HomeMy WebLinkAboutResolution 119-93 RESOLUTION NO. 119-93
A RESOLUTION OF THE COUNCIL OF THE CITY OF
ATASCADERO AUTHORIZING EXECUTION OF AN AGREEMENT
REGARDING THE USE OF MORTGAGE CREDIT CERTIFICATES IH THE
CITY OF ATASCADERO AND THE ADMINISTRATION OF THE
PROGRAM BY THE HOUSING AUTHORITY OF THE
CITY OF SAN LUIS OBISPO
WHEREAS, there is a continued need for affordable homeowner-
ship opportunities within the City of Atascadero and the County of
San Luis Obispo, particularly for households at the lower end of
the purchasing spectrum; and
WHEREAS, the Tax Reform Act of 1984 established the Mortgage
Credit Certificate Program (hereinafter referred to as the "MCC
Program" ) as a means of assisting qualified individuals with the
acquisition of new and existing single family housing; and
WHEREAS, Division 31, Part 1, Chapter 3.5, Article 4 of the
California Health and Safety Code Sections 50197 et seq (the "Act" )
authorizes " . . .a redevelopment agency, housing authority, or other
local entity, authorized by state law to issue qualified mortgage
bonds. . . " to create and participate in MCC Programs; and
WHEREAS, Section 8869.85 of the Government Code requires a
local agency to file an application for a portion of the state
ceiling with or upon the direction of the California Debt Limit
Allocation Committee ( "CDLAC") prior to the issuance of qualified
mortgage bonds or mortgage credit certificates; and
WHEREAS, the Housing Authority of the City of San Luis Obispo
( "Housing Authority" ) has heretofore determined to engage in an MCC'
Program pursuant to the "Act" in order to assist individual home
purchasers both in the City of San Luis Obispo and throughout the
county to afford both new and existing homes within the statutory
limits as provided for in said Act; and
WHEREAS, a request by the Housing Authority for an MCC Program
allocation will be heard by the California Debt Limit Allocation
Committee (CDLAC) at its October 21, 1993 meeting; and
WHEREAS, the City requests that the MCC allocation be
available to eligible first time homebuyers within the corporate
limits of the City; and
WHEREAS, the Housing Authority and City wish to cooperate with
one another pursuant to the "Act" in the exercise of their powers
under the "Act" for the purposes of the MCC Program; and
WHEREAS, the Housing Authority has the capacity to administer
an MCC Program.
Resolution No. 119-93
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Atascadero as follows:
Section 1: The Cooperative Agreement ("Agreement" ) , dated as
of September 28, 1993, between the Housing Authority and the City,
in the form presented to this meeting, is hereby approved and the
Mayor or City Manager is hereby authorized and directed to execute
and deliver the Agreement, for and in the name and on behalf of the
City. The Mayor or City Manager is authorized to approve any
additions to or changes in the form of the Agreement deemed
necessary or advisable, approval of such additions or changes to be
conclusively evidenced by the execution by the Mayor or City
Manager of the Agreement as so added to or changed. The Mayor or
City Manager is further authorized to enter into such additional
agreements with the Housing Authority, execute such other
documents, or take such other actions as they may deem necessary or
appropriate to carry out the purpose and intent of the Agreement or
to cooperate in the implementation of the Program.
,Section 2: This resolution shall take effect from and after
its adoption.
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the
Mayor or City Manager of the City be hereby authorized and directed
to execute said agreement for and on behalf of the City of Atasca-
deco.
On motion by Councilmember Bewley and seconded by Councilmember
Luna , the foregoing resolution is hereby adopted in its
entirety by the following roll call vote:
AYES: Councilmembers_ Bewley, Borgeson, Luna and Mayor Nimmo
NOES: None
ABSENT: One Seat Vacant
ADOPTED: September 28, 1993
CITY OF ATAS ERO
BY
A E4T;, ROBERT P. NIMMO, Mayor
IN, Ci Clerk
Resolution No. 119-93
Page 3
APPROVED AS TO FORM:
ARTHER R MON ANDON, City Attorney
APPROVED AS TO CONTENT:
HENRY ENGEN
Comunity DJvelopment Director
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