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Home My WebLink About1981-530 "^'.' ,i/f ~,,*"?~'.- _ ,,'" ~,-...~)' - l,"-': "~" -'-.__-l,"'.::;fe_~.:- '"_.,,,:"N,..e, "','llt;, ~:;;.,;:.,.._,;~.-:, ..... ';., ",,' ,,-.(. 1 RESOLUTION NO. 81-530 2 RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A COOPERATIVE AGREEMENT WITH THE COUNTY OF SAN BERNAR- 3 DINO RELATING TO THE ISSUANCE OF COUNTY OF SAN BERNARDINO HOUSING FINANCE REVENUE BONDS, ISSUE B. 4 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY 5 OF SAN BERNARDINO AS FOLLOWS: 6 SECTION 1. The Mayor of the City of San Bernardino is here y 7 authorized and directed to execute on behalf of said City a 8 Cooperative Agreement with the County of San Bernardino relating to 9 the issuance of County of San Bernardino Housing Finance Revenue 10 Bonds, Issue B., a copy of which is attached hereto, marked Exhibit 11 "A" and incorporated herein by reference as fully as though set 12 forth at length. 13 I HEREBY CERTIFY that the foregoing resolution was duly 14 dopted by the Mayor and Common Council of the City of San 15 ernardino at a regular meeting thereof, held 16 n the 2nd November , 1981, by the following day of to wit: 17 18 AYES: Council Members Castaneda. Reillv. Hernandez. 19 Botts, Hobbs. Strickler 20 NAYS: None 21 ABSENT: None 22 ~,;?/1;?'$~f/ / C~ty Ier 23 24 The foregoing resolution is 25 November , 1981. 26 27 28 ,-', , .. ' COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF SAN BERNARDINO '/ AGREEMENT NO. %l-'J ()~ THIS COOPERATIVE AGREEMENT (the "Agreement") is hereby made and entered into as of October 15, 1981, by and between the COUNTY OF SAN BERNARDINO, a political subdivision of the State of California and the CITY OF SAN BERNARDINO, a political subdivision of the State of California, WIT N E SSE T H: - - -- WHEREAS, the County of San Bernardino (the "County") adopted a Housing Finance Revenue Bond Program (the "Program") by Ordinance No. 2496 on November 17, 1980- pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") to ease ,the shortage in the County of decent, safe and sanitary housing, " particularly of housing affordable by persons in the lower end of the purchasing spectrum, to encourage the construction and rehabilitation of homes affordable by such persons and to otherwise increase the housing supply in the County for such persons; WHEREAS, the County issued the County of San Bernardino Housing Finance Revenue Bonds, Issue A, on December 31, 1980; WHEREAS, the County has determined that a substantial housing need exists in the County and that ;::: '/. h /b/t r;' ". , . . issuance of County of San Bernardino Housing Finance Revenue Bonds, Issue B, ("Issue B") is necessary to meet said need under the Program; and WHEREAS, the City of San Bernardino (the "City") has also adopted the Program and in connection with the issuance of Issue B has determined to cooperate with the County pursuant to the Act in the exercise of its powers under the Act for the purpose 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 Issue B 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 in connection with Issue B. 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 geographical boundaries may be exercised by the County throughout the term of this Agreement. The City further 2 40319-000S-098-0676d 09/11/81 ---, n I '. " . agrees not to engage in any competing home mortgage program pursuant to the Act until at least 90% of the home mortgages to be financed by the County with the proceeds of Issue B have been made or acquired. SECTION 5. The City hereby assigns to the County all of the principal amount of qualified mortgage bonds which the City is allocated pursuant to Section 4(a) of the Proclamation of the Governor of the State of California, dated August 6, 1981, for the calendar year 1981. Such assignment is solely for use by the County to provide financing for properties located within the territory of the City (including a proportionate share of costs of issuance, underwriters discount, capitalized interest, reserve funds and similar expenses associated with the financing), provided that such assignment shall not be deemed ineffective if, after issuance of the bonds and for reasons beyond the control of the County, the County is unable to use any portion of the proceeds of such bonds to provide financing for properties located within the territory of the City, as required by such assigned allocation, and such proceeds are instead used to redeem bonds or to provide financing for properties located within the County. SECTION 6. 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 40319-0005-098-0676d 3 09/11/81 ~' 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 7. 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. SECTION 8. The term of this Agreement shall extend until the Issue B bonds are fully paid and retired, or, if Issue B bonds are not issued to finance the Program, through December 31, 1981. 4 40319-000S-098-0676d 09/11/81 i----u . - . -, 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. [SEAL] :UNTY ~:~... ~ Cha~rperso~ . Board of Supervisors NOV 9 1981 ATTEST: cPa-d~~~+-~ C erk of. the Board of Supervisors [SEAL] CITY OF ATTEST: ~/m/~ / Ci Y Clerk 5 40319-000S-098-0676d 09/11/81