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82-003 Cooperative Agreement with Santa Clara County; Mortgage Revenue Bonds; Resolution No. 5767, No. 5819' . COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SANTA CLARA AND THE CI TY OF Cupertino THIS COOPERATIVE AGREEMENT '(the "Cooperative Agree- ment") is hereby made and entered into as of June 6 , 1983 -~~~--- by and between the COUNTY OF SANTA CLARA, a legal subdivision and body corporate and politic of the State of California (the "County"), and the CITY OF __ C_u_p_e_r_t_i_n_o ______ , a muni c i pa 1 corporation of the State of California (the "City"). W I T N E S S E T H: WHEREAS, Chapter 7 (commencing with section 52075) of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") authorizes the County to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing in the County; and WHEREAS, the County has determined to engage in a multifamily rental housing program pursuant to the Act (the "Program"); and WHEREAS, 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 WHEREAS, the City has approved the Program and determined 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 covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Coopera- tive Agreement shall, for all purposes hereof unless otherwise defined herein, have the meanings assigned to such words and phrases in the Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue the Bonds therefor pursuant 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 loans for the financing of multifamily rental housing projects 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, subject to the 3806P/2236/01 -2- provisions of Section 5 hereof, any and all of its powers for the purpose of financing such projects pursuant to the Act with respect to such property shall be exercised by the County. However, no financing pursuant to the Program shall be made available for a project which is constructed within the City subsequent to the date hereof without the City Council's prior approval of the use of such financing therefor. SECTION 5. The City reserves to itself the right to undertake its own program of financing multifamily rental housing projects under the Act provided that under no circumstances will the City conduct or participate in a multifamily rental housing finance program from which bond proceeds would be made available to provide financing for any project with respect to which the City Council has approved the use of financing from the Program pursuant to Section 4 hereof. 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. SECTION 7. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other municipal corporations within the County, if deemed necessary and advisable to do so by the County. 3806P/2236/01 -3- 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. 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. ST: \_ ~--T\ Clerk ·of the Boar of 5~~).l_Y:,i~?RltNS APPROVED AS TO FORM: (SEAL) ATTEST: • APPROVED AS TO FORM: C~nejl<k 3806P/2236/01 COUNTY OF SANTA CLARA By '/f~son4f!f:r Board of Supervisors Rebecca Q. Morgan' JAN 2 5 1983 CITY OF City Clerk -4- ~ FORF.GOING INSTRUMENT JS A CORRECT· COPY OF THE ORIGINAL ATTEST: DONALD M. RAINS 'LEReOARD OF SUPERVISORS 8Y~~ Deputy Cirl< OATS: JAN ?. 5 1983 RESOLUTION NO. 5767 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AUTHORIZING EXECUTION OF AGREEMENT BETWEEN COUNTY OF SANTA CLARA AND CITY OF CUPERTINO FOR PARTICIPATION IN A HOME MORTGAGE FINANCE PROGRAM WHEREAS, there has been presented to the City Council a cooperative agreement regarding participation in a home mortgage finance program between the City of Cupertino and the County of Santa Clara, and the terms and conditions of said agreement having been approved by the Director of Planning and Development and the City Attorney; NOW, THEREFORE, BE IT RESOLVED that the Mayor and the City Clerk are hereby authorized to execute said agreement in behalf 0f the City of Cuper- tino. PASSED AND ADOPTED at a regular meeting.of the City Council of the City oi" Cupertino this 7th day of December , 1981 by the following vote: Vote Members of the City Council AYES: Gatto, Johnson, Plungy, Rogers, Sparks NOES: None ABSENT: None ABSTAIN: None APPROVED: / s/ Reed Sparks Mayor, City of Cupertino ATTEST: /s/ Dorothy Cornelius City Clerk Revised 12/4/81 COOPERATIVE AGREEMENT BETWEEN COUNTY OF SANTA CLARA AND THE CITY OF'. ·CUPERTINO THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement") is hereby made and entered into as of JAN j 2 19$2 , 1981 by and between the COUNTY OF SANTA CLARA, a legal subdivision and body corporate and politic of the State of California (the "Coun'.ty"), and the CITY OF CUPERTINO, a municipal corporation of the State of California (the "City"). W I TN E S S E TH: 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 the Act; and WHEREAS, 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 (Chapter 3.5 of Part 1 of Division 31 of the Health and Safety Code of the State of California, the 1'Costa..;.Marks Act"),; and WHEREAS, the City has adopted the Program and determined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for the purposes of the Program; -1- NOW, THEREFORE, in consideration of the mutual covenants 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 or in the Costa..:..Marks Act. SECTION 2. The County agrees to use its best efforts to undertake the :program and to issue the Bonds the ref ore as soori as th.e County deter,... mines the same to be neces.sary 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 con- formance 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 under the Program, all as. more specifically set forth in the Act, with respect to residences which are located within the geographic boundaries of the City and which.-are identified in a Developer's Agreement executed by the County, the City and a developer (the "Residences") and that any and all of the City's powers for the purpose of financing home mortgages pursuant to the Act with respect to the Residences shall be exercised by the County. SECTION 5. The City agrees to refrain from participating in any home mortgage finance program from which bond proceeds would be made available to provide financing for the Residences. However, the City specifically reserves the right to engage in otl,;i.er ',home mortgage finance programs including but not -2- limited to programs authorized by the Act, by the provisions of Health and Safety Code Sections 333750 et seq ("S.B. 99"), or by the Marks-Foran Residential Rehabilitation Act of 1973; and in connection therewith, it is understood and agreed that the City is not by this Cooperative Agreement assigning to the County its allocation of qualified mortgage bonds pursuant to 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 Bortds to be issued by the County pursuant hereto. SECTION 7. Nothing in this Cooperative Agrei:;ment shall prevent the County from entering into one or more agreements with other political s.ub- divisions 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 holde.rs of any bonds issued by the County in connection with its home mortgage finance program. SECTION 9. It is understood and agreed that the County will incur certain costs and expenses in attempting to issue the Bonds, including a fee for the preparation of a demand/feasibility study, rating agency fees and expenses, and the cost of printing a preliminary official statement. In order to provide a source of revenue with which to pay such costs. and expenses, the County requires that developers. who wish to participate in the -3- Program pay an application fee; and the County estimates that such fees will be sufficient to pay said costs and expenses. In the event that the Program is abandoned, the County shall look soley to said private developers to re- imburse the County for any cos.ts and expenses incurred by it in attempting to issue the Bonds. The City shall cooperate fully in aiding the County to obtain reimbursements under this section. 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) A~ LU l Clerk of tli.e Board o;E Super 0.DNA&...O M. ~AtNt COUNTY OF SANTA CLARA ByS~p~ of.,:the Board of Supervisors JAN 1 2 1982 -4- APPROVED AS TO FORM: CITY OF CUPERTINO (SEAL) ATTEST: -5- RESOLUTION NO. 5819 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AUTHORIZING EXECUTION OF DEVELOPER AGREEMENT FOR MORTGAGE REVENUE' BONDS WHEREAS, there has been presented to the City Council a Developer Agreement for Mortgage Revenue Bonds between the County of Santa Clara and Developer, and the .terms and conditions of said agreement having been appoved by the Director of Planning and Development and the-City Attorney; NOW, THEREFORE, BE IT RESOLVED that the said agreement is approved substantially as to form, and that the Mayor and the City Clerk are hereby authorized to execute said agreement in behalf of the City of Cupertino. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 16th day of February , 1982 by the following vote: Vote Members of the City Council AYES: Gatto, Johnson, Plungy, Rogers, Sparks NOES: None ABSENT: None ABSTAIN: None APPROVED: /s/ Reed Sparks Mayor, City of Cupertino ATTEST: Isl Dorothy Cornelius City Clerk