HomeMy WebLinkAboutResolution No. 3311RESOLUTION N0. 3311
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION
WITH THE COUNTY OF ORANGE
239
WHEREAS, there is a shortage in the County of Orange (the "County ") and in the
City of Cypress (the "City ") 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, purchase and rehabilitation of homes
affordable by such persons and otherwise to increase the housing supply in the City and
in the County for such persons; and
WHEREAS, the Board of Supervisors of the County has resolved to engage in a home
mortgage finance program (the "Program ") pursuant to Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act ") for persons and families
within the income limits established by the Act and has determined to issue revenue
bonds pursuant to the Act to provide funds for the Program; and
WHEREAS, this City Council finds and determines that it is in the best interest
of the City to adopt the Program and to consent to the implementation of the Program by
the County within the geographic boundaries of the City pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cypress as
follows:
SECTION 1. The City hereby adopts the Program for the purpose of increasing the
housing supply in the County and in the City and consents to the implementation of the
Program by the County with respect to all property located within the geographic
boundaries of the City pursuant to the Act.
SECTION 2. The agreement, dated as of November 9, 1987, between the County and
the City (the "Cooperative Agreement "), in substantially the form submitted to this
meeting, is hereby approved; and the proper officers of the City are hereby authorized
and directed to execute and deliver the same, for and in the name and on behalf of the
City, and to approve any additions to or changes in said form thereof which they deem
necessary or advisable, their approval of such additions or changes to be conclusively
evidenced by their execution of the Cooperative Agreement as so added to or changed.
The proper officers of the City are further authorized to enter into such additional
agreements with the County, execute such other documents and take such other actions as
they may deem necessary or appropriate to carry out the purpose and intent of the
Cooperative Agreement or to cooperate in the implementation of the Program.
SECTION 3. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cypress on the 9th day of November 1987.
ATTEST:
CITY` ERK sF
CYPRESS
MAR' OF THE C TY OF C PRESS
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY that the
foregoing Resolution was duly adopted at a regular meeting of the said City Council
held on the 9th day of November 1987, by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Arnold, Coronado, Davis, Mullen and Kanel
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
CIT'C 'K 1 THE CITY(OF CYPRESS