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Resolution No. 5050415 RESOLUTION NO. 5050 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS APPROVING THE CITY'S PARTICIPATION IN THE MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM IN COOPERATION WITH THE COUNTY OF ORANGE WHEREAS, there is a need to encourage the availability of homes affordable to first time homebuyers; WHEREAS, the Board of Supervisors of the County of Orange (the "County") has declared its intent to engage in a Mortgage Credit Certificate Program (the "Program ") pursuant to part 5 of Division 31 of the Health and Safety Code of the State of California (the Act "); WHEREAS, the City finds and determines that it is in the best interest of the City to participate in the Program and to consent to the operation of the Program by the County within the geographic boundaries of the City pursuant to the Act; and WHEREAS, the City desires to enter into a Cooperative Agreement with the County to permit the operation of the Program within the boundaries of the City; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Cypress as follows: 1. The City hereby adopts the Program and consents to the operation of the Program by the County with respect to all properties located within the geographic boundaries of the City. 2. The City agrees to continue participating in the County's MCC Program in accordance with the Cooperative Agreement between the County and the City (the "Agreement "), a copy of which is attached as Exhibit "A". 3. This Resolution shall take effect immediately upon its adoption by the City Council PASSED AND ADOPTED by the City Council of the City of Cypress at a regular meeting held on the 11 th day of January 1999. ATTEST: • CITY CLERK OF THE CITY OF CYPRESS STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS MAYOR OF THE CITY OF CYPRESS I, LILLIAN M. HAINA, City Clerk of the City of Cypress, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the said City Council held on the 11 th day of January , 1999, by the following roll call vote: AYES: 5 COUNCIL MEMBERS: McCoy, McGill, Piercy, Sondhi and Keenan NOES: 0 COUNCIL MEMBERS: None ABSENT: 0 COUNCIL MEMBERS: None CITY CLERK OF THE CITY OF CYPRESS 416 EXHIBIT "A" COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ORANGE AND THE CITY OF Cyrre.SS. THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement ") is hereby made and entered into as of (\r, v. , 19Y3by and between the County of Orange, a legal subdivision and body corporate and politic of the State of California (the "County"), and the City of , a political subdivision of the State of California (the "City"). WITNESSETH WHEREAS, the County has determined to engage in a mortgage credit certificate program (the "Program ") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act ") in connection with the construction and acquisition of homes in the County, all as provided for in said Act; and WHEREAS, the County has determined to finance the Program by the issuance of mortgage credit certificates as authorized by the Internal Revenue Code of 1986 (the "Code "); and WHEREAS, the County, pursuant to the Act, has established the Program, and has determined to cooperate with the City pursuant to the Act and in the exercise of its powers under the Act for purposes of the Program; and WHEREAS, the City has adopted the Program and has determined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for the purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwise defined herein, have the same meanings assigned to such words and phrases in the Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue mortgage credit certificates therefor pursuant to the Act and the Code from time to time to the extent that the County receives allocations from the California Debt Limit Allocation Committee ( "CDLAC "). SECTION 3. The City represents and warrants to the County that: (i) the City has heretofore adopted a general plan for the City in conformance with the provisions of the Planning Zoning Law of the State of California (Government Code Sections 65000 et seq.), (ii) said 1 417 general plan includes a land use element as required by Government Code Section 65302, and (iii) the Program complies with said land use element and housing element. SECTION 4. The City agrees that the County may issue mortgage credit certificates under the Program, as specifically set forth in the Act and the Code, with respect to property located within the geographic boundaries of the City and further agrees that the County may exercise any or all of the City's powers for the purpose of issuing mortgage credit certificates pursuant to the Act and the Code with respect to property located within the geographic boundaries of the City. SECTION 5. 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 Cooperative Agreement. SECTION 6. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other public bodies and political subdivisions within the County, if deemed necessary and advisable to do so by the County. SECTION 7. This Cooperative Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the owners of any mortgage credit certificates issued by the County in connection with the Program. SECTION 8. This Cooperative Agreement shall expire and be of no further force and effect upon termination of the Program or the sooner agreement of the parties hereto. 2 418. IN WITNESS WHEREOF, the parties hereto have caused this Cooperative Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, all as of the date first above written. COUNTY OF ORANGE By: SIGNED AND CERTIFIED THAT A COPY OF THIS DOCUMENT HAS BEEN DELIVERED TO THE CHAIRMAN OF THE BOARD OF SUPERVISORS Chairman of the Board of Supervisors -'� Clerk of the Board of NOV 2 2 1993 Supervisors APPROVED AS TO FORM: (SEAL) ATTEST: //:/d. 4;ti 7/: City Clerk APPROVED AS TO FORM CITY OF Pf SS By: 3