HomeMy WebLinkAboutResolution No. 4282 RESOLUTION NO. 4282
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY,
CALIFORNIA, APPROVING JOINT POWERS AGREEMENT BY AND
BETWEEN THE CITY OF DOWNEY AND THE COUNTY OF KERN AND
ASSIGNING A CERTAIN MORTGAGE BOND ALLOCATION
TO THE RESULTING JOINT POWERS AGENCY
WHEREAS, the CITY OF DOWNEY, CALIFORNIA (the "City "), and the
COUNTY OF KERN, CALIFORNIA (the "County "), pursuant and subject to the
provisions of Part 5 Division 31 of the Health and Safety Code of the
State of California (the "Act "), are each authorized and empowered to
provide, through lending institutions, home mortgage loans to qualified
persons and households to finance the acquisition of homes and to issue
revenue bonds to provide the funds therefor; and,
WHEREAS, the Act provides that such powers may be exercised by
an agency created by a joint powers agreement under Article 1 (commencing
with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government
Code of the State of California (the "Law "), for the express purpose of
the joint exercise of powers common to the contracting parties; and
WHEREAS, such a Joint Powers Agreement has been proposed and
submitted to accomplish the formation of such agency; and,
WHEREAS, the Mortgage Bond Allocation Committee of the State of
California has upon application made to it by the City granted to the City
a supplementary allocation of qualified mortgage bonds in the amount of
$4.8 million (the "Downey Allocation "); and,
WHEREAS, pursuant to Section 50193 of the Health and Safety Code
of the State of California, the City may assign the Downey Allocation to
the aforesaid joint powers agency.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
Section 1. The above recitals are all true and correct.
Section 2. The City Council of the City of Downey hereby
authorizes the making and entering into of a certain Joint Powers Agreement
to create the COUNTY OF KERN -CITY OF DOWNEY HOUSING FINANCE AGENCY (the
"Agency ") to exercise powers common to the City and the County, to finance
home mortgages pursuant to the Act, such Joint Powers Agreement to be in
the form attached hereto as Exhibit "A ", and by this reference incorporated
herein and made a part hereof.
Section 3. Theodore H. Jackman and James T. Quinn are hereby
appointed by this City Council to serve on the Board of Directors of the
Agency to exercise the powers necessary to carry out the purposes of the
Agency as set forth in the Act, the Law and the Joint Powers Agreement.
Section 4. That the Mayor is hereby authorized to execute such
Joint Powers Agreement on behalf of the City, and the City Clerk of said
City is authorized to attest the Mayor's signature thereto and affix thereto
the seal of the City.
Section 5. The $4.8 million Downey Allocation granted by the
California Mortgage Bond Allocation Committee by 1983 Resolution MBAC No.
35 on May 5, 1983, is hereby assigned to the County of Kern -City of Downey
Housing Finance Agency, pursuant to Section 50193 of the Health and Safety
Code of the State of California.
Section 6. This Resolution shall take effect immediately upon
its passage.
RESOLUTION NO. 4282
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APPROVED AND ADOPTED this 26th , day of J , 1983.
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-o e APTAIFT ' ' ayor
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ATTEST:
Robert L. Shand, City Clerk
I HEREBY CERTIFY that the foregoing resolution was adopted by
the Downey City Council at a regular meeting thereof held on the 26th
day of July , 1983, by the following vote:
AYES: 4 Councilmen: Jackman, Barb, Quinn, Cormack
NOES: 1 Councilmen: Davila
ABSENT: o Councilmen: None
Robert L. hand, City Clerk
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