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HomeMy WebLinkAboutCC Resolution 6933 (Single Family Housing Bonds)RESOLUTION NO. 6933 A RESOLUTION AUTHORIZING THE SIGNING OF A CONTRACT, LEASE OR AGREEMENT THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows: The MAYOR and CITY CLERK are authorized to execute, on behalf of the City of San Rafael, a contract, lease or agreement with Cooperative Agreement Re Single Family Housing Revenue Bonds between The County of Marin and the City of San Rafa a copy of which is hereby attached and by this reference made a part hereof. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly intro- duced and adopted at a regular meeting of the City Council of said City held on Monda the first day of October 19 84 , by the following vote, to wit: AYES: COUNCILMEMBERS: Breiner, Frugoli, Nave, Russom & Mayor Mulryan NOES: COUNCILMEA93ERS: None ABSENT: COUNCILMEMBERS: None NN M. LEONCINI, City Clerk ORRG-71NAL b�y3� COOPERATIVE AGREEMENT RE SINGLE FAMILY HOUSING REVENUE BONDS BETWEEN THE COUNTY OF MARIN AND THE CITY OF SAN RAFAEL THIS COOPERATIVE AGREEMENT (the "Cooperative Agree- ment") is hereby made and entered into as of OGi• ,2 3 1984 by and between the COUNTY OF MARIN, a legal subdivision and body corporate and politic of the State of California (the "County"), and the CITY OF SAN RAFAEL a municipal corporation of the State of California (the "City"). WHEREAS, the County has determined to engage in a home mortgage finance program (the "Program") pursuant to 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, long term loans to finance the construction and acquisition of homes in the County, all as provided for in said Act; and WHEREAS, the County has determined to borrow money to finance the Program by the issuance of qualified mortgage revenue bonds (the "Bonds") as authorized by the Act and by the provisions of the Costa -Marks Housing Bond Allocation Act of 1981 (the "Costa -Marks Act"); and WHEREAS, the City has adopted the Program and deter- mined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for the purposes of the Program; NOW, THEREFORE, in consideration of the mutual cove- nants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwise defined herein, have the meanings assigned to such words and phrases in the Act and in the Costa -Marks Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue the Bonds therefor pur- suant to the Act as soon as the County determines the same to be necessary and advisable. SECTION 3. The City represents and warrants to the County that: (i) the City has heretofore adopted a general plan for the City in conformance with the provisions of the Planning and Zoning Law of the State of California (Government Code Sections 65000 et seq.), (ii) said general plan includes a land use element and a housing element as required by Government Code Section 65302, and (iii) the Program complies with said land use element and housing element. SECTION 4. The City agrees that the County may make or acquire home mortgages ender the Program, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City and that any and all of its powers for the purpose of financing home mortgages pursuant to the Act with respect to such property shall be exercised by the County. In connection therewith, the 0777p/2409/00 City hereby specifically authorizes the County to take all ,actions necessary or convenient in order to obtain an alloca- tion of qualified bonds on behalf of the City including., but not limited to, collecting from interested developers a fee in the amount specified in Health and Safety Code Section 50191, filing an application with the Mortgage Bond Allocation Commit- tee, and representing the City in proceedings of said C<mmittee relating to such application. The County hereby agrees to indemnify the City and its officers and employees and to hold them and each of them harmless from any and all liability of any kind to each developer who pays the County a fee as provi- ded for herein, which liability arises out of or in connection with the County's use of such fee; and, in the event all or any portion of such fee is forfeited as provided for in Health and Safety Code Section 50191, the County will forward the amount so forfeited to the City for use to provide housing for persons of low and moderate income. SECTION 5. The City hereby assigns to the County any such allocation of qualified mortgage bonds obtained by the County on behalf of the City provided, however, such assignment shall be effective solely for use by the County to provide financing for properties located within the City (including a proportionate share of the costs of issuance, underwriters' discount, capitalized interest, reserve funds, and similar expenses associated with the Bonds), but notwithstanding the -3- 0777p/2409/00 foregoing, such assignment shall not be deemed ineffective if ,and to the extent that after the issuance of the Bonds, and for reasons beyond the control of the County, the County is unable to use all or any portion of the City's allocation assigned hereby to provide financing for properties located within the City and the same is used instead to redeem Bonds or to provide financing for properties located elsewhere in the County. SECTION 6. The City agrees to refrain from partici- pation in a home mortgage finance program from which bond pro- ceeds would be made available to provide financing for homes in projects with respect to which the City Council has approved the use of financing from the Program pursuant to Section 5 hereof. In addition, in recognition of the transfer of juris- diction effected by the provisions of Section 4 hereof, 'the City agrees not to issue any qualified mortgage bonds the principal amount of which, when added to the principal amount of the Bonds deemed hereunder to have been issued for the benefit of property within the City, will exceed any limit established by the Costa -Marks Act. SECTION 7. 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 this Cooperative Agreement; and the City further agrees to refrain from taking any action which would to its knowledge tend to adversely affect the rating on the Bonds. -4- 0777p/2409/00 SECTION 8. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agree- ments with other municipal corporations within the County, if deemed necessary and advisable to do so by the County. SECTION 9. This Cooperative 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 the Bonds. SECTION 10. Either party may terminate this agreement upon written notice to the other at least 30 days prior to the proposed date of termination, provided that no such termination shall affect the rights and responsibilities of the parties with respect to an allocation of qualified mortgage bonds issued hereunder prior to the proposed date of termination. 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 first above written. (SEAL) ATTEST: Clerk of the Board of Supervisors COUNTY OF MARIN By r,, - Chairman of the Board of Supervisors -5- 0777p/2409/00 APPROVED AS TO FORM: County Counsel CITY OF SAN RAFAEL (SEAL) ATTEST: Mayor City Clerk, APPROVED AS TO FORM: �()V-City Attorney -6- 0777p/2409/00