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HomeMy WebLinkAbout89-412 - Resolutions RESOLUTION NOJ 89-412 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, APPROVING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF SAN BERNARDINO AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE CITY A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY WHEREAS, there is a shortage in the County of San Bernardino (the "County") and in the City of Rancho Cucamonga (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 (the "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 to issue bonds pursuant to the Act to provide funds for 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, the City Council of the City of Rancho Cucamonga does hereby resolve as follows: SECTION 1: Each of the foregoing recitals is true and correct. SECTION 2: 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. SECTION 3: The Cooperative Agreement between the County and the City (the "Agreement"), in substantially the form attached hereto, is hereby approved, and the Mayor and City Clerk are hereby authorized and directed to execute 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 as so added to or changed. The Mayor, with the advice and consent of the City Attorney, is 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. Resolution NoJ 89-412 Page 2 SECTION 4: This Resolution shall take effect from and after its adoption. PASSED, APPROVED, and ADOPTED this 6th day of September, 1989. AYES: Alexander, Buquet, Brown, Stout, Wright NOES: None ABSENT: None Dennis L. S~oot, Mayor ATTEST: Debra J. Ada(ns, City Clerk I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho Cucamonga, California, at a regular meeting of said City Council held on the 6th day of September, 1989. Executed this 7th day of September, 1989 at Rancho Cucan~nga, California. 'D~bra J. Ad. am's, City Clerk Resolution No~ 89-412 Page 3 (SEE CONTRACT NO~ 89Z129 IN CITY CLERK'S CONTRACT FILE) COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF RANCHO CUCAMONGA THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered into as of September 6, 1989 by and between the County of San Bernardino, a political subdivision of the State of California (the "County"), and the City of Rancho Cucamonga, a political subdivision of the State of California (the "City"), W ITNESSETH: 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, all as provided for in the Act (the "Program"); and WHEREAS, the County, pursuant to the Act, has 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, including the issuance by it of revenue bonds therefor 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 its 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. 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. Resolution No. 89-412 Page 4 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 th 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 and year first above written. COUNTY OF SAN BERNARDINO CITY OF RANCHO CUCAMONGA By By Chairman, Board of Supervisors ATTEST: ATTEST: By Deputy Clerk, Board of Supervisors APPROVED AS TO FORM: APPROVED AS TO FORM: COUNTY COUNSEL By Deputy City Attorney