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Home My WebLink About1988-07-28 - RESOLUTIONS - COOP AGMT HOME FINANCE (2)RESOLUTION NO. 88-104 A RESOLUTION APPROVING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF LOS ANGELES AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE CITY OF Santa Clarita A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF LOS ANGELES AND THE CITY OF Santa Clarita WHEREAS, there is a shortage in the County of Los Angeles (the "County") and in the City of Santa Clarita (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, either on its own behalf or in collaboration with other southern California counties, as a member of a joint powers authority (the "Authority"), 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 and the Authority within the geographic boundaries of the City pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Santa Clarita as follows: 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 County with the operation of the Program by the respect to all property located within the geographical boundaries of the City. 2• The Cooperative Agreement between the County and the City (the "Agreement"), in substantially the form attached hereto as Exhibit A, 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 2847B 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 or the Authority, 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. PASSED, APPROVED AND ADOPTED this 28th day of July 1988, by the following vote: Ayes: Boyer, Darcy, Heidt, Koontz., McKeon Noes: None Absent: None 74_W_A��_ Mayor SEAL 2847B 2 EXHIBIT A COOPERATIVE AGREEMENT.BETWEEN THE COUNTY OF LOS ANGELES AND THE CITY OF SANTA-CLARITA THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered into as of 1988 by and between the County of Los Angeles, a political subdivision of the State of California (the "County"), and the City of SANTA CLARITyA, a Political subdivision of the State of California (the "City"), W I T N E S S E T H: WHEREAS, the County has determined to engage, either on its own behalf or in collaboration with other southern California counties, as a member of a joint powers authority (the "Authority"), 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. 82-0097 and has determined to cooperate with the City pursuant to the Act in the exercise, either directly or through the Authority, 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 or by the Authority of revenue bonds therefor pursuant to the Act, as soon as practicable. SECTION 3. The City hereby agrees to cooperate with the County and, if appropriate, the Authority, 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, either directly or through the Authority, 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 boundaries of the City. 4eographic 2874B SECTION 4. The City agrees to undertake such further Proceedings or actions as may to carry out the terms and the intent of thisecessary rder Agreement. oNothing 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. SECTION S. 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 or the Authority pursuant to the 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 LOS ANGELES By ATTEST: By APPROVED AS TO FORM: COUNTY COUNSEL By Deputy 2874B 2 ATTEST• By APPROVED AS TO FORM: By P"^ 07/25/88 12:11 '$213 623 8297 BW&S LA — SANTA CLARITA A $62.6 million mortgage revenue bond sale for Los Angeles and Orange Counties is set for July 28, 1988, Under the Health and Safety Code, cities and counties (on their own or through joint power agreements) are authorized to issue and sell bonds to provide loans to home buyers who would not otherwise qualify for conventional financing. The statute sets up criteria for such buyers. The mortgages are the security for the bonds; neither the city nor its officers are liable. According to the bond counsel for this transaction and County representatives, the loan funds here will be available to Santa Clarita residents whether or not the City adopts the resolution and approves the agreement. The City Council's approval would be a courtesy to indicate interest and approval. (In fact, the bonds will be issued and sold before the Council acts), Should the Council determine to adopt the Resolution, it is the appropriate legal way to do so. The Cooperative Agreement is attached to the Resolution, which also approves it. elh/NTS0000 LFI ,., r� f P"^ 07/25/88 12:11 '$213 623 8297 BW&S LA — SANTA CLARITA A $62.6 million mortgage revenue bond sale for Los Angeles and Orange Counties is set for July 28, 1988, Under the Health and Safety Code, cities and counties (on their own or through joint power agreements) are authorized to issue and sell bonds to provide loans to home buyers who would not otherwise qualify for conventional financing. The statute sets up criteria for such buyers. The mortgages are the security for the bonds; neither the city nor its officers are liable. According to the bond counsel for this transaction and County representatives, the loan funds here will be available to Santa Clarita residents whether or not the City adopts the resolution and approves the agreement. The City Council's approval would be a courtesy to indicate interest and approval. (In fact, the bonds will be issued and sold before the Council acts), Should the Council determine to adopt the Resolution, it is the appropriate legal way to do so. The Cooperative Agreement is attached to the Resolution, which also approves it. elh/NTS0000 LFI ,.,