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Rev 07!97 REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS OF SAN BERNARDINO COUNTY, CALIFORNIA AND RECORD OF ACTION Agreements listed January 9, 2001 FROM: THOMAS R. LAURIN, DIRECTOR DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT SUBJECT: RESOLUTION AUTHORIZING CHANGES TO COOPERATIVE AGREEMENTS WITH PARTICIPATING CITIES RECOMMENDATION: Adopt a resolution that makes certain changes to the standard Cooperative Agreements executed between the County of San Bernardino and the following cities (24): BACKGROUND INFORMATION: Under Federal and State Law, Cities and Counties have the authority to issue bonds that provide a public benefit, including the provision of housing ownership opportunities which enable low to moderate -income households to acquire their own home with a minimum down payment and at an affordable monthly payment. Under these laws, eligible cities and counties may join together under cooperative agreements or form joint powers authorities which allow a single entity to issue bonds and/or otherwise fund, as well as administer, homeownership programs that serve income -eligible households in all participating member cities as well as in all unincorporated areas of the participating County. Mortgage funding generated in this manner poses no risk to the funds, assets or taxing power of the issuing / participating entities. The proceeds of the monthly payments that are made by the homebuyers for whom mortgages are originated with bond funds, are used to repay the bond investors the principal amount of the funds generated through the sale of bonds, plus accrued interest on the bonds. With Resolution: cc: ECD -Tom Laurin Cities (24) clo ECD Auditor Co. Counsel -Blakemore ECD -Roberta Keyes Risk Management ED/PSG File mil Of RESOLUTION NO. 2001-24 APPROVEDammeE SUPERVISORS MOTION MOVE 1 r3 a J. RENE *N BY DATED: AYE ABSENT �4 5 E BOARD ITEM 009 Agreement No. Agreement No. Adelanto 95-53-(a) Montclair 95-42 Town of Apple Valley 95-31 Needles 95-43 Barstow 95-32 Ontario 95-44 Big Bear Lake 95-33 Rancho Cucamonga 95-45 Chino 95-34 Redlands 95-46 Chino Hills 95-35 Rialto 95-47 Colton 9536 San Bernardino 95-48 Fontana 95-37 Twentynine Palms 95-49 Grand Terrace 95-38 Upland 95-50 Hesperia 95-39 Victorville 95-51 Highland 95-40 Yucaipa 95-52 Loma Linda 95-41 Town of Yucca Valley 95-53 BACKGROUND INFORMATION: Under Federal and State Law, Cities and Counties have the authority to issue bonds that provide a public benefit, including the provision of housing ownership opportunities which enable low to moderate -income households to acquire their own home with a minimum down payment and at an affordable monthly payment. Under these laws, eligible cities and counties may join together under cooperative agreements or form joint powers authorities which allow a single entity to issue bonds and/or otherwise fund, as well as administer, homeownership programs that serve income -eligible households in all participating member cities as well as in all unincorporated areas of the participating County. Mortgage funding generated in this manner poses no risk to the funds, assets or taxing power of the issuing / participating entities. The proceeds of the monthly payments that are made by the homebuyers for whom mortgages are originated with bond funds, are used to repay the bond investors the principal amount of the funds generated through the sale of bonds, plus accrued interest on the bonds. With Resolution: cc: ECD -Tom Laurin Cities (24) clo ECD Auditor Co. Counsel -Blakemore ECD -Roberta Keyes Risk Management ED/PSG File mil Of RESOLUTION NO. 2001-24 APPROVEDammeE SUPERVISORS MOTION MOVE 1 r3 a J. RENE *N BY DATED: AYE ABSENT �4 5 E BOARD ITEM 009