HomeMy WebLinkAboutRDA Reso 1996-1521 RESOLUTION NO. 1521
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA (1) APPROVING THE APPLICATION TO THE
CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE (CDLAC) FOR
AN ALLOCATION OF QUALIFIED MORTGAGE BONDS AND ITS
ALLOCATION TO THE REDEVELOPMENT AGENCY ACCEPTING
CITY'S ASSIGNMENT TO IMPLEMENT; (2) ELECTING TO
EXCHANGE SAID ALLOCATION FOR MORTGAGE CREDIT
CERTIFICATES; (3) CERTIFYING THE AVAILABILITY OF FUNDS
FOR THE REQUIRED PERFORMANCE DEPOSIT OF $50,000; (4}
APPROPRIATING $3,200 FROM THE UNAPPROPIRATED BALANCE
IN THE LOW AND MODERATE INCOME HOUSING FUND; AND (5)
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 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 1 percent of the portion of the allocation requested.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of
Chula Vista does hereby find, determine, order, and resolve as follows:
Section 1. Agency's Application for Allocation
The Agency Board approves the City's application for an allocation of qualified mortgage
bonds in the amount of $10,000,000, a copy of which is on file with the City Clerk registered
therein as Document No. RACO-23-96.
~ The enacting legislation describes a committee entitled "Mortgage Bond and Tax Credit Allocation
Committee". 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 "Committee" shall be intended as a reference to this State Committee
Section 9. Minutes
The Secretary to the Agency shall certify to the passage and adoption of this Resolution;
shall enter the same in the book of original Resolutions of said Agency; 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 Ann Moore
Director of Community Development Acting Agency Attorney
Resolution 1521
Page 3
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA, CALIFORNIA this 26th day of November 1996 by the following vote:
AYES: Members Horton, Moot, Alvey, Rindone, Padilla
NOES: None
ABSENT: None
ABSTENTIONS: None
Shirley H~'rton
Chairman
ATTEST: ~
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No.
1521 and that the same has not been amended or repealed.
Dated:
Chris Salomone