2002 AGN MAR 05 I07 - Laserfiche WebLink

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WHEREAS, the City, pursuant to the Act, has adopted the Program and the Additional Programs pursuant to Resolution No. A-20-02 . and has determined to cooperate with the County pursuant to the Act in the exercise of its powers under the Act for purposes of the Program and the Additional Programs; and 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 undertake the Program and the Additional Program, and to issue securities therefor pursuant to the Act and the Code from time to time to the extent that the County receives allocations from the State, or in order to refund certain outstanding Bonds, or as otherwise legally permitted. Section 3. The City hereby agrees to cooperate with the County in the exercise jointly or otherwise of their powers for the purpose of financing home mortgages under the Program and the Additional Programs, by agreeing that the County shall exercise such powers to make or acquire home mortgages under the Program, or perform related actions under the Additional Programs, or to refund such securities, all as more specifically set forth in the Act, with respect to property located within the geographic boundaries of the city. Section 4. The City, pursuant to Section 8869.85(d) of the Government Code of the State of California and solely with respect to single family home mortgage bond allocation, hereby assigns to the County any portion of the State ceiling for private activity bonds allocated to the City by the California Debt Limitation Allocation Committee ("CDLAC") pursuant to Section 146 of the Internal Revenue Code of 1986 and Section 8869.85 of the Government Code, to the extent such allocable amount is allocated directly or indirectly to the City either in conjunction with an application filed by the City, or an application filed by the County. Such assignment is solely for use by the County to provide financing for properties located within the territory of the City or of the County. Section 5. The City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the terms and the intent of this Agreement. Nothing in this Agreement shall prevent the County from entering into one or more agreements with other political subdivisions within the County, if deemed necessary and advisable to do so by the County. Section 6. This Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the holders of the Bonds issued by the County pursuant to the Act in connection with the Program.