HomeMy WebLinkAbout92-69 - Adopting Home Mortgage Financing Program with Orange CountyL
RESOLUTION NO. 92-69
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 decent, safe, and sanitary housing, particularly of housing
affordable by persons in the lower end of the purchasing spectrum, and a consequent need to
encourage the 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, this City Council finds and determines that it is in the best interest of the
City to adopt the Program and to consent to the 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 the implementation of the Program
by the County with respect to all property located within the geographic boundaries of the City
pursuant to the Act.
SECTION 2. The agreement dated as of between the County and
the City (the "Cooperative Agreement"), in substantially the form submitted to this meeting, is
hereby approved; and the proper officers of the City are hereby authorized and directed to
execute and deliver the same, for and in the name and on behalf of the City, and to approve any
additions to, or changes in, said form thereof which they deem necessary or advisable, their
approval of such additions or changes to be conclusively evidenced by their execution of the
Cooperative Agreement as so added to or changed. The proper officers of the City are further
authorized to enter into such additional agreements with the County, execute such other
documents, and take such other actions as they may deem necessary or appropriate to carry out
the purpose and intent of the Cooperative Agreement or to cooperate in the implementation of
the Program.
SECTION 3. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 6th day of July, 1992.
ATTEST:
City Clerk of the City of Costa Mesa
8163
i4�' fhe City of Costa Mesa
WI 19, aWe-
W-Mmvj,
i
t. 164
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA
I, EILEEN P. PHINNEY, 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. 92-69 was duly and
regularly passed and adopted by the said City Council at a regular meeting thereof held on the
6th day of July, 1992.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 7th day of July, 1992.
City Clerk and ex -officio Clerk of e
City Council of the City of Costa Wsa
1