HomeMy WebLinkAboutReso 097-84 HomeMortgage$Pgm RE~OLU~ .
resolution NO 97-84
A RESOLUTION APPROVING A HOME MORTGAGE FINANCE PROGRAM IN
COOPERATION WITH THE COUNTY OF ALAMEDA AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE CITY
OF /%/~LJA/ A COOPERATIVE AGREEMENT BETWEEN THE COUNTY
OF ALAMEDA AND THE CITY OF
WHEREAS, there is a shortage in the County of
Alameda (the "County")' and in the City of D~b2Lr~ (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 Co .... y has
adopted an ordinance declaring its intenn to engage in a home
morEgage finance program (the "Program") pursuann to Chamters
1-5 of Part 5 of Division 31 of the Health and Safety Code of
the State of Ca!iforn:a (the "Act") and to issue bonds
pursuant to the Act to provide funds for the Program; and
WHEREAS, the Counczl finds and determines that iE
is mn the best interest of the City to adorn the Program and
to consenn to the o~eranion of the Program by the County
within the geographic boundarmes of the City pursuant to the
Ac~.
NOW, THEREFORE, BE IT RESOLVED, by the Council of
the City of D~ , as follows:
1. The City hereby adopts the Program for the
purpose of increasmng the housing supptv in the County and ~n
the City and consents to the operation of the Program by the
County with respec~ to all propersy located within the
geographical boundaries of the City.
2. The Cooperative Agreement between the County
and the City (the "Agreement"), a copy of which is a~%ached
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 consen~ of the
City Attorney, is authorized to approve any additions to or
changes in the form of said Agreemen~ 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 enser 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.
PASSED, APPROVED AND ADOPTED this 27~A day of
~u~i , 1984, by the following vote:
Ayes:
Noes:
Ab sen~:
r~yor
City C~o
[ SEAL]
040435-0003- 165-5917m 08/08/8
COOPERATIVE AGREEMENT BETWEEN THE COUNTY
OF ALAMEDA AND THE CITY OF DUaL'A/
THIS COOPERATIVE AGREEMENT (the "Agreement"), made
and entered into as of Dgb~ , 1984 by and between the
County of Alameda, a political subdivision of the State of
California (the "County"), and the City of Dgb//n, 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 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, direc=!y
or indirectly, loans to finance the construction or
accuisl~ion of homes in the County, all as provided for in
the Act (the "Program"); and
WHEREAS, the County, pursuant to the Act,
adopted the Program by Ordinance 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 !. The terms used in this Agreemenu 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 and to issue revenue bonds therefor pursuant to the
Act.
SECTION 3. The City hereby agrees to cooDera=e
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 such
powers to make or acquire home mortgages under the Program,
all as more specifically set forth in the Act, with respect
to proper=y 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 inten~ of this Agreement.
Nothing in this Agreement shall prevent the County from
entering into one or more agreemen=s 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, excep~ 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 pursuan~ to the Act
in connection with the Program.
IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed and attessed 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 ALAMEDA CiTY OF
By By
ATTEST: ATTEST:
By By
APPROVED AS TO FORM: APPROVED AS TO
By By
C~A~o~
040435-0003-165-5917m 08/08/84