1988 AGN AUG 16 AGN I05 - Laserfiche WebLink

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w _ COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SAN BERNARDINO AND THE CITY OF'COLTON THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered into as of July 1, 1988 by and between the County of San Bernardino, a political subdivision of the State of California (the "County"), and the City of Colton, a political subdivision of the State of California (the "City"), W I T N E S S E T H: WHEREAS, the.County has determined to engage in a home mortgage finance program pursuant to Chapters 1-5 of Par-' 5 of D1'viw'�.L VLl J. of t z ealt oast ici c%y.. �.ciud vi the State of California (the "Act") to make or acquire, directly or indirectly, loans to finance the construction or acquisition of homes in the County, all as provided for in the Act, ( the "Progr,am") ; and E WHEREAS, the County, pursuant to the Act, has adopted the Program by Ordinance No. 2496 and has determined to cooperate with. the City pursuant to the Act in the exercise of its powers under the Act for purposes of the Program; 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 Cunty agrees to undertake the Program, including the issuance by it of revenue bonds therefor pursuant to the Act as soon as practicable. SECTION 3. The C'ty.hereby agrees to cooperate with 1 the County in the exercise jointly or otherwise: of their powers for the purpose of financing home mortgages pursuant to the Act by agreeing that the County shall exercise, its powers j to make or acquire home mortgages under the Program, all as F more specifically set forth in the Act, with respect to property located within the geographic boundaries of the City. SECTION 4. 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 1