HomeMy WebLinkAbout80-92 - Resolutions RESOLUTION NO. 80-92
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF RANCHO CUCAMONGA, CALIFORNIA, ADOPTING A
HOME MORTGAGE FINANCE PROGRAM IN COOPERATION
WITH THE COUNTY OF SAN BERNARDINO.
WHEREAS, there is a shortage in the County of San Bernardino
(the "County") and in the City of Rancho Cucamonga (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 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 of San Bernardino
has determined to engage in a home mortgage finance 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 has determined to issue revenue
bonds persuant to the Act to provide funds for the Program; and
WHEREAS, the County proposes to adopt the Program by ordinance
for the purpose of increasing the housing supply in the County; and
WHEREAS, the Council of the City finds and determines that it
is in the best interest of the City to adopt the Program and to consent
to the operation of the Program by the County of San Bernardino within
the geographic boundaries of the City pursuant to the Act;
NOW, THEREFORE BE IT RESOLVED, by the Council of the City
of Rancho Cucamonga, California, as follows:
i. 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 operation of the Program by the County with respect to all property
located within the geographical boundaries of the City.
2. The cooperative agreement, dated as of October 15, 1980,
between the County and the City (the "Agreement"), in substantially the
form submitted to this meeting, is hereby approved, and the proper
officers for the City are hereby authorized and directed to execute and
deliver said Agreement, for and in the name and on behalf of the City,
and to approve any additions to or changes in the form of said Agreement
submitted to this meeting which they deem necessary or advisable, their
approval of such additions or changes to be conclusively evidenced by
their execution of said 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 or take such
other actions as they may deem necessary or appropriate to carry out the
purpose and intent of the Agreement or to cooperate in the implementation
of the Program.
3. The City hereby agrees not to engage in any competing
home mortgage finance program under the Act until at least 90% of the
home mortgages to be financed by the County under the Program with the
proceeds of such series of revenue bonds have been made or acquired.
4. This Resolution shall take effect from and after its
adoption.
Resolution No. 80-92
Page 2
PASSED, APPROVED, and ADOPTED this 15th day of October, 1980.
AYES: Mikels, Palombo, Bridge, Schlosser
NOES: None
ABSENT: Frost
Philllp D. Schlosser, Mayor
ATTEST:
~Wass~rman, City Cler~/~~k