HomeMy WebLinkAboutReso 93-302 - Authorize application to the Calif debt limit allocation committee for Mortgage Credit Cert Issuance Authority RESOLUTION NO.93
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING
APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE FOR
MORTGAGE CREDIT CERTIFICATE ISSUANCE AUTHORITY
WHEREAS,there is a recognized need for affordable homeownership opportunities within the City
of Redding, particularly for households at the lower end of the purchasing spectrum; and
WHEREAS, the issuance of Mortgage Credit Certificates (MCCs) to individual home purchasers
has been shown to enhance the affordability of both new and existing homes within the statutory limits;
and
WHEREAS,the Mortgage Credit Certificates (MCC) Program is an element of the mortgage bond
allocation distributed to local agencies for private activity by the California Debt Limit Allocation Committee
and does not restrict the City of Redding's ability to issue bonds for municipal projects; and
WHEREAS, Mortgage Credit Certificates are of comparable value to the subsidy provided by
Mortgage Revenue Bonds with very few associated costs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding that the City
Manager is hereby authorized to make application to the California Debt Limit Allocation Committee
(CDLAC) in the name of the City of Redding for a mortgage bond allocation in the amount of$10,000,000
to be traded for authority to issue Mortgage Credit Certificates in a face amount of$2,500,000(based upon
the 4:1 trade—in value of bond allocation) with the Redding Redevelopment Agency designated as the
Agency responsible for implementation of this program within the City of Redding.
I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular meeting
of the City Council of the City of Redding on the 3rd day of August 1993, and was duly adopted at said
meeting by the following vote:
AYES: BOARD MEMBERS: Dahl, "Moss and Arness
NOES: BOARD MEMBERS: None
ABSENT. BOARD MEMBERS: Anderson and Kehoe
ABSTAIN: BOARD MEMBERS: None
City o edding
ATTEST:
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CONNIE STROHMA ER, City Clerk
FORM APPROVED:
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R N DALL A. HAYS, ity Attorney
E:93MCC—RES.CC