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<br />. <br /> <br />I <br /> <br />. <br /> <br />Reso. No. 99-1 <br />Page 2 <br /> <br />WHEREAS, Section 146 of the Internal Revenue Code of 1986, <br />as amended (the "Code"), limits the amount of mortgage credit <br />certificates that may be issued in any calendar year by entities <br />within a state and authorizes the governor or the legislature of <br />such state to provide the method of allocation within such state; <br />and <br /> <br />WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the <br />Government Code of the State of California (the "Government <br />Code") governs the allocation of the state ceiling (as that term <br />is defined in the Code) among governmental units in the State of <br />California (the "State") having the authority to issue mortgage <br />credit certificates; and <br /> <br />WHEREAS, Section 8869.85 if the Government Code requires a <br />local agency to file an application for a portion of the state <br />ceiling with or upon the direction of the California Debt Limit <br />Allocation Committee ("CDLAC") prior to the issuance of mortgage <br />credit certificates; and <br /> <br />WHEREAS, the Agency desires that the County file an <br />application with CDLAC on behalf of the Agency for an allocation <br />of authority to issue mortgage credit certificates and elects to <br />transfer to the County pursuant to Section 8869.85 (d) of the <br />Government Code, the total amount, if any, of authority allocated <br />to the Agency; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />Section 1. <br />correct. <br /> <br />Each of <br /> <br />foregoing recitals <br /> <br />true and <br /> <br />is <br /> <br />the <br /> <br />Section 2. The Agency hereby adopts the Program for the <br />purpose of increasing the housing supply in the County and in the <br />City and consents to the operation of the Program by the County <br />with respect to all property located within the geographic <br />boundaries of the City, including the payment to the County of <br />the Agency's proportionate share (based upon the number of <br />participants in the Program) of administration costs applicable <br />to each allocation received from CDLAC, which share is estimated <br />not to exceed $15,000. <br /> <br />Section 3. The Executive Director, or his/her designee, is <br />authorized, on behalf of the Agency, to take such steps and <br />execute such documents as necessary for the submission of an <br />application to CDLAC on behalf of the Agency. <br />