HomeMy WebLinkAboutCC RES 89-021, 'L�-� � l�-+ ��:
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RESOLUTION N0. 89-21
A RESOLUTION RATIFYING THE ADOPTION OF A HOME MORTGAGE
FINANCE PROGRAM IN COOPERTION NITH THE COUNTY OF
RIVERSIDE, AUTHORIZING TNE SUBMISSION OF AN APPLICATION
FOR AN ALLOCATION TO ISSUE QUALIFIED MORTGAGE BONDS AND
AUTHORIZING ASSIGNMENT OF SUCH ALLOCATION TO THE COUNTY
OF RIVERSIDE
WHEREAS, there is a shortage in the County of Riverside (the
"County"} and in the City of Palm Desert (the "City"? of decent,
sa�e and sanitary housing, particularly of housing affordable by
persons in the lower end of the purchasing spectrum, and a
consequent need to encourage the construction of homes affordable
by such persons and otherwise to increase the housing supply in
the County and in the City for such persons;
WHEREAS, the Board of Supervisors of the County has
heretofore on December 22, 1981 adopted Ordinance No. 588
deciaring its intent to engage fn a home mortgage flnance progrem
(the "Program") pursuant to Chapters 1-5 of Part 5 of Division 31
of the Health and Safety Code of the State of California (the
"Act")
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WHEREAS, the City has heretofore adopted the Program and
consented to the operation of the Program by the County within
the geographic boundaries of the City pursuant to the Act and
pursuant to a Cooperative Agreement dated as of November 4, 1982
(the "Cooperative Agreement"};
WHEREAS, the County intends to issue bonds (the "1989
Bonds"} pursuant to the Act to provide funds for �he Program;
WHEREAS, before issuing mortgage revenue bonds, an issuer
must epply for and recefve a private activity bond aliocation
from the California Debt Limit Allocation Committee or other
appropriate state committee granting allocations (the
"Committee");
WHEREAS, the County can obtain an allocation from the
Committee in the maximum amount of only $20,000,000, and in order
for there to be sufficient allocation to permit home mortgages to
be originated from proceeds of the Bonds with respect to homes
located in the City it is necessary for the City to obtain an
allocation from the Committee and to assign said allocation to
the County;
NOW, THEREFORE, BE IT�RESOLVED, by the Council of the City
of Palm Desert, as follows:
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RESOLUTION N0. 89-21
1. The City hereby ratiffes the prior adoption of the
Progrem for the purpose of lncreas(ng the t�ousing supply in the
County and in the City and the prior adoption of the Cooperative
Agreement and ratifies its consent to the operation of the
Program by the Coun�y with respect to ali property located within
the geographical boundaries of the City.
2. The City Manager or his designee is hereby authorized
to apply to the Committee for a private activity bond allocatfon
for single family mortgage revenue bonds in an amount not to
exceed $5,000,000. The allocation received by the City shall be
transferred to the County, which will issue qualified mortgage
bonds pursuant to the terms of the Program to make mortgage loans
to qualified persons within the City. The City Manager or his
designee is hereby directed to take such steps and execute such
documents as are necessary to effect the transfer of such
allocation to the County.
3. The officers and employees of the City are hereby
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 1989 Bonds by the
County, and all actions previously taken by such officers and
employees in connection with the application for the allocation
are hereby ratified and approved.
4. Mortgages made as a result of this allocation should
first be made available on a prfority basfs to persons currently
working or living within the City of Palm Desert.
PASSED AND ADOPTED by the City Council of the City of Palm
Desert, State of California, at its regular meeting held on the
9th day of March, 1989, by the foilowing vote of the Council:
AYES:
NOES:
ABSENT:
BENSON, CRITES, KELLY, SNYDER AND WILSON
NONE
NONE
ABSTAIN: NONE
ATTEST: , �
C ' � t, // /
�G i� �' 't-- �L' � �---�
SHEILA R. \GILLIGAN, �i",�Y CLERK
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S� ROY IL ON, MA
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