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280 <br /> MAYOR Mania Bkag.i. p� 1 <br /> MINUTES <br /> ado <br /> MAYOR Wm. J. S.tanget Redwood CI TY COUNC I L <br /> COUNCILMEN: Cry=P, <br /> Brenton C. Bnita chgi Veterans Memorial Building <br /> Rabeht H. Bury <br /> Genaid R. Chandteh June 30, 1980 <br /> Manguen,<.te Leipzig <br /> B.i.0 Rhoden <br /> Adjourned Meeting <br /> The Council of the City of Redwood City met on this date at 7:30 p.m. <br /> with Mayor Biagi presiding. <br /> Councilmen present: Britschgi, Chandler, Leipzig, Rhodes, Stangel <br /> and Mayor Biagi <br /> Councilmen absent: Bury <br /> Officials and staff present: Fales, Schricker, Smith, Hildebrand and <br /> Addiego, Schroeter, Griffiths, Bold <br /> HOUSING FINANCING <br /> Report of City Manager 6/27/80 <br /> Mayor Biagi announced that the adjourned meeting is commencing with <br /> consideration of housing financing, because of the current anticipated <br /> action of Congress relating to the use of mortgage revenue bonds. <br /> Mayor Biagi advised that after July 1, 1980 it may be impossible to <br /> use mortgage revenue bonds which might adversely affect the City's %m <br /> ability to deal with housing needs in the future. <br /> City Manager Fales referred to his report describing the situation <br /> with regard to the "Ullman Bill" and advised of the necessity of <br /> acting at this time to preserve the City's options with regard to <br /> housing financing. Mr. Fales advised further that City Attorney <br /> Schricker concurs in his recommendation that a proposed resolution <br /> be adopted which does not bind Council in any way but which is ex- <br /> pected to make it possible for the City to use mortgage revenue <br /> bonds, if necessary, in the future. <br /> Discussion followed and Mr. Fales and City Attorney Schricker com- <br /> mented and replied to questions concerning the conditions which must <br /> be met before any bonds could or would be issued; the fact that bond <br /> buyers require the tax exempt status or would not be interested in <br /> purchasing them; that the prospective buyers are aware of the terms <br /> under which such bonds are purchased; the previously stated commitment <br /> of the City with regard to housing and approval of the State Marks- <br /> Foran legislation; the fact that the San Mateo County Board of <br /> Supervisors is expected to adopt similar proposed resolutions on <br /> July 1, 1980; the steps which would be involved in providing housing <br /> financing through use of mortgage revenue bonds; and the loss of <br /> availability of tax increment funding for redevelopment because of <br /> adoption of Proposition 13 in 1978. <br /> Councilman Leipzig stated for the record that it should be made clear <br /> that the federal government will not put up any housing financing <br /> money under the Act, but offers only the tax free status of the <br /> mortgage revenue bonds which would make them attractive to buyers. <br /> +u" <br /> Adj.Mtg. <br /> 6/30/80 <br /> ec <br />