97-237RESOLUTION NO. 97R -237
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
APPROVING OF THE ANAHEIM REDEVELOPMENT AGENCY'S
PARTICIPATION IN THE 1998 MORTGAGE CREDIT CERTIFICATE
PROGRAM OF THE COUNTY OF ORANGE, AUTHORIZATION OF
THE COUNTY TO APPLY, ON BEHALF OF THE AGENCY, TO THE
CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN
ALLOCATION OF AUTHORITY TO ISSUE MORTGAGE CREDIT
CERTIFICATES, AND AUTHORIZATION OF THE TRANSFER OF
SUCH ALLOCATION TO THE COUNTY OF ORANGE.
WHEREAS, there is a shortage in the County of Orange (the "County and in the City
of Anaheim (the "City of decent, safe and sanitary housing, particularly of housing affordable
lo first -time home buyers, and a consequent need to encourage the availability of homes
affordable to such persons and otherwise to increase the housing supply in the City and in the
County for such persons; and
WHEREAS, the Board of Supervisors of the County has established a mortgage credit
certificate program (the "Program pursuant to Part 5 of Division 31 of the Health and Safety
Code of the State of California (the "Act for the purpose of issuing mortgage credit certificates
pursuant to the Act to provide funds for the Program; and
WHEREAS, the City and the Anaheim Redevelopment Agency (the "Agency have
previously found and determined that the redevelopment project areas of the Agency will be
benefited by the operation of the Program both within and without the redevelopment project
areas of the Agency, but within the boundaries of the City; and
WHEREAS, the City and the Agency have previously found and determined that it is in
the best interest of the City and the Agency to participate in the Program and to consent to the
operation of the Program by the County both within and without the boundaries of the
redevelopment project areas of the Agency, but within the boundaries of the City; and
WHEREAS, the Agency and the City have previously entered into a Cooperative
Agreement with the County to permit the operation by the County of the Program within the
boundaries of the City; and
WHEREAS, Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code limits the amount of mortgage credit certificates that may be issued in any calendar year
by entities within a state and authorizes the governor or the legislature of such state to provide
the method of allocation within such state; and
WHEREAS, Chapter 11.8 of Division 1 of title 2 of the Government Code of the State
California (the "Government Code governs the allocation of the state ceiling (as that term is
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defined in the Code) among governmental units in the State of California (the "State having the
authority to issue mortgage credit certificates; and
WHEREAS, Section 8869.85 of the Government Code requires that a Local agency file
an application for a portion of the state ceiling with or upon the direction of the California Debt
Limit Allocation Committee "CDLAC prior to the issuance of mortgage credit certificates;
and
WHEREAS, one percent of the amount of the allocation(s) to be requested on behalf of
the Agency is to be held in an account established by the Agency pursuant to Section 8869.84 of
the Government Code and the regulations of CDLAC; and
WHEREAS, the Agency has previously determined to participate in the Program in
1998; and
WHEREAS, the Agency has previously authorized that the County file an application
with CDLAC on behalf of the Agency for an allocation of authority to issue mortgage credit
certificates in 1998; and
WHEREAS, the Agency has previously authorized the transfer to the County, pursuant
to Section 8869.85(d) of the Government Code, of the total amount, if any, of the authority to
issue mortgage credit certificates allocated to the Agency in 1998; and
WHEREAS, the City desires to approve of the actions that the Agency has taken and
intends to take with respect to the Agency's participation in the Program in 1998.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM RESOLVES
AS FOLLOWS:
Section 1. Recitals.
Each of the foregoing recitals is true and correct.
Section 2. Approval of Agency's Participation in the Program.
The City Council hereby approves of the Agency's participation in the Program for the
purpose of increasing the housing supply in the County and in the City and consents to the
operation of the Program by the County with respect to all property located within the boundaries
of the City, including the payment to the County of the Agency's proportionate share (based upon
the number of participants in the Program) of administrative costs applicable to the allocation
received from CDLAC, which share is estimated not to exceed $50,000 per allocation request.
The City Council further approves the Agency's authorization (i) that the County file an
application with CDLAC on behalf of the Agency for an allocation of authority to issue
mortgage credit certificates in 1998 and (ii) of the transfer to the County of the total principal
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amount, if any, of the authority to issue mortgage credit certificates allocated to the Agency by
CDLAC.
Section 3. Operation of the Program within and outside of Redevelopment Project
Areas.
The City Council hereby finds and determines that the operation of the Program both
within and outside of the boundaries of the Agency's redevelopment project areas, but within the
boundaries of the City, will be of benefit to the Agency's redevelopment project areas.
Section 4. Further Necessary Actions.
The officers and employees of the City are authorized and directed, jointly and severally,
to do any and all things necessary or advisable in order to effectuate the purposes of this
Resolution and with respect to issuance of the mortgage credit certificates by the County, and all
actions previously taken by such officers and employees in connection with the application for
the allocation authorized to be requested are hereby ratified and approved.
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
CITY COUNCIL OF THE CITY OF ANAHEIM THIS sixteenth (16th DAY
OF December 1997.
ATTEST:
CLERK
CITY OF ANAHEIM
APPROVED AS TO FORM:
JACK L. WHITE, GENERAL COUNSEL
6
By:
JO N E. WOODHEAD IV
ASS STANT CITY ATTORNEY
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MAYOR
CITY OF ANAHEIM
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing
Resolution No. 97R -237 was introduced and adopted at a regular meeting provided by law, of
the Anaheim City Council held on the 16th day of December, 1997, by the following vote of the
members thereof:
AYES: MAYOR /COUNCIL MEMBERS: McCracken, Tait, Zemel, Lopez, Daly
NOES: MAYOR /COUNCIL MEMBERS: None
ABSENT: MAYOR /COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution
No. 97R -237 on the 16th day of December, 1997.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of Anaheim this 16th day of December, 1997.
(SEAL)
CITY CLERK OF THE CITY OF ANAHEIM
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing
is the original of Resolution No. 97R -237 was duly passed and adopted by the City Council of
the City of Anaheim on December 16th, 1997.
CITY CLERK OF THE CITY OF ANAHEIM