CC Resolution 1988-040^!6 197
RESOLUTION NO. 88-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LA QUINTA ADOPTING A HOME MORTGAGE FINANCE
PROGRAM IN COOPERATION WITH THE COUNTY OF RIVERSIDE
WHEREAS, there is a shortage in the County of Riverside
the County") and in the City of La Quinta the City") of
Cr) decent, safe and sanitary housing, particularly of housing
* affordable by persons in the lower end of the purchasing
0 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 person; 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 La Quinta 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
geographical boundaries of the City.
SECTION 2. The agreement, dated as of June 17, 1988,
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 delivers the same, for
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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.
ADOPTED, SIGNED and APPROVED this 7th day of June, 1988
by the following called votes:
AYES: Council Members Bohnenberger, Cox, Pena, Sniff,
Mayor Hoyle
NOES: None
ABSTAIN: None
ABSENT: None
WILLIAM R. HOYLE, Mayor
City of La Quinta, California
ATTEST:
SAUNDRA L. JUHOL*ity Clerk
City of La Quinta, California
2-
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