HomeMy WebLinkAboutResolutions 85-313 N.C.S. 09/16/1985. -J
Resolution l~to. 85-313 ~. C. S..
of the City of Petaluma, Cal'~ifornia
APPROVING AGREEMENT
FINANCING HOME MORTGAGES
MARIN, SONOIvIA, PETALU'MA
BE IT RESOLVED AS FOLLOVIiS:
1. The City Council of the City of Petaluma make and enter into an
agreement of cooperation and assignment of allocation with the County
of Sonoma and the County of Marin for the purpose of financing home
mortgages with respect to property located within the City and
assigning the City's allocation of qualified mortgage bonds to the
County of Marin; such agreement of cooperation and assignment of
allocation to be in the form of Exhibit A attached hereto and
incorporated herein; and,
2. Execution of all documents relating to this action shall be accomplished
by either the Mayor or the City Manager.
d~;-~t~e power and authority conferred upon #his Council tiy the Charter of said City.
. I heneby certify the foregoing Resolution was introduced and adopted by the Approved a
Council of the Cit'y of Petaluma at a(Regular) (1~~~l6~IIC~~) meeting for
~
on the .--•..1.6t~1.-•--•.--• day of -••.:...~~eElteilnher.....----••-•••-•...._....., 19$5~.., by the
s
followiiig vote: '
...--•-•••- -•--•••- •-•••-._...----: -•--
ity• torney ~
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AYES: Cavanagh, Dauis, Woolsey, Tencer, Vice Mayor Balshaw ;,
NOES: None
ABSENT: g yor Mattei
AZ`TEST: -~ -- •- -•--- • • • - - : .. . ....................•-•-.................••••
-••• ••• ............ .......•••••••........••-•--...•••••--••-••---.....-•••-••-•••••••---•••..
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ity Cle=k ~~(,(r ay r
Couacil File.---•••_-.........»....--•........
;Foan~CA 2 :7/8P Res. No....H5-31,3......... ~
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23001-3
JHHW:PJT:ceg 09/12/85 1775J
EXHIBIT A
AGREEMENT OF COOPERATION AND ASSIGNMENT OF ALLOCATION
This Agreement of Cooperation and Assignment of Allocation is made and
entered into as of the 15th day of September, 1985, by and among the County of
Marin; California (the "Issuer">, the County of Sonoma, California (the
"County"> and the City of Petaluma, California (the "City").
W I T N E S S E T H
WHEREAS, the Issuer, pursuant to Section 52000, et seq. of the Health
and Safety Code of the State of California (the "Act"), intends to undertake a
home mortgage finance program (the "Program"> and to issue home mortgage
revenue bonds (the "Bonds"> under the Act ~to provide funds to make or acquire
home mortgages to be made with respect to eligible mortgagors on eligible
homes within the boundaries of both the unincorporated area and certain
incorporated areas of the County of Marin, including the incorporated areas of
certain cities within the County.of Marin that have heretofore entered into
agreements of cooperation with the Issuer;
WHEREAS, the City would~like to participate in the Issuer's Program to
the end that the Issuer be empowered to use the proceeds of the Bonds to
provide funds to make or acquire home mortgages to be made with respect to
eligible mortgagors on eligible homes located within the boundaries of the
City;
WHEREAS, Section 52020
counties and any number of
agreement to cooperate with
under the Act;
WHEREAS, on September
qualified mortgage bonds frc
State of California; and
of the Act provides that two or more adjacent
Cities within those counties may enter into an
one another in the exercise of powers granted
4, 1985 the- City received an allocation of
m the P~ortgage Bond Allocation Committee of the
WHEREAS> the City desires to assign its allocation of qualified mortgage
bonds to the Issuer, and the County and the City desire to cooperate with the
Issuer in ttre making or acquiring of home mortgages on homes located within
the City under the Program, all as authorized by Section 50192 and Section
52020(a> of the Act and as hereinafter provided.
NOW, THEREFORE, in consideration of the terms and conditions herein set
forth, it is mutually agreetl that:
_,
1. The Issuer shall be authorizetl and shall us~
make or acquire home mortgages to be made with respect
on eligible homes located within the boundaries of the
the proceeds of the Bonds and funds derived from
however, to the applicable provisions of the Act and the
and taken for the issuance of the Bonds, including
proceeds of such Bonds for such purpose.
its best efforts to
to eligible mortgagors
City but solely from
he Program; subject,
proceetlings to be had
the availability of
2. The City, with the consent of the County as evidenced by the
County's execution of this Agreement of Cooperation and Assignment of
Allocation, hereby assigns its allocation of qualified mortgage bonds to the
Issuer, said allocation to be usetl in connection with the Bonds to be issued
by the Issuer for the Program; providetl that such assignment is solely for the
use by the Issuer to provide financings for properties located within the City
or, if after the issuance of the Bonds and for reasons beyond the control of
the Issuer the Issuer is unable to use any portion of the proceeds of the
Bonds attributable to said assignment to provide financing for properties
located wifhin the City, the Issuer may use such proceeds to provide financing
for any other properties authorized to be financed under the Act.
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