HomeMy WebLinkAbout81-157 - ResolutionsRESOLUTION NO. 81-157
RESOLUTION AUTHORIZING A COOPERATIVE AGREEMENT
BETWEEN THE COUNTY OF SAN BERNARDINO AND THE
CITY OF RANCHO CUCAMONGA IN CONNECTION WITH
ISSUANCE OF COUNTY OF SAN BERNARDINO HOUSING
FINANCE REVENUE BONDS, ISSUE B, PURSUANT TO
THE HOME FINANCE REVENUE BOND PROGRAM
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, particu-
larly of housing affordable by persons in the lower end of the purchasing
spectrum, to encourage the construction and rehibilitation of homes
affordable by such persons and to otherwise increase the housing supply
in the County for such persons;
WHEREAS, the City of Rancho Cucamonga (the "City) also adopted
the Program on October 15, 1980 by Resolution No. 80-92 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;
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 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 has determined to cooperate with the County
in the issuance of Issue B pursuant to the Act in the exercise of its
powers under the Act pursuant to the Program;
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of
Rancho Cucamonga, as follows:
1. The cooperative agreement, dated as of October 15, 1981,
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 execut ~nd
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.
2. 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 Issue B have been made or required.
Resolution No. 81-i57
Page 2
3. 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, all as set
forth in the Agreement.
4. This Resolution shall take effect from and after its
adoption.
PASSED, APPROVED, and ADOPTED this 7th day of October, 1981.
AYES: Frost, Mikels, Palombo, Bridge, Schlosser
NOES: None
ABSENT: None
ATTEST:
asserman~,' jily Clerk
Phillip D. Schlosser, Mayor