HomeMy WebLinkAboutORD 3318' -• • ORIGI~~AL
ORDINANCE NO. 3318
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1981-82 TO
PROVIDE AN APPROPRIATION FOR THE ESTABLISHMENT OF
CAP !TAL IMPROVEMENT PROJECT NO. 81-30 "BMR HOUSING/
MORTGAGE REVENUE BOND PROGRAM" AND TO APPROPRIATE
SPECIAL IN LIEU HOUSING FUNDS
WHEREAS, pursuant to the provisions of Section 12 of Article III
of the Charter of the City of Palo Alto, the Council on June 22, 1981,
did adopt a budget for fiscal year 1981-·82; and
WHEREAS, the Council has previously requested staff to evaluate
the potential for issuing mortgage revenue bonds to finance hou~ing in
Palo Alto; and
wHEREAS, staff has worked with Santa Clara County and its Bond
Underwriter a~d Bond Counsel in structuring a revenuP bond issue~ and
\•il!r:Rr: . .-.,"J, the C~ty of Palo l\lco must pay certain up-front fees on
behalf of de,;cloper·s building below market rate units with these costs
to bl~ t"E:funded at the time the units are sold;
NON, TH8P..EFORE, the Council of the City of Palo Alt.o does ORD,l\IN
a G f o 1low s:
SECTION 1. C&pital Improvement Project No. 81-30 is hereby estab-
1 ished fot· i'B~R/~o1ortgage Revenue Bond Program."
SECTION 2. The sum of Seventy Thousand Dollars ($70,000) is aJ?-
propriated to Capital Improvement Project No. 81-30 "BMR/Mortgage Reve
n\Je Bond Program 11 an(l t~.e unappropriated balance of th0 Special In-lieu
Housing Fund {Resider~ial) is correspondingly decreased.
SECTION 3. Th•: Council finds that rhis is not a project under the
Calit"crnia Environ·,,ental Quality Act and,, therefore, no environmental
impa~t assessment ~s necessary.
SECTION 4. This ordinance shall become effective immediately as
provided in Section 12 of Article III of the Charter and Section 2.04.
375 of the Palo Alto Municipal Code.
INTRODUCED ~ND PASSED: November 23, 1981
AYES: Bechtel, Eyerly, Fazzino, Fletcher, Henderson, Klein,
Renzel, Witherspoon
NOES: None
ABSTEN~IONS: None
ABSEN'r: Levy
Clt erk I
APPROVED A(/~0 FORM: -~h.~ C1ty Attorn~y 7/Zd;dJ.LIL.,/
er ~-~ rn:rectOiOiannlii<Jan
Community Environment ......