96-131 RESOLUTION NO. 96R-131
A RESOLUTION OF THE CITY OF ANAHEIM APPROVIxNG THE
ADOPTION OF A MORTGAGE CREDIT CERTIFICATE PROGRAM BY
THE ANAHEIM REDEVELOPMENT AGENCY LN COOPERATION
WITH THE COUNTY OF ORANGE, AUTHORIZING AN APPLICATION
BY THE COUNTY ON BEHALF OF THE AGENCY TO THE
CALIFORNIA DEBT LI214IT ALLOCATION COMMITTEE FOR AN
ALLOCATION OF AUTHORITY TO ISSUE MORTGAGE CREDIT
CERTIFICATES, AND AUTHORIZING THE TRANSFER OF SUCH
ALLOCATION TO THE COUNTY
WHEREAS, the Anaheim Redevelopment Agency (the "Agen. cy") 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 Califurnia
(the "Act") and the Internal Revenue Code of 1986 (the :'Code"); and
WHE1LEAS, the City of Anaheim (the "City") has previously determined that it ix 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 to accept an allocation of mortgage credit certificate
funds and that the County file an application with the Califor'nia Debt Limit Allocation Cormmittee
("CDLAC") on behalf of the Agency for an allocation of authority to issue mortgage credit
certificates, which allocation, ~xhen 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, TItEREFORE, the City of Anaheim resolves as follows:
Section 1. Each of the foregoing recitals is true and correct.
Section 2. The City hereby approves (a) the acceptance on behalf of the Agency of a
Mortgage Credit Certificate allocation in the amount of $1,046,751 corresponding to the first half
of the 1996 calendar year, (b) 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, (c) the transfer of such allocation, when and if received, to the County, (d) 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 share is estimated to not exceed
$15,000.
Section 3. The City hereby finds and determines that the ~peration 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 necessao, 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
hereby ratified and approved.
THE FOREGOtiNG RESOLUTION is approved and adopted by the City of Anaheim
this 23rd day of July 1996.
ATTEST:
CITY CLERK
APPROVED AS TO
JACK L. WHITE. CITY ATTORNEY
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. 96R-131 was introduced and adopted at a regular meeting provided by law, of
the Anaheim City Council held on the 23rd day of July, 1996, by the following vote of the
members thereof:
AYES: MAYOR/COUNCIL MEMBERS: Tait, Feldhaus, Lopez, Daly
NOES: MAYOR/COUNCIL MEMBERS: None
ABSENT: MAYOR/COUNCIL MEMBERS: None
ABSTAINED: MAYOR/CC{3NCIL M]~4BERS: Z~m~l
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution
No. 96R-131 on the 23rd day of July, 1996.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of Anaheim this 23rd day of July, 1996.
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. 96R-131 was duly passed and adopted by the City Council of
the City of Anaheim on July 23rd, 1996.
CITY CLERK Of THE CITY OF ANAl'ElM