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HomeMy WebLinkAbout92-004 Mortgage Credit Certificates 92-004 MORTGAGE CREDIT CERTIFICATES RESOLUTION NO. 8757 A R.ESOLLTION OF 711E CITY COUNCIL OF THE CITY OF CUPERTINiO A'JMORI ZING EXECUTION OF A OOOPE PA= AGREEMENT' AEIWM THE COUNTY OF SANr.A CLARA AND THE CITY OF CUPFIMM FOR PAIMCIPATION IN A MOra C'IAGE CREDIT CERTIFICATE PROGRAM AND AUTHORIZING APPLICATION FOR ALLOCATION OF MOSaGAGE CREDIT CEI7TIFICATE ISSUANCE AUIMRI'TY WHERE, S, there is a continuing need for affordable h rrership opportunit:its within the City of Cupertino, particularly for first-time hare-buyers; and WHEREAS, issuance of Mort-gage Credit Certificates to individual home purchasers would enhance the affordability of both new and existing his within the statutory limits and thus enable the City to help meet its assisted housing goals for moderate income persons, as described in the General Plan Housing Element; and VnTUERFAS, there has been presented to the City council a cooperative agreement tetwetan the City of Cupertino and County of Santa Clara regarding participaticn in a mortgage credit ertificatct program; and WHHIRFA.S, the terms and conditions of said agreement have been reviewed and approved by the Director of Comunity Development and the City Attorney; NCM TrffiREFORE, BE IT RESOLVED that the designated representative of the Santa Clara County Board of Supervisors is hereby authorized to make immediate application to the State Mortgage Bond Allocation 0=Mitt.ee in the name of the City of Cupertino for a mortgage bond allocation it the amount of $600,000 to be converted for authority to issue Mortgage Credit Certificates in the amount of $150,000 (based upon the 4:1 conversion factor) ; PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 215t day of 5 •1h r 1992 by the following vote: VOTE: MEMBERS OF THE CITY COUNCIL AYES: Uezin, ioldinan, Koppel, Sza;)o, Sgrensen NOES: None ABSENT: None ABSTAIN: None APPROVED: /sl Lauralee Sor ns n MAYOR, CITY OF CUPFRTTINO ATTEST: /s/ Roberta A. Wolfe CITY CLERK , Deputy pc'esos/mcc COUNTY OF SANTA CLARA CALIFORNIA OFFICE OF THE BOARD OF FUPERVISORS MEMBCRS OF THE BOARD County Government Center, East Wing Michael M. Honda, District 1 70 Nest Hedding Street Zoe Lofgren, District 2 San Jose, California 95110 Ron Gonzales, District 3 (408) 299-4321 Rod Diridon, District 4 Dianne McKenna, District 5 October 16, 1992 City Clerk CITY OF CUPERTINO 10300 Torre Avenue Cupertino, CA 95014 SUBJECT: Cooperative Agreement between the City of Cupertino and the County of Santa Clara The Santa Clara County Board of Supervisors, in its meeting of October 6, 1992 (Item No. 19) , approved the subject Agreement relating to issuance of Mortgage Credit Certificates and authorizing the County to administer the Mortgage Credit Certificate Program. Attached is a duplicate original of the Agreement for your files . Sincerely, Kay Kazmierczak Deputy Clerk Clerk of the Board of Supervisors cc: Vera Gill T. Cunningham/ Housing Board Coordinator SANTA CLARA COUNTY MORTGAGE CREDIT CERTIFICATES RESOLUTION RELATING TO APPLICATION FOR ALLOCATION OF MORTGAGE CREDIT CERTIFICATE ISSUANCE AUTHORITY WHEREAS, there is a continued need for affordable homeownership opportunities within the County of Santa Clara, particularly for households at the lower end of the purchasing spectrum; and WHEREAS, issuance of Mortgage Credit Certificates (MCCs) in the County's current MCC Program to individual home purchasers has been shown to enhance the affordability of both new and existing homes within the statutory limits;and WHEREAS, Mortgage Credit Certificates are of comparable value to the subsidy provided by Mortgage Revenue Bonds with very few associated costs;and WHEREAS, the MCC Program is expected to be extended by Congress throrigh September 30, 1993; NOW THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Santa Clara, State of California, that the County Housing Bond Coordinator is hereby authorized to make immediate application to the Califon.'� Debt Limit Allocation Committee in the name of the County of Santa Clara for a mortgage bond allo,.:ation in the amount of$22,000,000 to be traded for authority-to issue Mortgage Credit Certificates in a face amount of$5,500,000 (based upon the 4:1 trade-in value of bond allocation); and BE IT FURTHER RESOLVED that the County Executive certify to CDLAC that a deposit equal to one p,=ent of the bond allocation amount requested has been made as required by CDLAC. PASSED AND ADOPTED by the Board of Supervisors of the County of Santa Clara,State of California,as of OCT 6 1992 APPROVED AS TO FORM AND LEGALITY:y4wid I.I r Deputy County Counsel 7o re C airpers of the -- - o,ird of Supervisors Di.u, : OCT 6 1992 ATTEST: C240�0�1 . Assist Clerk of the: Bo• d 'hyllis Perez OCT 6 1992 COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SANTA CLARA AND THE CITY OF_C-�_i,ERTiNO THIS COOPERATIVE AGREEMENT(the "Cooperative Agreement") is made and entered into as of OCT 6 19 , 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 Cupgaigo, a municipal corporation of the State of California (the "City"). WITNESSETH: WHEREAS, the Tax Reform Act oi' 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 existing single family housing; and WHEREAS, the County and the City have heretofore determined 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 Cupertinofor a mortgage bond allocation in the amount of, 600 000 to be traded for authority to issue Mortgage Credit Certificates in a face amount of 515 O(1ll (based upon the 4:1 trade-in value of bond allocation);and WHEREAS, it is expec►ed that the City's application for the MCC Program will be subsequently approved by the CDLAC in November 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: 1 SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwise defined herein, have tine 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 Cis;, in conformance with the provisions of the Planning and Zoning Law of the State of California (Goverornent 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 (iii) 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 term of this agrecment, the City deter►nines that it cannot utilise 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 h;- terminated by either party upon 90 days written notice delivered to the other party. The term of this agrecment 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 terms 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 A!Yreemer.t 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 Ci,y at any time. SECTION 9. Nothing contained herein shall he 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 officers, attorneys,employees and agents harmless against any and all claims,damages or causes of action arising from any act or omission on the part of the County, its officers, attorneys,employees and agents. 2 s Q IN WITNESS WHEREOF, the parties hereto have caused this Cooperative Agreement to be executed and attested by their proper officers thereinto duly authorized, and their official seals to be hereto affixed,all as of the day first above written. COUNTY OF SANTA CLARA (SEAL) -- ATTEST: B v `' J/ Z:-)t 6fgren, Chairperson of the Board of Supervisors ATTEST: Asst. erk of the Boat? Phyllis Perez APPROVED AS TO FORM AND LEGALITY: County Counsel City of Cupertino (SEAL) B Mayor Ilk' I�'l T: �'�'' APPROVE AST FO . City Clerk City Attorney 4 1 1 3 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 w itten. COUNTY OF SANTA CLARA (SEAL) ATTEST: By Zoe Lofgren, Chairperson of the Board of Supervisors ATTEST: Asst. Clerk of the Board, Phyllis Perez APPROVED AS TO FORM AND LEGALITY: • r" County Counsel City of Cupertino (SEAL) i Mayor AT173ST`. APPROVE AS TO O City Clerk City Attorney 3 • COUNTY OF SANTA CLARA CALIFORNIA OFFICE OF THE BOARD OF SUPERVISORS MEMBERS OF THE BOARD County Government Center, East Wing Michael M. Honda, District TO Nest Hedding Str-et Zoe Lofgren, District 2 San Jose, California 95110 Ron Gonzales, District 3 (408) 299-4321 Rod Diridon, District 4 Dianne McKenna, District 5 January 16, 1992 City Clerk City of Cupertino 10300 Torre Avenue Cupertino, CA 95014 Dear Gentleperson: SUBJECT: AGREEMENT RELATING TO ISSUANCE OF MORTGAGE CREDIT CERTIFICATES BETWEEN THE COUNTY OF SANTA CLARA AND THE CITY OF CUPERTINO Enclosed you will find one fully executed copy of the subject Agreement. The Boara of Supervisors, at its regularly scheduled meeting on January 14, 1991 , approved this Agreement on behalf of the County. The enclosed is for your records and information. Very truly yours, BOARD OF SUPERVISORS DONAL_D M. RAINS, CLERK aeanne Stringfellow Deputy Clerk DMR:js CC: County Executive, Bond Coordinator RESOLUTION NO. 8561 A REISQTZT QtJ OF THE CITY COLRCM OF 11HE CITY OF CUPERr= ALMiORIZIW EXECUTION OF A COOPERAT'M ACREEMENT BEIZr7.E N ME COUNTY OF SANTA CLARA AND THE CITY OF CUPIWDIO FOR PARTICIPATION IN A MORICAGE CREDIT CF17=CATE PROGRAM AND ACII MIZING APPLICATIC0 FOR AIZ DCA?_".LON OF MOFR.Q= CREDIT CERTIFICATE M%MCE AUZHQRITY WHEREAS, there is a continuing need for affordable hcmeown ership opportunities within the City of aipertino, particularly for first-tip homekxWers; and WHERFAS, issuance of Mortgage Credit Certificates to individual home purchasers would enhance the affordability of both new and existing homes within the statutory limits and thus enable the City to help meet its, assisted housing goals for moderate income persons, as described in the General Plan Housing Element; and WfflMFAS, there has been presented to the City coax-cil a cooperative agreement between the City of O*ertino and County of Santa Clara regarding participation in a mortgage credit certificate program; and WHEREAS, the terms and conditions of said agreement have been reviewed and approved by the Director of sty Development and the City Attorney; NOW THEREFORE, BE IT RESOLVED that the designated representative of the Santa Clara County Board of Supervisors is hereby authorized to make immediate application to tfie State Mortgage Bond Allocation Committee in the name of the City of Cupertino for a mortgage bond allocation in the amount of $800,000 to be converted for authority to issue Mortgage Credit Certificates in the amount of $200,000 (based upon the 4:1 conversion factor) ; PASSED AND ADOPTED at a regular meetiM of the City Council of the City of 0,4)ertino this 6th day of January , 1992 by the following vote: VOTE: ME4RERS OF nW, CITY COUNCIL AYES: Dean, Goldman, Koppel, Szabo, Sorensen NOES: None ABSEW: None ABS-DUN: None APPROVED; /s/ Lauralee Sc:ensen MAYOR, CITY OF CUPE RT NO ATTEST: THIS IS TO CERTIFY THAT THE vdITHIN INSTRUMENT IS A TRUE ARID CORRECT COPY /s/ Dorothy Cornelius OF THE ORIGINAL ON FILE IN THIS OFFICC. CITY CXXRK 7, ATTEST ? 19 X.A CITY CLEF�K KF THE CITY OF CUPERTINO pCres0s/r5Qm= av TY C'LFRK COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SANTA CLARA AND THE CITY OF CI TERTINO 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 Reform 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 determined to engage in an MCC Progr­m pursuant to Chapters 1399, Statutes of t 115 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 Cat r 'n 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 orade-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: 1 SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwis 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 conformance 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 (iii) 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 term of the agreement, the City determines 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 terminated by either party upon 90 days written notice deliverer'. io the other party.: The term 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 terms 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 she 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 shalt 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 officers, attorneys, employees and agents harmless against any and all claims,damages or causes of action arising from any act or omission on the part of the County, its officers, attorneys, employees and agents. 2 IN 'W'ITNESS WHEREOF, the parties hereto have caused this Cooperative Agreement to be executed and attested by their prosper officers thereunto duly authorized, and their official seals to be hereto affixed, all as of the day firs6 above written. COUNTY OF SANTA CLARA (SEAL) ATTEST: By �- dxii_ tairpers n of the Bow!of Supervisors ATTEST: DClle Pgaa Supervisors APPROVED AS TO FORM AND LEGALITY: r City of Cupertino County Counsel (SEAL) ByD- ` Mayor - AT I, T: APPROVED AS TO FORM City Clerk Ci;Er Attorney MCC-COOP-AG 3 kill ►' •.' A.1ein y}.54 •' a•:• r Zkltl lAWi AVei'l r5 11. : 51 65iJ 4.1. sop Waffik VAN WZ ------------ l7" 0! - Ire * ••. -s •_ • ' r r Win:- •: - _• •. -1 too r • I•- • -•. 11+ � •" a a. .• • �. a•. • '.i J i� • Y5i It ��• Da a:• n:- • •. - •• • •.w c.�,rc -•tl•. , r 1 COOPERATIW AGNMOU BELT THE anny OF SV, CLARA AVID nIE CITY OF CUPID naS COOPERATIVE AMM4ENr (The "Cooperative ") is mace and entered into as of , by and between the COY OF SARM CLARA, a legal subdivision and body corporate and politic of the State of california (the "County"), anti the City of Cupertino, a municipal corporation of the State of California (the "City") . SFAS, the Tax Reform Act of 1984 established the Mortgage Credit Certificate Program (hereinafter referred to as "MCC PLAN") as a means of assisting qualified individuals with the acquisition of new and existing single family housing; and WHEREAS, the County and the City have heretofore to engage in an MOC 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 hoe 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 City to apply to the State of California Debt Limit Allocation c=attee (CDLAC) in the name of the City of ctq:)ertino for a mortgage bond allocation in the amount of $1,560,000 to be traded for authority to issue mortgage Credit Certificates in a face amount of $390,000 (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 CDIAC; and WHEREAS, the County Housing Boni Coordinator is administering a Countywide 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 wl_L1 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: SEMON 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. SsEMON 2. Mve- City represents and warrants to the County that: (i) the City has heretofore adopted a General Plan for the City in conformance with the pmvisicns of the Planning and Zoning Law of the State of California (GOverTment Cods 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 (iii) the Program cooplies with said land use element and housing element. SB=AT.ON 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. SEC`I70N 4. If, during the term of this agreement, the city determines that it cannot utilize all of the MCC allocation provided by the muc, 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 terminated by either party upon 90 days written notice delivered to the other party. The term 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 terms 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 action of the program shall be derived by the C=ty 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. Nathing 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 eace%uted by the County and the City at any time. SECTION 9. Nothing contained herein shall be interpreted to impose a relationship of partners of joint ventures between the City and the County. SECTION 10. The County agrees to indemnify, defend and hold the City, its officers, attorneys, employees and agents harmless against any and all claims, damages or causes of action arising from any act or omission on the part of the county, its officers, attorneys, employees and agents. IN WZDUSS WHEPMF, the parties hersto have caused this Ooqperaitive Agreement to be exeojted and attested by their pzcpeC officers thereunto dully authorized, and their official seals to be hamto affixed, all as of the day first above written. COUNN OF SAMM CLAFA (SIP'L) ATr=: By Chairperson of the Board of avervisors AST: Clerk, Board of SWervisors APPROVED AS ZOO FAO M ARID LMIA M: City of O=nty O=isel By mayor AT APPROVED AS TO Fri City Clerk City Attorney (MISC\ ) RESOLUTION NO.8928 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AUTHORIZING EXECUTION OF A COOPERATIVE AGREEMENT 3ETWEEN THE COUNTY OF SANTA CLARA AND THE CITY OF CUPERTINO FOR PARTICIPATION IN A MORTGAGE CREDIT CERTIFICATE PROGRAM WHEREAS, there is a continuing need for affordable home ownership opportunities within the City of Cupertino, particularly for first-time home buyers; and WHEREAS, issuance of Mortgage Credit Certificates to individual home purchasers would enhance the affordability of both new and existing homes within the statutory limits and thus enable the City to help meet its assisted housing goals for moderate income persons, as described in the General Plan Housing Element; and WHEREAS, there has been presented to the City Council a cooperative agreement between the City of Cupertino and the County of Santa Clara regarding participation in a Mortgage Credit Certificate Program; and WHEREAS, the terms and conditions of said agreement have been reviewed and approved by the Director of Community Development and the City Attorney; NOW, THEREFORE, BE IT RESOLVED that the designated representative of the Santa Clara County Board of Supervisors is hereby authorized to make immediate application to the State Mortgage Bond Allocation Committee in the name of the City of Cupertino for a mortgage bond allocation in the amount of $5,000,000 to be converted for authority to issue Mortgage Credit Certificates in the amount of$1,250,000 (based upon the 4:1 conversion factor); PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 19th day of July, 1993 by the following vote: VOTE: MEMBERS OF THE CITY COUNCIL AYES: Dean, Goldman, Koppel, Sorensen, Szabo NOES: None ABSENT: None ABSTAIN: None APPROVED: /s/ Nick Szabo MAYOR, CITY OF CUPERTINO ATTEST: /s/ Roberta Wolfe CITY CLERK , DEPUTY housing stuff/MCC Resolution 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 , 1993, by and between the COUNTY OF SANTA CLARA, a legal subdivision and bo y corporate and politic of the State of California (the "County"), and the City of CuNrtino, a municipal corporation of the State of California(the "City"). WITNESSETH: WHEREAS, the Tax Reform 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 existing single family housing; and WHEREAS, the County and the City have heretofore determined 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 Californiz:(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 may, from time to time, authorize the County to apply to the State of California Debt Limit Allocation Committee(CDLAC)in the name of the City of Cupertino for mortgage bond allocations. The amount of which can be traded for authority to issue Mortgage Credit Certificates in a face amount equal to one quarter the value of the Cities bond allocation;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: 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 1 e Act SECTION 2. The City represents and warrants to the County that: (i) the City has heretofore adopted a general -tan for the City in conformance 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 (iii) 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 term of this agreement,the City determines that it cannot utilize all of the MCC allocation provided by the CDC. _', 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 terminated by either party upon 90 days written notice delivered to the other party. The term 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 terms 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 S. 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 officers, attorneys,employees and agents harmless against any and all claims, damages or causes of action arising from any act or omission on the part of the County, its officers, attorneys,employees and agents. 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. 2 COUNTY OF SANTA CLARA ATTEST: By Lt AUG 1 G 1993 Rosa Con , Chairperson of the Board or Supervisors ATTEST: QQ h Clet0of the Board, Phyllis Perez APPROVED AS TO FORM AND LEGALITY: County Counsel of Cu=Mno , By Mayor ATTEST; APPROVED T�F City Clerk . �� City Attorney i 3