1994-04 CRA - Laserfiche WebLink

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. . . section 4. An amount up to one percent (1%) of the requested allocation is hereby authorized to be placed into an account from housing set aside funds, and the Executive Director is authorized to certify to CDLAC that such amount is available. section 5. The Agency hereby authorizes the transfer to the County of all of the total principal amount, if any, of the authority to issue mortgage credit certificates allocated to the agency by CDLAC. The Executive Director or his designee, on behalf of the Agency, is authorized and directed to take such steps and execute such documents as are necessary to effect the transfer of such allocation to the County solely for application to the issuance of mortgage credit certificates which are to be used to induce the origination of home mortgage loans to qualifying persons who will reside within the City and the County. section 7. The Executive Director is authorized to cause the payment to the county of the Agency's proportionate share of administrative costs of the Programs referred to in Item 2 above. section 8. The officers and employees of the Agency are authorized and directed, jointly and severally, to do any and all things necessary or advisable in order to effectuate the purpose of this resolution of the issuance of the mortgage credit certificates by the County, and all actions previously taken by such officers and employees in connection with the application for the allocation to be requested are ratified and approved. section 9. This resolution shall take effect immediately upon its adoption by the Agency, and the Secretary of the Agency