HomeMy WebLinkAbout1992/09/15 Item 14
MEMORANDUM
FOR MAYOR'S COMMENTS
9/15/92 Meeting
September 3, 1992
TO:
FROM:
The Honorable Tim Nader, Mayor
John D. Goss, City ManagerJ~ 'O"~
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Chris Salomone, Community Development Director L,
VIA:
SUBJECT: Escondido-Chula Vista Housing Finance Agency Board of Directors Appointment
This memorandum is to request that you bring forward to the City Council, under Mayor's
Comments, actions to appoint a Councilmember to the Escondido-Chu1a Vista Housing Finance
Agency Board of Directors.
The Escondido-Chula Vista Housing Finance Agency was created in 1985 to issue $25,400,000
in single-family mortgage revenue bonds to be used on housing projects in Escondido and Chula
Vista. Funds from the bond sale were used to provide permanent mortgages for income-eligible
home buyers.
The Board of Directors of the Housing Finance Agency is comprised of two Councilmembers
from Chula Vista and two Councilmembers from Escondido. Originally, the Chula Vista
members were Councilman David Malcolm and Councilman Frank Scott. Councilman Scott was
subsequently replaced by Councilwoman Gail McCandliss. It is now necessary to replace Mayor
McCandliss on the Board of Directors. Duties of the Board are limited to attendance at
infrequent Board meetings to deliberate on issues affecting the 1985 bond issue (the last Board
meeting was in 1985).
This action is requested at this time because it is necessary to schedule a Board meeting to
consider refunding the 1985 issue to take advantage of the current low interest rates. The net
effect of the refunding would be that Chula Vista and Escondido would each receive
approximately $75,000 cash from the Housing Finance Agency to use for other local housing
programs, with no loss of affordable housing benefit derived from the 1985 bond issue.
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