HomeMy WebLinkAbout1995-039
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 95-39
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING APPLICATION TO THE CALIFORNIA
DEBT LIMIT ALLOCATION COMMITTEE TO PERMIT
THE ISSUANCE OF QUALIFIED MORTGAGE BONDS
WHEREAS, there is a shortage in the County of San
Bernardino (the "County") and in the City of San Bernardino (the
"City") of decent safe and sanitary housing particularly of
housing afforded by persons in the lower end of the purchasing
spectrum, and a consequent need to encourage the construction of
homes affordable by such persons and otherwise to increase the
housing supply in the County and the City for such persons; and
WHEREAS, the Board of Supervisors of the County has
adopted Ordinance No. 2496 on November 17, 1980 declaring its
intent to engage in a home mortgage finance and mortgage program
(the "Program" ) pursuant to Chapters 1 through 5 Part 5 of
Division 31 of the Health and Safety Code of the State of
California (the "Act") and to issue bonds pursuant to the Act in
furtherance of the Program; and
WHEREAS, Section 146 of the Internal Revenue Code of
1986 (the "Code") limits the amount of qualified mortgage bonds
that may be issued in any calendar year by entities within a
state and authorizes the legislature of such state to provide the
method of allocating authority to issue qualified mortgage bonds
within such state; and
/ / /
-1-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
95-39
WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the
Government Code of the State of California governs the allocation
in the State of California (the "State") of the state ceiling
established by Section 146 of the Code among governmental units
in having the authority to issue qualified mortgage bonds; 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 ("CDLAC") prior to the issuance
of qualified mortgage bonds or mortgage credit certificates; and
WHEREAS, the Mayor and Common Council has determined it
is in the best interest of the City for the City to assign to the
County pursuant to Section 8869.85(d) of the Government Code any
portion of the State ceiling for private activity bonds allocated
to the City by CDLAC for qualified mortgage bonds to be issued by
the County and designated as the 1995 Series A Single Family Home
Mortgage Revenue Bonds ("1995 Series A Bonds"); and
WHEREAS, CDLAC procedures require that the County as an
applicant for a portion of the State ceiling to certify to CDLAC
that the applicant has on deposit an amount up to one percent
(1%) of the amount of allocation requested.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
-2-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
95-39
SECTION 1. The County is hereby authorized, on
behalf of the City of San Bernardino, to submit an application,
and such other documents as may be required, to CDLAC pursuant to
Government Code Section 8869.85 for an amount not to exceed
$20,000,000 for qualified mortgage bonds.
SECTION 2. The appropriate officers of the City are
hereby authorized to take all actions necessary to effect the
assignment to the County of San Bernardino of any allocation for
qualified mortgage bonds which the City may receive from CDLAC
pursuant to Section 146 of the Code, Section 8869.85 of the
Government Code and Section 4 of the Agreements for the issuance
of the 1995 Series A Bonds.
SECTION 3. The City acknowledges that the County
shall place an amount up to one percent (1%) of the requested
allocation into an escrow account and the Director of the
Department of Economic and Community Development (the
"Director"), on behalf of the City, is authorized to certify to
CDLAC that such funds of the County are available.
SECTION 4. The deposit referred to in Section 3
shall, with respect to the application to CDLAC for qualified
mortgage bonds, consists of those funds deposited by developers
and lenders with the County in connection therewith or other
funds of the County.
III
III
-3-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
95-39
SECTION 5. The officers and employees of the City
are hereby authorized and directed, jointly and severally, for
and in the name and on behalf of the City, to do any and all
things necessary or advisable in order to consummate the
issuance, sale and delivery of the qualified mortgage bonds and
otherwise to effectuate the purposes of this resolution, and all
actions previously taken by such officers and employees in
connection with the establishment of the program and the
issuance, sale and deli very of the qualified mortgage bonds,
including the submission of applications to CDLAC, are hereby
ratified and approved.
III
III
III
III
III
III
III
1/1
III
III
1/1
III
III
III
1/1
III
III
-4-
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
95-39
1
2
3
4
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, AUTHORIZING APPLICATION TO THE CALIFORNIA
DEBT LIMIT ALLOCATION COMMITTEE TO PERMIT THE ISSUANCE OF
QUALIFIED MORTGAGE BONDS
SECTION 6.
The findings and determinations herein
5 shall be final and conclusive. This Resolution shall take effect
upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a
regular
meeting
thereof, held on the 6th
day of
February
1995, by the following vote, to wit:
Council Members:
NAYS
ABSTAIN
ABSENT
AYES
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
x
x
x
x
x
x
a~~
City 't'lerk
9th
The foregoing resolution is hereby approved
day of February ,1995. ./-~~ .
--;~/"'~ )t(({"~
MaYor of the City of
San Bernardino
this
Approved as to form and legal content:
JAMES F. PENMAN
City ttorney
By: ?- Pc:~
-5-