MORTGAGE CREDIT CERT PROGRAM - Laserfiche WebLink

COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF PLEASANTON THIS COOPERATIVE AGREEMENT (this "Agreement"), is made and entered into as of , 1994, by and between the County of Alameda, a political subdivision of the State of California (the "County"), and the City of P].easanton , a political subdivision of the State of California (the "City"). WITNESSETH: WHEREAS, the County has determined to provide assistance in the financing of homes for persons in the lower end of the home purchasing spectrum in the County and the City with a program to issue mortgage credit certificates and single family mortgage revenue bonds the (the "Program") pursuant to Part 1 and Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act"); and WHEREAS, the County has established the Program pursuant to the Act and has determined to cooperate with the County in the exercise of its 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 County agrees to undertake the Program and to issue mortgage credit certificates and single family mortgage revenue bonds thereunder pursuant to the Act. County agrees that issuance of single family mortgage revenue bonds with respect to property located within the geographic boundaries of the City will be only for those projects approved by the Planning Director of the City or his/her designee. SECTION 2. City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of assisting in the financing of homes pursuant to the act by agreeing that the County shall exercise its powers under the Program, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. In particular, and without limiting the foregoing, the City agrees, on the request of the County, either to apply or to authorize the County to apply on the behalf of the City, in accor~tance with Section 8869.85 of the Government Code, for an allocation of the state ceiling to issue mortgage credit certificates dna single family mortgage revenue bonds and to transfer any such allocation received to the County under the terms of Section 8869.85(d) of the Government Code. SECTION 3. 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 percent the County from entering into one or more agreements with the other political subdivisions within the County, if deemed necessary and advisable to do so by the County: SECTION a.~ 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 the bonds or citizens who purchase a home with assistance from the Program.