HomeMy WebLinkAboutAGENDA REPORT 2005 1207 CC REG ITEM 10ETO:
FROM:
DATE:
MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
Nancy Burns, Senior Management
November 17, 2005 (CC Meeting
SUBJECT: Consider Resolution to
of the Joint Powers
Ventura Cities Mortgage
to Dissolve the Ventura
Authority
BACKGROUND
ITEM
;` ] " %: J- 6&t ORVARK. CALIFORNIA
City ', (stinril Meetinq
ACTION:
Analyst
of December 7, 2005)
Authorize the Termination
Agreement Creating the
Financing Authority and
Cities Mortgage Financing
On April 21, 1999, the City Council adopted Resolution No. 99-
1592, authorizing participation in the Ventura Cities Mortgage
Financing Authority (VCMFA), through a Joint Powers Agreement
(JPA) to assist with home mortgage financing programs.
Additional cities were added to the JPA with the adoption of
Resolution No. 2002 -1941, approved on February 6, 2002.
DISCUSSION
The VCMFA's "Fresh Rate" program was targeted to home buyers who
could make a mortgage payment, but did not have funds for a down
payment. This program provided four percent (40) down payment
assistance which was forgiven over time. The financing carried
a slightly higher than market interest rate in exchange for this
assistance. In a market with steadily decreasing mortgage
interest rates, the program did not gain the popularity that had
been anticipated. Never - the -less, eighteen (18) loans, totaling
$2,848,311 were made to families in Ventura County while this
program was in effect.
All principal funds and interest on the bonds that were issued
by VCMFA to finance this program have been paid in full, and it
is now time to dissolve the VCMFA.
000�'�3
Honorable City Council
December 7, 2005, Meeting
Page 2
STAFF RECOMMENDATION
1. Adopt Resolution No. 2005 r authorizing the
termination of the Joint Powers Agreement which created the
Ventura Cities Mortgage Finance Authority (VCMFA);
dissolving the VCMFA; and rescinding Resolutions No. 99-
1592 and No. 2002 -1941; and
2. Authorize the mayor to execute an agreement for the
performance of administrative functions associated with
these actions.
Attachment "A"
00062IS `
Attachment "A"
RESOLUTION NO. 2005-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MOORPARK, CALIFORNIA, AUTHORIZING THE
DISSOLUTION OF THE VENTURA CITIES MORTGAGE
FINANCING AUTHORITY (VCMFA), TERMINATING THE
JOINT POWERS AGREEMENT (JPA) WHICH CREATED
THE VCMFA, RESCINDING RESOLUTIONS NO. 99-
1592 AND NO. 2002 -1941, AND PROVIDING FOR
OTHER ASSOCIATED ADMINISTRATIVE MATTERS
WHEREAS, the City of Moorpark, a municipal corporation, is
a duly authorized member of the Ventura Cities Mortgage Finance
Authority (VCMFA), along with certain other cities within the
County of Ventura, through a Joint Powers Agreement (JPA); and
WHEREAS, the VCMFA "Fresh Rate" Mortgage Finance Program
provided for the issuance of bonds to finance down payment
assistance and mortgage finance programs; and
WHEREAS, all principal and interest on the above - referenced
bonds have been paid in full, and the VCMFA has fulfilled its
purpose and needs to be dissolved at this time.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby authorizes the
dissolution of the JPA and termination of the VCMFA.
SECTION 2. The Mayor is directed to execute an Agreement
to Terminate the Joint Powers Agreement Creating the Ventura
Cities Mortgage Financing Authority and to Dissolve the Ventura
Cities Mortgage Financing Authority and any related documents.
SECTION 3. Resolutions Nos. 99 -1592 and 2002 -1941 are
hereby rescinded.
000255
Resolution No. 2005 -
Page 2
SECTION 4. The City Clerk shall certify to the adoption of
this resolution and shall cause a certified resolution to be
filed in the book of original Resolutions.
PASSED AND ADOPTED this 7th day of December 2005.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
0002 Ir-T6