Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, pursuant to the Act and other laws of the State of California, the County <br />has (a) created The Extra Credit Teacher Home Purchase Program (the "Teacher Program") <br />that provide home mortgages to qualified teachers or principals who meet certain conditions <br />and issued $14,235,000 of bonds (the "Teacher Bonds") after providing notice to the City; (b) <br />with the consent of all participating cities the County on its behalf and on behalf of the <br />participating cities entered into a joint powers agreement ("JPA") under the Marks -Roos Local <br />Bond Pooling Act of 1985 (Government Code 6584 et seq.)with the California Cities Home <br />Ownership Authority (CCHOA) thereby permitting an existing CCHOA Lease Purchase <br />Program to be available in the County; and (c) issued $500,000 of its Taxable Single Family <br />Home Mortgage Revenue Notes (Fannie Mae Down Payment Assistance Program), 2001 <br />Series A (the "2001 Notes") to create a down payment assistance program (the "DPAIN <br />Program") that provides supplemental funds that may be used toward down payment and <br />closing costs in conjunction with other mortgage programs, including the Program, the <br />Teacher Program, as well as the County's HOME Program Homeownership Assistance <br />Program (HAP), and to provide down payment assistance for households with incomes up to <br />1140% of statewide median (higher than the income limits of those three programs) <br />(collectively, the "Additional Programs") when used in conjunction with any other mortgage <br />program, subject to the income limits of such mortgage program; <br />WHEREAS, the City has previously entered into a Cooperative Agreement (the <br />"Existing Cooperative Agreement") with the County with respect to the Program and has <br />agreed to extensions of such Existing Cooperative Agreement and the expansion of the scope <br />of such Existing Cooperative Agreement to include certain Additional Programs pursuant to <br />certain letters (the "Extension Letters"); <br />WHEREAS, the County has presented the City a form of Cooperative Agreement (the <br />"Cooperative Agreement") between the County and the City whereby the City consents to <br />participate in the Program and the Additional Programs pursuant to the terms of such <br />Cooperative Agreement; <br />2 <br />