Resolution 1984-65
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RESOLUTION NO. 84 - 65
A RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY ALLOWING MORTGAGE
REVENUE BOND UNITS TO BE PRICED AT ONE HUNDRED AND TEN PERCENT OF
AVERAGE AREA PURCHASE PRICE.
WHEREAS, the City of Gilroy (the "City") has heretofore ap-
proved and executed developer agreements with certain developers in
the 1984 single family Kortgage Revenue Bond issue; and
WHEREAS, said agreements set forth t~e terms and conditions
upon which the developer will designate residences and the issuer
"Jill reserve funds from the purchase of bonds for the purchase of
mortgage loans to finance the purchase of such residences; and
WHEREAS, both the developer and the "City" are desirous of
amending said agreements to allow units to be priced at one hundred
and ten percent (110%) of the average area purchase price in the
1984 Bond Issue.
NOW, THEREFORE, BE IT RESOLVED that the referenced 1984
Developer Agreements are hereby amended to allow units in the 1984
Bond Issue to be priced at the one hundred and ten percent (110%)
maximum.
PASSED AND ADOPTED this 4th day of September, 1984, by the
following vote:
AYES: COUNCIL NEMBERS: ALBERT, GAGE, KLOECKER, MUSSALLEM,
PATE, VALDEZ and HUGHAN.
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
APPROVED:
ATTEST:
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RESOLUTION NO. 84 - 65
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I, SUSANNE Eo STEINMETZ, City Clerk of the City of Gilroy, do
hereby certify that the attached Resolution No. 84-65 is an
original resolution, duly adopted by the Council of the City of
Gilroy at a regular meeting of said Council held on the 4th
day of September, 19~, at which meeting a quorum was
present.
IN WITNESS WHEREOF, I have hereunto set my hand and,affixed the
Official Seal of the City of Gilroy this ,5th day of September
19 84 0
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