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SR-203-001 (2) e e 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 ~ 1 - e e 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. - 2 - e e 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 - 3 - At t:d.~LL"'~.- - e e 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 - CITY OF SANTA MONICA EIN 9S-6~HHJ790 ttttachrnent B DRAFT 11/26/B5 POLICY REPORT UNDER SECTION 103A fa e 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. - 1 - e e 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 2 - e e 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 - 3 - e e 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 - 4 - e e 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 - 5 -. e e 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. - 6 - e e 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 - 7 - elected Monlca of the by the ,r. :c '- ~ -...l -- " f' :v -' = ~ -? - - :; J ~ '" -; ) j ) .... J e BEFORE DISTRIBUTION CHECK CONTENT OF ALL DISTRIBUTION OF RESOLUTION # /!' 5' ~ /J-/2~ / j' S- f ./ - - Councll MeetIng Date Agenda ItelTl # -?---t!!- € Was 1t amended? IVo e 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' ) Depart~ent orIgInatIng staff report ( ) Manage:11ent SerV;,J.se? Lynne Barrette urdlnances only Agencv mentIoned in document or staff report ~ (certlfied?) Subject flle (agenda packet) Counter flle Others ."u rpoyt ParkIng Auth. AudltoIUTIl Personnel BUlldlng Dept. Plannlng E~l,a ron, Sey,",'. I PolIce (en- forcernen t?) Flr.ance Flre PurchasIng Recr/Parks General Servo TransportatIon Llbrary Treasurer J'.1anager SE:';-D FOUP. COPIES OF ALL ORDI:JANCES TO: CODj:D SYSTEMS, Attn P-ete-y Maci-Ei-arJ e 120 'lain r~r~et AV0~. ~ew Jersev_Oi7I7 -- I. I f SE\'D FOUR. COPIES OF AT.T~u ORlnNAN..CFs.- TO: P2ESIDI\"G JUDGE SA ~TA troXI L.\ MU;\"I CIPAL COURT 1 '725 \[}\17'; STREET S:\':T.\ J':ONTCi.\ 1 CA 90401 1 1 . *Check Code SectlOns before sendll1g. TOTAL COPIES -::> ~ e e 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; e - 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. e e 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 e e 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"