HomeMy WebLinkAboutRES NO 72-89RESOLUTION NO. 72-89
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BAKERSFIELD, CALIFORNIA,
AUTHORIZING PARTICIPATION IN A HOME
MORTGAGE FINANCE PROGRAM IN COOPERATION
WITH THE HOUSING AUTHORITY OF THE COUNTY
OF KERN, AUTHORIZING THE SUBMISSION OF AN
APPLICATION FOR AN ALLOCATION TO ISSUE
QUALIFIED MORTGAGE BONDS AND AUTHORIZING
ASSIGNMENT OF SUCH ALLOCATION TO THE
HOUSING AUTHORITY OF THE COUNTY OF KERN
WHEREAS, there is a shortage in Kern County (the
"County") and in the City of Bakersfield (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 of homes affordable by such persons and
otherwise to increase the housing supply in the County and
in the City for such persons:
WHEREAS, the Board of Commissioners of the Housing
Authority of the County of Kern (the "Housing Authority")
has heretofore on April 12, 1989, adopted Resolution
No. 1313 declaring its intent to engage in a home mortgage
finance program (the "Program") pursuant to Chapter 1
(commencing with Section 34200) of Part 2 of Division 24 of
the Health and Safety Code of the State of California (the
"Act");
WHEREAS, the City desires to approve the Program
and consent to the operation of the Program by the Housing
Authority within the geographic boundaries of the City
pursuant to the Act;
WHEREAS,
previously
No. 73-21,"
authorizing
the City and the Housing Authority have
entered into a "Cooperation Agreement"
dated March 5, 1973 (the "1973 Agreement")
the Housing Authority to undertake certain
housing programs within the geographic boundaries of the
City and the City now desires to execute a Supplemental
Cooperation Agreement with the Housing Authority (the
"Supplemental Cooperation Agreement") to supplement the 1973
Agreement for the purpose of approving the operation of the
Program in the City; and
WHEREAS, the Housing Authority intends to issue
bonds (the "1989 Bonds" pursuant to the Act to provide
funds for the Program;
WHEREAS, before issuing mortgage revenue bonds, an
issuer must apply for and receive a private activity bond
allocation from the California Debt Limit Allocation
Committee or other appropriate state committee granting
allocations (the "Committee");
WHEREAS, the Housing Authority can obtain an
allocation from the Committee in the maximum amount of only
$20,000,000 and in order for there to be sufficient
allocation to permit home mortgages to be originated from
proceeds of the bonds with respect to homes located in the
City it is necessary for the City to obtain an allocation
from the Committee and to assign said allocation to the
Housing Authority..
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NOW, THEREFORE, BE IT RESOLVED, by the City Council
of the City of Bakersfield, as follows:
Section 1. Participation in Program; Cooperative
Agreement. The City Council hereby authorizes the City's
participation in the Program for the purpose of increasing
the housing supply in the County and in the City and
consents to the operation of the Program by the Housing
Authority with respect to all property located within the
geographical boundaries of the City. The form of the
Supplemental Cooperative Agreement presented to this meeting
is hereby approved and the Mayor is hereby authorized and
directed to execute and the City Clerk is authorized and
directed to attest said Supplemental Cooperation Agreement
in substantially the form presented with such insubstantial
changes thereto as may be approved by the officers executing
the same, such approval to be conclusively evidenced by the
execution thereof.
Section 2. Private Activity Bond Allocation. The
Mayor or the Mayor's designee, is hereby authorized to apply
to the Committee for a private activity bond allocation for
single family mortgage revenue bonds in an amount not to
exceed $20,000,000. The allocation received by the City
shall be transfezred to the Housing Authority, which will
issue qualified mortgage bonds pursuant to the terms of the
Program to make mortgage loans to qualified persons. The
Mayor or the Mayor's designee, is hereby directed to take
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such steps and execute such documents as are necessary to effect the
transfer of such allocation to the Housing Authority.
Section 3. Official Actions. The officers and employees of
the City are hereby authorized and directed, jointly and severally, to
do any and all things necessary or advisable in order to effectuate
the purposes of this resolution or the issuance of the 1989 Bonds by
,the Housing Authority, and any and all actions previously taken by such
officers and employees in connection with the matters herein are
hereby ratified and approved.
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SKH0655
I HEREBY CERTIFY that the foregoing Resolution was passed and
adopted by the Council of the City of Bakersfield at a regular meeting
thereof held on 31 day of May , 1989, by
the following roll call vote:
AYES: COUNCILME~E~S: A~frHONY,DeMOND,SMI]~¢,PJ~3L~Y,Pb'~'E~ON,McDEPJ;~YI'r,SALVAGGIO
NOES: CO[.~CIL~.~BEP~S: NONE
ABSENT: COUNCILME~ERS: NONE
ABSTAINING: COUNCILMEMBEt~: NONE
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED
MAYbR of the City of Bakersfield
~Y ATaRi/of tT~e City
Bakersf~/// I-
C:RESSIG
APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS
FOR SINGLE FAMILY HOUSING BOND PROGRAMS
California Debt Limit Allocation Committee
P.O. Box 942809
Sacramento, CA 94209-0001
(9116) 324-0310
SECTION I:
1.
2.
3.
5.
APPLICANT INFORMATION
Name of Applicant:
Street Address:
City:Bakersfield
County:Kern
Contact Person: Jake Wager
City of Bakersfield
1501 Truxtun Avenue
4. Zip Code: 93308
6. Phone: 805-393-2150
Title: Director of Economic Development
SECTION II: PROGRAM INFORMATION
9. Amount of Allocation Requested: $ 20,000,000
The City is joining with the Housing Authority's application, as well as is
Delano, with the Authority acting as Issuer. The Resolutions and summary
applications are attached, as well as the Resolutions approving the Program
and the Cooperation Agreements.
10. Issuer of the Bonds:
Ix] Housing Authority ( of the County of Kern )
CERTIFICATION:
I certify that the information provided
in,this application is complete, true
/ //~and correct'
Jake Wager ..... / /
Signature
Director, Department ol' Ecrnomic Development, City of Bakersfield
May 31,1989
(805)_326-3765