HomeMy WebLinkAboutRESO 6640RESOLUTION o~~u~g:c~·or tl6°ctfy o~~o ALTO
APPROVING THE CITY 1 S PARTICIPATION IN THE
SANTA CLARA COUNTY MORTGAGE CREDIT CERTIFlCATE PROGRAM
WHeREAS, Santa Clara County (•county•) has initiated a
program to provide financial assistance to qualified first-time
home~uyers through the issuance of Mortgage Credit Certificates:
and
WHEREAS, on July 8, 1987 the County received authority from
the State Mortgage Bond Allocation Co•aittee to issue $5,000,000.00
in Mortgage Credit Certificates; and
NBEREAS, in order for the Mortgage Credit Certificates to be
used for the purchase of ho .. s in Palo Alto, Palo Alto aust enter
into a Cooperative Agreement with the County stating that the
Mortgage Credit Certificate program coapliea with the land use and
housing elements of Palo Alto's Co•prehensive Plan; and
WHEREAS, Palo Ato would like to promote af.fordable home
ownership opportunities within the County, particularly for
~ouseholds at the lower end of the purchasing ~pectrwn;
Nail, TBSRB..:.:..)RE, the Council of the City of Palo Alto does
RESOl 'IE as follows:
Section 1. The City Council approves the attache..i
Cooperat.J.ve Agreement between the County of santa Clara -and the
City of Palo Alto regarding the Mortgage credit Certificate
Prograa and authorizes the Mayor to execute the agree .. nt on its
behalf ..
Section 2. The Council finds that entering into this agreemen:
is not a proJect for the purposes of the california Environmental
Quality Act.
INTRODUCED ARD PASSED: August 17, 1987
AYBS: Fletcher, Klein, Levy, Patitucci, Renzel, Sutorius, Woolley
llOBS1 None
ABSTBNTIOWS: None
ABSERT: Bechtel, Cobb
APPROVED:
\-l
Mayor
e.
COOPERATIVE AGREEMENT BETWEEN
THE COUNTY OF SANTA CLARA AND
THE CITY OF PALO ALTO
THIS COOPERATIVE· AGREEMENT (the -cooperative Agreement"} is made and
entered into as of 9 /,; 3/ f' f: . 1987 by etnd between the COUN1V OF SANTA I
CLARA, a legal subdivision and body corporate and poitic of the State of Cafffomia
(the "County1. and the City Of Palo Alto, a municipal corporation of the State of
California (the -City1.
WHEREAS, the Tax Reform Act of 1984 estab&shed the Moltgage C'8dit
Certificate Program (henlinafter referred to as "MCC Program1 as a means of assisting
qualified inciviO.Jals with the acquisition of new and existing single family housing; and
WHEREAS, the County has heretofore detennined to engage in an MCC
Program pursuant to Chapters 1399, Statutes of 1985 Section 50197, II B1Q of the
Health and Safety Code of the State of Celfornia (the •Ad1 in order to assist individual
home purchasers in the COunty to afford both new and existing homes within the
statutory Umits as provided for in said Act; and
WHEREAS, in fultherance of the MCC Program the County Board of Supervisors
authorized the County's Housing Bond Coon:loator to meke application to the
MQrtgage Bend Allocation Committee \MBAc-) in the name of the County of Santa
Clara 1of a mortgage bond aJlocation in the amount ot $20.000,000 to be traded \">f
authority to issue Mortgage Credit Certificates in a face amount of ss.000,000 (based
upon the 4:1 trade-in value of bond docation); and
WHEREAS, that application was subsequenlly approved by the MBAC on July 8,
1987;and
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WHEREAS, the City arid the County wish to cooperate with one another pursuant
to the Ad in the exercise of their powers under the Ad for the purposes of the MCC
Program;
NOW. THEREFORE. in conSideration of the c.wenants hereinafter provided, the
parties hereto agree as follows:
SECTION 1. The words and phrases of this Cooperative Agreeme1lt shall, tor an
purposes hel'80f unless otherwise defined he~n. have the meanings assigned to
such ~rds and phrases in the Ad...
SECTION 2, The City represents and warrants to the Coonty 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 at seq.), (Ii) said general plan includes a land use element and a housing
element as required by Government Code Section 65302, and (ii"} the Program
complies with said land use element and housing element.
SECTION 3. The Ci1y &gr68S to undertake such further proceedings or actions as
may be necessary to cany out ttw terms and tnlent of this agreement.
SECTION 4. Nothing in this Cooperative Agreement shall prevent the County
from entering into one or more agf98ments with other municipal corporations within the
County t if deemed neceesary and advisable to do so by the County.
SEC!tON 5. This Cooperative Agreement may be amMSed by one or more
supplemental agl98ments exacuted by the County and the City at any time.
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IN WITNES~ WHEREOF, the parties hereto have caused this Cooperative
Agreement to be executed and attested by their proper officers thereunto duly
authorized, and thoir official seats to be hereto affixed, an as of the day first above
written.
(SEAL)
ATTEST:
Clerk, Board of Supervisors
APPROVED AS TO FORM AND LEGALITY:
County Counsel
(SEAL)
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COUNTY OF SANTA CLARA
By _____ _
Chairperson of the
Board of Supervisors
CITY OF PALO AL.TO
APPROVED AS TO FORM
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