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RESOLUTION 2009- <br />5!20109 les <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA APPROVING THE OPERATION <br />OF A MORTGAGE CREDIT CERTIFICATE PROGRAM <br />BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA OUTSIDE THE MERGED <br />REDEVELOPMENT PROJECT AREA OF THE AGENCY, BUT <br />WITHIN CITY BOUNDARIES <br />BE IT RESOLVED BY THE MEMBERS OF THE CITY COUNCIL, AS <br />FOLLOWS: <br />Section 1. The City Council for the City of Santa Ana finds, determines and <br />declares as follows: <br />A. The City of Santa Ana ("City") and the Community Redevelopment Agency of the <br />City of Santa Ana (the "Agency") have determined the importance of participation <br />in a Mortgage Credit Certificate Program (the "Program") for the benefit of first- <br />time homebuyers to be administered by the County of Orange (the "County") <br />pursuant to the provisions of Part 5 of Division 31 of the Health and Safety Code <br />of the state of California (the "Act") and the Internal Revenue Code of 1986 (the <br />"Code"). <br />B. The Program will be operated both within the merged redevelopment project <br />area of the Agency and outside such area, but within the boundaries of the City <br />of Santa Ana. <br />C. The Agency and the County will enter into a Cooperative Agreement <br />("Agreement") for the County to administer the Program. Under the terms of the <br />Agreement, the Agency will be required to pay a proportionate share of the <br />administrative costs of the Program. <br />D. The City finds and declares that such expenditures will be of benefit to the entire <br />merged redevelopment project area, and to all residents of the City. This finding <br />is made pursuant to Health & Safety Code § 33334.2(g)(1). <br />E. The County of Orange will apply for an allocation from the California Debt Limit <br />Allocation Committee ("CDLAC") for authority to issue mortgage credit <br />certificates, which allocation, when and if received, will be made available to the <br />Agency and other participating cities; and <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA, AS FOLLOWS: <br />Section 2. The City Council finds that each of the foregoing recitals is true and <br />correct. <br />55A-3 <br />