HomeMy WebLinkAboutContracts & Agreements_15-1984_CCv0001.pdf COOPERATIVE AGREEMENT
THIS COOPERATIVE AGREEMENT (the "Agreement" ) , made and entered into as of June 19 ,
198 4 by and between the County of San Bernardino, a political subdivision oT
the State of California (the "County" ) , and the City of Redlands
a political subdivision of theStateof California
the "Icityll
WITNESSETH:
WHEREAS, the County has determined to engage in a housing finance revenue
bond 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 purchase,
directly or indirectly, loans to finance the construction or acquisition of
homes in the County, all as provided for in the Act (the "Program"); and
WHEREAS, the County, pursuant to the Act, het? adopted the Program by.
Ordinance No. 2496 and 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;
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 otherwise defined herein, have the meanings assigned to
such terms in the Act.
Section 2. The County agrees to undertake the Program and to issue its
Residential Mortgage Revenue Bonds , Issue of 1984 (the "Bonds") therefore
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 from the proceeds of the Bonds by agreeing that
the County shall exercise such powers to make or purchase 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.
Section 4. The City agrees to undertake 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 deemed 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 their proper officers thereunto duly authorized, and
their official seals to be hereto affixed, all as of the day first above
written.
CITY OF REDLA DS COUNTY OF SAN 40
By: d= By:
Mayor Vice airman, Board o
Supervi sorSROS RT L.HAMMOCK
fN 18 8
ATTEST: ATTEST:
y De ut C erk
it Clerk p
Board of S perviso
APPROVED AS TO FORM: APPROVED AS TO FORM
City Attorney Deputy/Coy,5y Council
M :p K Clccrk f
: rvi-s rs o- lh. , S Bernardino,
State o 'a ".... '� cfl she fore
goingwE 1, true andcor-
rect copy of f now on file in m
office,
[gated: JUL 17 19984
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