HomeMy WebLinkAboutResolution No. 4420 RESOLUTION NO. 4420
A RESOLUTION APPROVING A HOME MORTGAGE FINANCE PROGRAM IN
COOPERATION WITH THE COUNTY OF LOS ANGELES AND AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE
CITY OF DOWNEY A COOPERATIVE AGREEMENT BETWEEN THE
COUNTY OF LOS ANGELES AND THE CITY OF DOWNEY
WHEREAS, there is a shortage in the County of Los Angeles (the
"County ") and in the City of Downey (the housing affordable by first time
homebuyers in the lower end of the purchasing spectrum, and a consequent need
to encourage the construction of homes affordable by such persons and
otherwise to increase the housing supply in the County and in the City for
such persons; and
WHEREAS, the Board of Supervisors of the County has adopted an
ordinance declaring its intent to engage in a home mortgage finance program
(the "Program ") pursuant to Chapters 1 -5 of Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act ") and to issue
bonds pursuant to the Act to provide funds for the Program; and
WHEREAS, the Council finds and determines that it is in the best
interest of the City to adopt the Program and to consent to the operation of
the Program by the County within the geographic boundaries, as described
below, pursuant to the Act.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Downey, as follows:
1. The City hereby adopts the Program for the purpose of increasing
the housing supply in the County and in the City and consents to the operation
of the Program by the County with respect to all property located within the
geographical boundaries of the City commonly known as the Fairford Elementary
School site, as shown on Exhibit A attached hereto.
2. The Cooperative Agreement between the County and the City ( the
"Agreement "), a copy of which is attached hereto as Exhibit B, is hereby
authorized and directed to execute and deliver said Agreement, for and in the
name and on behalf of the City.
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APPROVED AND ADOPTED this 26th day of June , 1984
Ar if ;
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ATTEST:
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C i t y et.
I HEREBY CERTIFY that the foregoing Resolution was adopted by the
Downey City Council at a regular meeting thereof held on the 26th day
of June , 1984, by the following vote:
AYES: 4 Council: Jackman, Barb, Quinn, Cormack
NOES: 0 Council:
Absent:0 Council:
Abstain: 1 Council: Davila
ity er
Resolution No. 4420 EXHIBIT "A"
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Resolution No. 4420
EXHIBIT "B"
COOPERATIVE AGREEMENT BETWEEN THE COUNTY
OF LOS ANGELES AND THE CITY OF DOWNEY
THIS COOPERATIVE AGREEMENT (the "Agreement "), made and entered into
as of June 26, 1984, by and between the County of Los Angeles, a political
subdivision of the State of California (the "County "), and the City of Downey,
a political subdivision of the State of California (the "City "),
W I T N E S S E T H:
WHEREAS, the County has determined to engage in a home mortgage
finance program pursuant to Chapters 1 -5 of 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 ") ; and
WHEREAS, the County, pursuant to the Act, has adopted the Program by
Ordinance No. 82 -0097 and has determined to cooperate with the City pursuant
to the Act in the exercise of its 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 the Program and to issue
revenue bonds therefor pursuant to the Act as soon as practicable.
SECTION 3. The City hereby agrees to cooperate with the County in
the exercise jointly or otherwise of their powers for the purpose of financing
home mortgages pursuant to the Act by agreeing that the County shall exercise
such powers 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 City commonly known as the Fairford Elementary
School site, as shown on Exhibit A, attached hereto.
SECTION 4. 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. Nothing in this Agreement shall prevent the County from
entering into one or more agreemens with other political subdivisions within
the County, if deemed necessary and advisable to do so by the County.
SECTION 5. 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 first above
written.
COUNTY OF LOS ANGELES
..._. ELES CITY OF
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By By ' 1
ATTEST: ATTES
By By / 0' ✓i..,. '
APPROVED AS TO FORM: APPROVED AS TO FORM:
By By _dor
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