2002 AGN MAR 05 I07 - Laserfiche WebLink

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COOPERATION AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF COLTON THIS COOPERATIVE AGREEMENT ("Agreement") made and entered into as of February 5, 2002, by and between the County of San Bernardino, a political subdivision of the State of California (the "County"), and the City of Colton (the "City"). WITNESSETH: WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Financing Act') (commencing with Section 52000 of the Health and Safety Code authorize counties and cities under the Act to issue revenue bonds for the purpose of financing home mortgages authorized by the Act, and Article I 1 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the 'Refunding Act," and, together with the Financing Act, the "Act"), commencing with Section 53570 of the Government Code, authorizes the County to issue bonds to refund its revenue bonds previously issued to finance home mortgages under the Act, WHEREAS, the County is authorized pursuant to the Act to finance home mortgages with respect to property located within the geographic boundaries of said counties and cities; WHEREAS, the County has determined to engage in a home financing program within the geographic boundaries of the County pursuant to the Act, in connection with the construction, acquisition, rehabilitation or improvement of homes in the County, all as provided for in the Act; WHEREAS, the Board of Supervisors of the County adopted Ordinance No. 2496 on November 17, 1980, declaring its intent to engage in a home mortgage finance program (the "Program") pursuant to the Financing Act and to issue indebtedness pursuant to the Act in furtherance of the Program, WHEREAS, the County has determined to finance the Program by, among other actions, the issuance of "County of San Bernardino Single Family Home Mortgage Revenue Bonds" or "Refunding Bonds" (collectively, the 'Bonds"), in one or more series and in such amounts, to be determined at a later date as authorized by the Act and the Internal Revenue Code of 1986 (the "Code") and by taking any other actions necessary to support the Program, including the implementation of the Additional Program(s) as defined herein; WHEREAS, prior to the effective date of this Agreement, the City has entered into a Cooperative Agreement (the "Existing Cooperative Agreement') with the County with respect to the Program and has agreed to extensions of the Existing Cooperative Agreement pursuant to letters (the "Extension Letters") provided by the County from time to time, and, in addition, the scope of the Prior Cooperative Agreement has been expanded pursuant to the terms of such Extension Letters to include certain Additional Programs;