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HomeMy WebLinkAboutReso 005-83 AlaCoHomeMortgage$• RESOLUTION NO. 5 - 83 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOFERATTON WITH THE COUNTY OF ALAMEDA AND AUTHORIZING THE MAYOR TO EXECUTE FOR AND ON BEHALF OF THE CITY OF DUBLIN A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF DUBLIN WHEREAS, there is a shortage in the County of Alameda (the "County") and in the City of Dublin (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, BE IT RESOLVED, by the City Council of the City of Dublin, as follows: 1. The City hereby adapts 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. 2. The cooperative agreement, dated as of February 14, 1983, between the County and the City (the "Agreement"), a copy of which is attached hereto as Exhibit A, is hereby approved, and the Mayor is 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 cansent of the City Attorney, is authorized to approve any additions to or changes in the form of said Agreement deemed necessary ar advisable, approval of such additions or changes to be conclusively evidenced by execution by the Mayor of said Agreement as sa added to or changed. The Mayor, with the advice and cansent 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. PASSED, APPROVED AND ADOPTED by the City Council of the City of Dublin, State of California, at its meeting held on the 14th day of February, 1983, by the fallowing vote: AYES; Councilmembers Burton, Hegarty, Jeffery, Moffatt and Mayor Snyder NOES: None ABSENT: None ATTEST: ~ - May r C City C k COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF DUBLIN THIS COOPERATIVE AGREEMENT (the "Agreement"), made and entered into as of February 14, 1983 by and between the .County of Alameda, a legal subdivision and body corporate and politic of the State of California .(the "County"), and-the City of Dublin, a municipal corporation 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, 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 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 and to issue 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 such powers to make or acquire home mortgage s 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. Upon request of the. County and in accordance with such request, the City shall take all actions and execute all documents necessary or appropriate to obtain an entitlement allocation from the.. Mortgage Bond Allocation Committee pursuant to Section 50191(a) of the Health and Safety Code of the State of California. and/or to assign such allocation obtained or its entitlement allocation under Section 50189(a) to the County pursuant to and in accordance with Section 50192 of said Code. Any fee charged by said Committe pursuant to Section 50195 of said Code shall be paid by the County or, if paid. by the City, reimbursed by the County. SECTION 5. The. City agrees to underta}ce 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 cities within the County, if deemed necessary and. advisable to do so by the County. SECTION 6. 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 Agreement to be executed and attested by their proper officers thereunto duly authorized, all as of the day first above written. COUNTY OF ALAMEDA By. CITY OF DUBLIN By. Mayor /~ ~= ~~ C~~ ~_iy~-~~