RES 84429 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 84-429 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING AND AUTHORIZING THE EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT TO CREATE THE PLEASANTON-SUISUN HOME FINANCING AUTHORITY: APPOINTING TWO MEMBERS TO THE GOVERNING BOARD OF SUCH AUTHORITY; AND ASSIGNING ALLOCATION OF MORTGAGE REVENUE BONDS WHEREASp pursuant to the provisions of Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, two or more public entities may enter into a joint exercise of powers agreement to carry out the powers common to each entity; WHEREAS, the City of Pleasanton and the City of Suisun City ("The Cities") are each empowered by-Part 5 (commencing with Section 52000) of Division 31 of the Health and Safety Code of the State of California (the "Act") to issue revenue bonds for the purpose of financing the construction, acquisition and rehabilitation of homes for the benefit of the residents thereof; WHEREAS, each of the Cities has adopted or will adopt an ordinance establishing a home mortgage finance program pursuant to the Act; WHEREAS, under the Costa~Marks Housing Bond Allocation Act of 1981 and the Mortgage Subsidy Bond Tax Act of 1980, capacity to issue such bonds has been allocated to the City of Pleasanton bythe Mortgage Bond Allocation Committee, created by the Costa-Marks Housing Bond Allocation Act of 1981, and such capacity may be assigned to an authority created by such a joint powers agreement; and WHEREAS, this City Council has found and determined, and hereby finds and determines, that it is in the best interests of the City of Pleasanton that Pleasanton enter into a joint exercise of powers agreement with the City of Suisun City creating the Pleasanton-Suisun Home Financing Authority (the "Authority") to exercise their respective powers pursuant to the Act and for the Authority to proceed pursuant to the Act for the purpose of financing home mortgages with respect to property within the boundaries of the Cities; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The recitals herein contained are true and correct, and this City Council so finds.