HomeMy WebLinkAbout94-37 - Adopting Home Mortgage Financing Program in Cooperation with O.C.D
RESOLUTION NO. 94-37
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF COSTA MESA, CALIFORNIA, ADOPTING A
HOME MORTGAGE FINANCING PROGRAM IN
COOPERATION WITH THE COUNTY OF ORANGE.
WHEREAS, there is a shortage in the County of Orange (the "County") and in the City
of Costa Mesa (the "City") of housing affordable by persons in the lower end of the purchasing
spectrum, and a consequent need to encourage construction, purchase, and rehabilitation of
homes affordable by such persons and otherwise to increase the housing supply in the City and
in the County for such persons; and
WHEREAS, the Board of Supervisors of the County has resolved to engage in a home
mortgage financing program (the "Program") pursuant to Part 5 of Division 31 of the Health and
Safety Code of the State of California (the "Act") for persons and families within the income
limits established by the Act and intends to issue revenue bonds pursuant to the Act to provide
funds for the Program; and
WHEREAS, the City Council finds and determines that it is in the best interest of the
City to adopt the Program and to consent to implementation of the Program by the County
within the geographic boundaries of the City pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Costa Mesa
as follows:
SECTION 1. The City hereby adopts the Program for the purpose of increasing the
housing supply in the County and in the City and consents to implementation of the Program by
the County with respect to all property located within the geographic boundaries of the City
pursuant to the Act.
PASSED AND ADOPTED this 16th day of May, 1994.
Mayor of the City of Cos Mesa
ATTEST:
Deputy Ci y
Clerk of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council of
the City of Costa Mesa, hereby certify that the above and foregoing Resolution No. 94-37 was
duly and regularly passed and adopted by the said City Council at a regular meeting thereof held
on the 16th day of May, 1994.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 17th day of May, 1994.
1
Deputy Ci Clerk and ex -officio Clerk of
the City C uncil of the City of Costa Mesa