HomeMy WebLinkAboutCC Reso No 1982-521
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RESOLUTION NO. 82 -52
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE, CALIFORNIA, ASSIGNING ONE -HALF OF
THE CITY'S ENTITLEMENT AS AUTHORIZED UNDER THE
FEDERAL MORTGAGE SUBSIDY BOND ACT OF 1980 AND
THE GOVERNOR'S PROCLAMATION OF 1981.
WHEREAS, the City of Lake Elsinore's Housing Element recognizes the
provisions of affordable housing as a primary need and identifies high
mortgage interest rates as a primary obstacle: and
WHEREAS, the County of Riverside is preparing to issue mortgage
revenue bonds as authorized by state and federal law, the proceeds of
which are to be used to provide below- market rate home financing; and
WHEREAS, the City Council of the City of Lake Elsinore may
authorize the County of Riverside to allocate and administer funds for
use within the City boundaries;
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE, CALIFORNIA, AS FOLLOWS:
The City of Lake Elsinore hereby authorizes the County of
Riverside to issue qualified mortgage revenue bonds in 1982,
fn an.amoun:t.up to one -half of its entitlement. under
federal Mortgage Subsidy Bond Tax Act of 1980, for qualified
devebopers.withih its jurisdiction according to the Governor
of California's Proclamation dated August 6, 1981, a copy of
which is attached hereto and incorporated herein as Exhibit
"A ". "This approval is contingent upon Riverside County
approving, packaging and issuing said bonds in a timely manner
according to the guidelines of the Governor's Proclamation.
BE IT FURTHER RESOLVED, that the City Clerk is hereby directed to
forward a certified copy of this resolution to the Riverside County Board
of Supervisors."
This Certificate is dated this 13th day of July, 1982.
AYES: KNIGHT, MACMURRAY, TORN, VALENZUELA
NOES: NONE
ABSENT: UNSWORTH
ATTEST:
Deborah A. Harrington, Ultr Clerk
City of Lake Elsinore
� 2f �.w -ao�.
J,hn G. Unsworth, Mayor
City of Lake Elsinore
e ,
EXHIBIT "A"
'j F�G[tE O �91i(CitIL3
i;
1'ROCL,Ah7Fa'% ON
By virtue of the authority vested in the
office of the Governor of any state
by the federal tdortgagc Subsidy Bond Tay Act rccieim aslfollo sod G. Brown Jr-, as
fI Governor o£ the State. of California, hereby p i
1e »ursuant t0 `LC ucSc section
1(1?!2 ig: (f,� (1�9; shi5 proclamation[ shall
+I <<ovc -rn the allecstio[a for the cal.erdar year 19111 of the state ceiling
j „me.n- tha gt :,err..Tncntal units in tl +is stag havil�g eutbcr:ty to issue
ouslified mortgage bonds. Any allocation granted by this prcelaxnation
i shall become the applicable limit, as that term is used in Section 10311
c (g) (1 ) of the code, for the issuer to which such allocation is granted
for any qualified mortgage bands issued by such issuer in calendar ' ear
i
1991 after the date of this proclamation. .
i� `2. Yl-less the conteaxt otherwise requires, the terms defined in this ser
{� tion shall for all purposes of this proclamation have the meanings here -
i
;n specified.
(s.� `4! ttocaiic[[" nes s that principal amount of qualified mortgage
j� wands llio s loc l agency is allocated pursuant to. this proclamation
for ttte calendar year 1951.
rb)
"Committee means the Housing Bond Credit Committee estab
lishea pursuant to Section 51363 of the t;alifornia Flealth s.nd Safety,
Code.
e
(c) ti-;e federal internal Revenue Code of = °34; as ame�
I
tided.
j
(d's "l~ormttla: sllocrticn means that principal a-mount of asal�fied
p.,.
too ega'e bolds which s to ^al. agency ka allocated ,.,..pant a ,7edtion 4
FIeiCOt fod te= c0ellddar year 198 —
.,
n
(el'
: °`Issuer" rne:sn a Yoe l sgcncy oe s t-edet;elapmcnt agency, dousing
I' autY,ariYy or other local entity authorized by the laws of this state to
issue cualitied mortgage bonds to t° hi& a local agency has assigned
or part of its «llocatior: p- orsuant 'o this prociantat"'n.
(f) "Local. agency" means any E.`. Iy, caullty, or filt�' and GOURty; in tilf5 ..
(g) "Local bond lin;it" means, for cite calendar year 1931, 66 -7/3 per-
cent of the state ceiling for such calendar year, leas the amount- of all
qu lifted mortgage bonds, if any, issued by local public entites of this
state in I98I prior to the date of this proclamstion.
(h). "Median household income" irie.ans "median household income" as
defined by-Section 52020 M of the CalUornia liealth and Safety Code.
(i) "4ualiFie'd mortgage bonds" has the same meaning as that specified
in Section. 103A of the code, taking into account Section I hereof.
. wnn!ed in eu.no +wu omes ov rrerY vvrrwe
(j) "State bond Limit" means, for the calendar year 1921, 33 -113 per-
cent of the state ceiling for such e sl.endar year, less the amount of all
oual.ified mortgage bonds, if arty, issued by the state entities referred i
I� to in Section 6 in 1981 prior to the date of this proclamation.
i
Qk} "State ceiling" sh,-M be the aniount specified by the Committee
Ij pursuant to Section S of this proclamation, it
� (1) "Territory" n;ea}ns for any city or city and county, the urea. within
the tx,undaries of such city or, city and county; and for any county, the
I! area within the b<jundsl °ies of such county not within the boundaries of
;i any city. n
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(a) Any local agency or other- local public entity that has issued quali-
fier mortgage bonds during 1981, prior to the date of this proclamation,
is required to file with the Committee within 30 days after the date of
this proclamation a statement of the amount and date of such issue.
Any local agency desiring an allocation for the issuance of qualified
mortgage bonds in the calendar year 1381 after the date of this proc-
lamation shall, not more than 30 days prior to the date of issuance of
such bonds, file with the Committee a statement of the amount of
such bonds to be issued, the amount of such local agency's formula
allocation (specifying the respective amounts determined pursuant to
subsections (a) and (b) of Section 4 of this proclamation), the amounts
of any formula allocations assigned to such local agency pursuant to
Section 5 hereof, and that the first condition specified in the next
paragraph is satisfied for the granting of an allocation. The Committee
is thereupon to advise such local agency of the aggregate amount of
allocations previously granted pursuant to this section for the calendar
year 1981 and which have not expired and, during the first 60 days
after the date of this proclamation, the aggregate amounts of such
allocations determined pursuant to sulbsections (a) and (b), respectively,
of Section 4 cf this croe•Lamation.
N The filing local agency shall be deemed_ to be granted an allocation
in ;:n amount equal to the amount of bonds to be issued as stated by
the local agency in its filing if both of the followif:g conditions are
rneto
(1) The al cunt of bonds to be issued as stated by the filing
local agency, together with the aggregate amount of any alloca-
tions previously granted to (even if assigned away by) such local
agency for calendar year 1981, . does not exceed an amount eoual
to the sum of the local. agency's formula allocation and the form-
ula allocations assigned to such local agency pursuant to Section
5 hereof.
(2) The amount of such bonds to be issued, together with the
aggregate amount of allocations previously granted pursuant to
this section for the calendar year 1981. and which have not expired
as of the date of the local agency's filing with the Committee
pursuant to subsection (a) of this section, does not exceed the
local bond limit.
(e) Any allocation granted pursuant to subsection (b) of this section
shall expire on the earlier of December 31, 1981, or the date 31 days
after the date of the local ageney's filing with the Committee pursuant
to subsection (a) of this section, unless the local agency or the issuer
to which the local agency has assigned the allocation files prior to
such date of expirations with the Committee a statement that qualified
mortgage bonds have been issued in reliance upon such allocation and
the amount of such qualified mortgage: bond issue. Any amount-of
such r-tlocation in excess of the amount of such issue shall expire on
suer. date of expiration,
(d) The Committee shall not be responsible for determining whether
in fact conditions (1) and (2) of subsection (b) of this section have been
.net. Such determinations shat be the responsibility of the filing local
agency.
,. The forriula allocation for any local agency for the calendar year 1981
:,hall. be the sum of the amounts determined pursuant to subsections (a)
and (b) of this section, but not in excess of 0250,000,000 and provided
that for the first 60 days after the date of this proclamation one -half
of the local bond limit shall be reserved exclusively for allocation of
the amounts determined pursuant to subsection (b) of this section:
(a) The greatest of the foliowing amounts, less in each case the amount
of qualified mortgage bonds isisued in 111,81 prior to the date of this;
proc- lamation for use to provide financing for properties located within
the territory of such local agency.
(i) The local bond limit times the ratio of the population of
the territory of such local agency for the calendar year 1980 to
the population of the: State for the calendar year 1980, but not in
excess of YSr "no'000,
(2) The local bond limit times the ratio of the amount of growth
in population of the territory,* of such local agency ,`Yom the calendar
year 1SI5 to the calendar year 1990 to the amount of growth in
population of the state over the same period, but not in excess of
'y60a0005DOD.
(3) Twenty million dollars (:20,00.',,000).
For purposes of this subsection only, the population of the terriwry
of a local. agency for any given calendar year shall be deemed to
be the Department of Finance's population estimate for that
territory and year as of the effective date of this proclamation.
(b) In the case of,cual.ified mortgage bonds issued pursuant to Part 5
of Division 31 of the California Health and Safety Code, the
amount approved by the Committee pursuant to said act: or, in
the case of any other ourlified mortgage bonds, the amount of
the portion of the proceeds of such bonds, which by reason of
provisions in the resolution or indenture authorizing the issuance
of such bonds or by reason of the statute under which such bonds
are issued, is limited to being used to provide financing for per-
sons and families whose incomes do not exceed:
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(1) 120 percent of the median household income in the case of
financing for improving a residence or for .residences where the
purchaser will be the first occupant.
(2) The median household income where the purchaser will not
be the first occupant. However, the issuer shall assure that no
less than half the funds alo; ated for financing where the purchaser
rvil—I not be the first occupant small be for households whose income
does riot exceed 80 percent of such-median household income;
provided, that the le isl.ati.ve body of the issuer, may, by resolution,
increase this income limitation to 20 percent of median house-
hold income if the legislative body Mid_c that there are insufficient
numbers of credit - -worthy persons whose income does n t exceed
SO percent of median household income. Such a resolution shall
be final and conclusive as to the findings required by this subpara-
graph,
5e Arty local agency may by written agreement assigr, to any other issuer
havina the authority to issue qualified mortgage bond: under the :a«'s
of this std to all cr° any part of said local agenc'.yls formula all.oca.t'_On -
for the calendar year, 1981, but only if the assignment is solely for use
by the issuer to provide financing for properties located within the
territory of the assigning local agency (including a proportionate share
of costs of issuance, Lind ^e -w iter5 dls r.` eapjcallzcd 'ntereE i. reserve
funds anG similar ` parisos assocla'ed with the _P,Bii;',irig)y provided
that such assignment shall not be deemed Incf ectlVe if, after issuance
of the bonds and for. reasons beyond the control of the issuer, the issuer
is unable to use Puny portion of the proceeds of such bonds to provide
financing for pr'eperties located within the territory of the assigning
local agency, as required by such assigned allocation; and such proceeds
are instead used to redeem bonds or to provide financing for properties,
bested w'ith:n the county vAthir, which t %c ; ssigriinT local agency is
lo•ated.
G.. The-.re are hereby granted for the calendar rear 3981 the following
6llocati::ns:
(r: To the Dcp artment of Veterans Affairs, an allocation ir: the
amour :t of 'N percent of the state bona limit
(b) To the California Housing lr'inance Agency, an allocation in the
amount of 03 percent of the state bond limit.
(c) To the Military 'Department, an allocation in the amount of 3
percent of the state bond limit.
(d) To the regents of the University of California, an allocation in
the amount of 8 percent of the state bond limit.
Z. The Cor nittee is hereby requested to confirm allocations and maintain
appro�riate records with respect thereto in the manner and to the
extent contemplated by this proclamation and permitted by law.
E. The Committee, pursuant to Section 103A(g)(4) of the code, shall deter-
mine the state ceiling for calendar year 19ui as soon as practicable
i.'oilowin.g the date of this proclamation.
9e This proclamation shall, ref,min in effect only until the earlier of Jan-
uary 1, 1982 or the date upon which any legislation which would under
the code supersede this proc .,lamation becomes effective_
114 VITN iad.YkREOF 1 have hereunto set
my hand and caused the Great Seal of the
stEte of California to be affixed this
dr...y of .Fitygzast, 1981.
r
e.
governor oI Cawornia
0
Secretary of —State
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e.
governor oI Cawornia
0
Secretary of —State
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