Loading...
HomeMy WebLinkAboutReso 010-89 AlaCo MortgagePrgmRESOLUTION NO. 10-89 A RESOLUTION APPROVING A MORTGAGE CREDIT CERTIFICATE PROGRAM iN COOPERATION WITH THE COUNTY OF ALAMEDA, AUTHORIZING THE MAYOR AND THE CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE CITY OF DUBLIN A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF DUBLIN AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR AN ALLOCATION FOR ISSUANCE OF MORTGAGE CREDIT CERTIFICATES, AUTHORIZING THE TRANSFER OF SUCH ALLOCATION TO THE COUNTY OF ALAMEDA AND AUTHORIZING A CONTRIBUTION TO THE COUNTY OF ALAMEDA FOR THE PAYMENT OF A PORTION OF THE COSTS OF ESTABLISHING SUCH MORTGAGE CREDIT CERTIFICATE PROGRAM. WHEREAS, there is a shortage in the County of Alameda (the "County") and in the City of DUBLIN (the "City") of decent, safe and Sanitary housing, affordable by persons in the lower end of the home purchasing spectrum, and a consequent need to provide assistance to such persons for the financing of homes in the County and in the City; and WHERFAS, the Board of Supervisors of the County intends to provide for a home mortgage credit certificate program (the "Program") pursuant to Chapter 3.5 of Part 1 of Division 31 of the Health and Safety Code of the State of California (the "Act") and to issue mortgage credit certificates, pursuant to the Act and Section 25 of the Internal Revenue Code of 1986, as amended .(the "Code"), to assist in the financing of homes in the County and in the. City for persons in the lower end of the home purchasing spectrum; and WHERF~S, the Council finds and determines that it is in the best interest of the City to adopt the Program in conjunction with the County and to consent to the operation of the Program by the County within the geographic boundaries of the City; and WHEREAS, Sections 25 and 146 of the Code limit the amount of mortgage credit certificates that may be issued in any calendar year by entities within a state and authorize the legislature of each state to provide the method of allocating authority to issue mortgage credit certificate within such state; and WHERFAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code") governs the allocation in the State of California of the state ceiling (as that term isdefined in the Government Code) among governmental units having the authority to issue mortgage credit certificates; and WHEREAS, Section 8869.85 of the Government Code requires a local agency to file an application for a portion of the state ceiling with or upon the direction of the California Debt Limit Allocation Committee (the "Committee") prior to issuing mortgage credit certificates; and -1- WHEREAS, the City has determined to apply for a portion of the state ceiling and to assign to the County, to authorize the County on behalf of the City for a portion of the state ceiling, pursuantto Section 8869.85 (d) of the Government Code, the total amount, if any, of authority to issue mortgage credit certificates allocated to the City by the Committee; of NO U FORE' BE IT RESOLVED, by the Council of the City , as follows: 1. The City hereby adopts the Program for the purpose of providing assistance in the financing of homes for persons in the lower end of the home purchasing spectrum 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 geographic boundaries of the City. 2. The Cooperative Agreement between the County and the City (the "Agreement"), a copy of which is attached hereto as Exhibit A, is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute. and deliver said Agreement, for and in the name and on behalf of the City. The Mayor, with the advice and consent of the City Attorney, is authorized to approve any additions to or changes in the form of said Agreement which he, with the advice and consent of the City Attorney, deems necessary or advisable, his approval of such'additions or changes to be conclusively evidenced by the execution by the Mayor of said Agreement as so added to or changed. 3. The Mayor, or his designee, is hereby authorized, on behalf of the City, either to submit an application, and such other documents as may be required or to authorize the County to submit an application on behalf of the City, to or upon the direction of the Committee, for an allocation of a portion of the state ceiling, in an amount not to exceed the maximum amount for which a City may apply, for application towards the issuance of mortgage credit certificates, the final determination of the amount to be so applied for to be determined by the Mayor or his designee, upon consultation with the County's Program administrators. 4. The Mayor or his designee, is hereby authorized, on behalf of the City, to transfer the allocation authorized to be requested hereby, or so much thereof as is allocated to the City by the Committee, to the County, which will use such allocation to issue mortgage credit certificates in order to assist in the financing of homes throughout the County for persons in the lower end of the home purchasing spectrum. 5. The proper officers of the City are hereby authorized to transfer, to or upon the direction of the County, an amount not to exceed ~4,000, as the City's share of the costs of establishing the Program. The final amount of such payment shall be determined by such proper officers of the City upon consultation with the County's Program administrators. -2- 6. The Mayor, with the advice and consent of the City Attorney, is further authorized to enter into such additional agreements with the County, execute such other documents or take such other actions as he may deem necessary or appropriate to carry out the purpose and intent of the Agreement or to cooperate in the implementation of the Program, including, without limitation, the application to or upon the direction of the Committee for an allocation of a portion of the state ceiling for the issuance of mortgage credit certificates and the transfer of such allocation to the County.~ All previous actions taken by the officers of the City in connection with the Program and the actions authorized hereby are hereby ratified and approved. 7. This Resolution shall take effect immediately upon its adoption. PASSED, APPROVED ANDADOPTED this 13th day of by the following vote: February , 1989, Ayes: Councilmembers Hegarty, and Mayor Moffatt Noes: None Jeffery, Snyder, Vonheeder Absent: None A%~fEST: (SEAL) -3- EXHIBIT A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF DUBLIN THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered into as of February 13 ,1989, by and between the County of Alameda, a political subdivision of the State of California (the "County") , and the City of DUBLIN , a political subdivision of the State of California (the "City"). WITNESSETH: WHEREAS, the County has determined to engage in a mortgage credit certificate program pursuant to Chapter 3.5 of Part 1 of Division 31 of the Health and Safety Code of the State of California (the "Act") to issue mortgage credit certificates to provide assistance in the financing of homes for persons in the lower end of the home purchasing spectrum in the County and the City, pursuant to the Act (the "Program"); and WHERF3~S, the County has established the Program pursuant to the Act and has determined to cooperate with the City in the exercise of its powers under the Act for purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The County agrees to undertake the Program and to issue mortgage credit certificates thereunder pursuant to the Act. SECTION 2. The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of assisting in the financing of homes pursuant to the Act by agreeing that the County shall exercise its powers under the Program, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. In particular, and without limiting the foregoing, the City agrees, on the request of the County, either to apply or to authorize the County to appropriate on behalf of the City, in accordance with Section 8869.85 of the Government Code, for an allocation of the state ceiling to issue mortgage credit certificates and to transfer any such allocation received to the County under the terms of Section 8869.85 (d) of the Government Code. SECTION 3. The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the terms and -4- the intent of this Agreement. Nothing in this Agreement shall prevent the County from entering into one or more agreements with other political subdivisions within the County, if deemed necessary and advisable to do so by the County. SECTION 4. This Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, ~ except that no such amendment or supplement shall be made which shall ~ adversely affect the rights of the holders of any mortgage credit certificates issued by the county pursuant to the Act in connection with the Program. SECTION 5. This Agreement shall continue in effect throughout the period during which the County is empowered to engage in mortgage credit certificate program pursuant to the Act, provided however, that the City may decline to cooperate with the County under this Agreement, in connection with any such program of the County, upon notice to the County to that effect within 15 days of receipt of notice from the County of its intention to engage in a mortgage credit certificate program. Such notice from the County shall be given to the City at least 31 days prior to the establishment of any such mortgage credit certificate program. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereunto affixed, all as of the day first above written. COUM~Y Of ALAMEDA By T i tle CITY OF DUBLIN A'ITEST By Title APPROVED AS TO FORM: County Counsel A~TEST: , " ' Ci~ Cle~ City Attorney 0429h -5-