Resolution 09957CITY OF ALAMEDA RESOLUTION NO. 9957
APPROVING APPLICATION TO THE STATE OF CALIFORNIA FOR
AUTHORITY TO ISSUE $37,500,000 IN MORTGAGE REVENUE
BONDS
WHEREAS, there is an urgent need to provide low income
mortgages for middle income residents of the City to purchase
homes; and
WHEREAS, the sale of new owner-occupied homes would broaden
the City tax base; and
WHEREAS, the City Council finds that mortgage revenue bonds
provide a secure and inexpensive way of providing low cost
mortgages; and
WHEREAS, builders in the City of Alameda have expressed
an interest in funding the cost cf issuance of these mortgage
revenue bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF ALAMEDA that said Council approves an application to the State
of California for an allocation of $37,500,000 in mortgage revenue
bonds to be issued by the City of Alameda.
T, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 21st of December, 1982,
by the following vote to wit:
AYES: Councilmen D1dment, Gorman, Sherratt, Stone and President Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official
seal of said City this 22nd day of December, 1982.
City lerk o the City