SR-203-001 (2)
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1-f-E
DEC 1 0 1985
203'-00/
C/ED:HSG:AS:wp
CIty CouncIl MeetIng: 12/10/85
Santa MonIca, CalIfornIa
TO:
Mayor and CIty CouncIl
FROM:
CIty Staff
SUBJECT: Recop~endatlon to Hold a PublIC HearIng and Adopt a
Policy Report ConcernIng Issuance of SIngle-Fa~lly
Mortgage Revenue Bond Progra~
INTRODUCTION
Th IS report tranSIt,I ts 1 nforrr.a t 1 on and recoIt.rr,enda tI ons concernIng
>
the lIt.plerr.entation of a SIngle Fan-Illy Mortgage Revenue Bond
Prog ran.. The report recorr,plends that the CI ty Counc 11 conduct a
publIC hearIng concernIng a draft POlICY Report outlInIng the
......-
CIty's polICIes as a bond Issuer, and adopt the necessary
resolutIon approvIng the POlICY Report and authorIzIng the CIty
Manager to subnilt the report to the Internal Revenue ServIce.
BACKGROUND
On September 17, 1985 the CIty CouncIl authorIzed staff to
proceed to In,plen.ent a sIngle fan,lly {t,ortgage revenue bond
prograrr, as
a n.eans
of
prOVIdIng
favorable
fInancIng
to
partl C Ipants In the Tenant Owner ShIP Rlgh ts Charter An,endn.ent
(TORCA)
conVerSIons
and
other
affordable
condon,l nl un,
or
slngle-faffilly developfuents. The followIng report outlInes the
legal actIons necessary at thIS tin,e to ensure that the CI ty has
the authorl ty to Issue sIngle fan,i ly n.ortgage revenue bonds next
year.
7- E..
DEC 1 0 1985
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DISCUSSION
AdoptIon of an Issuer's PO~ICY Report
In order to Issue bonds In 1986, SectIon 103 AU) (5) of the
Internal Revenue Code of 1954 reqUIres that a publIC hearIng be
held prIor to Decen,ber 31, 1985 regardIng the CIty'S polICIes for
iSSUIng SIngle fan<lly rr,ortgage revenue bonds as descrIbed In a
POlICY Report. Subsequent to the publIC hearIng the POlICY Report
must be flIed WIth the Internal Revenue SerVIce.
The attached
prepared In
draft Polley Report
con.pllance WI th the
(Attachnlent
Internal
II A") has
Revenue
been
Code
requlreu,ents.
developu.ent,
The report
and low ana
contaIns
u,oder ate
a staten-,ent of the hOUSIng,
InCOIT,e household ass I stance
pol Ie les of the CI ty WI th respect to ISSUIng n.ortgage revenue
bonds and mortgage credIt certIfIcates. The polICIes descrIbed In
the Report are conSIstent WIth the CIty'S adopted HOUSIng Ele%ent
and the federal and state laws concernIng Income elIgIbIlIty of
partICIpatIng borrowers, and elIgIble uses of bond proceeds.
A publIC notIce was pUblIshed In the Evening Outlook on November
26, 1985 (Attachll,ent "BII), concernIng thIS publIC hearIng and the
avaIlabIlIty of the POlICY Report for publIC InspectIon. The
notIce InVIted con~~nts from Interested citIzens In wrItIng or at
thIS Il,eetlng. To date, no COIT,rr,ents have been receIved In wrItIng.
Any cOIT,n.ents receIved at thIS n.eetlng WIll be Included In the
POlICY Report.
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Upon con,pletlon of the publlC hearlng, It IS recoInrrlended that the
CIty CouncIl adopt the attached resolutIon (Attachrr.ent "C")
approvIng the POlICY Report and authorIzIng the CIty Manager to
submIt It to the Internal Revenue SerVIce.
BUDGETARY I FINANCIAL IMPACT
No bUdgetary or fInancIal actIons are requIred.
RECOMMENDATIONS
It IS recon~~nded that the CIty Councll:
(1) Conduct a publIC hearIng concernIng the proposed POlICY
Report.
(2) Adopt the attached resolutlon approvIng the Polley Report,
authorIzIng the Mayor to execute the Report, and authorIzIng the
CIty Manager to subrr,l t the Report as descr 1 bed In th I S report.
Prepared By: Ann SewIll, HousIng prograrn Manager
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NOTICE OF PUBLIC HEARING
NotIce is hereby gIven that the City CouncIl of the CIty of
Santa Monica will hold a publIC hearIng, as requIred by SectIon
103A(j) (5) of the Internal Revenue Code, at Its regular meetIng
on Dece~ber 10, 1985, to conSIder a proposed POllCY Report to be
publIshed by the CIty of Santa MonIca contaInIng a stateIT.ent of
the policies regardIng hOUSIng, develop~ent, and low-income
housing assistance to be followed by It In ISSUIng qualIfIed
mortgage bonds and ~ortgage credIt certificates In 1986.
The meeting WIll commence at 7:30 p.m. and WIll be held In
the CounCIl Chan,bers at 1685 MaIn Street, Santa MonIca,
CalIfornIa. Interested persons WIshing to express their VIews on
thIS POlICY Report WIll be gIven the opportunIty to do so at the
publIC hearIng or may, prIor to the tIme of the hearIng, submit
wr 1 tten conUT.ents to the Housi ng DI VI si on, DepartlT.ent of ContIlluni ty
and ECOnOIT.IC Developlllent In Roan. 206, CIty Hall, 1685 MaIn
Street, Santa MonIca, California, 90401.
Interested Individuals n,ay obtaIn copIes of the proposed
POlICY Report prIor to the hearIng at CIty Hall, Room 206, 1685
Main Street, Santa MonIca, CalIfornIa.
Cor;nes of the fInal POlICY Report ITlay be obtaIned after
December 13, 1985 at the sa~e locatIon.
Meeting facility IS accessIble. If you have any speCIal
needs such as slgn-language InterpretIng please contact Off1ce of
DIsabled at (213) 458-8701.
Dated: November 26, 1985
CITY COUNCIL OF THE
CITY OF SANTA MONICA
Approved as to forfu:
,~y-.~ -
ROBERT M. MYERS, ~
CIty Attorney
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CITY OF SANTA MONICA
EIN 9S-6~HHJ790
ttttachrnent B
DRAFT
11/26/B5
POLICY REPORT UNDER SECTION 103A
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A. GENERAL
On July 18, 1984, Congress enacted Into law the Tax ReforIIL
Act of 1984. ThIS Act lIILposes certaIn requlreIT,ents on Issuers of
qualIfIed SIngle fan,lly n,ortgage bonds and II,ortgage credIt
certifIcates. One of these requlreII,ents IS that Issuers publISh
a sta teITleot of theIr pOll Cles WI th respect to hous I ng,
developThent, and low-Incoffie hOUSIng assIstance and report on
thel r cOII.pIIance, for the one-year perIod precedl ng the da te of
the report, wIth the Intent of Congress that qualIfIed Thortgage
bond Issues and Thortgage credIt certIfIcates assIst lower InCOThe
fan,Illes to afford hon,e ownerShIp before assIstIng hIgher InCOIT.e
faITtIlles. As the CIty of Santa MonIca (the "Clty") plans to
Issue qualIfIed sIogle faIIllly Il,ortgage bonds In 1986, the
follOWIng report IS beIng publIshed In order to COThply WIth the
requlreIT,ents of the Tax ReforIT. Act of 1984 and the RegulatIons
thereunder.
B. POLICIES AND GOALS
B(1) HOUSIng PolICIes and Goals
The CalIfornIa State LegIslature has found and declared
that
there eXIsts WIthIn the [State of CalIfornIa] a serIOUS
shortage at decent, safe, and sanItary hOUSIng WhICh IS
affordable to Il,any per sons 1 n the state. ThI s shortage 1 S
exacerbated durIng perIods of rISIng Interest rates,
partICUlarly as hIgh Interest rates have the effect of
dlThIOIShIOg the number of otherWIse credItworthy buyers from
qual i tYIng for pr I va te sector IT,ortgage capl tal sources. In
order to reITledy thIS adverse effect on potentIal hOIT.e buyers
on the lower end of the purchaSIng spectru~, It IS necessary
to In,plen,ent a publIC progran. to reduce the cost of nlortgage
fInanCIng for the sIngle-fan.lly purchases for those persons
unable to cOIIlpete for rr,ortgage fInanCIng In the conventIonal
mortgage II,arket.
CalIfornIa Health and Safety Code 52001.
The CalIfornIa State LegIslature has addItIonally found
and declared that
1 t IS necessary and essent I a1 that count Ies and c ~ tIes be
author Ized to dl rectly and 1 ndl rectly rr.ake 10ng-terIT"
lOW-Interest loans to persons not presently elIgIble for
fInanCIng through prIvate sector lendIng ~nstltutlons to
fInance constructIon, rehab~lltatlon, and acqUISItIon of
hon,es In order to encourage Investn,ent and upgrade local
areas.
Callfornla Health and Safety Code 52002.
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The CIty plans to Issue quallfled sIngle fan,lly n,ortgage
bonds and or ITtortgage credIt certIfIcates (the "Bonds") In 1986
In furtherance of the above-stated polICIes of the CalIfornIa
State LegIslature and In conforIT,ance to the follOWIng polICIes
and goals:
(I} Use of Proceeds
The proceeds of the Bonds/CertIfIcates
fInance the acqUISItIon of reSIdences
horr,e lIl'lprovenlent or rehabll i tatIon loans.
WIll be used to
and/or qualIfIed
(II) TargetIng of Proceeds to HOUSIng Type
The Itla]Or portIon of the proceeds of the Bonds WIll be
targeted to acquIsl tIon of eXIstIng un! ts convertIng to
condonllnlurr,s under the Tenant OwnershIp Rlghts Charter
An,e ndrr.e n t .
(111 )
DetermInatIon of Need for TargetIng
In recent years sales prIces of eXIstIng SIngle farr.lly
hOUSIng have rIsen In Santa MonIca beyond the affordable
range for the maJorl ty of resuJents. The average sales
prIce In 1980 was over $200~000 whIle the average
households rr,edlan Incon,e IS approxlIT.ately $310 ~ 00'0'. ThIS~
contblned WI th the low vacancy rate for both rental and
owner occupIed hOUSIng has Increased the denland for
affordable eXIstIng and newly constructed hOUSIng.
(IV) Method of Targetln9 Proceeds
The CIty plans to
accounts and funds ~
dlscounts~ If any~
secured by eXIstIng
townhouses or SIngle
ffiake Bond proceeds, less reserve
Issuance expenses~ and underwr 1 ters
avaIlable to ~ake ffiortgage loans
or newly-construe ted condon,l nl UlT,S,
fan,lly reSIdence In the CIty.
(v) Other PertInent Inforn.atlon
None.
(VI) Relatlonshlp of Housln9 PolICIes to DevelopIT,ent and
~ow-Incofue Houslng ASSIstance PolICIes
The CIty'S hOUSIng, developn,ent, and low-lncoIl,e hOUSIng
aSSIstance polICIes WIth respect to the Bonds as set forth
in thIS POlICY Report atteThpt to Theet the houslng needs of
Cl ty resldents of all eCOnOlT.IC levels and ethnlC
backgrounds and partIcularly to n,eet the den-,and In the
CIty for affordable hon.eowner ShIP opportunl tIes. In
accordance WIth the HOUSIng EleThent of the General Plan of
the CIty dated January 25, 1983~ as aThended, the Clty WIll
regulate new houslng develop~ents to encourage a WIde
range of houslng types, prlces, and ownerShIp forfus, WIth
partIcular en.phaS1S on hOUSIng for low and
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I{,odera te-I ncon.e per sons. The Bond proceeds wIll be nLade
avaIlable to developers of lncluslonary unIts as requIred
by Progran. 12 of the HousIng Elen.ent, and to low, n.oderate
and n.lddle InconLe buyers of cOndOITllnlUITL unl ts converted
under the Tenant OwnershIp RIghts Charter AplendIT,ent.
B (2)
D~velopp.ent PolICIes and Goals
The Cal i fornla State Leg 1 sl a ture has found and declared
that
there eXI sts WI thIn the [State of Cal i fornla J a serIous
shortage of decent, safe, and sanl ta ry hOUSI ng WhICh 1 S
affordable to many persons 10 the state. ThIS shortage IS
exacerbated durIng perIods of rISIng Interest rates,
partIcularly as hIgh Interest rates have the effect of
d rn.lnlshl og the nUITLber of otherwl se credl tworthy buyer s
fronL quaIl fYI og for pr 1 va te sector IT.or tgage capItal
sources. In order to renLedy thIS adverse effect on
potentIal hon,e buyers on the lower end of the purchasIng
spectrum, It IS necessary to Implement a publIC program to
reduce the cost of mortgage fInancIng for the
sIngle-famIly purchase for those persons unable to compete
for ffiortgage fInancIng In the conventIonal mortgage
n,arket.
CalIfornIa Health and Safety Code 52001.
The Call fornla State Leg 1 sl ature has addl tlonally found
and declared that
It IS necessary and essentlal that countIes and CItIes be
authorIzed to dIrectly and IndIrectly ~ake long-term,
IOW-I nterest loans to per sons not presently el ig lble for
fInancIng through prIvate sector lendIng InstitutIons to
fInance constructIon, rehabllI talon, and acqUlS 1 t I on of
homes In order to encourage Investment and upgrade local
areas.
CalIfornIa Health and Safety Code 52002.
The CIty plans to Issue qualIfIed sIngle fa~Ily mortgage
bonds and/or mortgage credIt cetlflcates (the
"Bonds/CertIfIcates") In 1986 In furtherance of the above-stated
pollcles of the CalIfornIa State LegIslature and In conformance
to the followlng polICIes and goals:
(1) Target~ng of Proceeds to Areas
As the Tax Act requIres a speCIfIed portion of the
lendable proceeds of an Issue will be IT,ade avaIlable for
owner fInancing of resIdences 1n certaIn targeted areas
for at least one year after the date on WhICh owner
f lnanc lng is fIrst [tLade ava i lable and the 1 ssuer Il,USt
pr oceed WI th reasonable dIll genee to pI ace such proceeds
in quallf led IT.ortgages. Targeted Areas are (I) census
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tracts In WhIch at least 70% of the fan-,IlIes have Incon.es
no greater than 80% of statewIde Illedlan fantlly InCOnje and
(11) areas deSIgnated by the State as areas of chronIC
econO~IC dIstress where the deSIgnatIon has been approved
by the federal governnlent. An an,ount suffICIent to
satIsfy Tax Act reqUIrements WIll be reserved for a one
year per 1 ad for Hon,es In the Targeted Areas.
(11) DescrIption of Target Areas
The follOWIng Census Tracts ace l03A Targeted Areas (based
on the 1980' Census): NONE
(Ill)
SelectIon of Target Areas
Targeted areas are (1) census tracts In WhIch at least 70'%
of the faffillles have Incomes no greater than 80'% of
stateWIde rnedlan fanLlly Income and (11) areas deSIgnated
by the State as areas of econOn,lC dIstress where the
deSIgnatIon has been approved by the federal governn,ent.
(IV) Use of Targeted Proceeds
The proceeds of the Bonds/CertIfIcates WhICh WIll be
targeted to the area descrIbed In (11) above WIll be used
to fInance the acquIsltlon and/or rehabIlItatIon of
eXIstIng hOUSIng and/or new constructIon.
(v) Other PertInent Inforn.atlon
None
(VI) RelatIonshIp of Developn,ent PolICIes to DevelopIl,ent
and Low-Income HouSln9 ASSIstance PolICIes
The CI ty 1 S hous 1 og, developll,ent, and 1 OW-oI ncon,e housl ng
aSSIstance polICIes WI th respect to the Bonds as set forth In
thIS POlICY Report are conSIstent WIth the Housing Element of the
General Plan, adopted on January 25, 1983, as arr,ended, whIch
establishes goals and pollcles to proffiote the constructIon of new
hOUSIng and to maIntaIn and Increase the supply of hOUSIng
affordable to low and IT,oderate Incon,e households. These pOll.CleS
are also conSIstent WI th the Tenant OwnershIp RIghts Charter
AITLendrr,ent, adopted June 5, 1984, whlch found that
11 tenant-par t lC Ipa tl. ng conver 51 ons are an effective nlethod of
preserVIng, stabl! ZIng, and lnlprovlng neIghborhoods and the
supply of sound, affordable hOUSIng accOThOdatIons.1I In order to
encourage the achelven,ent of these goals, the CIty Intends to use
the proceeds of the Bonds to make home ownershIp pOSSIble for a
greater segn,ent of Its populatIon by (a) IT,aklng the hOUSIng unIts
to be fInanced WIth the proceeds of the Bonds more affordable by
reduc I ng fl nanc 1 ng costs; (b) conSIder 1 ng pr 1 ce affordablll ty as
a crIterIa In selectIng unIts to be fInanced WIth the proceeds of
the Bonds where denland for fInanCIng exceeds the supply of funds;
(c) utlllzlng deferred loan funds froIT, the Tenant OwnershIp
Rlgh ts Charter AIT,endn,ent Honleowner ShIP Ass 1 stance Prog ran, to n,ake
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unIts affordable to low and very-low Income buyers; and (d)
In,poslng Incon,e IIll.I ts on It.ortgagors whose ITlortgage loans are to
be fInanced wIth the proceeds of the Bonds.
B(3)
Low-Income Housln9 AssIstance PolIcIes and Goals.
To Insure that qualIfIed n,ortgage bond Issues assIst lower
InCOIl,e falulles to afford hOIlle owneshlp, CalIfornia law prOVIdes
that a CIty that adrnlnsters a hOThe fInanCIng program must
establIsh cr 1 terla for qualIfIcatIon of persons and faIT.llles for
partICIpatIon In such program. The crIterIa ffiUst Include a
n,ax IIl,UIl, household 1 ncoIl.e, WhIch n,ax lITIUIT, shall not exceed one
hundred fIfty percent of ll,edIan household lncon,e (defIned as the
hIghest of (A) statewIde Illedl an household 1 nconle I (B) county-wIde
ll,edlan household Incon,e, or (C) n.edIan household fan,lly lncon.e
for area as determIned by the UnIted States Department of HOUSIng
and Urban Developnlent) for n.ortgagors who WIll not be the fIrst
occupant of a home (except that the CIty must assure that no less
than twenty percent of such funds shall be for households whose
Incon.e does not exceed one hundred ten percent of the Il,edlan
household 1 nconle, unless the leg 1 sl at 1 ve body of the cIty n,akes
certaIn fIndIngs). CalIfornIa Health and Safety Code 52020(d).
In addi tlon, to obtaIn a supplen,entary allocatIon of qualIfied
yr,ortgage bonds froIl, the CalIfornIa Mortgage Bond AllocatIon
COIl~ittee, proceeds of qualIfIed mortgage bonds Issued WIth such
supplen,entary allocatIon nlust be used to prOVIde nlortgages to
per sons and faIl,llles whose 1 ncorr,es do not exceed one hundred
twenty percent of medIan household Income for mortgagors who WIll
be the fIrst occupant of a hOIl.e and Il,edIan household Incon,e for
mortgagors who WIll not be the fIrst occupant (except that the
lssuer shall assure that no less than half of such funds shall be
for households whose InCOIl.e does not exceed eIghty percent of
such Il,edlan household inconle, and prOVIded that thIS 111l,lt n,ay be
Increased to ninety percent of ll,edIan household Incon.e If the
legIslatIve body of the Issuer fInds that there are InsuffICIent
nUl7ibers of credl tworthy persons whose lnCORle does not exceed
eIghty percent of n,ed Ian househo Id InCQIT.e). Call forn Ia Heal th
and Safety Code 50189(b).
The CIty plans to Issue qualIfIed SIngle faIluly n,ortgage
bonds (the "Bondstl) In 1986 In furtherance of the above~.stated
polICIes of the CalIfornIa State LegIslature and In conformance
to the follOWIng polICIes and goals:
(I) TargetIng of Proceeds Accord Ing to LncOll,e
Proceeds of the Bonds utIlIzed to fInance the purchase of
u 1 ts developed under Prog ran, 12 of the adopted Hous Ing
Elen,ent WIll be targeted to persons and fan,llles WI th
InCOll,es below 120% of the area n.edIan as deterIl,Ined by the
u. S. Depar tITlent of Hous 1 ng and Urban Developn,ent. The
proceeds of the Bonds utIlIzed In conJunctIon WIth the
Tenant OwnershIp RIghts Charter An,endn,ent Hon,eownershlp
ASSIstance Program WIll be targeted to persons and
faIl,IIles WIth Incon,es below 80% of the area n,edlan. The
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bal ance of the proceeds wIll be used In accordance WI th
the State's requIreu.ents.
(iI) Method of TargetIns Proceeds
The CIty plans to make Bond proceeds, less reserve
accounts and funds, I ssuance expenses, and underwr 1 tIng
dIscounts, If any, avaIlable only to n.ortgagors whose
1 ncon,es do no t exceed the lIU.i ts requ 1 red by the
CalIfornIa statutes descrIbed above.
(111)
Other PertInent InformatIon
None.
(VI) RelatIonshIp of Low-Income HousIns Assistance
PolICIes to HOUSIng and Developffient PolICIes
The CI ty' S housIng, developn,ent, and low-'Incorr.e hOUSIng
aSSIstance polICIes WIth respect to the Bonds as set forth In
thIS POlICY Report are conSIstent WIth the HOUSIng Element of the
General PI an, adopted on Janua ry 25, 1983, as an.ended, WhICh
establIshes goals and polICIes to proffiote the constructIon of new
hOUSIng and to maIntaIn and Increase the supply of hOUSIng
affordable to low and moderate InCOffie households. These polICIes
are also conSIstent WI th the Tenant OwnershIp RIghts Charter
Arr.endn.ent, adopted June 5, 1984, WhICh found that
11 tenan t--partIc Ipa ti ng conver Slons are an effectIve nLethod of
preserVIng, stablIzlng, and IffiprovIng neIghborhoods and the
supply of sound, affordable hOUSIng accon,odatIons.11 In order to
encour age the acheI ven,ent of these goal s, the CI ty 1 n tends to use
the proceeds of the Bonds to n.ake hon.e ownershIp pOSSIble for a
greater segment of its populatIon by (a) makIng the hOUSIng unIts
to be fInanced WIth the proceeds of the Bonds ffiore affordable by
redUCIng fInanCIng costSj (b) conSIderIng prIce affordabIlIty as
a crIterIa In selectIng unIts to be fInanced WIth the proceeds of
the Bonds where deffiand for fInanCIng exceeds the supply of funds;
(c) utIlIZIng deferred loan funds from the Tenant OwnershIp
RIgh ts Charter An.endIl,ent Hon,eowner ShI p Ass I stance PrograIl. to n,ake
unl ts a ffordable to low and very-low I ncon,e buyer s; and (d)
In.posIng Incon,e 1 IntI ts on Ir.ortgagors whose n,ortgage loans are to
be fInanced WIth the proceeds of the Bonds.
C. COMPLIANCE WITH PREVIOUS REPORT
The CI ty has not publIshed a POlICY Report Under SectIon
l03A prIor to thIS Polley Report.
D. COMPLIANCE WITH INTENT OF CONGRESS
The CIty has not Issued qualIfIed SIngle fan,Ily n.ortgage
bonds on n.ortgage credIt certIfIcates In preVIOUS years.
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CONCLUSION
E. SUMMARY OF HEARING COMMENTS
A publlC hearlng on the proposed POllCY Report was duly
notlced and held on Decerr.ber 10, 1985. The fo110wlng
cornrr,ents were recel ved:
ThlS report 15 subrr,l tted by the approprlate
representatlve of the Clty Counell of the Clty of Santa
and, pursuant to a Re501utlon adopted by the Clty Councll
Clty of Santa Monlca on Decerr.ber 10', 1985, lS executed
Mayor of the Clty of Santa Monlca.
Chrlstlne Reed, Mayor
Clty of Santa Monlca
Approved As To Forfu:
Robert M. Myers
Clty Attorney
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elected
Monlca
of the
by the
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BEFORE DISTRIBUTION CHECK CONTENT OF ALL
DISTRIBUTION OF RESOLUTION # /!' 5' ~
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Councll MeetIng Date
Agenda ItelTl #
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Was 1t amended?
IVo
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FOR CITY_CJERKtS ACTIO~
ORDINA>-..JCE ;;
Introduced'
Adopted'
AU/JAYS PtJBLISH AOOP!'!ill ORDINA.l\JCES*
*Cross o'J.t Attorney's approval
VOTE' Aff~r!llatlve: 1~ A.CU(/ fr-.ATj -(~-,(
;'\egatl\"e'
Abstain'~
Absent: r ~
P.:~OD}'n\():_EC:. '.':1(r _ .::A..:\.9J'~.F:.R' PERS'OY BEFORE ANVTHI~G
Dr;:, 1 K!.i:lUi lUX""' - VKll-dNAL "(0 be signed, sealed and flIed in Vaul t.
NEWSPAPER PUBLICATION (Date' )
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Others
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-- I. I f
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Attachment C
RESOLUTION NO. 7132
(CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE
SANTA MONICA APPROVING HOUSING POLICY
UNDER INTERNAL REVENUE CODE SECTION 1@3A
RECTING ITS PUBLICATION
CITY OF
REPORT
AND 01-
WHEREAS, Section 103A(J) (5) of the Internal Revenue Code of
1984, as amended, as Implemented by proposed and temporary reg--
ulatIons of the Department of the Treasury, SectIon 6a.103A2(1),
requ 1 res the, applIcable elected represen ta t 1 ve of an 1 ssuer of
qualIfIed ITLortgage SUbSIdy bonds to publish, after public hear-
lng, a housIng POlICY report; and
WHEREAS, the CIty CouncIl of the CIty of Santa MonIca IS the
appl icable elected representa t 1 ve of the CI ty of Santa MonIca,
WhICh City proposes to Issue In 1986 qualIfIed mortgage SUbSIdy
bonds; and
WHEREAS, the CI ty Counc 11 of the CI ty of Santa MonIca has
receIved a draft housIng policy report dated November 26, 1985,
has revlewed each and every part thereof, and has conducted a
duly noticed publIC hearIng; and
WHEREAS, It IS In the public lnterest and for the publIC
benefIt that saId hOUSIng POlICY report be approved and
publIshed;
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The CIty Manager of the CIty of-Santa MonIca IS
hereby author I zed and dIrected to prepare a sun-,n,ary of the com-
It.ents made at the aforesaid public hearing and to include saId
su~~ary as part of the Policy Report Under SectIon 103A.
SECTION 2. The report of the CIty of Santa MonIca entItled,
"POlICY Report Under SectIon 103A", and dated November 26, 1985,
is hereby approved WIth the InclUSIon of saId summary of
con,n-tents.
SECTION 3. The Mayor of the CIty of Santa Monica, as a me~-
ber of the CIty CouncIl of the CIty of Santa MonIca, IS hereby
authorIzed and directed to execute saId report on behalf of the
City CounCIl of the CIty of Santa MonIca as the duly elected rep-
resentatIve of the CIty of Santa Monica.
SECTION 4. The CIty Councll of the CIty of Santa MonIca
does hereby publish the Report by authorIZIng and dIrecting the
Ci ty Manager, and the Cl ty Manager is hereby so author 1 zed and
dIrected, to n,ake saId Report ava lIable 1 n the Off Ice of the Cl ty
Clerk and the Departn,ent of COPLP,uni ty and Econon,lC DevelopTT,ent
for dIstrIbutIon to the publIC.
SECTION 5. The Ci ty Manager IS hereby authorized and dl-.
rected to f 11e the Report on or before DeceIltber 31, 1985, WI th
the Internal Revenue Service at the Internal Revenue SerVIce Cen-
ter, Ph1ladelphla, Pennsylvania 19255.
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SECTION 6. The CIty Clerk shall certIfy to the adoption of
th1S resolutIon and thenceforth and thereafter the san-,e shall be
in full force and effect.
Approved As To ForTh:
~'--. \. ,~
Robert M. Myers ~ -
CIty Attorney
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Adopted and approved this 10th day of December, 1985.
f~-e... k. ~
/ Mayor
I hereby certlfy that the foregoing Resolutlon No. 7132(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meet ing thereo f held on December 10, 1985 by the following
Council vote:
Ayes:
Councllmembers:
Conn, Epstein, A. Katz, H. Katz,
and Mayor Reed
Noes: Councllmembers:
None
Abstaln: Councilmembers:
None
Absent: Councllmembers:
Jennings and Zane
ATTEST:
tZ-. 7/7 _JA~
CIty Clerk"