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HomeMy WebLinkAboutCity Council - 5123 RESOLUTION NO. 5123 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE WHEREAS, there is a shortage in the County of Orange (the "County" ) and in the City of Huntington Beach (the "City" ) of decent, safe and sanitary housing, particularly of housing af- fordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction, purchase and rehabilitation of homes affordable by such persons and other- wise to increase the housingsupply in the City and in the Count pp y y y for such persons ; and The Board of Supervisors of the County has resolved to en- gage 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" ) for persons and families within the income limits established by the Act and has determined to issue revenue bonds pursuant to the Act to provide funds for the Program; and This City Council finds and determines that it is in the best interest of the City to adopt the Program and to consent to the implementation of the Program by the County within the geo- graphic boundaries of the City pursuant to the Act , NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington Beach as follows : SECTION 1. The City hereby adopts the Program for the pur- pose of increasing the housing supply in the County and in the City and consents to the implementation of the Program by the County with respect to all property located within the geographical boundaries of the City. GH:ahb 1. SECTION 2. A cooperative agreement, dated May 17 , 1982, between the County and the City (the "Agreement" ) , in sub- stantially the form attached hereto as Exhibit A. is hereby ap- proved; and the Mayor and City Clerk of the City are hereby au- thorized and directed to execute and deliver said Agreement, for and in the name and on behalf of the City. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 17th day of May 1982. Ma or ATTEST: APPROVED AS TO FORM: City Clerk 'City Attorney REVIEWED AND APPROVED: INITIATED AND APPROVED: City Administrator Director of Business and Industrial Enterprise 2. t NJ V ff11 l S JJM : sj 11/20/80 Revised 11 /21/80 Revised 4/22/81 Revised 5/8/81 Revised 6/24/81 Revised 7/23/81 Revised 1/25/82 COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ORANGE AND THE CITY OF HUNTINGTON BEACH THIS COOPERATIVE AGREEMENT ( the "Cooperative Agree- ment" ) is hereby made and entered into as of 198.2 by and between the COUNTY OF ORANGE, a legal subdivision and body corporate and politic of the State of California ( the "County" ) , and the. CITY OF HUNTINGTON BEACH 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 ( 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 in- directly , long-term loans to finance the construction and acquisition of homes in tha County, all as provided for in said Act; and EXC1IBIT A W8EREA5 , the County has determined to borrow money to finance the Program by the issuance'. of 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 coven- ants 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 de- fined 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 t 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 anal a housings element as required by Government -2- 3831A/2197/00 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 under 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 th.e County; and the City hereby assigns to the County the City' s entitlement allocation pursuant to the Costa-Marks Act for calendar year 1982; provided , however, such assignment shall be effective solely for use by the County to provide financing for properties located within the City ( in- cluding a proportionate share of the costs of issuance , under- writers ' discount , capitalized interest , reserve funds , and similar expenses associated with the Bonds) and the amount of the City' s entitlement allocation so assigned shall be deter- mined by the County and notice thereof shall be given to the City within thirty (30 ) days after the issuance of the Bonds , and notwithstanding the foregoing, such assignment shall not be deemed ineffective if, 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 entitlement allocation assigned hereby to provide financing . for properties located within the City and the samle is used instead to redeem Bonds or -3- 38 3 1 A/219 7/0 0 ,w to provide financing for : Prop,�rties . located elsewhere in the County. However, no financing pursuant to the Program shall be made available for a home ;which is constructed within the City subsequent to the date hereof without the City Council ' s prior approval of the use of such financing for the development with- in which such home is to be constructed. SECTION 5 . The City agrees to refrain from participa- tion 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 4 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 during calendar year 1982 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 6 . 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- 3831A/2197/00. J SECTION 7. Nothing• in thi! Cooperative Agreement shall prevent the County from entering•, into one or more agree- ments with other municipa•1 corporations within the County, if deemed necessary and advisable to do so, by the County. SECTION 8 . 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 9 . The City recognizes that the Program presently includes a resale control with respect to Program- financed residences; and the City hereby agrees that the County may amend the Program to eliminate or relax the resale control and that this Agreement and. each and every provision hereof shall continue in full• force and effect with respect to the Program as so, amended. r SECTION 10 . This Cooperative Agreement shall. expire and be of no further force and effect if no portion of the Bonds are deemed to have been issued for the benefit of prop- erty within the City. 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 -5- 3931A/2197/00 h seals to be ' hereto affixed , all as pf the. day first above written. COUNTY UE GRANGE By (SEAL) Chairman of the Board of Supervisors ATTEST Clerk of the Board of Supervisors APPROVED AS TO FORM: County Counsel i CITY OF HUNTINGTON BEACH s ( SEAL) By_ • t�1a or ATTEST: ity Cie rk Jrjal/yZ .APPROVED AS TO F.ORM C Ly Atto;irney, WILLIAM t. AM RY., Acting City Attorney -6- 3831A/2197/00 Res. No. 5123 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) I, ALICIA M. WENTWORTH, the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing resolution was passed and adopted by the affirmative vote of more than a majority of all the members of said City Council at a regular meeting thereof held on the 17th day of Ma) 19_B2_, by the following vote: AYES: Councilmen: Pattinson, Thomas, MacAllister, Mandic, Finley, Bailey, Kelly NOES: Councilmen: None ABSENT: Councilmen: None City Clerk and ex-officio Clerk of the City Council of the City of Huntington Beach, California