HomeMy WebLinkAboutResolutions - No. 81-94RESOLUTION NO. 81-94
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LODI RECOMMENDING USE OF P.E.R.S. RESERVES FOR
MORTGAGES
WHEREAS, rapid escalation in housing costs, in associa-
tion with unprecedented rises in mortgage interest rates have
reduced housing opportunities within the State of California;
and
WHEREAS, the present housing crisis threatens economic
growth, job growth, prosperity and the quality of life in
California; and
WHEREAS, these housing problems have been compounded by
tremendous reductions in traditional sources of mortgage
capital; and
WHEREAS, the flow of new capital into the housing market
will make housing financing more available; and
WHEREAS, public and private pension funds make up the
greatest capital resource in the State;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Lodi as follows:
1) Action should be taken by the State Legislature
which would facilitate the pension fund managers
entering into agreements with savings and loan
associations to originate and service mortgage-
backed investments on behalf of the Public Employees
Retirement System.
2) Pension fund managers should be strongly encouraged
to participate in mortgage-backed investments;
and further, should be afforded maximum flexibility
in their approach to and choice of investments,
including the investment of pension funds in
residential real estate.
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Dated: July 15, 1981
I hereby certify that Resolution No. 81-94 was passed
and adopted by the City Council of the City of Lodi
in a regular meeting held July 15, 1981 by the follow-
ing vote:
Ayes: Councilmen - Murphy, Hughes, Pinkerton, Katnich
and McCarty
Noes: Councilmen - None
Absent: Councilmen - None
A")
ALICE M. RE MCHE
City Clerk
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