1997 AGN DEC 02 I23 - Laserfiche WebLink

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COOPERATION AG + + VIENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF COLTON THIS COOPERATIVE AGREEMENT ("Agreement"), made and entered into as of 1997, by and between the County of San Bernardino, a political subdivision of the State of California (the "County"), and the City of Colton, a political subdivision of the State of California (the "City"). WITNESSETH: WHEREAS, the County has determined pursuant to Chapter 7 (commencing with Section 52075) of Part 5 of Division 31 of the Health and Safety Code of the State of California (the ",Act") to provide financial assistance for the acquisition and rehabilitation of a 600 -unit multifamily rental housing development located within the County, known as "Casa Del Rio" and for the provision of capital improvements in connection therewith (the "Project"); and WHEREAS, the County, pursuant to the Act, has adopted Resolution 97- 1997, and has determined to cooperate with the City pursuant to the Act in the exercise of its powers under the Act in providing financial assistance for the Project; WHEREAS, the City, pursuant to the Act, has adopted Resolution 97- and has determined to cooperate with the County pursuant to the Act in the exercise of its powers under the Act in providing financial assistance for the Project; and WHEREAS, the County has determined therefor to issue "County of San Bernardino Multifamily Housing Revenue Bonds" (the "Bonds"), in one or more series to be determined at a later date, in an aggregate principal amount not to exceed $25,200,000 as authorized by the Act and the Internal Revenue Code of 1986 (the "Code"); 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 provide financial assistance for the Project and issue Bonds therefor pursuant to the Act and the Code from time to time to the extent that the County receives allocations from the State.