HomeMy WebLinkAboutCC RESO 13,450Resolution No. 13,450
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY, CALIFORNIA AUTHORIZING AND APPROVING
AN AGREEMENT OF COOPERATION WITH THE COUNTY OF
SAN DIEGO
WHEREAS, the County of San Diego wishes to sell
approximately $100 million in revenue bonds to finance low interest
mortgages for home buyers meeting certain income requirements and
individual mortgage amount limitations, including home buyers within
National City, and has offered an Agreement of Cooperation for this
purpose; and
WHEREAS, said bond issue would help National City home
buyers and is consistent with the City's policies including its
Housing Assistance Plan and its recently updated Housing Element
of the General Plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City that the Mayor is authorized to execute, on
behalf of the City, an Agreement of Cooperation, with the County of
San Diego, for the purpose of issuance and sale by the County of
San Diego of approximately $100 million of revenue bonds to finance
low interest mortgages for home buyers subject to certain income
limitations and individual mortgage amount limitations, including
National City home buyers, and the City Clerk is authorized to attest
thereto.
A copy of said Agreement is on file in the Office of the
City Clerk and reference is hereby made to all particulars contained
therein.
PASSED AND ADOPTED this 14th day of October, 1980.
Kile Morgan, M. or
ATTEST:
Ione/Campbell, CityGClerk
AGREEMENT OF COOPERATION
THIS AGREEMENT is made and entered into this 14th day of October,
1980, by and between the County of San Diego and the City of National
City;
W I T N E S S E T H:
WHEREAS, the Board of Supervisors of the County of San Diego,
pursuant to Sections 52000 et seq. of the California Health and Safety
Code, proposes to undertake a Home Mortgage Finance Program and to issue
Home Mortgage Revenue Bonds to provide funds to make or acquire home
mortgages to be made with respect to eligible homes and eligible mortgagors
within the boundaries of both the unincorporated area and certain
incorporated areas of the County of San Diego;
WHEREAS, one of the areas within which the Board of Supervisors
proposes to provide funds to make or acquire home mortgages is within
the boundaries of the incorporated area of the City of National City;
and
WHEREAS, the City Council of the City of National City desires to
cooperate with the Board of Supervisors in the making or acquiring of
such home mortgages, all as authorized by Section 52020 of the California
Health and Safety Code and as hereinafter provided;
NOW, THEREFORE, in consideration of the terms and conditions herein
set forth, it is mutually agreed as follows:
1. The County of San Diego shall be authorized to and shall use
its best efforts to make or acquire home mortgages to be made with
respect to eligible homes and eligible mortgagors within the boundaries
of the City of National City; subject, however, to the applicable
provisions of Section 52000 et seq. of the California Health and Safety
Code and the proceedings to be had and taken for the issuance of the
above described Home Mortgage Revenue Bonds, including the availability
of proceeds of such Home Mortgage Revenue Bonds for such purpose.
2. The City of National City agrees not to engage in a competing
Home Mortgage Finance Program (pursuant to such Sections 52000, et seq.)
within its boundaries unless and until it receives written notification
from the County of San Diego that at least 90% of the home mortgages to
be financed by the County of San Diego with the proceeds of the above
described Home Mortgage Revenue Bonds have been made or acquired.
3. The County of San Diego agrees, when, and if, so authorized, to
provide promptly the written notification required by paragraph 2 of
this Agreement of Cooperation.
-2-
IN WITNESS WHEREOF, the County of San Diego and the City of National City have
caused this Agreement of Cooperation to be executed by officers thereunto
duly authorized as of the date hereinabove set forth.
COUNT
OF SAN D
EGO
CITY OF NATIONAL ,C;ITY
By �l / �l� �. i BY �i%!%A�
Chirm,., , Board of;, upervisors Ma
ATTEST:
.T -�
8 ; .C.Terk;. f said Board
ATTEST:
City Clerk