HomeMy WebLinkAbout068-87RESOLUTION NO. 68-87
A RESOLUTION ADOPTING A HOME MORTGAGE FINANCE
PROGRAM IN COOPERATION WITH THE CONTRA COSTA
HOME MORTGAGE FINANCE AUTHORITY AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE FOR AND ON BEHALF OF THE TOWN OF
DANVILLE A COOPERATIVE AGREEMENT BETWEEN
THE CONTRA COSTA HOME MORTGAGE FINANCE
AUTHORITY AND THE TOWN OF DANVILLE
WHEREAS, there is a shortage in the County of
Contra Costa (the "County") and in the Town of Danville
(the "Town") 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 of homes affordable by such
persons and otherwise to increase the housing supply in the
County and in the Town for such persons; and
WHEREAS, the Board of Supervisors of the County has
adopted an ordinance declaring its intent to engage in a home
mortgage finance program pursuant to Chapters 1-5 of Part 5
of Division 31 of the Health and Safety Code of the State of
California (the "Act") and has approved execution of a joint
exercise of powers agreement creating the Contra Costa Home
Mortgage Finance Authority (the "Authority");
WHEREAS, the Authority intends to issue bonds
pursuant to the Act to provide funds for the Authority's home
mortgage finance program (the "Program"); and
WHEREAS, the Council finds and determines that it
is in the best interest of the Town to adopt the Program and
to consent to the operation of the Program by the Authority
within the geographic boundaries of the Town pursuant to the
Act.
NOW, THEREFORE, BE IT RESOLVED, by the Council of
the Town of Danville , as follows:
1. The Iown hereby adopts the Program for the
purpose of increasing the housing supply in the County and in
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the Town and consents to the operation of the Program by the
Authority'with respect to all property located within the
geographical boundaries of the Town.
2. The cooperative agreement, dated June 1, 1987,
between the Authority and the Town (the "Agreement"), a copy
of which is attached hereto as Exhibit A, is hereby approved,
and the Mayor and the City Clerk are hereby authorized and
directed to execute and deliver said Agreement, for and in
the name and on behalf of the Town. The Mayor, with the
advice and consent of the City Attorney, is authorized to
approve any additions to or changes in the form of said
Agreement which they deem necessary or advisable, their
approval of such additions or changes to be conclusively
evidenced by execution by the Mayor of said Agreement as so
added to or changed. The Mayor, with the advice and consent
of the City Attorney, is further authorized to enter into
such additional agreements with the Authority, 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.
Passed and adopted by the Town Council of the Town
of Danville State of California, at its regular meeting
held on the %th day of 3uly , 1987, by the following
vote of the Council:
Aye s:
Councilmembers Kennett, Lane, ?~cI~ee]y,
0ffenhartz, $ch]end0rf
Noes: r~one
Absent: r~0ne
./
ATTEST:
Clerk
[ SEAL ]
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5991d-040511-0037-311 06/17/87A