Loading...
HomeMy WebLinkAbout039-86In the Matter of Adopting Home Mortgage Finance Program ) in Cooperation with County of Contra ) Costa and Authorizing Mayor and City ) Clerk to Execute for and on Behalf of ) the City of Danville a Cooperative ) Agreement Between County of Contra Costa) and City of Danville ) RESOLUTION NO. 39-86 WHEREAS, there is a shortage in the County of Contra Costa (the "County") and in the City of Danville (the "City") of decent, safe and sanitary housing, particularly of housing affordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the County and in the City for such persons; and WHEREAS, the Board of Supervisors of the County has adopted an ordinance declaring its intent to engage in a home mortgage finance program (the "Program") pursuant to Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") and to issue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the Council finds and determines that it is in the best interest of the city to adopt the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Danville as follows: 1. The City hereby adopts the Program for the purpose of increasing the housing supply in the County and in the City of Danville and consents to the operation of the Program by the County with respect to all property located within the geographical boundaries of the City of Danville. 2. The Cooperation Agreement, dated as of March 1, 1986, between the County and the City (the "Agreement"), a copy of which is attached hereto as Exhibit A, is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute and deliver said Agreement, for an in the name and on behalf of the City. The Mayor, with the advice and consent of the City Attorney, is authorized to approve any additions to or changes in the form of said Agreement which they deem necessary or advisable, their approval of such additions or changes to be conclusively evidenced by execution by the Mayor of said Agreement as so added to or changed. The Mayor, with the advice and consent of the City Attorney, is further authorized to enter into such additional agreements with the County, execute such other documents or take such other actions as they may deem necessary or appropriate to carry out the purpose and intent of the Agreement or to cooperate in the implementation of the Program. on ADOPTED by the city Council of the City of Danville April 21 , 1986, by the following vote: AYES: Kennett, McNeely, Offenhartz, Schlendorf NOES: None ABSTAIN: None ABSENT: Lane / // Mayor ATTEST: ~~C ty Cler~ EXHIBIT 'A' COOPERATIVE AGREEMENT BETWEEN THE CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY AND THE CITY OF DANVILLE THIS COOPERATIVE AGREEMENT (the "Agreement"), made and entered into as of March 1, 1986 by and between the Contra Costa Home Mortgage Finance Authority, an agency and public entity of the State of California (the "Authority"), and the City of Danville, a general law city and political subdivision of the State of California (the "City"). W I T N E S S E T H: WHEREAS, the Authority has determined to engage in a home mortgage finance program pursuant to Chapters 1-5 of Part § of Division 31 of the Health and Safety Code of the State of California (the "Act") to make or acquire, directly or indirectly, loans to finance the construction or acquisition of homes in the County of Contra Costa, all as provided for in the Act (the "Program"); and WHEREAS, the County of Contra Costa, one of the parties in the Authority, pursuant to the Act, has adopted a home finance program by Ordinance No. 82-5; WHEREAS, the Authority has determined to cooperate with the City pursuant to the Act in the exercise of its powers under the Act for purposes of the Program; and WHEREAS, the City, pursuant to the Act, has adopted a home mortgage finance program and has determined to cooperate with the Authority pursuant to the Act in the exercise of its powers under the Act for purposes of the Program; NOW, THEREFORE, in consideration of the mutual convenants hereinafter provided, the parties hereto agree as follows: Section 1. The terms used in this Agreement shall, for all purposes of this Agreement, unless otherwise defined herein, have the meanings assigned to such terms in the Act. Section 2. The Authority agrees to undertake the Program and to issue revenue bonds therefore pursuant to the Act as soon as practicable. Section 3. The city hereby agrees to cooperate with the Authority in the exercise jointly or otherwise of their powers for the purpose of financing home mortgages pursuant to the Act by agreeing that the Authority shall exercise such powers to make or acquire home mortgages under the Program, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. The City hereby agrees not to issue mortgage revenue bonds pursuant to the Act from the date hereof until that date which is twelve months from the date Of issuance of the mortgage revenue bonds issued pursuant to the Authority's 1986 Program, without the prior written consent of the Authority. If, prior to that date which is twelve months from the date of issuance of the Authority's 1986 mortgage revenue bonds, the City desires to issue mortgage revenue bonds, the Authority shall consent if one or both of the following conditions are established to the satisfaction of the Authority, and such consent shall not be unreasonably withheld: (1) No development or phase of a development within the city's proposed issue is currently within the Authority's issue; or (2) Sixty-six percent (66%) of the bond proceeds allocated for home mortgages to be originated within the City are subject to firm commitment letters (as that term is defined in the Origination, Service and Administration Agreement for the Program) for home mortgages as of the date of issuance of the City's mortgage revenue bonds. Section 4. The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the items and the intent of this Agreement. Nothing in this Agreement shall prevent the Authority from entering into one or more agreements with other political subdivisions within the County of Contra Costa, if deemed necessary and advisable to do so by the Authority. Section 5. This Agreement may be amended by one or more supplemental agreements executed by the Authority and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the holders of any bonds issued by the Authority pursuant to the Act in connection with the Program. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, all as of the day first above written. CITY OF DANVILLE CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY By Chairman, Governing Board ATTEST: ATTEST: By Secretary