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HomeMy WebLinkAboutCC Reso No 1987-54RESOLUTION NO. 87-54 RESOLUTION AUTHORIZING AN APPLICATION TO THE MORTGAGE BOND ALLOCATION COMMITTEE TO PERMIT I THE ISSUANCE OF QUALIFIED MORTGAGE BONDS. ' WHEREAS, there is a shortage in the County of I Riverside (the "COUnty") and in the City of Lake Elsinore I j (the "City") of decent, safe and sanitary housing, ' particularly of housing affordable by persons in the lower I ' end of the purchasing spectrum, and a consequent need to ~I ' encourage the construction of homes affordable by such I_ ' persons and otherwise to increase the housing supply in ~ the County and in the City for such persons; and , ~ WHEREAS, the Board of Supervisors of the County has , adopted an ordinance declaring its intent to engage in a ; home mortgage finance program (the "Program") pursuant to ' Part 5 of Division 31 of the Health and Safety Code of the State of California the "Act" and to issue bonds I ~ ) pursuant to the Act to provide funds for the Program; and WHEREAS, the City has found and determined that it II is in the best interest of the City to participate in the ~ i Program and to consent to the operation of the Program by the County within the geographic boundaries of the City ~' pursuant to the Act; and , WHEREAS, the City has previously entered into a ' ' Cooperative Agreement with the County to permit the ~ operation of the Program in the City; and , WHEREAS, Section 146 of the Internal Revenue Code ~ of 1986 limits the amount of qualified mortgage bonds that may be issued in any calendar year by entities within a I state and authorizes the governor or the legislature of ~I such state to provide the method of allocation within the ' state; and ' ', WHEREAS, Chapter 3.5 of Part 1 of Division 31 of , ' the Act and the Governor's Proclamation dated September 30, 1986 govern the allocation of the state ceiling amount governmental units in the State having the authority to ,' issue qualified mortgage bonds; and PAGE TWO RESOLUTION NO. 87-54 WHEREAS, Section 50191 of the Act and the procedures adopted pursuant to the Governor's Proclamation require a local agency to file an application with the Mortgage Bond allocation Committee prior to the issuance of qualiPied mortgage bonds; and WHEREAS, the City has determined to assiqn to the County pursuant to Section 50192 of the Act all of the principal amount, if any, of qualified mortgage bonds allocated to the City; and WAEREAS, one-half of one percent of the amount of the allocation being requested by the City is being held in an escrow account. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE: SECTION 1. Each of the foregoing recitals is true and correct. SECTION 2. The City Manager, or his designee, is hereby authorized, on behalf of the City, to submit an application, and such other documents as may be required, to the Mortgage Bond Allocation Committee for an allocation of $20,000,000 to issue qualified mortgage bonds. It is hereby authorized that, upon receipt, such allocation be transferred to the County, who will issue qualified mortgage bonds pursuant to the terms of the Program to make mortgage loans to persons residing within the County. The City Manager, or his designee, is hereby directed to take such steps and execute such documents as is necessary to effect the transfer of the allocation to the County. PAGE THREE RESOLUTION N0. 87-54 SECTION 3. The officers and employees of the City are hereby authorized and directed, jointly and severally, to do any and all thinqs necessary or advisable in order to effectuate the purposes of this resolution or the issuance of the 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. SECTION 4. This Resolution shall take effect from and after its adopting. PASSED, APPROVED AND ADOPTED on this 13th day of October, by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, 'Wi"N'KLER,` STRIGOTTE ' NOES: COUNCILMEMBERS: MATSON, VERMILLION ABSENT: COUNCILMEMBERS: NONE ABSTENTIONS: COUNCILMEMBERS: NONE ~ LEON TRI TE, MAYOR CI Y.OF LAKE ELSINORE ATTEST: ~~ ~/ VS~:E;:~ LYNN KASAD, CITY CLERK APPROVED AS TO FORM: 1 ~ n' t~v ~Q/~. , ~_. JOHN HAR ER, ~C Y ATTORNEY \ PAGE FOUR RESOLUTION NO. 87-54 EXHIBIT "A" EXHIBIT "A" DEVELOPER MORTGAGE REQUEST LIST COUNTY OF RIVERSIDE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT SFMRB ISSUE B 1987 REQUESTED DEVELOPER AMOUNT Century Homes $1,000,000 Ce~itex $1,000,000 John C. Heers $4,000,000 CTX Mortgage $5,000,000 Entree Mortgage $5,000,000 Forecast $5,000,000 Paragon $5,000,000 Homestead $7,000,000 First National $14,000,000 Directors Mortgage $20,000,000 Lewis Homes $10,000,000 LOCATION Moreno Valley Perris Rancho California Moreno Valley Perris Moreno Valley Riverside County Sun City Perris Perris Moreno Valley Riverside Rancho California Lake Elsinore Riverside Hemet Indio STATE OF CALIFORNIA ) ' COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) ' ', 2, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the Poregoing Resolution duly adopted by the ' City Council of the City of Lake Elsinore at a regular meeting of said , ' Council on the 13th day of October, 1987, and that it was so adopted by ' the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, WINKLER, STRIGOTTE ' i ' NOES: COUNCILMEMBERS: MATSON, VERMILLION ABSENT: COUNCILMEMBERSC NONE ABSTAIN: COUNCILMEMBERS: NONE I~I i ~ ~Tx `~~~K ~CKI LXhr~E SAD, CITY CITY OF LAK ELSINORE ', (SEAL) ' STATE OF CALIFORNIA ) , COUNTY OF RIVERSIDE ) SS: ' CITY OF LAKE ELSINORE ) ', I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, ; DO HEREBY CERTIFY that the above and foregoing is a full, true and - correct copy of Resolution No. 87-54, of said Council, and that ', the same has not been amended or repealed. ' DATED: October 13, 1987 , ~~ VICS:I LYNNE SAD, CIr~RK ' CITY OF iAK ELSTNORE __ (SEAL) '