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Mortgage Revenue Bonds
AGREEMENT #2766
MO 4336, 9-6-89
COOPERATIVE AGREEMENT BETWEEN THE COUNTY
OF RIVERSIDE AND THE CITY OF PALM SPRINGS
THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered
into as of SEP 0 1999 by and between the County of Riverside, a
potential subdivision of the State of California (the "County"), and the
City of Palm Springs, a Political subdivision of the State of California
(the "City").
W I T N E 'S S E T H:
WHEREAS, the County adopted Ordinance No. 588 on December 22,
1981 establishing a home mortgage finance program pursuant to Chapters
1-5 Cf 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,
loans to finance the construction or acquisition of homes in the County,
all as provided for in the Act (the "Program") ;
WHEREAS, the City has adopted the Program and determined to
cooperate with the County pursuant to the Act in the exercise of their
powers under the Act for purposes of the Program;
NOW, THEREFORE, in consideration of the mutual covenants
hereinafter provided, the parties hereto agree as follows:
SECTION 1 The terms used in this Agreement shall, for all
purposes of this Agreement, unless otherwise defined herein, have the
meanings assigned to such terms in the Act.
SECTION 2 The County agrees to undertake to Program including
using its best efforts to issue revenue bonds therefore pursuant to the
Act as soon as is practicable, said bonds being in addition to revenue
bonds which the County has therefore issued for this purpose.
SECTION 3 The City hereby agrees to cooperate with the County
in the exercise i_-
_q_ � nr otherwise of their powers for the ouroose of
J
financing home mortgages pursuant to the Act by agreeing that the County
shall exercise its powers to make or acquire home mortgages under the
program, all as more specifically setforth in the Act, with respect to
property located within the geographic boundaries of the City.
SECTION 4 The City represents and warrants to the County that
(1) 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 sec.) , (ii) said
general plan includes a land use element and a housing element as
required by Government Code Section 65302 and (iii) the Program plies
with said land use element and housing element.
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SECTION 5 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 Agreement. The County has entered into cooperative
agreements with other cities within the County, and nothing in this
Agreement shall prevent the County from entering into one or more
additional such agreements with other cities within the County if deemed
necessary and advisable to do so by the County.
SECTION 6 This 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 any bonds issued by the
County pursuant to the Act in connection with the Program.
IN WITNESS WHEREOF, the parties hereto have caused this
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 and year first above written.
COUNTY OF RIVERSIDE CITY OF PALM SPRINGS
By By
Chai. "ah Board of
f
Supervisors Gi 1Y NiA&IAGER
ATTEST: ��'� i ���� � ATTEST:
r '
DepUtV Clerk, 816 rd JUVI 11Hi,jyyl�r
of Supervisors CITYLLF K
APPROVED AS TO FORM: APPROVED AS TO FORM:
COUNTY C=,(SEL —�
CBy ByCL d,
C
�1 ¢ ty Attorney 45Sn1, Y Y
tl
KJH:tlr �
(0255G)
(IFS IBMITTAL TO THE BOARD OF SUPERVISORS
NTY OF RIVERSIDE, STATE OF CAL*NIA
FROM:
Department of EconomicS yBMITTALDATE: September 20, 19
Community Development
SUBJECT: Request Approval of Cooperative Agreement between the
County of Riverside and the City of Palm Springs
RECOMMENDED MOTION:
That the Board of Supervisors of the County of Riverside
approve a Cooperative Agreement with the City of Palm Springs
and authorize the Chairman to execute document.
JUSTIFICATION :
The City of Palm Springs has elected to not issue Single Family
Mortgage Revenue Bands . By entering into the Cooperative
Agreement the County of Riverside will be able, on behalf of
the City , to issue revenue bonds for appropriate projects
within the City that have been approved by both the City and
the County.
Your favorable consideration is greatly appreciated .
No County General Funds will be affected.
THOMAS E. LYNCH, Director
TEL :KJH: tlr
Attachment
(0263G)
rn
J CD
50
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wo
.A.O. RECOMMENDATION: FINANCIAL IMPACT:
o= APPROVE. No impact to General Fund.
Administrative Officer Signature N�✓ ���
MINUTES 0i C 1394RW60F SUPERVISORS
On motion of Supervisor Younglove, seconded by Supervisor
Cen1ceros and duly carried by unanimous vote, IT WAS ORDERED that
the above matter is approved .
Ayes : Ceniceros, Dunlap , Larson , Abraham and Younglove �
Noes : None Gerald A Malone
c,
Absent : N a n e Cle 4of the B¢y rd/
Date: October 10 , 1999 B���%C/
xc : ECD, Co . Co . , Aud1t0r Depute
Prev. Agn. ref. Depts. Comments Dist. AGENDA NO.
FORM 11(Rev.12182)
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