HomeMy WebLinkAboutResolution - 1810 RESOLUTION N0, 1810
A RESOLUTION RATIFYING THE ADOPTION OF A HOME
MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE
COUNTY OF RIVERSIDE, AUTHORIZING THE SUBMISSION OF
AN APPLICATION FOR AN ALLOCATION TO ISSUE
QUALIFIED MORTGAGE BONDS AND AUTHORIZING
ASSIGNMENT OF SUCH ALLOCATION TO THE COUNTY OF
RIVERSIDE
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 lower
end of the purchasing spectrum, and a consequent need to encourage the
construction of homes offordahle by such persons and otherwise to increase the
housing supply in the County and in the City for such persons;
WHEREAS, the Board of Supervisors of the County has heretofore on
December 22, 1981 adopted Ordinance No. 588 declaring its intent to engage in
a home mortgage finance program (the "Program") pursuant to Chapters 1-5 of
Part 5 of Division 31 of the Health and Safety Code of the State of California
(the "Act") ;
WHEREAS, the City has heretofore adopted the Program and consented
to the operation of the Program by the County within the geographic boundaries
of the City pursuant to the Act and pursuant to a Cooperative Agreement dated
as of April 19, 1988 (the "Cooperative Agreement") ;
WHEREAS, the County intends to issue bonds (the "1989 Bonds")
pursuant to the Act to provide funds for the Program;
WHEREAS, before issuing mortgage revenue hands, ar issuer must
apply for and receive a private activity bond allocation `'rom the California
Debt Limit Allocation Committee or other appropriate state committee granting
allocations (the "Committee") ;
WHEREAS, the County can obtain an allocation from the Committee in
the maximum amount of only $20,000,000, and in order for there to be
sufficient allocation to permit home mortgages to be originated from proceeds
o` the Bonds with respect to homes located in the City it is necessary for the
City to obtain an allocation from the Cnmmittee and to assign said allocation
to the County;
NOW, THEREFORE, BE IT RESOLVFO, by the Council of the City of San
Jacinto, as follows:
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1. The City hereby ratifies the prior adoption of the Program for
the purpose of increasing the housing supply in the County and in the City and
the prior adoption of the Cooperative Agreement and ratifies its consent to
tl-e operation or the Program by the County with respect to all property
located within the geographical boundaries of the City.
2. The C City Manager ] or his designee is hereby authorized
to apply to the Committee for a private activity bond allocation for single
family mortgage revenue bonds in an amount not to exceed $6,500,000 The
allocation received by the City shall be transferred to the County, wfiich will
issue qualified mortgage bonds pursuant to the terms of the Program to make
mortgage loans to oualified persons. The r City Manager 1 or his designee
is herebv directed to take such steps ana execute' such documents as are
necessary to effect the transfer of such allocation to the County.
3_ The officers and employees of the City are hereby authorized
and directed, jointly and severally, to do any and all things necessary or
novisable in order to effectuate the purposes of this resolution or the
issuance of the 089 Bonds 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.
Passea and adopted by the City Council of the City of San Jacinto,
State of California, at its regular meeting held on the 21st day of February ,
i9891 by the fcllowinq vote of the Council:
AYES:' Councilmen Boykin, Rose, Redding and Ford
NOES: None
ABSEHT: Councilman Divine
-TuST
Mayor
beau zy City Clerk
LEnTIFICATE
The foregoing is certified to be a true copy of Resolution No. 1810
My adopted by the City Council of the City of San }acinto on +..he date set
forth therein.
Deputy City Clerk