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HomeMy WebLinkAboutResolution - 1746 RESOLUTION NO. 1746 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF RIVERSIDE WHEREAS, there is a shortage in the County of Riverside (the "County") and in the City of San Jacinto (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, purchase and rehabilitation of homes affordable by such persons and otherwise to increase the housing supply in the City and in the County for such person; and WHEREAS, the Board of Supervisors of the County has resolved 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, this City Council finds and determines that it is in the best interest of the City to adopt the Program and to consent to the implementation 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 San Jacinto as follows: SECTION 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 implementation of the Program by the County with respect to all property located within the geographical boundaries of the City. Section 2. The agreement, dated as of _ __, 1988, between the County and the City (the "Cooperative Agreement") , in substantially the form submitted to this meeting, is hereby approved; and the proper officers of the City are hereby authorized and directed to execute and delivers the same, for and in the name and on behalf of the City and to approve any additions to or changes in said form thereof which they deem necessary or advisable, their approval of such additions or changes to be conclusively evidenced by their execution of the Cooperative 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 and take such other actions as they may deem necessary or appropriate to carry out the purpose and intent of the Cooperative Agreement or to cooperate in the implementation of the Program. Section 3. This Resolution shall take effect immediately upon its adoption. ADOPTED, SIGNED and APPROVED this 19th day of April , 1988 by the following called votes: AYES: Councilmen Redding, Ford, Stevens , Divine and Stuart NOES: None ABSENT: None 4MAYO OF THE ITY OF SAN JACINTO ATTEST: Deputy City Clerk City of San Jacinto STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) CITY OF SAN JACINTO ) I , Helen Sherman Deputy ' City Clerk of the City of San Jacinto, hereby certify this to be a true and correct copy of Resolution Number 1746 , adopted by the City Council of the City of San Jacinto at a regular meeting held on April 19, 1988. Witness my hand and the seal of the City of San Jacinto this 19th day of April , 1988. , eauty City Clerk City of San Jacinto VAM:dms (0115G) COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF RIVERSIDE AND THE CITY OF SAN JACINTO THIS COOPERATIVE AGREEMENT (the ncooperative Agreement") is hereby made and entered into as of 19B8 by and between the COUNTY OF RIVERSIDE, a legal subdivision and body corporate and politic of the State of California (the "County") , and the CITY OF SAN JACINTO, a municipal corporation of the State of California (the "City") . W ITN E S S E T H WHEREAS, 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 Safely Code of the State of California (the "Act") to make or acquire, directly or indirectly, long-term loans to finance the construction 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 (the "Bonds") as authorized by the Act and by the provisions of the Costa-Marks Housing Bond Allocation Act of 1981 (the "Costa-Marks Act"); and WHEREAS, the City has adopted the Program and determined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for the pruposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows; Section 1 . The words and phrases of this Cooperative Agreement shall , for all purposes hereof unless otherwise defined herein, have the meanings assigned to such words and phrases in the Act and in the Costa-Marks Act. Section Z. The County agrees to use its best efforts to undertake the Program and to issue the Bonds therefor pursuant to the Act as soon as the County determines the same to be necessary and advisable. Section_3. The City represents and warrants to the County that: (i ) the City has heretofore adopted a general plan for the City in conformance with the provisions of the Planning and Zoning Law of the State of California (Government Code Section 65000 et seq.) , (ii ) said general plan includes a land use element and housing element as required by Government Code Section 65302, and (iii ) the Program complies with said land use element and housing element. Section 4. The City 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 and that any and all of its powers for the purpose of financing homes mortgages pursuant to the Act with respect to such property shall be exercised by the County. 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 Cooperative Agreement, and the City further agrees to refrain from taking any action which would to its knowledge tend to adversely affect the rating on the Bonds. Section_ 6. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other municipal corporations within the County. Section 7__ This Cooperative 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 the Bonds. IN WITNESS WHEREOF, the parties hereto have caused this Cooperative 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. COUNTY OF RIVERSIDE BY Chairman of the Board of Supervisors (SEAL) ATTEST: Clerk of the Board of Supervisors APPROVED AS TO FORM: County Counsel CITY SAN JAC 0 BY Mayor (SEAL) ATTEST: e De uty City Clerk APPROVED AS TO FORM: City Attorney VAM:dms (011bG)