HomeMy WebLinkAboutRESOLUTIONS - 08131996 - 96-360 COUNTY OF CONTRA COSTA
RESOLUTION NO. 96/360
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA
COSTA AUTHORIZING THE EXECUTION AND DELIVERY'OF A JOINT EXERCISE OF
POWERS AGREEMENT TO PARTICIPATE AS AN ASSOCIATE MEMBER OF THE
CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY IN THE RURAL
CALIFORNIA GOLD LEASE-PURCHASE PROGRAM
WHEREAS, the County of Contra Costa (the "County") desires to participate, as an
Associate Member with other counties, pursuant to the laws of the State of California, in the
California Rural Home Mortgage Finance Authority's (the"Authority"); Lease-Purchase Program;
WHEREAS,there has been presented to this meeting a form of the Joint Exercise of Powers
Agreement(the"Agreement"),which Agreement as amended March 1, 1995, creates and establishes
the Authority; and which sets terms and conditions for Associate Membership to participate in the
Lease-Purchase Program only;
WHEREAS,the County may issue Bonds(as defined in the Marks-Roos Local Bond Pooling
Act of 1995, being Article 4 of Chapter 5 of Division 7 of Titles 1 commencing at Section 6584 of
the Government Code(the"Act"), expend bond proceeds, borrow and loan money for its corporate
purposes under various provisions of law, and acquire, sell, develop, lease or administer property
pursuant to various provisions of law for the benefit of the lands and inhabitants of the County;
WHEREAS, the purpose of the Authority is to assist the County and the other members of
the Authority in providing for the financing, acquisition, construction and rehabilitation of homes for
the benefit of the inhabitants of the County and the other Members, including but not limited to
issuing bonds to encourage homeownership within the County and the boundaries of the members
of the Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS (THE
"BOARD") OF THE COUNTY OF CONTRA COSTA:
Section 1. The Board hereby finds and declares that entering into the Agreement satisfies various
public purposes, including,without limitation, encouraging homeownership within the
County. With respect to the financing of the construction, acquisitions, and
rehabilitation of homes, the Board declares that this Resolution is being adopted
pursuant to Section 52000 of the Health and Safety Code of the State of California.
Section 2. The Board finds and declares that the County desire to participate in the Authority's
Lease-Purchase Program only and applies for Associate membership in the Authority
for that purpose only.
Section 3. The form of the Agreement, as submitted to the County and incorporated into this
Resolution by reference, is hereby approved. The Chair of the Board, the Vice-Chair,
the Director of the Community Development Department, or the Deputy Director-
Redevelopment, are hereby authorized to execute and deliver the Agreement in
substantially said form,with such changes or additions thereto that are consistent with
this Board's action, or that hereafter may become necessary in the interests of the
County and the other members of the Authority and which are reviewed and approved
by County Counsel, any such changes or additions to be conclusively evidenced by
the execution and delivery of the Agreement.
RESOLUTION NO. 96/360
Section 4. The Board acknowledges that Associate Membership in the Authority is subject to the
terms and conditions of Associate Membership as set forth in the Agreement and in
the By-laws, dated March 29, 1996 and by this Resolution agrees to and accepts those
terms and conditions, generally, and specifically, those provisions relating to
participating in the Lease-Purchase Program only.
Section 5. The Board specifies that its participation in the Authority's Lease-Purchase Program
is subject to the following limitations:
A. Authorization for the Lease-Purchase Program to operate in the County is
limited to proceeds derived from the Authority's March, 1996 issuance of
bonds;
B. The maximum amount of proceeds of the Authority's March, 1996 bonds to
be used in the County is $6 million; and
C. THE Authority shall provide the County with lessor/mortgagor and
transaction date as is reasonably and usually compiled by the Authority,
including but not limited to, lessor/mortgagor income, family size, ethnic
status, home purchase price, loan-to-value ratio, and property address.
Section 6. This Resolution shall take effect from and after its adoption.
ADOPTED this 13th day of August , 1996 , by the following vote:
AYES: SUPERVISORS ROGERS, BISHOP, DE SAULNIER, TORLAKSON and SMITH
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Chair t d of Supervisors
ATTEST:
Phil Batchelor ounty Administrator
and Clerk oard of Superviso
By:
puty
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sra23/crhmfa2.res
RESOLUTION NO. 96/360
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