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99-007RESOLUTION NO. 99R-7 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM APPROVING OF THE ANAHEIM REDEVELOPMENT AGENCY'S PARTICIPATION IN THE 1999 MORTGAGE CREDIT CERTIFICATE PROGRAM OF THE COUNTY OF ORANGE, AUTHORIZING THE COUNTY OF ORANGE TO APPLY, ON BEHALF OF THF. AGENCY, TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION OF AUTHORITY TO ISSUE MORTGAGE CREDIT CERTIFICATES, AUTHORIZING THE TRANSFER OF SUCH ALLOCATION TO THE COUNTY OF ORANGE AND AUTHORIZING AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH. 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 to 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; acid 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; anal 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 b_v the County cf the Program within the boundaries of the Citv: 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 F \UOCSlHOUSWJGIRESOIUTNIPfd°8C"<98AOC 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 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 1999. 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, which share is estimated not to exceed $50,000. 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 1999 and (ii) of the transfer to the County of the F.IDOC SIROUSINGIRESOLUTN\PMRBC298. DOC total principal amount, if any, of the authority to issue mortgage credit certificates allocated to the Agency by CDhAC. 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 Twelve th DAY OF Januarv , 1999. f MAYOR f CITY OF ANAHEIM ATTEST: .._ 0 CLERK CITY OF ANAHEIM APPROVED AS TO FORM: JACK L. WHITE, CITY ATTORNEY ~~~ ~~ BY' ~ ~ ~ ~~~ -- ~~. ~OHN E. WOO EAD IV ASSISTANT CITY ATTORNEY F.IDOCSIHOUSINGiRE50LUTMPMRBC298. DOC 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. 99R-7 was introduced and adopted at a regular meeting provided by law, of the Anaheim City Council held on the 12th day of January, 1999, by the following vote of the members thereof: AYES: MAYOR/COUNCIL MEMBERS: NOES: MAYOR/COUNCIL MEMBERS: ABSENT: MAYOR/COUNCIL MEMBERS: Feldhaus, Kring, Tait, McCracken, Daly None None AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution No. 99R-7 on the 12th day of January, 1999. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 12th day of January, 1999. G~~.o--,.~.c~ CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 99R-7 was duly passed and adopted by the City Council of the City of Anaheim on January 12th, 1999. G CITY CLERK O THE CITY OF ANAHEIM