1985-069-Approving The Cooperative Agreement With the County Of Santa Clara Allowing The Town's Below Market Price Program To Participate In The County's Single-Family Residential Mortgage Revenue Bond ProgramRESOLUTION NO. 1985 -69
A RESOLUTION APPROVING THE COOPERATIVE AGREEMENT
WITH THE COUNTY OF SANTA CLARA ALLOWING THE TOWN'S
BELOW MARKET PRICE PROGRAM TO PARTICIPATE IN THE
COUNTY'S SINGLE - FAMILY RESIDENTIAL MORTGAGE REVENUE
BOND PROGRAM.
BE IT RESOLVED, and it is hereby resolved by the Town Council of the
Town of Los Gatos, County of Santa Clara, State of California, that the
Town of Los Gatos approves the Cooperative Agreement between the County
of Santa Clara and the Town of Los Gatos, copy of which is attached
hereto; and
BE IT FURTHER RESOLVED that the Mayor is authorized and is hereby
directed to execute said agreement in the name and in behalf of the Town
of Los Gatos.
PASSED AND ADOPTED at a regular meeting of the Town Council
of the Town of Los Gatos, California, held on the 20th day of
May , 1985, by the following vote:
AYES: COUNCILMEMBERS Terrence J. Daily, Thomas
NOES:
J. Ferrito, Brent N. Ventura, and Mayor
Joanne Benjamin
COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
None
Eric D. Carlson
ABSTAIN: COUNCILMEMBERS None
SIGNED: fi ct Jyt�
MA Of THE TOWN OF L GATOS
ATTEST:
CLERK 0, T E TOWN 0 f OS GAT
COOPERATIVE AGREEMENT BETWEEN
THE COUNTY OF SANTA CLARA AND
THE TOWN OF LOS 6ATOS
THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement ") is made
and entered into as of . 1985 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 Town of Los Gatos,
a municipal corporation of the State of California (the "Town ").
WITNESSETH:
WHEREAS, the County has heretofore determined to engage in a home
mortgage finance program (the "Program ") pursuant to Chapters 1 through
5 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, long -term
loans to finance the construction and acquisition of homes in various
cities within the County, all as provided for in said Act, and
WHEREAS, in furtherance of the Program the County has issued
Single - Family Residential Mortgage Revenue Bonds, (the "Bonds ") as
authorized by the Act; and
WHEREAS, the Town 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 Program;
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 Act.
SECTION 2, The Town represents and warrants to the County that: (i)
the Town has heretofore adopted a general plan for the Town in
conformance with the provisions of the Planning and Zoning Law of the
State of California (Government Code Sections 6500 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 Town agrees that the proceeds from the sale of the
Bonds may be used 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 Town.
SECTION 4 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 5. This Cooperative Agreement may be amended by one or
more supplemental agreements executed by the County and the Town at any
time, except that no such amendment or supplement shall be made which
shall adversely affect the rights of the holders of the Bonds.
2
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.
(SEAL)
ATTEST:
Clerk, Board of Supervisors
APPROVED AS TO FORM AND LEGALITY:
County Counsel
(SEAL)
ATTEST
Town.Clerk t1
COMMUN,/ITY SERVICO DIRECTOR
3
COUNTY OF SANTA CLARA
0
Chairperson of the
Board of Supervisors
TOWN OF LOS GATOS
h�
Mayor
APPROVED AS TO FORM:
Town Attorney J