CC Resolution No. 8500
RESOIlJI'ION NO. 8500
A RESOIlJI'ION OF THE Cl'I'Y a:xJNCIL OF THE Cl'I'Y OF aJPERl'INO
AImlJRIZING EXmJI'ION OF A CXJOPERATIVE AGREEMENl' BElWEEN THE
CXXJNlY OF SANm crARA AND THE Cl'I'Y OF aJPERl'INO FOR
PARl'ICIPATICN IN A M:IRroI\GE æEDIT 1..J!l(.l'.LnCATE PROGRAM
AND AImlJRIZING APPLICATION FOR ALIDCATION OF M:IRroI\GE
æEDIT U!KL'il'.LCATE ISSUANCE AUIH>RI'lY
WHEREAS, there
UWUL bmities within
hcmeb.1yeJ:'s¡ am
WHEREAS, issuance of M:Irtgage Credit Certificates to in:tividual hane
p.¡rdJasers 'NCUld enhance the affordability of both new an;i existing hanes
within the statutory limits am thus enable the City to help meet its assisted
hoosing goals far m::derate inccme persons, as described in the General Plan
Housing Element¡ am
is a continuing need far affordable haneownership
the City of OJpertino, particularly far first-tilre
WHmEAS, there has been presented to the City oouncil a cooperative
agreement between the City of CUpertino and Ca.mty of Santa Clara regarding
participatiŒl in a DDrt.gage credit certificate ~l.AjLaw¡ and
WHEREAS, the tenDs and corditiŒlS of said agreement have been reviewed and
a¡:proved by the Director of (hnlllmú.ty Devel"¥"""Jt am the city Attorney¡
NCM 'lHEm:FŒŒ, BE IT RESOLVED that the designated rep1: õsentative of the
Santa Clara Ca.mty Board of SUpervisors is hereby authorized to make llmnediate
a¡;:plicatiŒl to the state M:Irtgage Bond AllocatiŒl Ccmnittee in the name of the
City of CUpertino far a DDrtgage borñ allocatiŒl in the aJOCA.II1t of $1,560,000 to
be converted far authority to issue M:Irtgage Credit Certificates in the éIlIIJUllt
of $390,000 (based upon the 4:1 oonversiŒl factor) ¡
PASSED AND ADOPl'ED at a regular meeting of the City c:n.m::il of the city of
CUpertino this .3J:.d....- day of SeDtember ,1991 by the following vote:
VOl'E:
~ OF THE Cl'I'Y. a:xJNCIL
AYES:
NOES:
ABSENI':
ABSTAIN:
Goldman, Rogers, Sorensen, Szabo, Koppel
None
None
None
APPRJ\IED:
/s/ Barb KODDel
'MAYOR, Cl'I'Y OFaJPERl'INO
A'ITEST:
/s/ Roberta A. Wolfe
Cl'I'Y CLERK Deputy
pcresos/rscmx: