Safet y Code Section 50171 ), as amended by Chapters 153 and
1452 of the 1982 California Statutes, which provides that allocations of portions of the
state limit be granted by the Mortgage Bond Allocation Committee;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County
of Contra Costa as follows:
L The Planning Director of the County is hereby authorized and directed, for
and in the name and on behalf of the County, to submit an application to the Mortgage
Bond Allocation Committee for an allocation with respect to qualified mortgage bonds
to be i ssued by the County of Contra Costa in an aggregate principal amount not to
exceed $150,000,000.
2. This resolution shall take effect immediately upon its adoption.
cc: Director of Planning
County Co.unsel
County Administrator
I here·by certify that this 11 a tru e and correct copy of
an action taken and entered on the minutes of the
Board of Superv"6i'J on the date shown.
ATTESTED: ~ ..,:z;:..,z 0 -
J.R. OLSSON, W\JNTv CLERK
and ex officio Clerk of the Board
By ¼w4 g;~ ' • Deputy
RESOLt:r'rION NO. 82/1481