CC Resolution 8702
RESOLUTION NO.~02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING SANTA CLARA COUNTY TO APPLY TO THE STATE ON BEHALF
OF THE CITY OF CAMPBELL FOR MORTGAGE CREDIT CERTIFICATES
WHEREAS, there is a continued need for affordable homeownership opportunities within
the City of Campbell; and
WHEREAS, issuance of Mortgage Credit Certificates (MCCs) in the County's current
MCC Program to individual home purchasers has been shown to enhance the affordability of
both new and existing homes within the statutory limits; and
WHEREAS, the City of Campbell has previously entered into a Cooperative Agreement
with the County of Santa Clara for the purpose of participating in a Mortgage Credit Certificate
Program; and
WHEREAS, the City of Campbell may, from time to time, under this Cooperative
Agreement, authorize the County to apply to the State of California Debt Limit Allocation
Committee in the name of the City of Campbell for mortgage bond allocations. The amount of
which can be traded for authority to issue Mortgage Credit Certificates in a face amount equal
to one quarter the value of the Cities bond allocation.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Campbell
hereby authorizes Santa Clara County to apply to the State of California Debt Limit Allocation
Committee for $10 million in Mortgage Revenue Bonds with a trade-in value of $2.5 million in
Mortgage Credit Certificates for the City of Campbell.
BE IT FURTHER RESOLVED that the City Council of the City of Campbell hereby
designates 35% of its MCC's to households earning under 80% of the County median income.
PASSED AND ADOPTED this 2nd day of August, 1994, by the following roll call vote:
AYES: Council members
NOES: Councilmembers
ABSENT: Councilmembers
Conant, Ashworth, Burr, Dougherty, Watson
None
None
tkv~
Ann Bybee, City Clerk
ATTEST: