HomeMy WebLinkAboutAgenda Statement 1985/06/11 Item 10 CITY COUNCIL AGENDA STATEMENT
Item 10
Meeting Date 6/11/85
Resolution /7 /3 Approving first amendment to Joint Powers Agreement to
ITEM TITLE: create the Escondido-Chula Vista Housing Finance Agency to finance home
mortgages
SUBMITTED BY: (4/5ths Vote: YES NO X )
Community Development Director
REVIEWED BY: City Manager
On April 9, 1985, the City Council approved Resolution No. 11988 which approved the
Joint Powers Agreement creating the Escondido-Chula Vista Housing Finance Agency for
the purpose of issuing tax-exempt Single-Family Mortgage Revenue Bonds. Changes in
U .S. Treasury laws pertainigato such issuances require amendment to those resolutions
by the Cities of Chula Vista
RECOMMENDATION: That the Council adopt the resolution approving the first amendment
to the Joint Powers Agreement (attached) creating the Escondido-Chula Vista Housing
Finance Agency.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
estricts
The Co-Bond Counsel , Ronald E• suto'entities that have at recent
leasteonelofltherfollowing
the issuance of tax-exempt bon d
powers:
1. Power of taxation;
2. General police power;
3. Power of eminent domain.
The Escondido-Chula Vista Housing Fin all of
houshngefinance agency is
one of these powers which could reasonably jurisdictions sn
the power of eminent domain, as eminent domain is often exercised by the amending
the pursuit of low and moderate-income affordable housing. Therefore,
resolution would empower the Housing forFinance
whichAgency
agencyxwasiformednewhichmwas,tobut
only in the pursuit of the purpos es
provide tax-exempt single-family mortgages. The power is granted to satisfy a tech-
nicality, and there is not contemplation of its being exercised.
FINANCIAL IMPACT: The proposed actnofwill
Escond�do and
market provide below-
million
tax-exempt bonds in the jurisdictions
market interest rate single-family mortgages to eligible homebuyers in Chula Vista
and Escondido.
D KG:as C`k --
b he City Council of
Chula Vista, California
Dated -----•-- .\)-
RA-4 (Rev. 1/80) a