HomeMy WebLinkAbout1983-06-07; City Council; 7404; SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAM1 + &F CARLSBAD - AGE r i I ,-
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REVENUE BOND PROGRAM MTG. 6- 7-83
TITLE SINGLE FAMILY MORTGAGE DEPT. HD.=
CITY ATTYU
DEPT. Cae * I CITY MGR.2
RECOMMENDED ACTION:
That the City Council introduce Ordinance No. /J&q adopting a home mortgage finance program and authorizing City officers to implement the program.
ITEM EXPLANATION
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On January 18, 1983 the City Council, by your adoption of Resolution No. 7122, authorized the participation of the City of
Carlsbad in the single family mortgage revenue bond program. Although we have not as yet secured an allocation the indications are that we can expect one shortly.
Current law makes the bond program available to families within 150 percent of the area income. This law sunsets June 30, 1983. The legislature is considering AB 54 to extend the program. If the legislation passes our time schedule is less critical. If it does not we will make the attempt to issue the bonds prior to June 30. Hopefully, the committee will meet and give us an allocation prior to that deadline.
If the Council wishes to continue with the program it is necessary
that Ordinance No. /(g&, f- be introduced and adopted prior to June 30, State law makes thls kind of ordinance effective immediately.
The ordinance must be introduced no later than June 14, 1983 and
must be adopted no later than the regular meeting of June 21, 1983.
At the June 21 meeting we will also be asking the City Council to
approve a number of other documents necessary to accomplish the
bond issue.
EXHIBIT
Ordinance No. /a & L/
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ORDINANCE NO. 1264
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA ADOPTING A HOME MORTGAGE -
FINANCE PROGRAM AND AUTHORIZIXG CITY OFFICERS
TO IMPLEMENT THE PROGRAM.
-. WHEREAS, there is a shortage in the City of Carlsbad of
housing which is affordable by persons on the lower end of the
k I1 purchasing I Spectrum, and a consequenk need L enbhugada &e
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increase the housing supply in the City for quch persons; and 8
construction of homes affordable by such persons and otherwise tc ..
9 WHEREAS, the City Council of the City intends to issue
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Code of the State of California (the "Act"), to provide financinc 11
bonds, pursuant to Part 5 of Division 31 of the Health and Safet4
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for the acquisition of housing in the City;
NOW, THEREFORE, the City Council of the City of
Carlsbad, California does ordain as follows:
SECTION I: The City hereby establishes a home mortgage
financing program {the "Program") pursuant to the Act and hereby
determines to issue revenue bonds pursuant to said Act to
provide funds for the Program.
SECTION 2: The City finds and declares that the
Program will serve the public purposes of increasing the housing
supply and of providing financing for decent., safe and sanitary
housing which is affordable by people on the lower end of the
purchasing spectrum.
SECTION 3: The proper officers of the City are hereby
authorized and direct.ed to perform any acts and znter into and
execute any-agreements or other documents that they may deem -
, necessary or zppropriat'e to implement the Program.
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SECTION 4. The. provisions of this ordinance, being
necessary for the welfare of the City and its inhabitants, shall
be liberally construed to effect its .purposes.
SECTION 5. This ordinance becomes effective -
immediately after passage and within 15 days of passage shall be
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published in the Carlsbad Journal, a newspaper of general
circulation published in the City.
INTRODUCED AND FIRST READ at a regular meeting of the
Carlsbad City Council held on the . 7th day of June I
19 , and thereafter
APPROVED AND ADOPTED at a regular meeting of said City
Council held on the 21st day of June 8 19 83 by
the following vote, to wit:
AYES : Council mkrs Casler, Iewis, Kulchin, Chick and presto
NOES : None
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ABSENT: None -x- d &A&/
MARY H. &ASLER, Mayor
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ATTEST:
&&d& ALETHA L. RAUTENKRANZ,
(Seal)
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STATE OF CALI.FORNIA ) .
) ss. X COUNTY OF SAN DIEGO )
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3 I, ALETHA L. RAUTENKRANZ, City Clerk of the City of
4. Carlsbad, DO HEREBY CERTIFY that the foregoing Ordinance was
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duly adopted at a regular meeting of the said City Council held
on the 21st day of June I 1983 by the following
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roll call vote:
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AYES : Councilmembers: Casler, Lewis, Kulchin, Chick and
NOES : Councilmembers: None
ABSENT,: Councilmembers: None
Prescott
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