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HomeMy WebLinkAbout012-89 Resolution No. 12-89 In the Matter of: A Resolution Adopting a Home Mortgage Finance Program in Cooperation With the County of Contra Costa and Authorizing the Mayor and City Clerk to Execute for and on Behalf of the City of Danville a Cooperative Agreement Between the County of Contra Costa and the City of Danville 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 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 WHEREAS, the County intends to issue bonds pursuant to the Act to progide funds for the County's home mortgage finance program (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 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 and consents to the operation of the Program by the County with respect to all property located within the geographical boundaries of the City. The cooperative agreement, dated March 1, 1989, 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 the City Clerk are hereby authorized:and directed toexecute and deliver said Agreement, for and 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 aa ~o added to or changed. The MaNor, with the adv(ce and con~ont of the City Attorney, is further authorized to enter into such additional agreements with the County execute such other documents or take such t~~ o o 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. Passed and adopted by the City Council of the City of Danville, State of California, at its regular meeting held on the 6th day of February , lgSg, by the following vote of the Council: AYES: GREENBERG, JAGGER, LANE, RITCHEY, SCHLENDORF NOES: NONE ABSENT: NONE Mayor ATTEST: City~rk~ ~~J \_ cd18/a.res o ,% COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF CONTRA COSTA AND THE CITY OF DANVILLE THIS COOPERATIVE AGREEMENT (the "Agreement"), made and entered into as of March 1, 1989 by and between the County of Contra Costa, a political subdivision of the State of California (the "County"), and the City of Danville, a general law city and political subdivision of the State of California (the "City"), W ! T N E S SET H: WHEREAS, the County has determined to engage in a home mortgage finance 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") 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"); WHEREAS, the County of Contra Costa, pursuant to the Act, has adopted a home finance program by Ordinance No. 82-5; WHEREAS, the County 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 County 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 covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The terms used in this Agreement shall, for all purposes of this Agreement, unless Qtherwise defined herein, have the meanings assigned to such terms in the Act. SECTION 2. The County agrees to undertake the Program and to issue revenue bonds therafor pursuant to the Act as soon as practicable. SECTION 3. The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of financing home mortgages pursuant to the Act by agreeing that the County 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 April 1, 1990, without the prior written consent of the County. If, prior to April 1, 1990, the City desires to issue mortgage revenue bonds, the County shall consent if one or both of the following conditions are established to the satisfaction of the County, and such consent shall not be unreasonably withheld: (1) No development or phase of a development within the City's I proposed issue is currently within the County 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 lIIortgage ~evenue bonds. . ~ SECTION 4. The City agrees to tlndertake such further -proceedings or actions as may be necessary in order to carry out the terms and the intent of this Agreement. Nothing in this Agreement shall prevent 'the County from entering into one or more agreements with other political subdivisions within the County, if aeemed necessary and advisable to do so by the County. SECTION 5. This Agreement may be amended by one or more supplemental agreements executed by the County 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 County 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 thei r proper offi cers thereunto duly authorized, and thei r official seals to be hereto affixed, all as of the day first above written. CITY OF DANVI LLE THE COUNTY OF CONTRA COSTA By: ~ /dI.wi~ Mayor . By: ATTEST: . ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors By: ~ tJ~ Ci Cler By: Deputy Clerk cd18/cooptve.agr