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TO: BOARD OF SUPERVISORS ,. P
Contra
FROM: Harvey E. Bragdon Costa
Director of Community Development
County
couy�
DATE: March 10, 1992 -
SUBJECT: Single Family Mortgage Revenue Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Director of Community Development and the Deputy
Director-Redevelopment to prepare and submit necessary applications
and certifications to the California Debt Limit Allocation Committee
for up to $40 million in private activity bond authority to be used
in the issuance of the County's 1992 Home Mortgage Revenue Bonds.
FISCAL IMPACT
None. No General Fund dollars are involved. All costs associated with
the issuance and administration of this program are paid for from bond
proceeds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Federal Government has placed a limit on the volume of "private
activity bonds" (single and multi-family bonds, Mortgage Credit
Certificates, Industrial Development Bonds, etc. ) which may be sold
in each state. In California the task of apportioning this limit
among issuers is assigned to the California Debt Limit Allocation
Committee, a unit of the State Treasurer's Office.
Staff is in the process of completing a survey of home builder
interest in a new issuance of Single Family Mortgage Revenue Bonds.
Builders will be required to submit monetary deposits equal to 1% of
their request amount in order to allow the County to make necessary
certifications to the State when the County accepts any authorit .
CONTINUED ON ATTACHMENT: YES SIGNATURE:
G�PJ�J
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA N OF BO D COMMIT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON MAR 1 0 1992 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
7� UNANIMOUS (ABSENT N,_) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development MAR 10 1992
SRA23/sfmrev.bos ATTESTED
PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BY �����.�/��� DEPUTY