HomeMy WebLinkAboutReso 1997-18817 RESOLUTION NO. 18817
(AGENCY RESOLUTION NO. 1566)
RESOLUTION OF THE CiTY COUNCIL OF THE CITY OF CHULA
VISTA AUTHO RIZI NG SUBMITTAL OF AN APPLICATION TQ THE
CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE (CDLAC)
FOR AN ALLOCATION OF QUALIFIED MORTGAGE BONDS AND
ITS ASSIGNMENT AND ALLOCATION TO THE REDEVELOPMENT
AGENCY
WHEREAS, the Health and Safety Code of the State of California, commencing at
Section 50171, ("the Act") authorizes cities or their redevelopment agencies to issue
mortgage credit certificates pursuant to a duly adopted and qualifying mortgage credit
certificate program ("MCC Program"); and
WHEREAS, federal law limits the amount of mortgage credit certificates that may be
issued in any calendar year by entities within a state and authorizes the legislature of such
state to provide the method of allocation within the state; and
WHEREAS, Chapter 3.5 of Part I Division 31 of the Health and Safety Code,
commencing at Section 50171, governs the allocation among governmental units in the state
having the authority to issue mortgage credit certificates; and
WHEREAS, Section 50191 of the Act requires a local agency to file an application with
the California Debt Limit Allocation Committee ("Committee") prior to the issuance of
mortgage credit certificates; and
WHEREAS, the Committee has, under the authority of Health and Safety Code Section
50191, required a deposit of up to one-half of one percent of the portion of the allocation
requested.
NOW, THEREFORE, BE IT RESOLVED the City Council and Redevelopment Agency of
the City of Chula Vista do hereby approve as follows:
Section 1. Agency's Application for Allocation
The City Council approves the application for an allocation of qualified mortgage bonds
in the amount of $5,000,000, a copy of which is on file with the City Clerk registered therein
as Document No. CQ97-185, and authorizes and directs the City Manager to execute same.
Section 2. Assignment of Allocation and MCC Program
Pursuant to the authority of Health and Safety Code Section 50193, or such other
I~rovision of law which permits same, the City Council hereby assigns all of its allocation of
qualified mortgage bonds under Chapter 3.5 of Division 31 of the Health and Safety Code to
the Redevelopment Agency of the City of Chula Vista, and delegates the authority and
responsibility to implement and administer the MCC Program to the Agency.
Section 3. This resolution shall take and be in full force and effect immediately upon
the passage and adoption hereof.
Resolution 18817
Page 2
Section 4. Minutes
The City Clerk shall certify to the passage and adoption of this Resolution; shall enter
the same in the book of original Resolutions of said City Council; and shall make a minute of
the passage and adoption hereof in the minutes of the meeting at which the same is passed
and adopted.
Presented by Approved as to form by
Chris Salomone Jobn~ Kaheny ' ~
Director of Community Development
Resolution 18817
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 18th day of November, 1997, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley Hor~oo~, Mayor
ATTEST:
Beverly ~. Aut~elet, City Clerk'
STATE OF CALIFORNIA )
COUNTY QF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18817 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 18th day of
November, 1997.
Executed this 18th day of November, 1997
Beverly 4Z'Autl~elet, City Clerk