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HomeMy WebLinkAbout1995/02/15 - Agenda Packet - AddendumCity Council Agenda February 15, 1995 PAGE ADDENDUM D. CONSENT CALENDAR The fo ~wing Consent Calendar item is expected to be routine and non- controversial. It will be acted upon by the City Council without discussion. Any item may be removed by a Councilmember or member of the Audience for discussion. Approval to execute a Cooperative Agreement (CO 95-006) between the County of San Bernardino and the City of Rancho Cucamonga for the purpose of issuing Single Family Mortgage Revenue Bonds~ DATE: CITY ()F RANCHO CUCAMONGA STAFF REPORT February 15, 1995 TO: Mayor and Members of the City Council Jack Lam, AICP FROM: Linda D. Daniels, Redevelopment Manager BY: Jan Reynolds, Assistant Redevelopment Analyst SUBJECT: CONSIDERATION OF COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF RANCHO CUCAMONGA FOR THE PURPOSE ISSUING SINGLE FAMILY MORTGAGE REVENUE BONDS RECOMMENDATION Approval of a cooperative agreement with the County of San Bernardino to include the City of Rancho Cucamonga as a participant in the county-wide Single Family Mortgage Revenue Bond program. BACKGROUND/ANALYSIS At the same time the City is considering its own Single Family Mortgage Revenue Bond program, the County of San Bernardino has asked the City to participate in a county-wide program. Through a cooperative agreement, the County intends to allocate mortgage funds to participating cities on a first come, first serve basis with no specific allocation granted on a per city basis. The cooperative agreement would allow lenders who have committed to the County program to fund mortgages in Rancho Cucamonga. Approval of the cooperative agreement with the County does not preclude the. City from developing its own bond program. Participation in the County bond program will not dilute the City's program, but rather will enhance opportunities for first time homebuyers by expanding the list of available lenders. As with the City's bond program, there is no cost to the City for participation in the County bond program. Respectfully submitted, Linda D. Daniels Redevelopment Manager 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 , 1995 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"). WITNESSETH: WHEREAS, the County has engaged and will continue 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. 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; and WHEREAS, the County contemplates entering into a joint powers agreement ("JPA") under the Marks-Roos Local Bond Pooling Act of 1985 (Gov't Code 6584 et seq.) (the "Bond Law"); NOW, THEREFORE, in consideration of the mutual covenants he~reinafter provided, the parties hereto agree as follow: 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, either separately or as a participant in a JPA, including the issuance by it from time to time of revenue bonds therefor pursuant to the Act. SECTION 3. The City hereby agrees to cooperate with the County, either separately or as a participant in a JPA, 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 th!is Agreement. However, nothing in this Agreement shall prevent the City from issuing a housing program under one Act, either alone or as a participant in a JPA (other than the County JPA). The County may enter into cooperative agreements with other political subdivisions within the County, and nothing in this Agreement shall prevent the County from entering into one or more additional such agreements with other political subdivisions within the County, if deemed necessary and advisable to do so by the County~ 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 the Act in connection with the Program. 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 and year first above written. COUNTY OF SAN BERNARDINO CITY OF RANCHO CUCAMONGA By: By: William J. Alexander, Mayor ATTEST: ATTEST: EARLENE SPROAT Clerk of the Board of Supervisors By: By: Debra Adams, City Clerk APPROVED AS TO FORM: ALAN K. MARKS COUNTY COUNSEL By: Paul St. John, Deputy By: City Attorney DATE: