Resolution 12575CITY OF ALAMEDA RESOLUTION NO. 12575
APPROVING A MORTGAGE CREDIT CERTIFICATE PROGRAM
IN COOPERATION WITH THE COUNTY OF ALAMEDA,
AND AUTHORIZING THE EXECUTION OF A COOPERATIVE AGREEMENT
BETWEEN THE CITY AND THE COUNTY AND RELATED ACTIONS
- WHEREAS, there is a shortage in the City of Alameda (the
"City ") and the County of Alameda (the "County ") of decent, safe
and sanitary housing affordable by persons in the lower end of the
home purchasing spectrum, and a consequent need to provide
assistance to such persons for the financing of homes in the City
and County; and
WHEREAS, the City Council wishes to provide for a home
mortgage credit certificate program (the "Program ") pursuant to
Chapter 3.5 of Part 1 of Division 31 of the Health and Safety Code
of the State of California (the "Act ") and to issue mortgage credit
certificates, pursuant to the Act and Section 25 of the Internal
Revenue Code of 1986, as amended (the "Code ") , to assist in the
financing of homes in the City for persons in the lower end of the
home purchasing spectrum; and
WHEREAS, the City Council finds and determines that it is in
the best interest of the City to adopt the Program in conjunction
with the County and to consent to the County operating the Program
within the geographic boundaries of the City; and
WHEREAS, Sections 25 and 146 of the Code limit the amount of
mortgage credit certificates that may be issued in any calendar
year by entities within a state and authorize the legislature of
each state to provide the method of allocating authority to issue
mortgage credit certificates within such state; and
WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the
Government Code for the State of California (the "Government Code ")
governs the allocation in State of California of the state ceiling
(as that term is defined in the Government Code) among governmental
units having authority to issue mortgage credit certificates; and
WHEREAS, Section 8869.85 of the Government Code requires a
local agency to file an application for a portion of the state
ceiling with or upon the direction of the California Debt Limit
Allocation Committee (the "Committee ") prior to issuing mortgage
credit certificates; and
WHEREAS, the City has determined to apply or have the County
apply on its behalf for a portion of the state ceiling and to
assign to the County, pursuant to Section 8869.85 (d) of the
Government Code, the total amount, if any, of authority to issue
mortgage credit certificates allocated to the City by the
Committee;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City of Alameda, as follows:
1. The City hereby adopts the Program for the purpose of
providing assistance in the financing of homes for
persons in the lower end of the home purchasing spectrum
in the City with respect to all property located within
the geographic boundaries of the City. The City Manager
or his /her designee is hereby authorized to work with the
County in developing the Program.
2. The Cooperative Agreement between the County and each of
the Participating Cities (the "Agreement "), a copy of
which is attached hereto as Exhibit A, is hereby
approved, and the City Manager and the City Attorney are
hereby authorized and directed to execute and deliver
said Agreement, for and in the name and on behalf of the
City. The City Manager, with the advice and consent of
the City Attorney, is authorized to approve any additions
to or changes in the form of said Agreement which he,
with the advice and consent of the City Attorney, deems
necessary or advisable, his approval of such conditions
or changes to be conclusively evidenced by the execution
by the City Manager of said Agreement as so added to or
changed.
3. The City Manager, or his designee, is hereby authorized,
on behalf of the City and in cooperation with the County,
to submit one or more applications, and such other
documents as may be required, to or upon the direction of
the Committee, for an allocation of a portion of the
state ceiling, in an amount not to exceed the maximum
amount for which the City and County may apply, for
application towards the issuance of mortgage credit
certificates.
4. The City Manager or his designee is hereby authorized to
pay to the County a share of the costs of operating the
Program as to be determined by the City and County.
5. The City Manager or his designee, with the advice and
consent of the City Attorney, is further authorized to
enter into such additional agreements with the County,
execute such other documents or take such other actions
as he /she may deem necessary or appropriate in the
implementation of the Program, including without
limitation, the application to the Committee for and
allocation of a portion of the state ceiling for the
issuance of mortgage credit certificates. All previous
action taken by the officers of the City in connection
with the Program and the action authorized are hereby
ratified and approved.
6. The resolution shall take effect immediately upon its
adoption.
COOPERATIVE AGREEMENT BETWEEN THE COUNTY
OF ALAMEDA AND THE CITY OF ALAMEDA
THIS COOPERATIVE AGREEMENT (this "Agreement "), is made and
entered into as of , 1994, by and between the County
of Alameda, a political subdivision of the State of California (the
"County "), and the City of Alameda, a political subdivision of the
State of California (the "City ").
WITNESSETH:
WHEREAS, the County has determined to provide assistance in
the financing of homes for persons in the lower end of the home
purchasing spectrum in the County and the City with a program to
issue mortgage credit certificates and single family mortgage
revenue bonds the (the "Program ") pursuant to Part 1 and Part 5 of
Division 31 of the Health and Safety Code of the State of
California (the "Act "); and
WHEREAS, the County has established the Program pursuant to
the Act and has determined to cooperate with the County in the
exercise of its powers under the Act for the purpose of the
Program;
NOW, THEREFORE, in consideration of the mutual covenants
hereinafter provided, the parties hereto agree as follows:
SECTION 1. The County agrees to undertake the Program and
to issue mortgage credit certificates and single family mortgage
revenue bonds thereunder pursuant to the Act. County agrees that
issuance of single family mortgage revenue bonds with respect to
property loacated within the geographic boundaries of the City will
be only for those projects approved by the Planning Director of the
City or his /her designee.
SECTION 2. City hereby agrees to cooperate with the County
in the exercise jointly or othewise of their powers for the purpose
of assisting in the financing of homes_ pursuant to the act by
agreeing that the County shall exercise its powers under the
Program, all as more specifically set forth in the Act, with
respect to property located within the geographic boundaries of the
City. In particular, and wihtout limiting the foregoing, the City
agrees, on the request of the County, either to apply or to
authorize the County to apply on the behalf of the City, in
accordance with Section 8869.85 of the Government Code, for an
allocation of the state ceiling to issue mortgage credit
certificates and single family mortgage revenue bonds and to
transfer any such allocation received to the County under the terms
of Section 8869.85(d) of the Government Code.
EXHIBIT A
SECTION 3. The City agrees to undertake such further
proceedings or actions as may be necessary in order to carry out
the to rms and intent of this Agreement. Nothing in this Agreement
shall pervent the County from entering into one or more agreements
with the other political subdivisions wihtin the County, if deemed
necessary and advisable to do so by the County.
SECTION 4. This Agreement may be amended by one or more
supplemental agreements executed by the County and the City at any
time, except that no such amendment or supplement shall be made
which shall adversely affect the rights of the holders of the bonds
or citizens who purchase a home with assistance from the Program.
SECTION 5. This agreement shall continue in effect
throughout the period during which the County is empowered to
engage in the Program pursuant to the Act, provided however, that
the City may decline to cooperate with the County under this
Agreement, in connection with any such Program of the County, upon
notice to the County to that effect within 15 days of receipt of
notice from the County of its intention to engage in the Program.
Such notice from the County shall be give to the City at lease 31
days prior to the establishment of any such Program.
IN WITNESS WHEREOF, the parties hereto have executed this
contract on the day first mentioned above.
CITY OF COUNTY OF ALAMEDA
City Manager
Planning Director
APPROVED AS TO FORM: APPROVED AS TO FORM:
Kelvin C. Booty
County Counsel
By:
L-evity Attorne Deputy County Counsel
TMIB!Coorr.Agr
r -:
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 4th day of
October , 1994, by the following vote to wit:
AYES:
NOES:
ABSENT:
Councilmembers Appezzato, Arnerich, Lucas,
Roth and President Withrow - 5.
None.
None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 5th day of October , 1994.
Diane B. Felsch, City Clerk
City of Alameda