HomeMy WebLinkAboutCC RES 09-69RESOLUTION NO. 09-69
A RESOLUTION OF THE CITY OF PALM DESERT AUTHORIZING THE
PARTICIPATION IN THE COUNTY OF RIVERSIDE MORTGAGE
CERTIFICATE (MCC) PROGRAM
THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES
AND ORDERS AS FOLLOWS:
Section 1. The Tax Reform Act of 1986 established the Mortgage
Certificate Program ("MCC Program") as a means of assisting qualified home buyer with
the acquisition of new and existing single family housing.
Section 2. Pursuant to Division 31, Part 1, Chapter 3.5, Article 3.4 of the
California Health and Safety Code Sections 50197 et. Seq., local issuers are authorized to
issue Mortgage Credit Certificates ("Certificates").
Section 3. The Board of Supervisors of the County of Riverside adopted
Resolution 87-564 on December 22, 1987 establishing a Mortgage Certificate Program.
Section 4. The Board of Supervisors of the County of Riverside has
authorized Riverside County Economic Development Agency ("EDA") to administer the
MCC Program pursuant to the applicable federal, state, and local policies and procedures,
and to enter into those agreements necessary for efficient administration of the MCC
Program.
Section 5. The County of Riverside ("County") has applied to the California
Debt Limit Allocation Committee ("CDLAC") for a mortgage credit certificate allocation.
Section 6. The City of Palm Desert ("City") wishes to participate in the
MCC Program administered by the EDA in connection with mortgage credit certificates it
will make available for the acquisition of new and existing single-family housing in the
County.
Section 7. The adoption of this resolution is necessary to include the City
as a participating unit of general government under County's MCC Program.
Section 8. The City agrees to cooperate with the County to undertake the
MCC program including marketing within City jurisdiction to assist persons or households
of limited income to purchase new and existing single family residence located in the City.
Section 9. The City by adopting this Resolution, hereby gives notice of its
election to participate in the County's MCC Program.
RESOLUTION NO. 09-69
Section 10. The officers of the City are hereby authorized and directed,
jointly and severally, to execute and deliver any and all necessary documents and
instruments and to do all things which they may deem necessary or proper in order to
effectuate the purposes of this Resolution and the transaction contemplated hereby; and
any such actions previously taken by such officers are hereby ratified, confirmed and
approved.
PASSED, APPROVED and ADOPTED this 24th day of September 2009, by the
following vote to wit:
AYES: BENSON, FERGUSON, FINERTY, KELLY, and SPIEGEL
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
R�AEHLLE D. KLASSE N, CITY CLE C
CITY OF PALM DESERT, CALIFORNIA
A a
ROBERT A. SPIE6�EL, N��YOR
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