CC Resolution No. 8561
RRC:OIl1I'IOO NO. 8561
A F~1I'IOO OF '!HE CI'lY CXXJNCIL OF '!HE CI'lY OF aJPERl'INO
AUlHORIZING EKEX::Ul'IOO OF A CXX>PæATIVE 1IGREEMENl' BElWEEN '!HE
CXXJNlY OF SANrA C[ARA AND '!HE CI'lY OF aJPERl'INO FOR
PARl'ICIPATIOO IN A mRlGI\GE æEDIT \.:mü'J..1'"lC'ATE PBOGRAM
AND AUlHORIZING APPLICATIOO FOR ALLOCATIOO OF mRlGI\GE
æEDIT CERl'IF'IC'ATE ISSUANCE AUlHORIT'i
WHmEAS, there is a cantin.lin:.J need far affordable haneownership
opportunities within the City of OJpertino, particularly far first-time
~l:o.1yers¡ ard
WHmEAS, issuaooe of ~ Credit Certificates to iniividual haDe
p.IrChasers would enhance the affordability of bath new ard existin;J haœs
within the statutory limits ard 'thus enable the City to help meet its assisted
housin;J goals far JOOde.rate incane persons, as described in the General Plan
Housin;J Element¡ ard
WHmEAS, tl1ere has been presented to the City council a cooperative
agreement between the City of 0Jpertin0 ard COUnty of Santa Clara regardin;¡
participation in a JOOrtgage credit certificate program¡ ard
WHEREAS, the tenns ard ccn:litions of said agreement have been reviewed ard
approved by the Director of o:mm.uù.ty Developnent ard the City Attorney¡
NCM 'IHmEFORE, BE IT RESOLVED that the designated representative of the
Santa Clara County Board of SUpervisors is hereby authorized to make i111lN'i'liate
application to the state ~ge Bond Allocation Camû.ttee in the name of the
City of 0Jpertin0 far a JOOrtgage borw:l allocation in the éUlDJnt of $800,000 to
be converted far authority to issue ~e Credit Certificates in the am:JUI'It
of $200,000 (based upon the 4:1 conversion factor) ¡
PASSED AND AOOPl'ED at a regular meeting of the City Council of the City of
0Jpertin0 this ~ day of January , 1992 by the followin;¡' vote:
V(f.L'¡';:
MEMBERS OF '!HE CI'lY CDUNCIL
AYES:
Dean, Goldman, Koppel, Szabo, Sorensen
None
None
None
NOES:
ABSENI':
ABSI2Wl:
APPROVED:
/s/ Lauralee Sorensen
MAYOR, CI'lY OF aJPERI'INO
ATI'ESI':
/s/ Dorothy Cornelius
CI'lY CLmK
pcresos/rscmx:
COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SANTA CLARA
AND THE CITY OF CUPERTINO
THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement") is made and entered
into as of , 1992, 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
Cupertino. a municipal corporation of the State of California (the "City").
WITNESSETH:
WHEREAS, the Tax Refonn Act of 1984 established the Mortgage Credit Certificate
Program (hereinafter referred to as "MCC Program") as a means of assisting qualified individuals
with the acquisition of new and exisitng single family housing; and
WHEREAS, the County and the City have heretofore detennined to engage in an MCC
Program pursuant to Chapters 1399, Statutes of 1985 Section 50197, et seq of the Health and
Safety Code of the State of California (the "Act") in order to assist individual home purchasers in
the County to afford both new and existing homes within the statutory limits as provided for in said
Act; and
WHEREAS, in furtherance of the MCC Program, the City Council has authorized the
County to apply to the State of California Debt Limit Allocation Committee (CDLAC) in the name of
the City of Cuuertino for a mortgage bond allocation in the amount of $800.000 to be traded for
authority to issue Mortgage Credit Certificates in a face amount of $200.000 (based upon the 4: 1
trade-in value of bond allocation); and
WHEREAS, it is expected that the City's application for the MCC Program will be
subsequently approved by the CDLAC in February 1992; and
WHEREAS, the County Housing Bond Coordinator is administering a County-wide MCC
Program; and
WHEREAS, the City and the County wish to cooperate with one another pursuant to the Act
in the exercise of their powers under the Act for the purposes of the MCC Program;
WHEREAS, the County will be operating an MCC Program in the County, and the City
desires that the Program be applicable to otherwise eligible real property in the City;
NOW, THEREFORE, in consideration of the covenants hereinafter provided, the parties
hereto agree as follows:
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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 City represents and warrants to the County that: (i) the City has
heretofore adopted a general plan for the City in confonnance 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 (üi) the Program complies with said land use element and housing element.
SECTION 3, The County shall continue to staff a program for the effective administration
of the MCC program within the geographical boundaries of the County. The County shall continue
its cooperation with local real estate and lending institutions in order to maintain their participation in
securing applications from eligible applicants for review and approval by County representatives on
behalf of the County and the City.
SECTION 4. If, during the tenn of this agreement, the City detennines that it cannot utilize
all of the MCC allocation provided by the CDLAC, the City will have the option to assign a portion
of the allocation to the County for redistribution among the County and other participating cities.
SECTION 5, This agreement may be tenninated by either party upon 90 days written notice
delivered to the other party. The tenn of this agreement shall extend until such termination by
written notice.
SECTION 6. The City agrees to undertake such further proceedings or actions as may be
necessary to carry out the tenns and intent of this agreement as expressed in the recitals hereto;
provided, however, that nothing herein shall require the City to appropriate any funds to the County
for services under this agreement. Funds for the administration of the program shall be derived by
the County from the application fee paid by MCC applications administered by the County, These
fees shall be collected and retained by the County in all cases administered by the County including
those where the City's MCC allocation is debited.
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.
SECTION 8. This Cooperative Agreement may be amended by one or more supplemental
agreements executed by the County and the City at any time.
SECTION 9. Nothing contained herein shall be interpreted to impose a relationship of
partners or joint ventures between the City and the County.
SECTION 10. The County agrees to indemnify, defend and hold the City, its officer~.
attorneys, employees and agents harmless against any and all claims, damages or causes of action
arising from any act or omi,ssion on the part of the County, its officers, attorneys, employees aoe!
agents.
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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.
COUNTY OF SANTA CLARA
(SEAL)
ATrEST:
By
Chairperson of the
Board of Supervisors
ATTEST:
Clerk, Board of Supervisors
APPROVED AS TO FORM AND LEGALITY:
City of Cupertino
County Counsel
(SEAL)
By
Mayor
ATTEST:
APPROVED AS TO FORM
City Clerk
City Attorney
MCC-COOP~AG
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