Resolution 1994-60
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RBSOLUTIOR RO. 94 - 60
RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY RELATING TO AN APPLICATION FOR
ALLOCATION OF MORTGAGE CREDIT CERTIFICATE ISSUANCE AUTHORITY.
WHEREAS, there is a continued need for affordable homeownership
opportunities within the City of Gilroy particularly for households at the
lower end of the purchasing spectrum; and
WHEREAS, issuance of Mortgage Credit Certificates to individual
home purchasers would enhance the affordability of both new and existing
homes within the statutory limits; and
WHEREAS, Mortgage Credit Certificates are of comparable value to
the subsidy provided by Mortgage Revenue Bonds with very few associated
costs; and
WHEREAS, Congress and the President of the United States have seen
fit to extend the MCC Program; and
WHEREAS, the Mortgage Credit Certificate program allows Joint
Exercise of Powers and Cooperative Agreements for administration and
strength of proposal; and
WHEREAS, the City of Gilroy participates in a previously approved
Joint Exercise of Powers Agreement and cooperative Agreement with the county
of Santa Clara.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of
Gilroy that the County of Santa Clara's Housing Bond Coordinator is hereby
authorized to act under the Joint Exercise of Powers Agreement to make
immediate application to the California Debt Limit Allocation Committee in
the name of the City of Gilroy for a mortgage bond allocation in the amount
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RESOLUTION NO. 94 - 60
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of $6,000,000 to be traded for authority to issue Mortgage Credit
Certificates in a face amount of $1,500,000 (based upon the 4:1 trade-in
value of bond allocation).
PASSED AND ADOPTED, at a regular meeting of the city Council of the
City of Gilroy this ~ day of
Auaust
1994
, by the following
vote:
AYES:
COUNCILMEMBERS: KLOECKER, MORALES, ROGERS, ROWLISON,
VALDEZ and GAGE.
NOES:
OOUNCILMEMBERS: None
ABSENT:
COUNCILMEMBER: GILROY
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Mayor
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RESOLUTION NO. 94 - 60
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do
hereby certify that the attached Resolution No. 94-60
is an original
resolution, duly adopted by the Council of the City of Gilroy at a regular
meeting of said Council held on the
1st
day of
AUQUst
, 19-2L,
at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Official Seal of the City of Gilroy this 2nd day of
AUQUst
,1994.
dZ::r~~;~roY ·
(Seal)