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93-172 RESOLUTION NO. 93R-172 A RESOLUTION OF THE CITY OF ANAHEIM AUTHORIZING THE ANAHEIM REDEVELOPMENT AGENCY TO ADOPT AND ADMINISTER A MORTGAGE CREDIT CERTIFICATE PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE, AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION FOR THE ISSUANCE OF MORTGAGE CREDIT CERTIFICATES, ASSIGNING SUCH ALLOCATION TO THE REDEVELOPMENT AGENCY AND AUTHORIZING 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 by first-time home buyers, and a consequent need to encourage the availability of homes affordable by 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 declared its intent to engage in 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") to issue mortgage credit certificates pursuant to the Act to provide funds for the Program; and WHEREAS, the City has found and determined that it is in the best interest of the City to participate in the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act; and WHEREAS, the City has determined that the Redevelopment Agency of the City is best equipped to participate in the County's program on behalf of the City; and WHEREAS, the City has previously entered into a Cooperative Agreement with the Redevelopment Agency and the county to permit the operation of the Program in 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 of California (the "Government Code") governs the allocation of the "state ceiling" (as that term is 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 a local agency, including the City, to 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, the City now desires to authorize the Redevelopment Agency to file on behalf of the City an application for a portion of the state ceiling; and WHEREAS, the City has determined, pursuant to Section 50193 of the Act, to assign any allocation received from CDLAC to the Redevelopment Agency and to approve the assignment of such allocation by the Redevelopment Agency to the County; and WHEREAS, one percent of the amount of the allocation to be requested by the Redevelopment Agency on behalf of the City is to be held in an escrow account pursuant to Section 8869.94 of the Government Code and the procedures of CDLAC; NOW, THEREFORE, the City of Anaheim resolves as follows: Section 1, Each of the foregoing recitals is true and correct and is incorporated herein by reference. Section 2. The City hereby approves the cooperation of the Redevelopment Agency 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, in conjunction with the Redevelopment Agency, with respect to all property located within the geographical boundaries of the City, including the payment to the County of the Redevelopment Agency's proportionate share (based upon the number of participants in the Program) of administrative costs applicable to each allocation received from CDLAC, which share is estimated not to exceed $15,000. Section 3. The Executive Director of the Agency, or designated representative, is authorized, on behalf of the City, to submit an application and such other documents as may be required to CDLAC for an allocation in the amount of $5,000,000, to be assigned to the County by the Redevelopment Agency for application to the issuance of mortgage credit certificates by the County. The City will assure that the dollar amount of mortgage credit certificate authority will not be exceeded by requiring the County, which shall operate the Program within and on behalf of the City, to certify that the County shall issue no more than the maximum allowable amount. Section 4. The City hereby authorizes the assignment to the Redevelopment Agency of all of the allocation of the state ceiling for mortgage credit certificates allocated to the City by CDLAC. The Executive Director or designated representative of the Redevelopment Agency, is authorized and directed to take such steps and execute such documents as are necessary to effect the transfer of such allocation to the County solely, for application to the issuance of mortgage credit certificates, which are to be used to induce the origination of mortgage credit certificates to qualifying persons residing within the City and the County. Section 5. The City hereby finds that the operation of the Program outside of the established redevelopment project areas of the Redevelopment Agency will be of benefit to such established redevelopment project areas. -2- Section 6. 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 or the issuance of the mortgage credit certificates by the County, the administration of the Program by the Redevelopment Agency and all actions previously taken by such officers and employees in connection with the application for the allocation authorized to be requested are ratified and approved. THE FOREGOING RESOLUTION is approved and adopted by the City of Anaheim this 17th day of August , 1993. Mayor ATI'EST: City Clerk -3- 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. 93R-172 was Introduced and adopted at a regular meeting provided by law, of the Anaheim City Council held on the 17th day of August, 1993, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Feldhaus, Hunter, Pickler, Simpson, Daly NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution No. 93R-172 on the 18th day of August, 1993. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 18th day of August, 1993. ~'~ ~1_4,~._ '~~ .... CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I~ LEONORA N. SOI-IL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 93R-172 was duly passed and adopted by the City Council of the City of Anaheim on August 17, 1993.