2002 AGN MAR 05 I07 - Laserfiche WebLink

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I WHEREAS, pursuant to the Act and other laws of the State of California, the County 2 has (a) created The Extra Credit Teacher Home Purchase Program (the "Teacher Program") 3 that provide home mortgages to qualified teachers or principals who meet certain conditions 4 and issued $14,235,000 of bonds (the "Teacher Bonds") after providing notice to the City; (b) 5 with the consent of all participating cities the County on its behalf and on behalf of the b 7 participating cities entered into a joint powers agreement ("JPA") under the Marks-Roos Local 8 Bond Pooling Act of 1985 (Government Code 6584 et seq.)with the California Cities Home 9 Ownership Authority (CCHOA) thereby permitting an existing CCHOA Lease Purchase 10 Program to be available in the County; and (c) issued $500,000 of its Taxable Single Family 11 Home Mortgage Revenue Notes (Fannie Mae Down Payment Assistance Program), 2001 12 Series A (the "2001 Notes") to create a down payment assistance program (the "DPAIN 13 Program") that provides supplemental funds that may be used toward down payment and 14 15 closing costs in conjunction with other mortgage programs, including the Program, the 16 Teacher Program, as well as the Countys HOME Program Homeownership Assistance 17 Program (HAP), and to provide down payment assistance for households with incomes up to 18 140% of statewide median (higher than the income limits of those three programs) 19 (collectively, the "Additional Programs") when used in conjunction with any other mortgage 20 program, subject to the income limits of such mortgage program; 21 WHEREAS, the City has previously entered into a Cooperative Agreement (the 22 23 "Existing Cooperative Agreement") with the County with respect to the Program and has 24 agreed to extensions of such Existing Cooperative Agreement and the expansion of the scope 25 of such Existing Cooperative Agreement to include certain Additional Programs pursuant to 26 certain letters (the "Extension Letters"); 27 WHEREAS, the County has presented the City a form of Cooperative Agreement (the 28 "Cooperative Agreement") between the County and the City whereby the City consents to participate in the Program and the Additional Programs pursuant to the terms of such Cooperative Agreement; 2