R 3002
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RESOLUTION NO. 3002
A RESOLUTION OF THE crl'Y COUNCIL OF TilE CITY
OF ARROYO GR1\NDE AUTIIORIZING EXECUTION OF AN
AGREEMENT REGARDING TUE USE OF MORTGAGE CREDIT
CERTIFICATES IN THE CITY OF ARROYO GR1\NDE AND
THE ADMINISTR1\TION OF TilE PROGRAM BY TilE HOUSING
AUTHORITY OF TilE CITY OF SAN LUIS OBISPO
WIIEREAS, there is a continued need for affordable home
ownership opportunities within the city of Arroyo Grande and the
county of San Luis Obispo, particularly for households at the lower
end of the purchasing spectrum, and
WHEREAS, the Tax Reform Act of 1984 established the Mortgage
credit certificate Program (hereinafter referred to as the "MCC
program") as a means of assisting qualified individuals with the
acquisition of new and existing single-family housing' and
WHEREAS, Division 31, Part 1, Chapter 3.5, Article 4 of the
california Health and Safety code sections 50191 et seq (the "Act")
authorizes .....8 redevelopment agency, housing authority, or other
local entity, authorized by state law to issue qualified mortgage
bonds..." to create and participate in MCC Programs' and
;
WHEREAS, section 8869.85 of the Government Code requires a -\
local agency to file an application for a portion of the state -.1
ceiling with or upon the direction of the california Debt Limit ..
Allocation committee ("CDLAC") prior to the issuance of qualified .,
mortgage bonds or mortgage credit certificates, and
WIIEREAS, the Housing Authority of the city of San Luis Obispo :
("Housing Authority") has heretofore determined to engage in an NCC
Program pursuant to the "Act" in order to assist individual home
purchasers both in the city of San Luis Obispo and throughout the
county to afford both new and existing homes within the statutory
limits as provided for in said Act, and
WIIEREAS, a request by the Housing Authority for an NCC Program i
allocation will be heard by the california Debt Limit Allocation
committee (CDLAC) at its october 21, 1993, meeting, and
WIIEREAS, the city requests that the NCC allocation be
available to eligible first time home buyerS within the. corporate
limits of the city, and I
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WHEREAS, the Housing Authorl ty and city wish to cooperate with i
one another pursuant to the "Act" in the exercise of their powers .
i under the "Act" for the purposed of the NCC program' and
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WHEREAS, the Housing Authority has the capacity to administer
an NCC program. .
NOW, TUEREFORE, BE IT RESOLVED BY TilE CITY COUNCIL OF TilE CITY
OF ARROYO GRANDE, as follows:
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RESOLUTION NO. 3002
section 1: The cooperative Agreement ("Agreement"), dated as
of september 15, 1993, between the Housing Authority and the city,
in the form presented to this meeting, is hereby approved' and the
city Manager is hereby authorized and directed to execute and
deliver the Agreement for and in the name and on behalf of the
city. The city Manager 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 conolusively
evidenoed by the execution by the city Manager of the Agreement as
so added to or changes. The city Manager is further authorized to
enter into suoh additional agreements with the Housing Authority,
'..-- execute such other documents, or take such other actions as they
may deem neoessary or appropriate to oarry out the purpose and
intent of the Agreement or to cooperate in the implementation of
the Program.
section 2.: This resolution shall take effect from and after
its adoption.
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the
city Manager of the city be hereby authorized and directed to
execute said agreement for and on behalf of the city of Arroyo
Grande.
On motion of council Member Burke , seconded by
council Member Brandy , and on the following roll call vote,
to wit:
AYES: Council Members Burke, Brandy, Souza and Mayor Gallagher
NOES: None
ABSENT: Council Member Moots
the foregoing Resolution was passed and adopted this 14th day of
september, 1993.
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ATTES1':
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I, NANCY A. DAVIS, city Clerk of the city of Arroyo
Grande, county of San Luis Obispo, State of California, do hereby
certify under penalty of perjury that the foregoing Resolution No.
3002 was passed and adopted at a regular meeting of said council
on the 14th day of Septem~er, 1993.
WITNESS my hand and the Seal of the ci ty of Arroyo Grande
affixed this 16th day of September, 1993.
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NANCY A. AVIS, CITY CLERK