94-198 RESOLUTION NO. 94R-198
A RESOLUTION OF THE CITY OF ANAHEIM APPROVING THE ADOPTION OF
A MORTGAGE CREDIT CERTIFICATE PROGRAM BY THE ANAHEIM
REDEVELOPMENT AGENCY IN COOPERATION WITH THE COUNTY OF
ORANGE, AUTHORIZING AN APPLICATION BY THE COUNTY ON BEHALF OF
THE AGENCY TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE
FOR AN ALLOCATION OF AUTHORITY TO ISSUE MORTGAGE CREDIT
CERTIFICATES AND THE TRANSFER OF SUCH ALLOCATION TO THE
COUNTY
WHEREAS, the Anaheim Redevelopment Agency (the "Agency") has previously
determined to participate in a mortgage credit certificate program (the "Program") for the
benefit of first-time homebuyers to be administered by the County of Orange (the
"County") pursuant to the provisions of Part 5 of Division 31 of the Health and Safety
Code of the State of California (the "Act") and the Internal Revenue Code of 1986 (the
"Code"); and
WHEREAS, the City of Anaheim (the "City") has previously determined that it is
in the best interest of the City to participate in the Program, through the Agency, and to
consent to the operation of the Program by the County within the boundaries of the City
pursuant to the Act; and
WHEREAS, the City and the Agency have previously entered into a Cooperative
Agreement with the County to permit the operation by the County of the Program in the
City; and
WHEREAS, it is anticipated that the Program will be operated both within the
project areas of the Agency and outside such project areas but within the boundaries of
the City; and
WHEREAS, the Agency has determined that the project areas of the Agency will
be benefited by the operation of the Program outside such project areas but within the
boundaries of the City; and
WHEREAS, the Agency desires that the County file an application with the
California Debt Limit Allocation Committee CCDLAC") on behalf of the Agency for an
allocation of authority to issue mortgage credit certificates, which allocation, when and if
received, the Agency intends to transfer to the County; and
WHEREAS, one percent of the amount of the allocation 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 California Government Code and the regulations of CDLAC;
NOW, THEREFORE, the City of Anaheim resolves as follows:
Section 1. Each of the foregoing recitals is true and correct.
Section 2. The City hereby approves the filing of an application with CDLAC on
behalf of the Agency for an allocation of authority to issue mortgage credit certificates in
an amount not to exceed $5.000.000, the transfer of such allocation, when and if received,
to the County and the operation of the Program by the Agency, 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 sbare is estimated to not exceed $15,000.
Section 3. The City hereby finds and determines that the operation of the Program
both within and outside the established redevelopment project areas, but within the
boundaries of the City, will be of benefit to such established redevelopment project areas.
Section 4. 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 or the administration of the Program by the 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 16th day of Aucjus,tl994.
ATTEST:
City C!erk
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. 94R-198 was introduced and adopted at a regular meeting provided by law, of the Anaheim City Council
held on the 16th day of August, 1994, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Feldhaus, Simpson, Pickler, Hunter, 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. 94R-198 on
the 17th day of August, 1994.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim
this 17th day of August, 1994.
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 R~solution No. 94R-198 was duly passed and adopted by the City Council of the City of Anaheim on
August 16, 19;)4.
CITY CLERK OF THE CI1¥ OF ANAHEIM