CC Resolution No. 8919
RESOLUTION NO. 8919
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING PARTICIPATION IN A MORTGAGE CREDIT CERTIFICATE
PROGRAM AND AUTHORIZING APPLICATION FOR ALLOCATION OF
MORTGAGE CREDIT CERTIFICATE ISSUANCE AUTHORITY
WHEREAS, there is a continuing need for affordable homeownership opponunities
within the City of Cupertino, particularly for fIrst-time homebuyers; and
WHEREAS, issuance of Mongage Credit Certificates to individual homepurchasers
would enhance the affordability of both new and existing homes within the statutory limits and
thus enable the City to help meet its assisted housing goals for moderate income persons, as
described in the General Plan Housing Element; and
WHEREAS, the City of Cupertino wishes to participate in a Mongage Credit CertifIcate
program;
NOW, TIIEREFORE, BE IT RESOLVED that the designated representative of the Santa
Clara County Board of Supervisors is hereby authorized to make immediate application to the
State Mongage Bond Allocation Committee in the name of the City of Cu~o for a mongage '
bond allocation in the amount of $5,000,000 to be convened for authoritY· to issue Mongage
Credit Certificates in the amount of $1,250,000 (based upon the 4: 1 conversion factor);
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 6th day of July, 1993 by the following vote:,
VOTE:
AYES:
NOES:
ABSENT:
ABSTAIN:
MEMBERS OF THE CITY mUNCIL
Dean, Goldman, Koppel, Sorensen, Szabo
None
None
None
APPROVED:
/s/ Nick Szabo
MAYOR, CITY OF CUPERTINO
A TrEST:
/s/ Roberta A. Wolfe
CITY CLERK, Deputy
'.