91-218 RESOLUTION NO. 91R-218
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 desires to enter 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 execution by the City of the Cooperative
Agreement with the County and the Redevelopment Agency (the
"Agreement"), a copy of which is attached hereto as Exhibit A,
is hereby approved. The Mayor, with the advice and consent of
the City Attorney, is authorized to approve any additions to or
changes in the form of the Agreement deemed necessary or
advisable, approval of such additions or changes to be
conclusively evidenced by execution by the Mayor of the City.
The City Manager and other officials of the City are further
authorized to enter into such additional agreements, execute
such other documents or take such other action as they may deem
necessary or appropriate to carry out the purpose and intent of
the Agreement or to cooperate in the implementation of the
Program.
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Section 4. 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 5. 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 6. The City hereby finds that the operation of the
Program outside of the established redevelopment p~oject areas
of the Redevelopment Agency will be of benefit to such
established redevelopment project areas.
Section 7. 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 9th day of July , 1991.
ATTEST:
City Clerk
6028u/2197-146 -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. 91R-218 was introduced and adopted at a regular
meeting provided by law, of the Anaheim City Council held on the 9th day of
July, 1991, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Simpson, Daly, Ehrle and Hunter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Pickler
AND I FURTHER certify that the Mayor of the City of Anaheim signed said
Resolution No. 91R-218 on the loth day of July, 1991.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 10th day of July, 1991.
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. 91R-218, duly passed and
adopted by the City Council of the City of Anaheim on July 9, 1991.
CITY CLERK OF THE CITY OF ANAHEIM