HomeMy WebLinkAboutResolutions 85-158 N.C.S. 05/20/1985I~eS(~lUti.O~'1 NO..~~1~1. C. S. MAY 2 0 1985 ~. 7
of the City of Petalurna; Galifornia.
A'UTHORIZING THE M-AY;OR OR; 'CITY .M-AIVAG:ER TO
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EXECUTE A`ND. D:ELIVER AN , AGRE~EM`ENT (OF C(~OPERATION
WITH THE :SONOMA COUNTY HOME _FINANCIN.G AUTH_ORITY WITH
RESPECT TO THE AUTHORITY'S 1985 HOME MORTGAGE REVENUE BOND PROGRAA~
WHEREAS, the County of Sonoma~ ,(the ."Co.un.ty" ) and the Cities of
Healdsburg , Petaluma, Rohnert Park ~ and t~Santa..~.Rosa 'bp° :a~reement pursuant
to Article 1.(commencing with Section' (i500) of` Cliapter 5 of Division 7 of
Title 1 of the Government Code of the 5tate of California created the
Sonoma County Home Fin`ancing Authority (the '!Aufhority" ), a Joint Powers
Agency, for the purpos,e of exercising the common powers of the
participating entities to undertake a home mortgage financing program (the
"Program!' ), within the incorporated areas of such cities and unincorporated
area of the County under Part 5 of Division 31 of the Health and Safety
Code of the State of California (the "Act" );
IN,HEREAS, the Authority desires to make available under its 1985
Progracn home mortgages for the purchase of homes located in the housing
developments known as Village Meadow, Morningstar #4, 5 and 6 and
Westridg.e (eollectively, . the "Developments".) , which Developments are
located within the boundaries of the City of Petaluma (the "City" ), and the
Ci'ty wishes to have the Authority include said Developments within the
Authority's 1985 Program;
WHEREAS, in accordance with the Act, in order to make funds
available under the Authority's 1985 Program for the purchase of home
located in the Developments, it is necessary for the Authority and the City
to enter into an agreement of cooperation substantially in the form of
Exhibit A hereto (the "Agreement o£ Cooperation!'); and
WHEREA5, this Council finds and determines that it is in the best
interest of the City to enter into the Agreeme "n.t of Gooperation and thereby
to consent to the operation of the 1985 Program by the Authority within the
boundaries of the City with respect to the Developments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Petaluma as follows :
l. The City hereby consents to the inclusion of the Developments
within tlie Authority's 1985 .Program, anc.l. to the operation of such Program
by tfie Authority with respect to the homes constructed and to be
constructed within the Developments .
2.~ The A;greement of Cooperation, ~substantially in the form attached
hereto as Exhib.it A, 'i's hereby appr.o~ed anel the Mayor and the City
Manager of: ~~the City, each acting alone, are hereby aufhorized and directed
to exeeute, on behalf of the City, and the City Clerk is authorized and
directed to affix the official seal of the City, and. to attest and deliver the
Agreement of Cooperation .
3. The Mayor and the City Manager ~f the City are hereby
authorized and directed, for and in the narrie and behalf of the City, to
execute and deliver such other certificates or ag"reements necessary to
carry out the intent of this resolution .
agrmt.sonoma county.
JAB
Under the power and suthority conferred upon this Council by the Charter of said City.
I hereby certify ;the foregoing Resolution was introduced and adopted by the pp ved s to
Council of t,~ie City of Petaluma at a(Regular) (z4djvarnedj-(r3~ia1) meeting °
on the ,... ~:Q_~ _.._. day of .-•--• .............M3~7.•-••••---..._... ......:__., 19: $:~_, by the
following vote: _-• -•••••- -•,-,-• •---------•
AYES: Balshaw, Cavanagh., David, taoolsey, Tencer `'Vice-Ma~sr~Bond, /
Mayo,r= Mattei ~
NOES: -0-
ABSENT: - 0 - . - .
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t#TTEST: .. ....__.~:C...~.~.:. .:....--•-• --Is~.~'/_~_..__....
. ..._..-•-•••---•-• •••-•...-•• • ... ..... ...... .••-••••••,•••-....,•-•-•-•-----•
City Glerk ~ ;, ~~/,__ --• ~ Mayor
~ ~~ Gbuncil Fila ..
~onm CA.2 7/81~ . ~ (%~ Res: No - 8~ 1'S'.8..'.NCS
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~0117J, - JHMW:PJT:b;j,w , 05/14/85
EXH'IBI? A
AGREEMEN~T Of CQOPERATION
THIS ~AGRErEMENT i's made and ente;red ~i nto as of fhi s 1.st day of May, 19;g5,
by and between the` S~onoma County Home' Finan.cing~ A'uthorit.y (the "Authority">
and the City of Petaluma~ (fh,e "C~ity">.
WITN.ESSETH:
WHEREAS, pu.rsuant ;to the provisi~oh;s of Art'icle~ l Ccommencing wifh
Section 6500> of Cfiap~fe~r 5 o,f Division' 7 of Titl~e l; of ~th,e Government Code of
the State~ of Californi;a; .(t~fie "Ac,t";), th,e; County .of S:onoma (the "Coun~ty"> has
entered i nto a, j;oi nt powe,rs a,greemenf w:i th .the- Crti e;s~ ~of . Heal dsburg„ Rot~rnert
P'ark„ Petaluma: and Santa, Rosa, dat'ed July 15, 1984 Cthe "Agreement">,_creating
the. 'Sonoma County H'ome F'inancing Au;fhority;:
, WHEREA'Sr; unde~r the; .Costa-Marks Housi;n9: Bon,d Allocation Act of 1981 and
the~ Mortgage S:ubsidy Bond Ta~x, Act of 19~80,. cap;acity• to i'ssue such bonds has
been;~ all:oca.ted' to the Cou,nty by. tfie. Mortga:ge~ Bon,d Alloc,at.ion. Committ:ee,
crea.tetl by the. Costa~-'Marks Ho,us°ing Bond ,Al lqca~ti~on~ A~ct of 1981 , and such
capac~i ty, may be as,s:i gned to a~n ~ a'uthori ty crea~te`d. b,y a. joi°-nt. powers aqreement; z
~~ : WHE~REAS;, the; Coun~ty~ has a~s;s~i.gned i t=s a~l l o.ca~ti',on~ ofi qua~~l~ i f i ed mortgag,e:~
bond;s ma~de to it by. the Morf,gage Bond A~llocation Commi:ttee to the Aut'hority,
effecti.ve~ as~ of May `14;, 1985; .
WH'ER'EAS, the Autho.rity,. as assignee~ o;f t'he County;, pursuant to Sections
520.00, e~t seq. -of the Cal i fo.rn i a Hea:l th and ,Safe,ty Code ,. pro,p.ose;s to undert'ake
a 1985 Nome Mortgage Fi nance P-rogram- and to i s.s'ue Home Mortga.ge Revenue Bonds
to p,rovide; funds to ma~ke or _acqui,re home mortgages to be 'made with r'espect to
eligi:ble. homes an:d e.ligi'ble mort=gagors wi`thin the 'bound;arie:s of both the.
'uni.ncorporated area~: and certta-i n i ncorpor:ated are;as of t,he County of Sonoma;
WHEREAS„ one of the areas w~ithin which th'e Authorify proposes to provide
fund's_ to make; or ~ acq,ui`re home mo.rtgag'es .i s wi th.i n t:he `bounda,ri es of the
i ncorporate~d area~ of' the Ci~~fy; and - ,
WHER.'EAS, ,the C.i ty des'i re:s to cooperat.e~ wi th the~ Authori ty i.n the maki ng
or ac,quiring o;f s~uch home mortgag'es on homes l,ocated'; or to.•be con:structed~,
wi th:i n the hou;s i~ng. deve l;o,pmelnts known as Ui l l.a.ge Meadow, Mo:rn`i ng~s t'ar #4, S and.
b and~ 'We~strid,g;e (co;l l.e,ef:i`vely; the "De;vel.opments°"'>,; whi':ch: De'velopments are
loca.fed w:ithin the ~ boundaries o,f tlie Cit.y; a;11 as autho:rized by Section
52020'Fb> of° the Cal i~'forni'.a Heal th and. Sa~fety Code: and ~a~s herei nafter provi.ded.
NQW, THEREFORE., in consideration of' the terms ~and c:ond~tion`s herein set
~ ,forth, 'i t i s mutual ly agre:ed as fol'l~ow:s;
1_ The Authori ty shal`1 be a~utho,:ri ze'd to : and shal l use its best efforts,.
„ to make or aequi re home mortgage,s ta be. ~mad,e wi th; r,espect , to e l i gi b1 e homes
and eligibl:e mortg;a~gors w~~th;in; tfie ~Developments l~oca;ted w,itfiin the boundaries
~ of the City; subj`ect, howeve:r, to ~the app~l i':,cable ~pro.vi°sions of Section 'S2000,
e't s.e.q. of ~ ftie Cali.forni`a, Hea.lth a.nd Sa.fety Code ("~A.B.. 1355"> and the
proceedings to be had and. ta~ken for the i.ssu~an,ce of the 'abo;ve descr~ibed Home
Mortgage Revenue Bonds, i~ncl ud,i'ng th`e avai labi l;~i ty of p.ro:ceed:s of such Home
Mortgage Revenue ~Bonds for such purpose.
2: In exercising its ri;gh.ts unde;r Se'ct:ion ;l, the. Authority may
exercise within the C.i'ty with respe,ct t;o the home;s cons'tructed or to be
constraeted i n the D"ev'e;lopments a11 of the: powers of the C:i,ty set forth i n AB
1355'.
3. Al 1 costs a~nd expens:es i~ncurre.d wi th res~:pect fo the, i ssuance of
such Bond':s~ sha~ll be pa'id so_'l,el.y from~ th'e proceed,s, of sale of the; Bonds,.
contri.b:ut'ions. or subv,e.ntions by tliird parti.e:s or' ofhe:r legally av,ailable
sour. ces , and ne i the,r the Ci ty nor the~ A'u:thori~f,y sha l l be ; under any
circumstanres, liable therefor., A;ll se:rv~ice~s neces,s_ary to ttie accomplishmen,f
of the ~purpos.es of th'is, A9re'emen•t s'ha,ll b'e p,rovi~d'e:d b.y~ the Authority and
firranced solel_y from the~ ~sources. of..funds menti.oned, in ,t;h~is; Section.
• 4. The sole ~purpose of thi~s Ag„reement i;s to~ i'n,vest;, the Authority with
the.>jur.isdiction an8 bon;ding ~capacity to ac;compli°sh home mortgage fi'nancing i'n
° the method and manne.r prescri b"ed :by AB 135'5.:
IN WITNE°SS WH:EREOF; tfie Sonoma County Home Fi";nanci,ng Authori ty arrd th:e
Ci fy of Petaluma ha`ve ~c'aused thi s~ Agre.emen:t of Cooper'ation to be executed by,
officers thereun.to duly a~u~thor:ized~ as. of~ t.he ,date-'hereia'nabo5e set~ forth.
SONOMA~ COUNTY IiOME, 'fINANCI'NG
AIJTHORITY
By
Chairperson
R
ATTEST: ' ~
Se;c.retary
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CI Tv" n~ :o'~Ta i i iM:a.
By
A T.T
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