CC Resolution No. 8014
RES:>wrrCN NO. 8014
A FF-SOUJl'ICN OF 'IHE Cl'lY CXXJNCIL OF 'IHE Cl'lY OF aJPERI'INO
AUIB::JRIZING EXEX:Ul'ICN OF A OOOPmATIVE AGREEMEN1' BEIWEEN 'IHE
CXXJtm{ OF SAN:!2\. CIARA AND 'IHE Cl'lY OF aJPERI'INO FOR
PARI'ICIPATICN IN A M:IRlGi\GE CREDIT CERl'IFICATE PI<OGRAM
AND AUIB::JRIZING APPLICATICN FOR ALIDCATICN OF M:IRlGi\GE
CREDIT 1..:tKJ.".lJ:".LCATE ISSUANCE AIJnDUT1( INCIlJDING
DESIGNATICN OF A $12,000 RESERVE
WHEm:AS, there is a contimI.in;J need for affordable haneownership
UM:JU.L lunities within] the City of OJpertino, partiallarly for first-time
haneb.1yers; an:l
WHEm:AS, issuarx:Je of ~ge Credit Certificates to in:lividual hane
~ INOUld enhance the affordability of both new an:l existin;J banes
within the statutory limits an:l thus enable the City to help meet its
assisted ha.1sin;J goals for IOOderate inoaœ persons, as descril::led in the
General Plan Hcusin;J Element; an:l
WHEm:AS, there has been presented to the City c::ourx::il a coopeJ:ative
agreement between the City of 0Jpertin0 an:l c::amty of Santa Clara
regardin;J participation in a nm1:gage credit certificate pl.09lcuu; an:l
WHEm:AS, the tenns an:l conlitions of said agreement have been reviewed
an:l ~ by the Director of Planr\in;J an:l Developoent an:l the City
Attorney;
Na'l '!HEm:FORE, BE IT RES:>LVID that the designated representative of
the Santa Clara c::amty Board of SUpervisors is hereby authorized to make
iItmediate awlication to the state ~ Bon:l Allocation Camlittee in
the name of the City of 0Jpertin0 for a JOOrtgage bon:l allocation in the
amount of $1,200,000 to be converted for authority to issue ~ge
credit Certificates in the amount of $300,000 (based upon the 4:1
conversion factor);
BE IT FURIHER RES:>LVID that a reserve of $12,000 is authorized in the
General F\n'rl as a guarantee that the nm1:gage credit certificates will be
issued;
BE IT FURIHER RES:>LVID that the Mayor an:l the City Clerk are hereby
authorized to execute said agreement on behalf of the City of 0Jpertin0.
BE IT FURIHER RES:>LVID that the city hereby i.nterDs to reserve 25% of
the certificates for hoosehold incanes below 80% of the median inoaœ;
hCJloleVer, said certificates may be used by awlicants earr1Ì1XJ above said
inoaœ level if an insufficient rnnnber of low inoaœ awlicants
participate.
RESOllJl'IΠroo 8014
PASSED AND ALuo.L"1!lJ at a regular meetin;¡ of the City O::1.Iooil of the
City of CUpertino this 22nd day of January , 1990 by the followirg
vote:
VI:II'E: -~ OF '!HE CITY CXXJNCIL
AYES: Goldman, Koppel, Sorensen, Szabo, Rogers
roES: None
ABSENl': None
ABSTAIN: None
AP.I?RJVED:
MAYOR, CITY OF aJPERl'INO
A'ITESl':
CITY CLERK
(MISC\RESIC::P)