CC Resolution No. 7345
RESOIDTIOO NO. 7345
A RESOIDTION OF 'IHE Cl'lY OXJNCIL OF 'IHE Cl'lY OF O,¡!'l:aŒ[NO
AIJmQRIZING EXEaJrION OF A COOPERATIVE 1IGREEMENl' BEIWEEN 'IHE
(X){JNn OF SANrA CIARA AND 'IHE ~ OF aJPERl'INO Pœ.
PARl'ICIPATION nl A M:>RroAGE CREDIT CERl'IFICA'I'E PROGRAM
AND AIJIHORIZnlG APPLICATION Pœ. AILOCATIOO OF M:>RroAGE
CREDIT u:;KL'U'.LCA'I'E ISSUANCE AIJlHORIT1l nlCIlJDING
EXPENDI'lUBE OF $300 Pœ. APPLICATION FEE
WHEREAS, there is a continuin;J need for affoxdable ha\neOWnerShi.p
opportunities within the City of CUpertino, particularly for first-time
hcImeb.1yers; and
WHEREAS, issuance of Mortgage credit certificates to in:lividual heme
~ tICUld ez1ha1'v: e the affordability of both new ard existin;Jl1cnvas
within the statutory limits; and
WHEREAS, there has been presented to the City Council a cooperative
agree¡ænt between the City of CUpertino and COUnty of Santa Clara
regardin;¡ participation in a mrtgage credit certificate program; and
WHEREAS, the terms and comitions of said agreement have been
reviewed and approved by the Director of plannin;J and Develop¡r.ent and the
city Attorney;
NCM 'IHEREFORE, BE IT RESOLVED that the City Manager, or his
designated representative, is hereby authorized to make i~;ate
application to the State Mortgage Bo1ù Allocation Ccmnittee in the J'IaIœ of
the City of CUpertino for a 1J¥:)rtgage I:Iord allocation in the amount of
$20,000,000 to be converted for authority to issue Mortgage credit
certificates in. the am::>Ul'1t of $5,000,000 (based upon the 4:1 conversion
factor);
BE IT FURIHER RESOLVED that an appropriation of $300 is authorized
for payment of the application fee;
BE IT FURIHER RESOLVED that a CXNer letter be sent with the
application requestin;¡ that the Mortgage Bo1ù Allocation Conunittee waive
the 1/2 of 1 percent deposit requirement in consideration of the use of
Mortgage credit certificates rather than Mortgage Revenue ):¡onds;
BE IT FURIHER RESOLVED that the Mayor and the City Clerk are hereby
authorized to execute said agreement on behalf of the City of CUpertino.
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RESOIDTION NO. 7345
PASSED AND AOOPl'ED at a regular meet.in:} of the City council of the
City of CUpertino this 19th day of october, 1987 by the following vote:
vote Members of the City council
AYES: Sparks, Gatto, Plungy, Johnson, Rogers
NOES: None
ABSENl': None
ABSTAIN: None
APPROVED:
'~I W RpP~ ~p~rkQ
Mayor, City of CUpertino
A'ITEST:
/s/ Dorothy Cornelius
City Clerk
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