1981-10 RESOLUTION NO. 81-10
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAND TERRACE APPROVING THE ISSUANCE BY
THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF GRAND TERRACE OF ITS RESIDENTIAL
MORTGAGE REVENUE BONDS, ISSUE OF 1981
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace has undertaken and is carrying out a redevelop-
ment program in the City of Grand Terrace in accordance with
the provisions of the California Community Redevelopment Law;
and
WHEREAS, by enactment of the Redevelopment Construction
Loans Act (the "Act" ) (Chapter 8, Part 1 , commencing with. iSec-
tion 33750 of Division 24, Health and Safety Code of the State
of California as now or as hereafter amended ) , the Legislature
of the State of California has authorized redevelopment
agencies to make long-term low interest loans to finance resi-
dential construction in redevelopment project areas in `order- to
encourage investment within and to upgrade such areas and to
issue bonds- for the purpose of financing such residential con-
struction; and
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace has determined to implement a residential con-
struction financing program to provide for the issuance of
residential mortgage revenue bonds of the Agency, the proceeds
of which are to be used to carry out such program; and
WHEREAS , to this end the Agency proposes to adopt its
resolution entitled "A Resolution of the Community Redevelop-
ment Agency of the City of Grand Terrace Authorizing the
Issuance of Residential Mortgage Revenue Bonds, Issue of 1981 " ;
and
WHEREAS , the City Council of the City of Grand Terrace
desires to approve the issuance of such mortgage revenue bonds
in the amount and at the f ate or rates.- set forth in the resolu-
tion,
NOW, THEREFORE, the City Council of the City of Grand
Terrace DOES HEREBY RESOLVE as follows:
SECTION 1 . That the issuance by the Community Redevelop-
ment Agency of the City of Grand Terrace of its Residential
Mortgage Revenue Bonds, Issue of 1981 in the approximate prin-
cipal amount of $30,200 ,000 is hereby approvea.
SECTION 2. The City Clerk shall certify to the passage and
adoption of this resolution which shall become effective
immediately.
PASSED, APPROVED and ADOPTED this 26th day of February,
1981 .
Mayor, Cit n errace
ATTEST:
_-City= erk, City of Grand Terrace
Approved as to form:
/s/ Ivan Hopkins
City Attorney
-2-
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I , MYRNA LINDAHL, City Clerk of the City of Grand Terrace,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted
by the City Council of said City at a regular meeting of the City
Council held on the 26th day of February 1981 , and
that it was so adopted by the following vote:
AYES: Councilmen Grant, Petta, Nix, Rigley;
Mayor Tillinghast.
NOES: None
ABSENT: None
I
City Cljfk of the City of Grand _
Terrace and of the City Council
Thereof.
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
- I , MYRNA LINDAHL, City Clerk of the City of Grand Terrace,
DO HEREBY CERTIFY that the above and foregoing is a full , true and
correct copy of Resolution No. 81-10 of said City Council , and
the same has not been amended or repealed.
DATED: February 26, 1981
W1 ajA,4�� z;&,�-- -0-
City erk of the Ci y of GranA = _
Terra e and of the City Council-
thereof.
(SEAL)