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)PI c9' '`c9' DEPAIITMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT M 290 North "D" Street, Sixth Floor • San Bernardino, CA 92415-0040 • (909) 388-0800 Fax (909) 388-0844 November 29, 2001 R k®� c r� 1 y o Mr. Daryl Parrish, City Manager CLC 1 R 2001 City of Colton 650 North La Cadens Drive ` a REDEBL „ <;-uR vY Colton, CA 92324-2893 RE: EXPANDED COOPERATIVE AGREEMENT WITH EVERGREEN PROVISIONS Dear Mr. Parrish: COUNTY OF SAN BERNARDINO ECONOMIC DEVELOPMENT AND PUBLIC SERVICES GROUP THOMAS R. I.AURIN Director On March 23, 2001, the Department of Economic and Community Development (ECD) sent a letter to the City of Colton, indicating that the County would be preparing an updated Cooperative Agreement that would be forwarded to each City for appropriate action by the City Council. That letter also transmitted a letter of intent to continue to participate in Countywide mortgage programs under the terms of a resolution that was approved by the County Board of Supervisors on January 9, 2001, for signature by a representative of the City. ECD received the Letter of Intent to Continue to Participate in Countywide Mortgage Programs that was signed by Robb Steel on March 29, 2001. ECD has provided the signed Letter of Intent to the Clerk of the Board of Supervisors to document the City of Colton's preliminary acceptance of the extended term and expanded scope of the existing Cooperative Agreement as set forth in the County's Resolution 2001-23 adopted on January 9, 2001. Enclosed please find the updated and expanded Cooperative Agreement and a corresponding Resolution developed by the County of San Bernardino. The new Cooperative Agreement will continue to make a variety of existing and new Countywide mortgage programs available to prospective residents of your city. Appropriate City Council action to adopt the resolution and execute the new Cooperative Agreement should be scheduled as soon as possible. Please note that all programs that are covered by the new Cooperative Agreement are funded by the sale of bonds or notes to private investors. The bonds/notes are repaid from the proceeds of the mortgages funded by the bonds, and pose no risk to the City. The expanded Cooperative Agreements between the County of San Bemardino and the 24 incorporated cities/within the boundaries of the County (individually, a "Participant City") and, collectively, the "Participating Citi;") will replace the Cooperative Agreements that were executed between the County and the Participating Cities n 1995. Under the 1995 Cooperative Agreements, each Participating City formally assigned its pro -rata portion of the amount of tax-exempt allocation available from the State to the County, and approved the County's role of applying for bond issuance authority and issuing tax-exempt bonds to provide Countywide availability of the Single Family Home Mortgage Revenue Bond Program (SFHMRB Program). This process is continued under the expanded Cooperative Agreement. In the past, on-going participation by the 24 Participating Cities in the County's SFHMRB Program has been addressed annually through individual letters signed on behalf of each Participant City by an appropriate representative of the City. In most cases, individual cities have had the annual letter approved by the City Council. These annual letters have provided for the Cooperative Agreements to be extended for an additional year and to cover any tax-exempt bond allocations that might be approved for the SFHMRB by the California Debt Limit Allocation Committee (CDLAC) during that additional year.