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HomeMy WebLinkAboutSan Diego, County of; 1994-05-11;SUPPLEMENTAL AGREEMENT TO AMMEND THE EXISTING COOPERATIVE AGREEMENT FOR THE SAN DIEGO REGIONAL MORTGAGE CREDIT CERTIFICATE PROGRAM BETWEEN THE COUNTY OF SAN DIEGO AND THE CITY OF CARLSBAD THIS SUPPLEMENTAL AGREEMENT ("Agreement") is hereby made and entered into as of ^-/-Q &> _ , 2006 by and between the County of San Diego, a legal subdivision and body corporate and politic of the State of California (the "County"), and the City of Carlsbad , a political subdivision of the State of California (the "City")- This Agreement provides for amendments to be made in the Cooperative Agreement executed between the County and the City on May 11, 1994 for participation in the San Diego Regional Mortgage Credit Certificate Program (the "Program"). NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree to the amendments as follows: • Amend the name of the "Program" to read: San Diego Regional Mortgage Credit Certificate Program • Amend Section 6. to read'. SECTION R. By the City's participation in the Program, the City elects to participate in any application by the County for an allocation of mortgage credit certificates from California Debt Limit Allocation Committee ("CDLAC"), the City shall agree to proportionately share, with other participating jurisdictions, the operating costs resulting from the allocation. The operating costs shall include any performance guarantee deposit required by CDLAC, the application filing fee and the administrative costs for each applicable allocation. The City agrees to pay its proportional share (based upon the number of Program participants within their jurisdiction) of the operating costs to the County, or to the County's contracted Program administrator. 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 SAN DIEGO CITY OF CARLSBAD f — -x CATHERINE TROUT LIGHTERMAN Director, Department of Housing and Community Development Debbie Fountain Housing and Redevelopment Director Date: RECETVF.p IN COM DEV Date: JUN 2 1 2006 Olnuntg 0! ^IlcHTERM^N UT DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT £; g%£$£ Director 3989 RUFFIN ROAD, SAN DIEGO, CALIFORNIA 92123-1815 Toilfre^: T(877?4788-5478 September 5, 2006 Mr. Frank Boench 2965 Roosevelt Street, Suite B Carlsbad, CA 92008 SAN DIEGO REGIONAL MORTGAGE CREDIT CERTIFICTE PROGRAM SUPPLEMENTAL AGREEMENT Your agency recently signed and returned the supplemental agreement necessary for you to participate with the County in the Mortgage Credit Certificate program. The agreement has now been executed and a copy is being returned to you for your records. Please contact me if you have any questions. Bonnie Petrach Housing Program Analyst II (858) 694-8709 Serving as the Housing Authority of the Countv of San Diego COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN DIEGO AND THE CITY OF CARLSBAD THIS COOPERATIVE AGREEMENT (the “Agreement”) is hereby made and entered into as of 1994 by and between the County of San Diego, a legal subdivision and body carp ate and politic of the State of California (the “County”), and the City of Carlsbad, 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 qualified first-time homebuyers in the County and the City with a program to issue mortgage credit certificates 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, pursuant to the Act, has established the San Diego County Regional Mortgage Credit Certificate Program (the “Program”), and has determined to cooperate with the City pursuant to the Act and in the exercise of its powers under the Act for purposes of the Program; and 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 the purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwise defined herein, have the same meanings aligned to such words and phrases in the Act. SECTION 2. The County and the City agree to use their best efforts to undertake the Program and to issue mortgage credit certificates therefore pursuant to the Act to the extent that the County receives allocations from the California Debt Limit Allocation Committee (“CDLAC ‘I). SECTION 3. The City hereby agrees to cooperate with the County and other participating cities in the joint exercise of their powers for the purpose of issuing mortgage credit certificates pursuant to the Act by agreeing that the County shall exercise its powers to issue mortgage credit certificates under the Program, a more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. SECTION 4. The City agrees to undertake such further proceeding 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 agreements with other cities within the County. SECTION 5. This Agreement shall expire and be of no further force and effect upon termination of the Program. Furthermore, either the City or the County may terminate this Agreement by giving a 30 day written notice to the other party. The City, however, may elect, without terminating this Agreement, not to participate in any application by the County for an allocation from CDLAC. The City election to participate or not in an application shall be made to the County upon receipt of notice from the County of its intention to apply for allocation from CDLAC. SECTION 6. If the City elects to participate in an application by the County for a mortgage credit certificate allocation from CDLAC, then the City shall agree to share proportionately with the other participants any deposit required by CDLAC for the application. The City further agrees to pay the County, upon participation, its proportionate share (based upon the number of participants in the program) of administration costs applicable to each allocation received from CDLAC. SECTION 7. This Agreement may be amended only by a supplemental agreement executed by the City and the County at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the owners of any mortgage credit certificates issued by the County in connection with the Program. SECTION 8. By entering into this Agreement, the City does not abrogate any of its legal duties imposed by State law or its Charter or Municipal Code. Any provisions of this Agreement, the terms of which provide for the payment of funds or provide for the services to be furnished by the parties hereto, shall be subject to the availability of funds for such purposes. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by the proper offkers thereunto duly authorized and their official seals to be hereto affixed, all as of the day and year frost above written. COUNTY OF SAN DIEGO CITY OF CARLSBAD By: (SEAL) (SEAL) ATTEST: ATTEST: By: By: APPROVED AS TO FORM: By: 44 r-/P q'l APPROVED AS TO FORM: By:Dd!!t Ron Ball, City Attorney 2#'b/W.