1983-124-Approving The Cooperative Agreement With The County Of Santa Clara For The Issuance Of Multi-Family Bonds For Villa Vasona, LTDRESOLUTION NO. 1983 -124
A RESOLUTION APPROVING THE COOPERATIVE
AGREE14ENT WITH THE COUNTY OF SANTA CLARA
FOR THE ISSUANCE OF MULTI - FAMILY BONDS FOR
VILLA VASONA, LTD.
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,
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 June , 1983, by the following vote:
AYES: COUNCIL MEMBERS Joanne Benjamin Terrence J.
Daily and Thomas J. Ferrito
NOES: COUNCIL MEMBERS None
ABSENT:
ABSTAIN:
ATTEST:
CLERK OF THE TOWN OF LO ATOS
COUNCIL MEMBERS Marlyn J. Rasmussen and
Mayor Brent N. Ventura
COUNCIL MEMBERS , None
SIGNED:
PRO
L nn 1 D 1 1 hi
COOPERATIVE AGREEMENT BETWEEN
THE COUNTY OF SANTA CLARA AND THE
TOWN OF LOS GATOS
THIS COOPERATIVE AGREEMENT "(the "Cooperative Agree-
ment" is hereby made and entered into as of QTe, Z� , 1983
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 "City ").
W I T N E S S E T H:
WHEREAS, Chapter 7 (commencing with section 52075) of
Part 5 of Division 31 of the Health and Safety Code of the
State of California (the "Act ") authorizes the County to incur
indebtedness for the purpose of financing the construction or
development of multifamily rental housing in the County; and
WHEREAS, the County has determined to engage in a
multifamily rental housing program pursuant to the Act (the
"Program "); and
WHEREAS, the County has determined to borrow money to
finance the Program by the issuance of revenue bonds (the
"Bonds ") as authorized by the Act; and
WHEREAS, the City has approved the Program and
determined to cooperate with the County pursuant to the Act in
NOTICE 1
rnan�c y,{�u..�no�u.m sup�rnsots .. ,(
.s
the exercise of their powers under the Act for the purposes of
the Program;
NOW, THEREFORE, in consideration of the mutual
covenants hereinafter provided, the parties hereto agree as
follows:
SECTION 1. The words and phrases of this Coopera-
tive 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 County agrees to use its best
efforts to undertake the Program and to issue the Bonds
therefor pursuant to the Act as soon as the County determines
the same to be necessary and advisable.
SECTION 3 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 4. The City agrees that the County may make
or acquire loans for the financing of multifamily rental
housing projects under the Program, all as more specifically
set forth in the Act, with respect to property located within
the geographic boundaries of the City and that, subject to the
3806P/2236/01 -2-
provisions of Section 5 hereof, any and all of its powers for
the purpose of financing such projects pursuant to the Act with
respect to such property shall be exercised by the County.
However, no financing pursuant to the Program shall be made
available for a project which is constructed within the City
subsequent to the date hereof without the City Council's prior
approval of the use of such financing therefor.
SECTION 5. The City reserves to itself the right to
undertake its own program of financing multifamily rental
housing projects under the Act provided that under no
circumstances will the City conduct or participate in a
multifamily rental housing finance program from which bond
proceeds would be made available to provide financing for any
project with respect to which the City Council has approved the
use of financing from the Program pursuant to Section 4 hereof.
SECTION 6. The City agrees to undertake such
further proceedings or actions as may be necessary in order to
carry out the terms and the intent of this Cooperative
Agreement; and the City further agrees to refrain from taking
any action which would to its knowledge tend to adversely
affect the rating on the Bonds.
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.
3806P/2236/01 -3-
SECTION 8. This Cooperative Agreement may be
amended by one or more supplemental agreements executed by the
County and the City 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.
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.
EAL)
MMI
Clerk of the Boar(A of
Su ervi
DONALD -
D
APPROVED AS TO FORM:
County Counsel
(SEAL)
ATTEST:
APPROVED AS TO FORM:
Town Attorney`
COUNTY OF SANTA CLARA
By 7;
Chairperson f the
Board of Supervisors
Rebecca Q. Morgan JAN 2 5 1983
TOWN OF LOS GATOS
J �..
BYE—
Mayor pro Tem
r:
ri
Town Clerk
3806P/2236/01 -4-
�alvv ilvJirt �i �����•
;- COPY OF THE Oi *INAL
ATT--Si: DONALD M. RAINS
CLERK, BOARD OF SUPERVISORS
Deputy Clerk
OATS: J A N 2 5 1983