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Resolution 09993OR G AL RESOLUTION NO. 9993 A RESOLUTION ADOPTING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION WITH THE COUNTY OF ALAMEDA AND AUTHORIZING THE MAYOR TO EXECUTE FOR AND ON BEHALF OF THE CITY OF ALAMEDA A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF ALAMEDA WHEREAS, there is a shortage in the County of Alameda (the "County") and in the City of Alameda (the "City") of decent, safe and sanitary housing, particularly of housing affordable by persons in the lower end of the purchasing spectrum, and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the County and in the City for such persons; and WHEREAS, the Board of Supervisors of the County has adopted an ordinance declaring its intent to engage in a home mortgage finance program (the "Program") pursuant to Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") and to issue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the Council finds and determines that it is in the best interest of the City to adopt the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Alameda, as follows: 1. The City hereby adopts the Program for the purpose of increasing the housing supply in the County and in the City and consents to the operation of the Program by the County with respect to all property located within the geographical boundaries of the City. 2. The cooperative agreement, dated as of March 1, 1983, between the County and the City (the "Agreement"), a copy of which is attached hereto as Exhibit A, is hereby approved, and the Mayor is hereby authorized and directed to execute and deliver said Agreement, for and in the name and on behalf of the City. The Mayor, with the advice and consent of the City Attorney, is authorized to approve any additions to or changes in the form of said Agreement deemed necessary or advisable, approval of such additions or changes to be conclusively evidenced by execution by the Mayor of said Agreement as so added to or changed. The Mayor, with the advice and consent of the City Attorney, is further authorized to enter into such additional agreements with the County, execute such other documents or take such other actions as they may deem necessary or appropriate to carry out the purpose and intent of the Agreement or to cooperate in the implementation of the Program. 3. The City Council hereby authorizes, pursuant to Section 50192 of the Health and Safety Code of the State of California and Section 4 of the Agreement, the assignment to the County of all of the principal amount, if any, of qualified mortgage bonds which the City has been or will be allocated, on or before March 1, 1983, by the Mortgage Bond Allocation Committee pursuant to Section 50189(a) of said Health and Safety Code. Said assignment shall be made only in accordance with the Act and Section 4 of the Agreement. Passed and adopted by the City council of the City of Alameda, State of California, at its Council meeting held on the 1st day of March , 1983, by the following vote of the Council: Ayes: CounciThembers Diament, Gorman, Sherratt, Stone and President Corica 5, Noes: None. Absent: None. ATTEST: [SEAL] 2 Mayor COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF ALAMEDA THIS COOPERATIVE AGREEMENT (the "Agreement"), made and entered into as of 1, 1983 by and between the County of Alameda, a legal subdivision and body corporate and politic of the State of California (the "County"), and the City of Alameda, 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 pursuant to Chapters 1-5 of 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, loans to finance the construction or acquisition of homes in the County, all as provided for in the Act (the "Program"); and WHEREAS, the County, pursuant to the Act, has determined to cooperate with the City pursuant to the Act in the exercise of its powers under the Act for purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The terms used in this Agreement shall, for all purposes of this Agreement, unless otherwise defined herein, have the meanings assigned to such terms in the Act. SECTION 2. The County agrees to undertake the Program and to issue revenue bonds therefor pursuant to the Act as soon as practicable. SECTION 3. The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of financing home mortgages pursuant to the Act by agreeing that the County shall exercise such powers to 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. SECTION 4. The City, pursuant to Section 50192 of the Health and Safety Code of the State of California, hereby assigns to the County all of the principal amount, if any, of qualified mortgage bonds which the City has been or will be allocated, on or before March 1, 1983, by the Mortgage Bond Allocation Committee pursuant to Section 50189(a) of said Health and Safety Code. Such assignment is solely for use by the County to provide financing for properties located within the territory of the City (including a proportionate share of costs of issuance, underwriters discount, capitalized interest, reserve funds and similar expenses associated with the financing), provided that such assignment shall not be deemed ineffective if, after issuance of the qualified mortgage bonds and for reasons beyond the control of the County, the County is unable to use any portion of the proceeds of such qualified mortgage bonds to provide financing for properties located within the territory of the City, as required by this assignment, and such proceeds are instead used to redeem bonds or to provide financing for properties located within the County. Any fee charged by the Committee pursuant to Section 50195 of the Code shall be paid by the County or, if paid by the City, reimbursed by the County. 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 Agreement. Nothing in this Agreement shall prevent the County from entering into one or more agreements with other cities within the County, if deemed necessary and advisable to do so by the County. SECTION 6. This 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 any bonds issued by the County pursuant to the Act in connection with the Program. SECTION 7. The term of this agreement shall extent until the bonds issued to finance the Program are fully paid and retired, OR, if bonds are not issued to finance the Program, through June 30, 1983. IN WITNESS WHEREOF, the parties hereto have caused this 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. Approved as to Ttorrn STA itrarY 2 COUNTY OF ALAMEDA By: CITY OF ALAMEDA By: