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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 89-69 <br /> <br /> ARESOLUTION APPROVING A MORTGAGE CREDIT <br /> CERTIFICATE PROGRAM IN COOPERATION WITH <br /> THE COUNTY OF ALAMEDA, AUTHORIZING THE <br /> MAYOR AND THE CITY CLERK TO EXECUTE FOR <br /> AND ON BEHALF OF THE CITY OF PT~ASANTON A <br /> COOPERATIVE AGREEMENT BETWEEN THE COUNTY <br /> OF ALAMEDA ANDTHE CITY OF PT~ASANTON, <br /> AUTHORIZING AN APPLICATION TO THE <br /> CALIFORNIA DEBT LIMIT ~T~OCATION <br /> COMMITTEE FOR AN~T~OCATION FOR ISSUANCE <br /> OF MORTGAGE CREDIT CERTIFICATES, <br /> AUTHORIZING THE TRANSFER OF SUCH <br /> ~T~OCATION TO THE COUNTY OF ALAMEDAAND <br /> AUTHORIZING A CONTRIBUTION TO THE COUNTY <br /> OF ALAMEDA FORT HE PAYMENT OF A PORTION <br /> OF THE COSTS OF ESTABLISHING SUCH <br /> MORTGAGE CREDIT CERTIFICATE PROGRAM. <br /> <br />WHEREAS, there is a shortage in the County of Alameda (the <br /> "County") and in the City of Pleasanton (the <br /> "City") of decent, safe and sanitary housing, <br /> affordable by persons in the lower end of the home <br /> purchasing spectrum and a consequent need to <br /> provide assistance to such persons for the <br /> financing of homes in the County and in the City; <br /> and <br /> <br />WHEREAS, the Board of Supervisors of the County intends to <br /> provide for a home mortgage credit certificate <br /> program (the "Program") pursuant to Chapter 3.5 of <br /> Part 1 of Division 31 of the Health and Safety Code <br /> of the State of California (the "Act") and to issue <br /> mortgage credit certificates, pursuant to the Act <br /> and Section 25 of the Internal Revenue Code of <br /> 1986, as amended (the "Code"), to assist in the <br /> financing of homes in the County and in the City <br /> for persons in the lower end of the home purchasing <br /> spectrum; and <br /> <br />WHEREAS, the Council finds and determines that it is in the <br /> best interest of the City to adopt the Program in <br /> conjunction with the County and to consent to the <br /> operation of the Program by the County within the <br /> geographic boundaries of the City; and <br /> <br />WHEREAS, Sections 25 and 146 of the Code limit the amount of <br /> mortgage credit certificates that may be issued in <br /> any calendar year by entities within a state and <br /> <br /> -1- <br /> <br /> <br />