HomeMy WebLinkAboutOrange County - 1982-05-17 REQUEP FOR CITY CQUNCOACTION
R'H 84- 19
Date June 13, 1984
Submitted to: Honorable Mayor and City Council Members r4�'X1 y�►� BY CITY COUNCIL.~
-��
Submitted by: Charles W. 7Yiocnpson, City Administra o I . I 7'
Prepared by: Charles P. Spen# Special Projects Coordina o
J CITY C NX
N�
Subject: SALE OF 1982 SINGLE FAMILY MORTGAGE RF VLNUE BOND AL IMTION BY
HUNTIhv,-,m,4 BEACH/FOM-MAIN VALLEY BOr'1FtD OF REALMR.S
Statement of lssue,'Recom;inendation, Analysis, Funding Source, ,alternative Actions, Attachments: C/
STATI"MW OF ISSUE:
Through a cooperative agreement between the City and the County of Orange,
the Board of Realtors purchased a mortgage allocation of approximately
$3 million to finance resale homes in Huntington Beach as part of the
County's. Single Family Mortgage Revenue Bond Issue of September, 1982.
Approximately $1 million of this allocation remains unused, and the Beard
of Realtors has requested that it be permitted to sell this allocation to
DS-)la Development Corporation. A resolution granting this authorization to
the Board of Realtors is attached for the Council's consideration.
�.NDATzaa
Approve, and authorize the City Clerk to authorize the attached Resolution
No. 'S'5°f 1 , A f&SOLUTION OF THE CITY COLr2dC I L OF THE CITY OF HUNTINGicN
BEACH PPPROVING AM) AUTHORIZING THE TPANSFF.R OF MORTGAGE ALLCCATT_CN UNDER
THE 1982 SINGLE FAMILY MDRrGAGE REVENUE BOND - ISSUE III FROM THE
HU 4TINGI'ON BEACH/F`OUN'TAIN VALLEY BOARD OF REAL7LVS M MCLA DEVELOPMENT
CORPORATION.
ANALYSIS:
Council will recall that in 1982 the Huntington Beach/Ebuntain Valley
Board of Realtors was the first such entity in the nation to participate
in the capacity of "developer" by purchasing mortgage allocation as part
of a Single F&-nily Mortgage Revenue Bord. These securities issued by the
County of Orange in September, 1982, provided below market interest rate
mortgage loans for moderate income first-time buyers, and the ...Vocation
purchased by the Board was used to finance resale homes :n Huntington
Beach. While this program was surely a success, a change in legislation
governing the operation of the program has reduced the maximam purchase
Price of a home whose buyer may benefit frcrn this financing. The maximum
purchase price. new permitted has made it extremely difficult to locate
resale homes within the City of Huntington Beach which qualify, and the
Board of Realtors wishes to sell the remaining $975*350 to Mola
Development Corporation.
NO V61
a
R0! 84119
June l3, 1984
Page 2
Mola Development intends to use this allocation to finance new single .family
homes , now under construction in two, of its projects: Cabo Del Mar,. and
�Seabridge, and,;regulat�ons ,governing this program require that City Council
apprd,.e" by resolution, both the sale 'of this allocation by the Board and the
sEM,-.-ific`projects which-will benefit from the financing. Attached for Council
c::isideration is such a resolution as well as copies of a letter from the
Huntington Beach/rountain Valley Board of Realtors stating its request and
from . the County Administrative Office requesting passage of the attached
resolution.
FUNDING SMWE
County of Orange's Single Family Residence Mrtgage Revenue Bonds
issue III of 1982.
ALTERNATIVE ACPICN:
Do not approve the resolution. This will prohibit the Board of Realtors
from selling this allocation.
ATiA+CINENT:
Resol.uti.on No.
Letter from the HB/ Board of Realtors
Letter from the County Administrative Office
CWr:SVh:as
i
:r
Huntin ' to' n Be' 'Ach
Fountain Vaney
Board of REALTORS.
`;.VR!C A LTC 1'C 8101 Slater Avenue • Huntington Beach, GA 92647 • (7I4) 847.6093
l
May 11 , 1984
'John. Gibson _
Program, Manager .
B9nd/Capital Funding Program
County Admi'nis' trative Office
10 Civic Center Plaza
' Santa Ana , CA 92701
Dear Mr. Gibson:
On behalf of the Huntington Beach/i'ountain• Valley Board of REALTORS, I am hereby re-
questing permission from the Orange. County Board of Supervisors to transfer to another
developer the remaining balance of mortgage revenue bonds issued to the Board throutth
the County of Orange 1982 Bond Issue #3.
Since the funds were acquired in September 1982 . memhcrs of our Br►ard have uttiized more
than 2/3 of the $3 million to assist, homebtt`•ers in the purchase of re_sal.. homes, primari-
ly within the city limits of luntington 3each.
As you know, reduction in the acquisition cost ( from 4110, 530. to $102, 150. ) , coupled
with attractive financing packages offered through other sources , have slowed our util-
ization of these funds , and we have, thereforp, ohtzinpd permission from the City of
Huntington Beach to transfer the balance of the funds .
We have recently been contacted by several developers, who have expressed an interest
in purchasing the balance of ;.}:e f ur,d!; , and :jr have 1 ecred Mo l a lave i opinNnr. Corpora-
tion based on the fact that they are members of our Board who intend to use the funds
in Huntington Beach. (Att.ac e!d for your information ir, a ropy of the ler.ter of commit-
ment we have received. )
It is our understanding that wo need permission from thr! Board to transfer the funds
and that the project(s) nerd to be approved by Standard and Poors. If the Mola project
is not eligible for bond financing, we would propoci! to open negotiations with one of
the other developers who has contacted u;.
Fe were very proud to be the first Board of RE►1LTORS in the nation to access mortgage
revenue bonds for resale housing, .and would like to express our appreciation to the.
Board of Supervisors and County staff , for your .assistance in implementing this public-
OFFICERS
?TENT PIERCE. PresWent • ROSERt NOBLE. Fist Vice President
1 JAMES EWING,Second Vice PresidentIMLS Chairman,• R. L. -KIRK"KIRKLAND,Secretary/Treasurer
DIRECTORS
NANCY RHYME+ ELAINE STEPHENS a STAN SAWN • OHARLENE ROSSIGNOL a OAN NAPPY
WILL WOODS, Executive, Vice Presodent • JUDITH SEVERY, Vice President/Public Allairs
Iwo
• '
M4y 11 , 1984 -
Pa ge 2
private sector partnership. We bolieve this is an excellent example of the community
benefits which can be realized when government :.nd private enterprise work together'. for
the common good. Even though we have noit beer. able to use all of the available funds
In the time frame originally planned, we still fe,-1 this was a good project and would
consider participating in future issues as -ppropriate.
We would appreciatn your immediate consideration of this request. Please let us know
if you need" further information.
Sincerely,,,,,
Kent M. Pierce "-�
Board Presiders
K.MP/JAS/km
R. E. THOMAS
COU►47v A00.4I1'J,STPATIvr C«ICEn
I4ALLOF npI1AIN15TnATION
Cam" 10 CIVIC CENTEn PLAZA
SANTA ANA.CAt.1FOpNIA 92701
ll TELEPHONE: 634.2345
5 .3 RAN G E AaEA CODE 714
COUNry ADWNISTnt;rivE o FICE
May 18, 1984
Stephen K6h16r
City 'of Huntington Beach
P.O. Box 190.
Huntington Beach, CA 92648
Dear Steve:
•..ram,.:_.
The Huntington Beach/Fountain Valley Board of Realtors has requested permission
to transfer 'to Mola Development the remainder of their allocation received
under the 1982 Single Family Mortgage Revenue Bond - Issue III . The current
balance of .$975,350 carries an 11 1.12 percent rate and is available through
September 1985.
Mola. Development has indicated an interest in purchasing these funds and
would use this money to finance new homes sold in their Cabo de Mar and Sea-
bridge projects. In• order for this request to he considered by the Board of
Supervisors, the City of Hiint-ington Beach must approve by resolution inclusion
of these projects in the bond financing. A copy of the request to transfer is
enclosed.
Thank you for your assistance. If you need any additional information, please
feel free to contact Vicki Yon at (714) 834-4775.
Sincerely,
Jahn I?. Gibson
Bond Capital Financing
Program Manager
JHG:lh
Enclosure
RECEIVED
cc� 4 rouslMo akn
. utirrr hc>.ctoor,trT
I
• fir""`•r � �, t ".x4 ' 3A„i
REQUEST. TtaN
ArrJOYED Bit' CIZ"Y COUNO
s�- is�f»�
May 3 -,- 1 2
Sbmtto Hon6rab •e Ma bey " .CITY CI.I;A
foo_[�
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Submitted by, Charles W. Thompson, Ci ty,. Admf ni s trator
/Y
Prepared by: Department` of Devel opment Servi cer , HCD Di vi si on
Subject: PARTICIPATION'WITH COUNTY OF ORANGE FOR TAX EXEMPT BORIGAG 42—
BOND ISSUE
5tatementol tuu0, R000mmendation, Analysis, Funding Source, Alternative Actions,,AttacF ments:
STATEiET`'OF
r r�:4 �o .P?Y'$../� 1; t.^ir0```t" '2.• '., Y* 3 +. . r .' ". .. .. •_, •. . .
Fedeei ' and State 1 aws enable 1 ocal. j�:r sdi cti ohs to sell ,.bonds to pro`vi de bet ow
.a Y „ . ac _:. . .
mare merest rate financing„,fors homes, w� tiro_. the Jurisdiction. Local,,jurisdic-
tions a the option 6 `sell. bonds �i epet�dent1y or to cooperate with other, govern-
mentalraencies. , Previous analysis, has shown. that the City of Huntington Beach can
best*paricipate in this program through cooperation with the County of Orange.
Attach¢dhereto: are..the cooperative agreement and �-�solution necessary to facili-
tate Ws participation.
RECOH___ A lUi
Approve and authori ie` the City Clerk to execute the attached pro-forma coopera-
tive :agreement 'and resolution to permit the County of Orange to, act as issuer of
tax';�,eevt' nortgage revenue bonds for new and resata homes within the City of
Huntingdon Beach`, and approve the Huntington Beach-Fountain V31ley Board of
ReaitorSparticipation in the resale (exi Ling) homes program for qualified
low Arode' rate households; or defer action on this item to another City Council
meetingprior to May 26, 1982.
ANALYSIS:
The Federal Mortgage Rond Tax Act of 1981 and State of California Assembly j
1355, e�-M a local jurisdictions •to lend :tax exempt status to bonds; the proceeds
0f.Wiic 'are `to be:. used for housing finance. . By virtue of the fact that the
intereslpaid-on these bonds is exempt from Federal income tax, the buyers of
such bards will: accept a lower rate of return.. This savings in interest cost c- --
can�t' b_e passed on to the buyers of, homes financed with the proceeds of the
bonds r(tultihL9 in a lower mortgage interest rate.
On,May10 !19821, City staff met, with representatives of the Huntington :Beach-
Fou i6A.Ya1Iey. Board;of Real tors and,, at this time, the Board -of Realtors pre-
sented "propo theL City for using tax exempt bonds to provide below market
inie" rate`financing to low and moderate income tuyers of existing homes. with-
i, ;HN �hgton Beach. Upoh_'analy5is. by staff, this: proposal ha's proven to be
feasibli.,�The; Board of Real tors has researched Multiple Li sting files and,this
re'sedkh" pdica es 'that �there is .a suffkient supply of homes within the City that
are aValCaple' for. sale at pr.,-,es below, the Federally, mandated maximum and for
which ltu and moderate. income r►ausQholds could qualify (the details of sales price
and buAr income rps r'ictions are i -luded in the Coard of Realtors proposal
attached).
Bes'i des
''the" . 1
,: r 1Fimi tations, for sales �r�ce, and1"buyer:: i ncomes,. the, Federal Govern-
ment also, establ i'shes ;.a maximum, dollar{;amount* of,, tax exempt mortgage 'revenue-
bonds that` canbe :sold =i n=:each,,state each calendar .ear. . Turther,, each. state
ic*N�t .e . . k:� •4 2 aix we4rr to l
has 'th°e prerogative to determine howi.`the total .;amount of tax. exempt bonds which
ma`y be sold' is to' beial,loca'ted: anorig-t its political subdivisions (cities .and
. . a..:. 2. . y .
caunt�es). ;.,, 1n+Ca`,ftorni s th'is allocation► process is performed by the State
Mortgage: Band. Allocation "Committee, comprised of the Governor, the Treasurer
and' the State Controller.
�"r�drS:xx a
MembersG off.the CoGnci l..may- recall ghat this Ail ocation Committee; deni ed �the City' s
prey ous`�appl�icatjo�rt itin,J ecember,r: 1980. :So when,,, in January, 1982, the County
of Orange staff contacted -the` Ci,ty.'of Huntington Beach to; determine if the City.
had, i n'ter i's't<-:i n'pa`rt`i ci pa ti on with the County in tax exempt mortgage revenue bonds .
it was recommended �that' the ,City �woultl be h an improved position by cooperating
with the,;.Co�ty of Orange rather. than °attempting Ito garner an allocation for
an ,:independent bo it sale. In i;i ne with,, thi s, , on February 8, 1982, the City
AdT i ni s trator� n formee wthe ,County that tide. Ci ty would be willing to participate
in.'a_ 'ca'x.`exempt mortgage revenue bond program with the County of Orange with the
understanding that' the..County would represent the City at the . State' s Mortgage
Allocation Committ a (see attached) ., , Subsequent. to its meeting with the State
Allocation Committee, the County informed the City that the maximum allocation
received would permit the sale of bonds on behalf of the City of approximately
$17-18 :pillion. This allocation is unused and available at this time.
However, the allocation from-.the State of California is good only for the calendar
year "1982•. Because the CbUnty'lf Orange intends W-79f17 t hds in an amount
equaling the total 1982 allocation now available in-Oune,' A82. it' s
recommended that the City join with the County and that all resultant bond pro-
ceeds. be allocated to the Board of Realtors for financing resale homes within the
City .of Huntington Beach. The Board of Realtors is aware that the cost of parti -
cipation it a bond issue is 4.5 percent of the total amount of bonds, and that,
if the amount available to the Board of Realtors is conservatively estimated at
$15 million, th`5 means that the Board is willing to commit $675,000 to facilitate
the availability of below market interest rate loans to low and moderate intone
buyers in Huntington Beach. The Board also understands that this amount must be
paid in cash to the County of Orange to underwrite the cost of issuing the bonds
and must be paid prior to the sale of bonds. These terms and conditions are speci -
fied in an independent agreement between the Boav•d and Orange County, and to which
the City is not a part.
N'H le .tax exempt bonds may also be used to finance newly constructed housing with
similar price and buyer qualifications, no such projects can be ready in suffi-
cient time to meet the County' s schedule for this bond issue. Therefore, if the
City' s State allocation is not used to finance existing homes, it will be lost
and recaptured by the State on August 19, 1982.
In order to _take advantage of the .Board of Realtors offer of financial commitment,
to assure that :he City' s .tax exempt bond allocation is not lost and to., provide
assistance: to patential::1 '' and moderate income home buyers in Huntington Beach,
it is necessary to establish a cooperative agreement and resolution between the
City of Huntington Beach and the :ounty of -Orange.
FUNDING SOURCE:
Bob'rd of Realtors contribution of $675,000; no cost to the City.
4
�7.t*W[Fi'FW'�'SS.va' :4 ti?E+ia�.;:
ALTERNATIVE`'ACTIoNS s"
S,,ncejtl a co, hteh s to bring .the next bond issue to`market betHeen May. 26
and''June � , 1962, its essential. that these documents be approved prior to May
26, 1982.
ATTACMENT5'i
1, 8oa`rd of Realtors "pr p sal
2, letter frori C'narles,.Thompson of. 'ebruary 81 1982
3. Cooperative Agreement and Resolution
CWT:SV K:j b
RESALE REVENUE BOND PROGRAM
r
The opportuIII I y exists for t ie Nun t i n to`h Be.irh/Founts i In Val ley
Board o-f Aea'lt `rs to have avelIable $ 15 , 000 ,000 for a 1st time buyer
rea] estate purchase program.
7hes.e funds wi'11 ;'bo made avat1861e thro'ugh the County of Orange
o'n' Revenues Bonds, sold through the State of California . Security
Pacific Bank Is presently acting as trustee on this program.
;Th'e ;'c'a'st to 'the Bo' a-rd for acquiring these funds would be 4 . 5 pts .
or $675 ,000 .
The 'rvepayme'rit = of the loeFn M1111 come frc+m points paid by the
seller ,, buyer , or both , _ as the new. loans are funded . We plan to
ch'arg'e :.5 pts ., for the money , of. which 44 pts . wi 11 go to repaying
the loan , and # point will go to repaying accused interest on the
loan .
The criteria established by the County are :
( 1 ) S a I a i must be to first time hc..?#e buyers only (not owned
a home in the last 3 yr3 . ) .
(2) Sates must be resales not new construction .
(3 ) 50% of the sales must be to parties with Incomes of 80%
of median county Income .
(4) Sales must be 90% of County median price .
(5) Tho interest rate will be 121% on a 30 year fixed rate
loan , no call .
(6) Sale3 within the city limits of Huntington Beach only .
Our„ Board feels this 15 mllilon dollars would be committed
within 60 days , and funded within 90 to 120 days . Therefore , total
Ioan payback would be wIthIn ..120 days . This estimate Is based .n
current sales records attached to this report . Existing sales
records show between $9 ,000 ,000 and $ 14 ,000 ,000 in sales per ronth ,
with a median price of $ 103o000 to $ 115 ,000 ; within the price
structure needed to establish sales of the type: discussed .
As you can see in the report , we have a sufficient inventory
of properties avallable within the required price range to make
this a. viable pilot program for Orange County ; in fact , we are
1Is.tIng ' around. $50 , 009 ,00 0 1,p this . price range per month. Standing
Inventory In this price range is approximately 5120 . 000 ,000 .
Ass'umlrig that the $ 15 ,000 ,000 was used In 80$ loan to value ratio
sales , At would fund only $ 18i750 ,000 In sales or approximately 16%
of vvallable Inventory .�i
Ci
y tang n each
190 Box oCALIFORNIA
.p .
* e CALIF 92648
. OFFICE 01: TIMli a`fY /1bhi'tiNiSTRATOR
Febrvary,..3, 1982
Mr.. John Gibson-:'
No k M
Senior Administrative Analyst ' .
CourityAdmin.i-strative gffice
10 ,Civic Center .Pli`
Santa Ana', California 92701
SUBJECT: ASSIGNMENT OF TAX EXEMPT MORTGAGE REVENUE BOND ENTITLEMENT
ALLOCATION
Dear'Mr, Gibson:
This letter will serve as your notice that the -City of Huntington Beach agrees
to assign ,its SZO million tax exempt mortgage revenue bond allocation to the
County of Orange.. :•It i_s understood that this assignrlent of the City's alloca-
ti,)n. is made -for the sole express ,purpose of permitting the financing of projects
located within' the, City of Huntington Beach with the bond -proceeds. It is fur-
ther understood that the City Council will have the ultimate discretion on the
select`fon of :specific, projects to benefit from this financing, and that the
County of Orange, wili seek , on the City' s behalf, a sharp of the supplemental
mortgage bond allocation.
We appreciate the cooperation and assistance received from your office, and we
look forward 'to working with ;you on the formulation and sale of these tax exempt
financings.
Sincerely,
,f
Cha r1 es W.,..Thompson
City Admi ni s.rator
CNT:SVK:Jb
♦Ir mite 714) : tr.�;tnl
F.ESOLUTION . 0. 5121
A''rHESOLUTION,`OR.- THE CITY:'COUNCIL OF THE .CITY..OF .
HUtJTINQTON BEAOH. ADOPTING"A HOME 14ORTGAGE FINANCE
PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE
WHEREAS, there is' a shortage in the County or 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 housing supply in the City and in the County
foc- 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 w{.thin
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 ti.at it is in the
best interest of the City to a.dcpt the Program and to consent to
the implementation of the Proai•am 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 :
SECT?ON 1. The City hereby adapts the Program i'or 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.
y.
t1H:ahb
1 .
" a r
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4
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f . SECTION • cooperative w _ • • May 17
y ,
b I twe en' th'e County and the City the " 'Agreement" ) in sbb-
1982
- - staintially the • hereto ashereby •
prcved ; and the Mayor and City Clerk or the City dre hereby au-
r•
orized and di- �ected to execute and deliver said ASreement , roe
and in the
name and . onbehairof PASgEb AND ADOPTED by the City Council of the City of
Hunt"ington Beach at a regular meeting thereof held on the-17th
,
• , • • 1.
n
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•
! 4. u.
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Mzi •City Clerk City r
Attorney.d ArIPTEST: APPROVED AS TO FORM:
City Admini trator' Director of Business and
f _
RE-VIEWED AND APPROVED : 1111TIATED AND APPROVED:
a _ Industrial Enterprise
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2.
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RESOLUTION NO. 5399
A, RESOL11TION,r: OF THE. CITY,- COUNCIL OF ThE CITY 'OF HUNTINGTON'
BEACH: A00 ROVING AND Al1TNORIZING THE TRANSFER. OF. MORTGAGE
ALLOCATION . UNDER THE. 1982 SINGLE FAMILY MORTGAGE REVENUE
BOND - ISSUE ' III FROM THE HUNTINGTON BEACH/FOUNTAIN VALLEY
BOARD OF REALTORS TO MOLA DEVELOPMENT CORPORATION
WHEREAS, the City.:. of Huntington Beach and the County 'or" Orange :.entered
into a cooperative agreerr�ent on M'6v 17 1982 for the preparation and s0e
of bonds , and to govern the allocation of mortgage proceeds under the 1982
Single Family Mortgage Revenue Bond - Issue III as issued by the County of
Orange; and
WHEREAS, the Huntington Beach/Fountain Valley Board of Realtors received a
mortgage allocation from the proceeds of this bond issue; and
WHEREAS, $975, 350 of this mortgage allocation remains unused; and
WHEREAS, . the Huntington Beach/Fountain Valley Board of Realtors wishes to
sell- this remaining allocation to Moola Development Corporation for use in this
firm's projects known as Cabo Del Mar and Seabridge in the City of Huntington
Beach;
NOW THEREFORE, BE IT RESOLVED that the City Council of the City of
Huntington Beach, approves th-e transfer of the remaining $975,350 mortgage
allocation from the Huntington 3each/Fountain Malley Board of Realtors to Mola
Development Corporation for its use in the Cabo Del Mar and Seabridge projects
sponsored by this firm in the City of Huntington Beach.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at
a regular meeting thereof held on the 18t.h day of .tune 1984 .
ATTEST:
ty Clerk-
APPROVED AS TO FORM: INITIATED H"v APPROVED AS TO CONTENT:
City Attorney r, _vt Redevelopment Coordinator
APPROVED:
i ty dmi n I s tWt6r
r
No. 5399
to
S'rNrh* OF CALIFORNIA )
COU OF,. RA
NGE
ANGE
CITY OF HUNTINGTON B EACH )
I, ALICIA M. WENWORT'H, 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 18th day
of June 19 84 by the following vote:
AYES: Councilmen:
Nattinson, MacAllister, Ke11y, Finley Bailey
NOES: Councilmen:
None
ABSENT: Councilmen:
None
NOT VOTING: Thomas
j�
ABSTAIN: Mandic
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California
t JJ111 s j 1 1/42U/a0
r?ev ise#i 1 1 /:.' 1 /8 0
Rev i Ged 4/2.2/8 1
s Revied 5/8/8 1
.a.'.,> Rev ised 6/24/8 1
COUNTY ADMINISTRATIVE Revi:�ed ;/2 3/8 1
MAY 24 188? Rev i-sed 1/25,'12
OFFICE
COOPERATIVE AG1 EE''14ENT BETWEEN
CI'rl' OF HUNTINGTOII BEACH
THIS COOPERATIVE AGREE*MENT ( the "Cooperative Agree-
ment" ) is hereby made and entered into as of ._..M�y. 17 ,
1982 by find between the COUNTY OF Ot?ANt;1-, , a legal subdivision
and body corporate and politic of the State of California ( the
"County" ) , and the CITY OF HUNTI&NGTON BEACH a muni ci nal
corporation of the State of California ( the "City" ) ,
w I T N E S S E. T H :
WHEREAS , the County has determined to enn.ac7e in a hom-
mortga(y. t inance program ( the "Program" ) pursuant to Part 5 of
1)ivision 31 of the Health' and Satiety Code of the State of
I
Calitarni,j ( the "Act" ) to make or ,acquire, direer_ly Or, in-
directly , long-term loans; to finance they consLruc.tion and j
acquisition of homes in thi,. County, all a:; provided for in said
Act; add
P.XHI)1 Ur le
WHEREAS , the County determineo to horror money to
rinanee the Program by the issuance'. of r,?ve(1tjn. bock',
11E30'nds" as authorized by •the Act and by the provisions of the
Costa-marks Housing Mond Al location .'►r_ t of 19'8 1 ( the "Costa-
Marks Acc" ) ; and
WHEREAS , the City has adopted the ?rcuram and rjeter-
mined to cooperate with the County pursuant to the Act in _he
exercise of their powers under the Act for the purposes of the
Program;
NO►r', THEREFOR : , in consideration of ;:he mutual coven-
ants hereinafter provided , the parties hereto ac3ree as rollows :
SECTION 1 . The words and phrases of t.h is Cooperative
Agreement shall , for all purpo-ses hereof unless otherwise de-
fined herein, have the meaninqs assigned "_o such words and
phrases in th? Act and in the Costa-Marks Act .
SECTrON 2 . The County agrees t_o use its best,: efforts
to undertake the Program and to issue the Bonds therefor pur--
scant to the Act as soon as the County determines the same 4o
be necessary and advisable .
SECTION 3 . Vitt City represents and warrants to the
County that : ( i ) the City has ileretotore adopted a general ,elan
for the City in conformance with thrr provisions of the r,lanninq
and Leaning Law of the State of Calit:ornia ( Government: rode
Sections 65000 et seq . ) , ( i i) said (ienera i plan i ncluieg a land
use element': and a housing. element as required by Government
_2-
3831A/2197/00
Coda Section 65302 , and ( ii i ) the Program cofnpl ies '•ith said
Land useelament and housing element.
SECTION 4 . 'The City agrees that: the Counrr oay make
or acquire home mortgages under the Program, all as more
Specifically set forth in the Act , with respect Lo property
located vithin the geographic boundaries of the City and that
any and all of its powers for the purpose of f. inancinq home
mortgagespursuant to the Act with respect to such property
Shall U@ 9(cL'CioEij riJ `l"i� �t7Ul1�Y� and the City hereby assigns
to the County the City' s entitlement: allocation pursuant to the
Costa--Marks Act For calendar year 1382 ; provided , however , ucn
assignment small be effective solely for use by the Councv ; f�
provide financing for properties locates .,ithin the Cit.; ( in--
cludirig apronortionate share of the coats of issuance , under-
writers ' jiscount , capitalized interest , reserve. funds , and
similar . ,!xpenses associated with the 8ond:.$) , and the amount: o
the City's entitlement allccation so assigned -,hall be deter-
mined by the County and notice thereof shall be given to the
City within thirty ( 30 ) days afte -, the issuance of the Bonds ,
and notwithstanding tho foregoing , such assigninent shall not be
neemed ineffective if , after the issuance of the Bonds and for
reasons beyond the control of the County , the County is unable
to use a.11 or any portion of the City entitlument allocation
assigned hereby to provide f inancinq for properties lorateri
within 'she Ci ty and the saint is u::Esd instead to redeem Bonds or
--3
38 31 A/219 7%00
to provide t"inancing for pvot)•�rties located in the
County . However, no financing pursuanC to the P cgram shall be
made avail=able 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 auch financing Car 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 prc-
ceeds would be made availabip to provide tina.nc:in; fc: homes in
projects with respect tr which the City Council has appcoved
the use of financing from the Progran four--uant to Section 4
hereof . in addition, in recognition of the transfer of Juris-
diction affected by the provisions of Section .1 hereof , the
City agrees not to issue any qualified mortggage bonds during
calendar fear 1982 the principal amount of which , kwhen added to
the principal ar;iount or the Ronda 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 under- take such further
proceedings or actions as may be necessary in order to carry
out the terms and the intent of this Cooperative Agretmenc; and
the City further agrees to - refrain from taking .any action which
would to it knowledge tend to adver.;ely afteet the zatinn on
the Bonds .
-4-
3831 A/219 7/00. .
:;;:c,r10N 7 . Hothinq in thi ; -ooperative Agreement
shall pr. uvent the County from Unterinq- into One or more agree-
ments with other municipal corporations within the count;► , if
deemed necessary and advisable to do so by the county .
SECTION 8 . This Cooperative Agrr_ement may be amended
by one or more supplenental agreements -axer_ur. d by the c:ouilty
and the City at any time , excepr. that no such ,amendment (jr
supplement shall be made which shalladversely aIEect the . �
rights of the holders of uhe bonds .
SECTIOU 9 . The City recormizes that the Prooran
presently includes a resale control with respect to Ptoaram-
!financed residences; and the City herchy agrees that the County
may amend the program to eliminate or relax the resale control
and that this 1.9reement and each and every provision hereof
shall continue in full- force and effect with .esuect to the
Proqram as so amended.
SECTION 10 . This Cooperative t{greermQnt sha.11 expire
and be of no further force and effect if no portion of the
Bonds are deemed to have been issued for the beriefit of prop-
erty within the City,
IN S�tlTt'IESS t�J1ibRF:n1' , thc2 parties hereto have caused
this Cooperative Ayreeaienr_ to be executed and .att estud by their
proper officers thereinto (July authorizod, and their official
-5--
3831 A/219 7/n0
r
seal:; to be hereto affixed , al,l is }) t: tll!' -'. ay Eir:it: ribove
written. '
COUNTY UC ORANGE
ter` V�gr�rO"�� "w/�„"•�Oir„ �V f d
'Board" of Super��-As o:
ATTEST : _
rl�ls, SUP CERTIFIED 1.14AT h .
,err �IrT1
C1 ��tSr: _.... ,�� _Of THE �..;,►
ra k th Boar❑ i ti
S u pe r'v i•s o r$
'
AEX,
DE74 jc-�)
Clerk of,hje Board '' .APPROVED AS TO FORM : County Of Orange. Supervisors
Colilorn,.
County Counsel _
CITY OF HUNTINGTON BEACH
( SLAL) By_
Alf TP ST:
�.1ty clerk 1ZI�yZ
.APPROVED AS 'ro E?oRIt
C r ty Att.o hey f_!.._ •
WILLIAM AA; Y S
Acting City Attorney
1831AI219'7fno
7
JJ14ssj . 1 1/20/ao
Revised 11 /21 /80
Revised '4/22/8 .1
Reviser! �/8/81
r 000NOADMINISTRATIVE Revised 6/24/81
Revised 7/23/81
1AAy 2 4 199? Revised 1/25/82
OFFICE
COOPERATIVE, AGREEMENT UTWEEN
THE COUNTY OF ORANGE AND THE
CITY OF HUNTINGTON BEACH
THIS COOPERA'rIVC AGIIEl;F1ENT ( the "Cooperative Agree-
ment" ) is hereby made and entered into as of Mn-y I
1982 by and between the COUNTY OF ORANGE, a legal subdivision
and body corporate and politic of the State of California ( the
"County" ) , and the Cl-rY OF HUNTINGTON BEACH a municipal
corporation of the State of California ( the "City" ) .
w I T N F. 5 S C T If :
MIEREAS , the Cuunty has determined to ongalle in a home
mortgacp! t 1 nance program ( the "Program" ) pursuant to part 5 of
• nivision 31 of the Health' and Safety Code of the State of ,
Cal i iririiiJ ( the "Act" ) to make or acquire , directly or in--
rIIrf!ctly , lorry-term loans to finance the construction and �
acqui, itto�n nt homes in the. County , all as provided for in said
Act; and �•
U11111IT A
M �
Y
WHE RFAS , the. County h.s:.; det•'4rmined f o I)orro'.+ noney to
f inance the Program by t:ltc.► i :ssuancr. o t r.e-/- -nur! bonds ( the
"Donus" ) as authorizeo by thv Act and by the provisions of the
Ccssta-Marks Hour, ina Bond At lorilt ton 'Art r►C I Ap I ( t.1' "trosta-
barks Act" ) ; and
WHEREAS , the I1-1-; jdOjjL "-(1 olvotiram .tno oter-
mined to cooperate with the Cutinty pursuant. Lo t hn. Act in. :ne
exercise of their powers unifier the Act [or the purposes of the
Program,
NOW, THEREFORR , In conn idera t ion of »u tua l coven-
ants hereinafter provided, the parties hereto aclree ,is follows:
SECTION I . The words and plirases or 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 .
StrC'I'fON Z . The County agrees* to use its best efforts
r
to undertake the Program and to issue the Bonds therefor pur-
sliant to the Act as soon as the County determines the same to
be necessary and advisable.
SGCTYON J . The City repreuents and warrants to the
County that : ( i ) the city has heretofore adopted a general plan
for than City in conformance with thr! provt:, iotus at the Planninq
and Zontnc) Law of the State of California ( Government :ode
Section, 65000 et seq. ) , ( Ii ) said ciener. al Ilan incluU(:s a land
U P. element and a housing. element as required by Government
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