RECOMMENDATION(S):
ADOPT Resolution No. 2014/2 authorizing the Director of the Department of Conservation and Development, or designee, to prepare and submit an application, certification, and $600 application fee to the California Debt Limit Allocation Committee for an allocation of $7,067,129, in Private Activity Bond Authority for conversion to Mortgage Credit Certificates.
FISCAL IMPACT:
None. No General Fund monies are involved. All costs associated with the issuance and administration of this program are paid by fees assessed on program participants. The issuance of a Mortgage Credit Certificate does not involve the issuance of any debt by the County, therefore there is no pledge of revenue by the County, or any party contracting with the County.
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