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Home My WebLink AboutResolution - 2191 RESOLUTION NO. 2191 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO, COUNTY OF RIVERSIDE, CALIFORNIA,AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE AND TO PERMIT THE ISSUANCE OF MORTGAGE CREDIT CERTIFICATES IN LIEU OF QUALIFIED MORTGAGE BONDS WHEREAS, there is a shortage in the County of Riverside (the "County") and in the City of San Jacinto (the "City") of decent safe and sanitary housing, particularly of housing affordable by persons in the low and moderate end of the purchasing spectrum and a need to increase the housing supply to first-time homebuyers in the County and in the City for such persons; and WHEREAS, the Board of Supervisors of the County adopted Resolution No. 87- 564 on December 22, 1987 establishing a Mortgage Credit Certificate Program pursuant to Section 51097 et. seq, of the Health and Safety Code of the Sate of California (the "Act") and Section 25 of the Internal Revenue Code of 1986 (the "Code") to issue mortgage credit certificates to qualified first-time homebuyers by allowing them to take a tax credit equal to 20 percent of the mortgage interest paid in a given year (the "Program"); and WHEREAS, the City has found and determined that it is in the best interest of the City to participate in the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act; and WHEREAS, the City has entered into a Cooperative Agreement with the County to permit the operation of the Program in the City: and WHEREAS, Section 146 of the Internal Revenue Code of 1986 limits the amount of qualified mortgage bonds that may be issued in any calendar year by entities within a State and authorizes the Governor or the Legislature of such State to provide the method of allocation within the State; and WHEREAS, Chapter 3.5 of Part 1 of Division 31 of the California Health and Safety Code (Commencing with Section 50171) governs the allocation of the State ceiling among governmental units in the State having the authority to issue qualified mortgage bonds; and WHEREAS, Section 50185 et. seq. of the Health and Safety Code and the procedures adopted pursuant thereto require a local agency to file an application with the California Debt Limit Allocation Committee prior to the issuance of qualified mortgage bonds; and WHEREAS, The City has determined to assign to the County pursuant to Section 50192 of the Health and Safety Code all of the principal amount, if any, of qualified mortgage bonds allocated to the City and to use said allocation for the issuance of mortgage credit certificates; and WHEREAS, one percent of the amount of the allocation being requested by the City is being held by the County in an escrow account; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Jacinto, as follows: Section 1: Each of the foregoing recitals is true and correct. Section 2: The City Manager, or his designee, is hereby authorized, on behalf of the City, to submit an application, and such other documents as may be required, to the California Debt Limit Allocation Committee for an allocation of $ to qualified mortgage bonds and one hundred percent (100%) of said allocation is to be utilized for mortgage credit certificates. It is hereby authorized that, upon receipt, such allocation be transferred to the County, who will issue mortgage credit certificates pursuant to the terms of the Program to persons residing within the City and the County. The City Manager, or his designee, is hereby directed to take such steps and execute such documents as is necessary to effect the transfer of the allocation to the County. Section 3: The officers and employees of the City are hereby authorized and directed, jointly and severally, to do any and all things necessary or advisable in order to effectuate the purposes of this resolution or the issuance of the mortgage credit certificates by the County, and all actions previously taken by such officers and employees in connection with the application for the allocation are hereby ratified and approved. Section 4: This Resolution shall take effect from and after its adoption. MOVED, PASSED AND ADOPTED by the City Counci this 15thday of March 1994. Henry Ii e , M ' r ATTEST: ' ep ty City Clerk CERTIFICATE The foregoing is certified to be a true copy of Resolution No. duly adopted by the said City Council of the City of San Jacinto on the date set forth therein. Laurie Mora, Deputy City Clerk w H y W +•' ,�. 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N E ° ; E C ems+ O d E N m 0 >' O M CD CD '� CL Ca Ca 0 0 0 = a. a. cn �- � J a COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF RIVERSIDE AND THE CITY OF SAN JACINTO THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered into as of , 1994 by and between the County of Riverside, a political subdivision of the State of Califronia (the "County"), and the City of San Jacinto, a political subdivision of the State of California (the "City"). WINESSETH: WHEREAS, the County adopted Resolution No. 87-564 on December 22, 1987, establishing a Mortgage Credit Certificate Program (the "Program") pursuant to Section 50197 et. seq. of the Health and Safety Code of the State of California (the "Act") and Section 25 of the Internal Revenue Code of 1986 (the "Code") to issue mortgage credit certificates to qualified, first-time homebuyers by allowing them to take a tax credit equal to 20 percent of the mortgage interest paid in a given year. WHEREAS, the City has adopted the Program and determined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for purposes of the Program; WHEREAS, the City pursuant to the Act and its Resolution No. adopted on 1994, has assigned to the County its allocation for qualified mortgage bonds to be used for the Program. NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The terms used in this Agreement shall, for all purposes of this Agreement, unless otherwise defined herein, have the meanings assigned to such terms in the Act. SECTION 2: The County agrees to undertake the Program, including using its best efforts to issue mortgage credit certificates therefore pursuant to the Act as soon as is practicable, said mortgage credit certificates being in addition to mortgage credit certificates which the County has heretofore issued for this purpose. SECTION 3: The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of issuing mortgage credit certificates pursuant to the Act by agreeing that the County shall exercise its powers to issue mortgage credit certificates under the Program, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. SECTION 4: The qualified mortgage bond allocation assigned to the County by the City for the Program will be utilized consistent with Section 50197.5 of the Act. For the initial six (6) months following the receipt and assignment of the allocations, County will use said allocation for the creation of mortgage credit certificates within the boundaries of the City. After the conclusion of said six-month period, the allocation may be used County-wide for the Program. SECTION 5: The City agrees to undertake such further proceeding or actions as may be necessary in order to carry out the terms and the intent of the Agreement. The County has entered into a cooperative agreements with other cities within the County, and nothing in these Agreement shall prevent the County from entering into one or more additional agreements with other cities within the County if deemed necessary and advisable to do so by the County. SECTION 6: This Agreement may be amended by one or more supplemental agreements executed by the County and the City. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested to by their proper officers thereunto duly authorized and their official seals to be hereto affixed, all as of the day and year first above written. COUNTY OF RIVERSIDE CITY SAN JAC NTO By Chairman, Board of Supervisors ATTEST: ATTEST: By �By/ )cu_ APPROVED AS TO FORM: APPROVED AS TdFORM: COUNTY COUNSEL Deputy City Clerk City Attorney �'