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HomeMy WebLinkAboutAGMT - Orange County (Mortgage Revenue Bond Program) • COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ORANGE. AND THE CITY OF SEAL BEACH THIS COOPERATIVE L' • EEMENT the "Cooperative Agreement ") is hereby made and entered into as of 7_/. ' ‘ by and between the County of Orange, a. legal subdivision and body corpor. to and politic of the State of California (the "County"), and the City of Seal Beach, a political subdivision of the State of California (the "Ci WITNESSETH 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 issuance of revenue bonds (the "Bonds ") as authorized by the 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; • 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. SECTION 2. The County agrees to use its best efforts to undertake the Program and has issued the Bonds therefore pursuant to the Act. SECTION 3. The City represents and warrants to the County that: (i) the City is presently proceeding with the preparation of a general plan; (ii) the City Council, as the planning agency, finds that there is a reasonable probability that the Program will be consistent with the general plan which will be studied in a reasonable period of time; (iii) there is little C: \WPSl\SCHFAAGR\LW\05 -0692 r . • Agreement - Southern California Home Financing Authority County of Orange and City of Seal Beach probability of detriment to the . future general plan if the Program is inconsistent with the future general plan; (iv) the. Program complies with all other state and local laws; and (v) because of the foregoing, there is no requirement that the Program be consistent with the general plan pursuant to Government Code Section 65360. 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 further agrees that the County may exercise any or all of the City's powers for the purpose of financing home mortgages pursuant to the Act with respect to property located within the geographic boundaries of the City. SECTION 5. . 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 6. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other political subdivisions within the County, if deemed necessary and advisable to do so by the County. SECTION 7. 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 8. This Cooperative Agreement shall expire and be of no further force and effect if no portion of the. Bonds is applied to the benefit of property within the. City. IN WITNESS WHEREOF, the parties 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 date first above written. C: \WP5t\SCHFA.AGR\LW\05 -06-92 . 1- . Agreement - Southern California Home Financing Authority County of Orange and City of Seal Beach COUNTY OF ORANGE By Chairman of the Board of Supervisors .Clerk of the Board of Supervisors APPROVED AS TO FORM: County Counsel CITY OF SEAL BEACH By oe Mayor ` (SEAL) ATTEST: --.,__) leiu- -e- l . . L. ilerk APPROVED AS TO FORM: - a 74 Za att,",— City Attorney * * ** C: \WP51 \SCHFA.AGR\LW\05 -06-92 3