1988 AGN AUG 16 AGN I05 - Laserfiche WebLink

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1 CITY OF COLTON AGENDA REPORT For Council Meeting of August 16, 1988 TO: Honorable Mayor and City Council f FROM: Leslie A. Keane, Assistant City Manager, VtDate: 8/11/88 SUBJECT: ADOPTION OF A RESOLUTION AUTHORIZING CITY PARTICIPATION IN THE COUNTY OF SAN BERNARDINO'S HOME MORTGAGE PROGRAM The County of San Bernardino is planning to issue its Residential Mortgage Revenue Bands, Issue of 1988, in August. The proceeds of these bonds will be used to finance home mortgages for qualified homebuyers purchasing_ newly constructed homes and existing homes within the unincorporated areas of the County and within areas of certain cities within the County which desire to participate in this program. Forecast Mortgage '',Company, which plans to construct approximately 180 homes in the northeast area of the City of Colton has indicated a desire to participate in the County's program. In order for the Forecast project to be eligible for bond financed mortgage loans, the City and Countymustexecute the attached cooperative agreement. This agreement is similar to that which the Council approved when Colton participated in the County's 1983 program. The County of SaniBernardino will issue the bonds and Colton will not be responsible for debt service, nor will our credit rating or debt ceiling be affected. Neither the County, bond holders or homebuyers will have any legal recourse against the City should there be any default associated with this program. it RECOMMENDATION: Staff recommends that the Clity Council adopt Resolution No. R-73-88, by title as'follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING A HOME MORTGAGE PROGRAM IN COOPERATION WITH THE COUNTY OF SAN BERNARDINO AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE CITY A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY Attachments: Page 1 of—A Item No. Ir