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HomeMy WebLinkAboutContracts & Agreements_39-1980_CCv0001.pdf COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF REDLANDS THIS COOPERATIVE AGREEMENT (the "Agreement") is hereby made and entered into as of October 7, 1933 by and between the COUNTY OF SAN BERNARDINO, a County and political subdivision of the State of California and the CITY OF REDLANDS, a city and political subdivision of the State of California, W I T N E S S E T H: WHEREAS, the County of San Bernardino (the "County"} has determined to engage in a home mortgage finance program ' (the "Program") pursuant to 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, long-term loans to finance the construction, rehabilitation and acquisition of homes in the County, all as provided for in said Act; and WHEREAS, the County has determined to borrow money to finance the Program by the issuance of revenue bonds as authorized by the Act; and WHEREAS, the County proposes to adopt the Program by ordinance for the purpose of increasing the housing supply in the County; and WHEREAS, the City of Redlands (the "City") has also adopted the Program and determined to cooperate with the County pursuant to the Act in the exercise of its powers under the Act for the purposes of the Program; I NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows : SECTION 1 . The terms of this Agreement shall, for all purposes of this Agreement, unless oche rise 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 therefor pursuant to the Act as soon as practicable. SECTION 3. The City hereby agrees that the county may 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. SECTION 4. The City further agrees that any or all of its powers for the purpose of financing home mortgages pursuant to the Act with respect to property located within its geograph- ical boundaries shall be exercised by the County throughout the term of this Agreement. The City further agrees not to engage in any competing home mortgage program pursuant to the Act until at least 90% of the home mortgages to I be I financed by the County with the proceeds of such series of bonds have been made or acquired SECTION 5. 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 6. 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 in connection with its home mortgage finance 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. -2-. RESOLUTION NO. 3716 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF SAN BERNARDINO WHEREAS, there is a shortage in the County of San Bernardino (the "County") and in the City of Redlands (the "City") of decent, safe and sanitary housing, particularly of housing affordable by persons in the lower end of the purchasing spectrum, and a con- sequent need to encourage the construction and rehabilitation of homes affordable by such persons and otherwise to increase the housing supply in the City and in the County for such persons; and WHEREAS, the Board of Supervisors of the County of San Ber- nardino has determined to engage in a home mortgage finance program (the "Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") for persons and families within the income limits established by the Act, and has determined to issue revenue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the County proposes to adopt the Program by ordinance for the purpose of increasing the housing supply in the County; and WHEREAS, the Council of the City 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 of San Bernardino within the georgraphic boundaries of the City pursuant to the Act; NOW, THEREFORE BE IT RESOLVED by the Council of the City of Redlands, 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. 1 2. The cooperative agreement, dated as of October 7, 1980, between the County and the City (the "Agreement") , in substantially the form submitted to this meeting, is hereby approved, and the proper officers for the City are hereby authorized and directed to execute and deliver said Agreement, for and in the name and on behalf of the City, and to approve any additions to or changes in the form of said Agreement submitted to this meeting which they deem necessary or advisable, their approval of such additions or changes to be conclusively evidenced by their execution of said Agreement as so added to or changed. The proper officers of the City are 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. 3. The City hereby agrees not to engage in any competing home mortgage finance program under the Act until at least 90% of the home mortgages to be financed by the County under the Program with the proceeds of such series of revenue bonds have been made or acquired. 4. This resolution shall take effect from and after its adoption. ADOPTED, SIGNED, AND APPROVED this 7th day of October, 1980 ATTEST: Mayor" ofe-.t-he ',C,Ltxjrc�7 ReX ds C—Ity L. APPROVED FOR FORM: Edward F. Taylor City Attorney I, Peggy A. Moseley, City Clerk, City of Redlands, hereby certify that the foregoing resolution was duly adopted at a regular meeting of the City Council on the 7th day of October, 1980, by the following vote: AYES: Councilmembers Gorman, P-lartinez, Riordan, Roth; Mayor DeMirjyn NOES: None ABSENT: None Resolution No. 3716 Page 2