HomeMy WebLinkAboutReso 1996-18179 COUNCIL RESOLUTION 18179
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, APPROVING THE CDAC APPLICATION
FOR AN ALLOCATION OF QUALIFIED MORTGAGE BONDS AND
ASSIGN ITS ALLOCATION TO THE REDEVELOPMENT AGENCY
TO IMPLEMENT; ELECTING TO EXCHANGE SAID ALLOCATION
FOR MORTGAGE CREDIT CERTIFICATES, CERTIFYING THE
AVAILABILITY OF FUNDS FOR THE REQUIRED PERFORMANCE
DEPOSIT OF $200,000 AND AUTHORIZING ITS EXECUTION BY
THE EXECUTIVE DIRECTOR
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 Committee1 ("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 1 percent of the portion of the allocation requested.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA DOES
HEREBY FIND, DETERMINE, ORDER, AND RESOLVE as follows:
Section 1. City's Application for Allocation
The City Council approves the application for an allocation of qualified mortgage bonds
in the amount of $20,000,000, a copy of which is on file in the City Clerk's Office and known
as Document No. C0-96-002, to Committee and authorizes the City Manager to execute said
application, and deliver notice of same to the Committee.
~ The enacting legislation describes a committee entitled "Mortgage Bond and Tax Credit Allocation
Committe~". To the extent that this is the State committee authorized to implement Chapter 3.5 of Division 31 of
the Health and Safety Code Section, to wit: the Qualified Mortgage Bond and Mortgage Credit Certificate Program
for the State, the use of the word "Committeem shall be intended as a reference to this State Committee
Resolution 18179
Page 2
Section 2. Assignment of Allocation and MCC Program
Pursuant to the authority of Health and Safety Code Section 50193, or such other
provision 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 Redevelopmerit 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,
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; 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. ai~f°~;~Y
Presented by: A ved :
Boogaa;d
Chris Salomone
Community Development Director City AttOrney
Resolution 18179
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 9th day of January, 1996, by the following vote:
AYES: Councilmembers: Alevy, Moot, Rindone, Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: Padilia
ABSTAIN: Councilmembers: None
Shir/l~orton, Mayor
ATTEST:
~Auth~'elet, City Cler(//~'Lx~k
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CFIULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18179 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 9th day of January,
1996.
Executed this 9th day of January, 1996.
~Authelet, City Cl~rk