Resolution No. 95602
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RESOLUTION NO. 9560
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON IN SUPPORT OF SENATE BILL NO. 1065 (CORREA)
REGARDING HOME MORTGAGES AND REVERSE MORTGAGES
WHEREAS, the subprime mortgage crisis has reached epidemic
proportions in many local communities with threatened foreclosures,
plummeting home prices and withering impacts on the tax base and
revenues for essential public services caused by homeowners unable to
pay property taxes; and
WHEREAS, Senate Bill 1065 ("SB 1065"), introduced by Senator
Correa, gives local governments the opportunity to use its resources
to target relief directly to its most needy neighborhoods without
burdening or exposing taxpayers to risk; and
WHEREAS, SB 1065 is sponsored by a consortium of 64 Southern
California cities aligned in the Independent Cities Lease Financing
Authority (ICFLA) which currently provides down payment and closing
cost assistance to qualified homebuyers and financing of the purchase
of multifamily residential projects; and
WHEREAS, SB 1065 would simply expand the authority to allow
cities and counties to offer refinancing to their residents; and
WHEREAS, SB 1065 is scheduled to be heard by the Senate
Transportation and Housing Committee on February 26, 2008; and
WHEREAS, the City Council of the City of Vernon desires to
support SB 1065.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VERNON AS FOLLOWS:
SECTION l: The City Council of the City of Vernon
1 hereby finds and determines that the recitals contained hereinabove
2 are true and correct.
3 SECTION 2: The City Council of the City of Vernon hereby
4 declares its support of SB 1065 and directs the City Clerk, or her
5 designee, to send copies of this Resolution to the Governor, members of
6 the California Legislature who represent the City of Vernon, members of
7 the Senate Transportation and Housing Committee and other interested
8 pasties.
9 SECTION 3: The City Clerk of the City of Vernon shall
10 certify to the passage of this resolution, and thereupon and thereafter
11 the same shall be in full force and effect.
12 APPROVED AND ADOPTED this 19th day of February, 2008.
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Name: Leonis C. Malburg
17 Title: Mayor / -
18 AT�EST:
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20 MANUELA GIRO City Clerk
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, MANUELA GIRON, City Clerk of the City of Vernon, do hereby
certify that the foregoing Resolution, being Resolution No. 9560, was
duly adopted by the City Council of the City of Vernon at a regular
meeting of the City Council duly held on Tuesday, February 19, 2008,
and thereafter was duly signed by the Mayor or Mayor Pro-Tem of the
City of Vernon.
(SEAL)
'44ANUELA GIRO , City Clerk
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