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HomeMy WebLinkAboutMINUTES - 12192006 - C.123 TO: BOARD OF SUPERVISORS '�'��'��"° Contra { Costa FROM: Dennis M. Barry, AICP "'r'`" '' ' � �,� County Director of Community Development DATE: December 19, 2006 SUBJECT: California Rural Home Mortgage Finance Authority Homebuyers Fund Agreement C • 1 Z3 SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution 2006/375 authorizing the Deputy Director- Redevelopment to enter into a California Rural Home Mortgage Finance Authority(CRHMFA) Homebuyers Fund(CHF)Agreement and related documents with the CRHM FA for the purpose of making the CHF FirstI-Iouse Program available to first time homebuyers in Contra Costa County. FISCAL IMPACT No General Fund impact. Funds from this program will come from the issuance of Single Family Mortgage Revenue Bonds by CRHMFA.The Agreement expressly states that no single family bond authority typically provided to the County for its Mortgage Credit Certificate program can be used to issue bonds. CONTINUED ON ATTACHMENT: X YES SIGNATURE: _RECOMMENDATION OF COUNTY ADMINISTRATOR C MMENIX TION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S ACTION OF BOARD ON l APPROVED AS RECOMMENDED O HER VOTE OF SUPERVISORS / I HEREBY CERTIFY THAT THIS IS A V UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF TI IE BOARD OF Vaal-: wv --KT SUPERVISORS ON THE DATE SHOWN. Contact: Kara Douglas, 335-7223 ATTESTED 16j Orig: Community Development/CDBG JOHN CULLEN, CLERK cc: County Administrator OF THE BOARD OF SUPERVISORS County Counsel AND C UNTY A MINISTRATOR Auditor-Controller BY , DEPUTY CRHMFA (via CDD) _BACKGROUND/REASONS FOR RECOMMENDATIONS The California Rural Home Mortgage Finance Authority (CRi-IMFA), created in 1993, is a joint powers authority whose members are 28 rural California counties. The authority was created to provide financing for the construction, acquisition, and rehabilitation of homes. The Authority is governed by a Board consisting of a representative of each of its members. Tlie County was an associate member in 1995 in order to participate in CRHMFA's Lease Purchase Mortgage Program. That program is no longer offered. Staff recommends the County now become an associate member in order to participate in the FirstHouse Program. The FirstHouse Program offers a variety of mortgage loan products including 30 and 40 year term, fixed rate mortgages. Interest rates are below market. Loans are available to low and moderate income households. Associate members include 15 counties and four cities. Approval of Resolution 2006/375 and execution of the CIIF Agreement would allow CHF to offer the FirstHouse Program to eligible first time homebuyers in Contra Costa County. The authorization to participate is recommended to be limited through the addition of a Memorandum of Understanding (MOU) between the County and the CHF relating to the CH.F Agreement. The purpose of the MOU is to expressly state that CHF will use reasonable efforts to avoid the possibility of any conflict with Contra Costa County's desire to offer tax exempt low and moderate income loan programs to its citizens. CHF will not knowingly request, or expect to receive, any private activity bond authority for single family mortgage assistance, nor take any action that could adversely impact Contra Costa County's access to private activity bond authority. CIIF will notify its lenders to cease taking new applications for its FirstHouse tax-exempt program in Contra Costa County upon direction from the County. KD I AkdouglaMeMBoard Orders\2006\0UNFA 130.doc CRHMFA HOMEBUYERS FUND JOINT EXERCISE OF POWERS AGREEMENT (Updated June 21, 2006) THIS JOINT EXERCISE OF POWERS AGREEMENT ("Agreement") is entered into by and among the counties listed on Attachment 1 hereof and incorporated herein by reference. All such counties are referred to herein as "Members" with the respective powers, privileges and restrictions provided herein. RECITALS A. WHEREAS, the Joint Exercise of Powers Act (commencing with Article 1 of Chapter 5 of Division 7 of Title I of the Government Code of the State of California, hereinafter, the "Act") authorizes the Members to create a joint exercise of powers authority to be called CRHMFA Homebuyers Fund (California Rural Home Mortgage Finance Authority) (the `'Authority") which has the power to exercise jointly any powers common to any or all of the Members; and B. WHEREAS, the Members are each empowered by law to finance the construction, acquisition, improvement and rehabilitation of residential real property; and C. WHEREAS, the Members have determined that a joint exercise of powers authority should be formed to exercise their respective powers for the purpose of financing home mortgages with respect to property within the boundaries of the Members and Associate Members; and D. WHEREAS, by this Agreement the Members desire to create and establish the Authority for the purposes set forth herein and to exercise the powers described herein and as provided by law, NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Members individually and collectively agree as follows: 1. Definitions Unless the context otherwise requires, the following terms shall for purposes of this Agreement have the meanings specified below: "Act" means the Joint Exercise of Powers Act, commencing with Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, including the Marks-Roos Local Bond Pooling Act of 1985, as amended. "Agreement" means this Joint Exercise of Powers Agreement. as the same now exists or 3 3934270 34244/0001 _ 1 as it may from time to time be amended as provided herein. "Associate Member" means a-county, city or other public agency which is not a voting member of the Regional Council of Rural Counties, a California nonproft corporation ("RCRC"), with legal power and authority similar to that of the Members, admitted pursuant to paragraph 4.d. below to associate membership herein by vote of the Board. "Authority" means CRHMFA Homebuyers Fund created hereby. "Board " means the governing board of the Authority as described in Section 7 below. "Bonds" means bonds, notes; warrants, leases, certificates of participation, installment purchase agreements, loan agreements and other securities or obligations issued by the Authority, or financing agreements entered into by the Authority pursuant to the Act and any other obligation within the meaning of the term "Bonds" under the Act. "Delegate" means the supervisor designated by the governing board of each Member to serve on the Board of the Authority. "Member" means any county which is a member of RCRC, has executed this Agreement and has become a member of the Authority. "Obligations" means bonds, notes, warrants. leases, certificates of participation, installment purchase agreements; loan agreements and other securities or obligations issued by the Authority, or financing agreements entered into by the Authority pursuant to the Act and any other financial or legal obligation of the Authority under the Act. "Program" or "Project" means any work, improvement, program, project or service undertaken by the Authority relating to the financing and development of residential housing. "Regional Council of Rural Counties" or "RCRC" means the nonprofit entity incorporated under that name in the State of California. 2. Purpose The purpose of the Authority is to provide financing for the construction, acquisition, improvement and rehabilitation of residential real property in accordance with applicable provisions of law for the benefit of households within the boundaries of the Members or Associate Members. In pursuit of this purpose, this Agreement provides for the joint exercise of powers common to any of its Members. and Associate Members as provided, herein, including assisting in financing as authorized herein,jointly exercised in the manner set forth herein. 3 3934270 34244/0001 _ _ 3. Principal Place of Business The principal office of the Authority shall be 801 12th Street, Suite 600, Sacramento, California 95814. 4. Creation of Authority; Addition of Members or Associate Members a. CRHMFA Homebuyers Fund is hereby created pursuant to the Act. As provided in the Act, the Authority shall be a public entity separate and distinct from the Members or Associate Members. b. The Authority will cause a notice of this Agreement or any amendment hereto to be prepared and filed with the office of the Secretary of State of California in a timely fashion in the manner set forth in Section 6503.3 of the Act. C. A county that is a member of RCRC may petition to become a member of the Authority by submitting to the Board a resolution adopted by its governing. body adopting this Agreement. The Board shall review the petition for membership and shall vote to approve or disapprove the petition. If the petition is approved by a majority of the Board, such county shall immediately become a Member of the Authority. d. Associate Members may be added to the Authority upon the affirmative approval of their respective governing board and pursuant to action by the Board upon such terms and conditions, and with such rights, privileges and responsibilities, as may be established from time to time by the Board. Such terms and conditions, and rights, privileges and responsibilities may vary among the Associate Members. Associate Members shall be entitled to participate in one or more housing programs of the Authority as determined by the Board, but shall not be voting members of the Board. The Executive Director of the Authority shall enforce the terms and conditions for prospective Associate Members to the Authority as provided by resolution of the Board and as amended from time to time by the Board. Changes in the terms and conditions for Associate Membership by the Board will not constitute an amendment of this Agreement. 5. Term and Termination of Powers This Agreement shall become effective from the date hereof until the earlier of the time when all Bonds and any interest thereon shall have been paid in full; or provision.for such payment shall have been made, or when the Authority shall no longer own or hold any interest in a public capital improvement or program. The Authority shall continue to exercise the powers herein conferred upon it until termination of this Agreement, except that if any Bonds are issued and delivered, in no event shall the exercise of the powers herein granted•be terminated until all Bonds so issued and delivered and the interest thereon shall have been paid or provision for such payment shall have been made. 3 3934270 34344/0001 -3 - 6. Powers; Restriction upon Exercise a. To effectuate its purpose, the Authority shall have the power to exercise any and all powers of the Members under the Act and other applicable provisions of law, subject, however, to the conditions and restrictions herein contained. Each Member or Associate Member may also separately exercise any and all such powers. The powers of the Authority are limited to those of a general law county. b. The Authority may adopt, from time to time; such resolutions, guidelines, rules and regulations for the conduct of its meetings and the activities of the Authority as it deems necessary or desirable to accomplish its purpose. C. The Authority shall have the power to finance residential mortgages, including the power to purchase, with the amounts received or to be received by it pursuant to a bond purchase agreement, bonds issued by any of its Members or Associate Members and other local agencies at public or negotiated sale, for the purpose set forth herein and in accordance with the Act. All or any part of such bonds so purchased may be held by the Authority or resold to public or private purchasers at public or negotiated sale. The Authority shall set any other terms and conditions of any purchase or sale contemplated herein as it deems necessary or convenient and in furtherance of the Act. The Authority may issue or cause to be issued Bonds or other indebtedness, and pledge any of its property or revenues as security to the extent permitted by resolution of the Board under any applicable provision of law. The Authority may issue Bonds in accordance with the Act in order to raise funds necessary to effectuate its purpose hereunder and may enter into agreements to secure such Bonds. The Authority may issue other forms of indebtedness authorized by the Act, and to secure such debt, to further such purpose. d. The Authority is hereby authorized to do all acts necessary for the exercise of its powers, including, but not limited to: (1) executing contracts, (2) . employing agents, consultants and employees., (3) acquiring, constructing or providing for maintenance and operation of any building, work or improvement, (4) acquiring, holding or disposing of real or personal property wherever located, including property subject to mortgage, (5) incurring debts, liabilities or obligations, (6) receiving gifts, contributions and donations of property, funds, services and any other forms of assistance from persons, firms, corporations or governmental entities, (7) suing and being sued in its own name, and litigating or settling any suits or claims, and (8) doing any and all things necessary or convenient to the exercise of its specific powers and to accomplishing its purpose. 3934270 34244/0001 -4- e. Subject to the applicable provisions of any indenture or resolution providing for the investment of monies held thereunder, the Authority shall have the power to invest any of its funds as the Board deems advisable, in the same manner and upon the same conditions as local agencies pursuant to Section 53601 of the Government Code of the State of California. f. All property, equipment, supplies, funds and records of the Authority shall be owned by the Authority, except as may be provided otherwise herein or by resolution of the Board. (7 Pursuant to the provisions of Section 6508.1 of the Act, the debts, liabilities and obligations of the Authority shall not be debts, liabilities and obligations of the Members or Associate Members. The Bonds, together with any interest and premium thereon, shall not constitute debts, liabilities or obligations of any Member. The Members or Associate Members hereby agree that any such Bonds issued by the Authority shall not constitute general obligations of the Authority but shall be payable solely from the moneys pledged to the repayment of principal or interest on such Bonds under the terms of the resolution, indenture, trust, agreement or other instrument pursuant to which such Bonds are issued. Neither the Members or Associate Members nor the Authority shall be obligated to pay the principal of or premium, if any, or interest on the Bonds, or other costs incidental thereto, except from the revenues and funds pledged therefor, and neither the faith and credit nor the taxing power of the Members or Associate Members or the Authority shall be pledged to the payment of the principal of or premium, if any, or interest on the Bonds, nor shall the Members or Associate Members of the Authority be obligated in any manner to make any appropriation for such payment. No covenant or agreement contained in any Bond shall be deemed to be a covenant or agreement of any Delegate, or any officer, agent or employee of the Authority in an individual capacity, and neither the Board nor any officer thereof executing the Bonds or any document related thereto shall be liable personally on any Bond or be subject to any personal liability or accountability by reason of the issuance of any Bonds. 7. Governing Board a. The Board shall consist of the number of Delegates equal to one representative from each Member. b. . The governing body of each Member shall appoint one of its supervisors to serve as a Delegate on the Board. A Member's designation of its Delegate shall be delivered in writing to the Secretary and shall be effective until he or she is replaced by such governing.body or no longer a supervisor; any vacancy shall be filled by the governing body of the Member in the same mariner provided above. C. The governing body of each Member of the Board shall designate a supervisor as an alternate to serve on the Board in the absence of the Delegate; the alternate may exercise all the rights and privileges of the Delegate, including the right to be counted in constituting a quorum, to participate in the proceedings of the Board, and to vote upon any and all matters. No 3934270 34244/0001 _ 5 - alternate may have more than one vote at any meeting of the Board, and any Member's designation of an alternate shall be delivered in writing to the Secretary and shall be effective until such alternate is replaced by his or her governing body or no longer a supervisor, unless otherwise specified in such writing; any vacancy shall be filled by the governing body of the Member in the same manner provided above. d. Any person who is not a member of the governing body of a Member and who attends a meeting on behalf of such Member may not vote or be counted toward a quorum but may, at the discretion of the Chair, participate in open meetings he or she attends. e. Each Associate Member may designate a non-voting representative to the Board who may not be counted toward a quorum but who may attend open meetings, propose agenda items and otherwise participate in Board Meetings. f. Delegates shall not receive compensation for serving as Delegates, but may claim and receive reimbursement for expenses actually incurred in connection with such service pursuant to rules approved by the Board and subject to the availability of funds. g. The Board shall have the power, by resolution, to the extent permitted by the Act or any other applicable law, to exercise any powers of the Authority and to delegate any of its functions to one or more Delegates, officers or agents of the Authority, and to cause any authorized Delegate, officer or agent to take any actions and execute any documents for and in the name and on behalf of the Board or the Authority. h. The Board may establish such committees as it deems necessary for any lawful purpose; such committees are advisory only and may not act or purport to act on behalf of the Board or the Authority. i. The Board shall develop; or cause to be developed, and review, modify as necessary, and adopt each Program. 8. - Meetings of the Board a. The Board shall meet at least once annually, but may meet more frequently upon call of any officer or as provided by resolution of the Board. b. Meetings of the Board shall be called, noticed, held and conducted pursuant to the provisions of the Ralph M. Brown Act, Chapter 9 (commencing with Section 54950) of Part I of Division 2 of Title 5 of the Government Code of the State of California. C. The Secretary of the Authority shall cause minutes of all meetings of the Board to be taken and distributed to each Member as soon as possible after each meeting. d. The lesser of ten (l 0) Delegates or a me iority of the number of current Delegates shall constitute a quorum for transacting business at any meeting of the Board, except that less 3934270 34244/0001 -6- than a quorum may act to adjourn a meeting. Each Delegate shall have one vote. e. Meetings may be held at any location designated in notice properly given for a meeting and may be conducted by telephonic or similar means in any manner otherwise allowed by law. 9. Officers; Duties; Official Bonds a. The Board shall elect a chair and vice chair from among the Delegates at the Board's annual meeting who shall serve a term of one (1) year or until their respective successor is elected. The chair shall conduct the meetings of the Board and perform such other duties as may be specified by resolution of the Board. The vice chair shall perform such duties in the absence or in the event of the unavailability of the chair. b. The Board shall contract annually with RCRC for administration of the Authority, and the President and Chief Executive Officer of RCRC shall serve ex officio as Executive Director, Secretary, Treasurer, and Auditor of the Authority. As chief executive of the Authority, the Executive Director is authorized to execute contracts and other obligations of the Authority, unless prior Board approval is required by a third party, by law or by Board specification, and to perform other duties specified by the Board. The Executive Director may appoint such other officers as may be required for the orderly conduct of the Authority's business and affairs who shall serve at the pleasure of the Executive Director. Subject to the applicable provisions of any indenture or resolution providing for a trustee or other fiscal agent, the Executive Director. as Treasurer, is designated as the custodian of the Authority's funds, from whatever source, and. as such, shall have the powers. duties and responsibilities specified in Section 6505.5 of the Act. The Executive Director, as Auditor, shall have the powers, duties and responsibilities specified in Section 6505.5 of the Act. C. The Legislative Advocate for the Authority shall be the Regional Council of Rural Counties. d. The Treasurer and Auditor are public officers who have charge of handle, or have access to all property of the Authority, and a bond for such officer in the amount of one hundred thousand dollars ($100.000.00) shall be obtained at the expense of the Authority and filed with the Executive Director. Such bond may secure the faithful performance of such officer's duties with respect to another public office if such bond in at least the same amount specifically mentions the office of the Authority as required herein. The Treasurer and Auditor shall cause periodic independent audits to be made of the Authority's books by a certified public accountant, or public accountant, in compliance with Section 6505 of the Act. e. The business of the Authority shall be conducted under the supervision of the Executive Director by RCRC personnel. 3 3934273 34244/0001 -7- 10. Disposition of Assets Upon termination of this Agreement, all remaining assets and liabilities of the Authority shall be distributed to the respective Members and Associate Members in such manner as shall be determined by the Board and in accordance with the law. 11. Agreement Not Exclusive; Operation in Jurisdiction of Member This Agreement shall not be exclusive, and each Member expressly reserves its rights to carry out other public capital improvements and programs as provided for by law and to issue other obligations for those purposes. This Agreement shall not be deemed to amend or alter the terms of other agreements among the Members or Associate Members, except as expressly provided herein; provided, however, that the Authority shall not snake or purchase any home mortgage secured by any home within the jurisdiction of a Member or Associate Member financed by an issue of Bonds without the consent of that•Member or Associate Member to the issuance of those Bonds and that the giving or withholding of that consent is in the sole and absolute discretion of the Member or Associate Member, but if given by the Member or Associate Member and then relied upon by the Authority for purposes of entering into agreements with developers, lenders, other Members, Associate Members or others, such consent may not be revoked. 12. Conflict of Interest Code The Authority shall by resolution adopt a Conflict of Interest Code as required by law. 13. Contributions and Advances Contributions or advances of public funds and of personnel, equipment or property may be made to the Authority by any Member, Associate Member or any other public agency to further the purpose of this Agreement. Payment of public funds may be made to defray the cost of any contribution. Any advance may be made subject to repayment, and in that case shall be repaid in the manner agreed upon by the advancing Member, Associate Member or other public agency and the Authority at the time of making the advance. 14. Fiscal Year; Accounts; Reports; Annual Budget; Administrative Expenses a. The fiscal year of the Authority shall be the period from January 1 of each year to and including the following December 31, except for any. partial fiscal year resulting from a change in accounting based on a different fiscal year previously. b. Prior to the beuinning of each fiscal year, the Board shall adopt a budget for the succeeding fiscal year. 3 393427-3 34244/0001 _g_ C. The Authority shall establish and maintain such funds and accounts as may be required by generally accepted accounting principles. The books and records of the Authority are public records and shall be open to inspection at all reasonable times by each Member and its representatives. d. The Auditor shall either make, or contract with a certified public accountant or public accountant to make, an annual audit of the accounts and records of the Authority. The minimum requirements of the audit shall be those prescribed by the State Controller for special districts under Section 26909 of the Government Code of the State of California, and shall conform to generally accepted auditing standards. When an audit of accounts and records is made by a certified public accountant or public accountant, a report thereof shall be filed as public records with each Member (and also with the auditor of each county which is a Member) within 12 months after the end of the fiscal year. e. In any year in which the annual budget of the Authority does not exceed five thousand dollars ($x,000.00), the Board may, upon unanimous approval of the Board, replace the annual audit with an ensuing one-year period, but in no event for a period longer than two fiscal years. 15. Duties of Members or Associate Members; Breach If any Member or Associate Member shall default in performing any covenant contained herein, such default shall not excuse that Member or Associate Member from fulfilling its other obligations hereunder, and such defaulting Member or Associate Member shall remain liable for the performance of all covenants.hereof. Each Member or Associate Member hereby declares that this Agreement is entered into for the benefit of the Authority created hereby, and each Member or Associate Member hereby grants to the Authority the right to enforce, by whatever lawful means the Authority deems appropriate, all of the obligations of each of the parties hereunder. Each and all of the remedies given to the Authority hereunder or by any law now or hereafter enacted are cumulative, and the exercise of one right or remedy shall not impair the right of the Authority to any or all other remedies. 16. Indemnification To the full extent permitted by law, the Board may authorize indemnification by the Authority of any person who is or was a Board Delegate, alternate, officer, consultant, employee or other agent of the Authority, and who was or is a party or is threatened to be made a party to a proceeding by reason of the fact that such person is or was such a Delegate, alternate, officer, consultant, employee or other agent of the Authority. Such indemnification may be made ag*ainst expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such proceeding, if such person acted in good faith an in a manner such person reasonably believed to be in the best interests of the Authority and, in the case of a criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful and, in the case of an action by or in the right of the Authority, acted with such care, including reasonable 3 3934270 34244/0001 -9- inquiry, as an ordinarily prudent person in a like position would use under similar circumstances. 17. Immunities All of the privileges and immunities from liabilities, exemptions from law, ordinances and rules, all pension, relief... disability, workers' compensation and other benefits which apply to the activity of officers, agents or employees of any of the Members or Associate Members when performing their respective functions, shall apply to them to the same degree and extent while engaged as Delegates or otherwise as an officer, agent or other representative of the Authority or while engaged in the performance of any of their functions or duties under the provisions of this Agreement. 18. Amendment This Agreement may be amended by the adoption of the amendment by the governing bodies of a majority of the Members. The amendment shall become effective on the first day of the month following the last required member agency approval. An amendment may be initiated by the Board, upon approval by a majority of the Board. Any proposed. amendment, including the text of the proposed change, shall be given by the. Board to each Member's Delegate for presentation and action by each Member's board within 180 days, which time may be extended by the Board. 19. Withdrawal of Member or Associate Member If a Member withdraws as member of RCRC, its membership in the Authority shall automatically terminate. A Member or Associate Member may withdraw from this Agreement upon written notice to the Board, provided however, that no such withdrawal shall result in the dissolution of the Authority as long as any Bonds or other obligations of the Authority remain outstanding. Any such withdrawal shall become effective thirty (30) days after a resolution adopted by the Member's governing body which authorizes withdrawal is received by the Secretary of the Board. Notwithstanding the foregoing, any termination of membership or withdrawal from the Authority shall not operate to relieve any terminated or withdrawing Member or Associate Member from Obligations incurred by such terminated or withdrawing Member or Associate Member prior to the time of its termination or withdrawal. 20. Miscellaneous a. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. b. Construction. The section headings herein are for convenience only and are not to be construed as modifying or governing the language in the section referred to. C. Approvals. Wherever in this Agreement any consent or approval is required, the 3 3934270 34244/0001 - 10- same shall not be unreasonably withheld. d. Jurisdiction; Venue. This Agreement is made in the State of California, under the Constitution and laws of such State and is to be so construed; any action to enforce or interpret its ten-ns shall be brought in Sacramento County. California. e. integration. This Agreement is the complete and exclusive statement of the agreement among the parties hereto. and it supersedes and merges all prior proposals, understandings, and other agreements, whether oral, written, or implied in conduct, between and among the parties relating to the subject matter of this Agreement. f. Successors; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the successors of the parties hereto. Except to the extent expressly provided herein, no Member may assign any right or obligation hereunder without the consent of the Board. L . Severability. Should any part. term or provision of this Agreement be decided by the courts to be illegal or in conflict with any law of the State of California, or otherwise be rendered unenforceable or ineffectual, the validity of the remaining parts, terms or provisions hereof shall not be affected thereby. The parties hereto have caused this Agreement to be executed and attested by their properly authorized officers. Supervisor Kim Yamaguchi, Chair AS ADOPTED BY THE MEMBERS: Originally dated July 1, 1993 Amended and restated December 10. 1998 Amended and restated February 18, 1999 Amended and restated September 18, 2002 Amended and restated January 28, 2004 Updated March 23, 200 Updated November 18, 2005 Updated June 21, 2006 3 3934270 34244/0001 ATTACHMENT 1 MEMBERS As of January 28, 2004 Alpine County Amador County Butte County Calaveras County Colusa County Del Norte County El Dorado County Glenn County Inyo County Lake County Lassen County Madera County Mariposa County Merced County Modoc County Mono County Nevada County Placer County Plumas County Shasta County Sierra County Siskiyou County Sutter County Tehama County Trinity County Tuolumne County Yuba Count; Added Members Name of Countv Date of Membership San Benito July 1, 2005 San Luis Obispo November 18, 2005 Napa County June 21, 2006 Imperial County June 21, 2006 Terminated or Withdrawn Members " Name of Countv Date of Termination or Withdrawal Yuba County July 1, 2005 3934270 34244/0001 - 17 - CHF JOINT EXERCISE OF POWER AGREEMENT (Signature) Name: Title: Associate Member Jurisdiction: Date: PLEASE SEND TO: Jeanette Kopico CRHMFA Homebuyers Fund 801 12`x' Street, Suite 600 Sacramento, CA 9814 3934270 34244/0001 _ ] _ MEMORANDUM OF UNDERSTANDING BETWEEN CALIFORNIA RURAL HOME MORTGAGE FINANCE AUTHORITY AND CONTRA COSTA COUNTY This Memorandum of Understanding ("MOU") is entered into by and between the California Rural Home Mortgage Finance Authority ("CHF"), a joint powers authority, and Contra Costa County ("County"), a political subdivision of the State of California, individually referred to as a "party" and collectively as the "parties." RECITALS WHEREAS, pursuant to its joint exercise of powers agreement, updated June 21, 2006, CHF provides financing for the construction, acquisition, improvement, and rehabilitation of residential real property for the benefit of households within the boundaries of its members and associate members; and WHEREAS, CHF's members include those counties that are members of the Regional Council of Rural Counties ("RCRC"); and WHEREAS, CHF also has non-voting associate members, which -are public agencies that are not voting members of RCRC; and WHEREAS, the terms and conditions, rights, privileges, and responsibilities may vary among the associate members; and WHEREAS, County's Board of Supervisors has adopted a resolution providing that County desires to become an associate member of CHF subject to certain terms and conditions, which are the subject of this MOU. NOW, THEREFORE, IT IS AGREED by and between CHF and COUNTY as follows: AGREEMENT 1. Incorporation of Recitals. The recitals set forth above, and all defined terms set forth in such recitals and in the introductory paragraph preceding the recitals, are hereby incorporated into this MOU as if set forth herein in full. 2. Associate Member of CHF. Upon adoption by the County's Board of Supervisors of a resolution providing that County desires to become an associate member of CHF and approval and execution of this MOU and the joint exercise of powers agreement, County shall be an associate member of CHF subject to the terms and conditions outlined herein and any other related documents governing County's associate membership, including CHF's joint exercise of powers agreement. 1 3. Consent to Existing Tax Exempt Bond Programs. County consents to CHF's existing tax exempt bond programs (2004 FH-1 and 2006 FH-1). 4. Avoidance of Any Conflict. CHF agrees that it shall use reasonable efforts to avoid the possibility of any conflict with County's desire to offer tax exempt low and moderate income loan programs to its residents. To that end, CHF will not knowingly request, or expect to receive, any private activity bond authority that would adversely impact County's access to private activity bond authority. 5. Cessation of New Applications. CHF agrees to notify its lenders to stop taking new applications for its FirstHouse tax-exempt program in the County on the date it receives a written request from County. Any applications being processed, however, will continue to be processed. County shall determine the individual or individuals who will be responsible for sending such written request to CHF and shall notify CHF accordingly of the contact information for such individual or individuals. 6. Effective Date. The effective date of this MOU ("Effective Date"') shall be the later of either: (a) the date County becomes an associate member of CHF, pursuant to Section 2 above; or (b) the date this MOU is executed by County and CHF, and in the event both parties do not execute the MOU on the same date, whichever date is later in time. 7. Term. The term of this MOU shall begin on the Effective Date and shall expire on its own terms if and when County ceases to be an associate member of CHF or upon termination, as provided herein. 8. Termination. County shall have the right to terminate this MOU for any reason, at any time, by serving upon CHF thirty (30) calendar days advance written notice of termination. The notice shall be deemed served and effective for all purposes on the date it is deposited in the U.S. mail, addressed to CHF at the address listed in Sectionl0. This MOU may also be terminated upon mutual written agreement by both parties. 9. Assigiunent. County shall not assign, transfer, convey, or otherwise dispose of this MOU or any right, obligation, or interest in this MOU. 10. Notice. Any written notice required by this MOU shall be deemed to have been given if delivered in person or deposited in the U.S. Mail, postage prepaid, addressed by either party to the other as follows: CHF: CHF 801 12th Street, Suite 600 Sacramento, CA 95814 Phone:(916) 447-4806 Fax:(916) 448-3154 COUNTY: CONTRA COSTA COUNTY 11. Amendments. This MOU may be amended or modified only in writing, signed by the CHF and County. 12. Authorized Signatory. County hereby warrants that it has authorized the person signing this MOU to sign this MOU and to bind County to this MOU. The person signing this MOU on behalf of County affirmatively represents that he or she has the requisite legal authority to enter into this MOU on behalf of County and to bind County to the terms and conditions of this MOU. The person executing this MOU on behalf of the County and the County understand that CHF is relying on this representation in entering into this MOU. 13. Entire Agreement. This MOU constitutes the entire agreement between CHF and County with respect to the subject matter hereof and supersedes all prior negotiations, oral and written. IN WITNESS WHEREOF, the parties hereto have executed this MOU. DATED: BY: California Rural Home Mortgage Finance Authority DATED: BY: Contra Costa County a THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on December 19, 2006, by the following vote: se__L ti.• . p� AYES: SUPERVISORS PIEPHO, UILKEMA, GLOVER, AND GIOIA NOES: NONE ABSENT: NONE ABSTAIN: NONE "�'o ST'4 COUIy'� DISTRICT IV SEAT VACANT Resolution No. 2006/375 Subject: California Rural Home Mortgage Finance Authority (CRHMFA) Homebuyers Fund (CHF) Approval for Execution of CHF Agreement WHEREAS, the CRHMFA Homebuyers Fund (CHF), is a joint powers authority originally created in 1993 as a means to provide home loans for residents with counties that are members of the Regional Council of Rural Counties ("RCRC"). WHEREAS, The County is eligible to become an Associate Member of CHF, which membership would allow CHF to offer residents of the County a variety of home loan opportunities, including loans designed to benefit homebuyers having low to moderate incomes and homebuyers needing assistance with downpayments and related closing costs. WHEREAS, the County Board of Supervisors has determined that it would be in the best interests of the County and its residents to have CHF loan programs offered to County residents. WHEREAS, the County may become an Associate Member of CHF by executing (i) the CRHMFA Homebuyers Fund Joint Exercise of Powers Agreement (as updated June 21, 2006, the "CHF Agreement"), and (ii) the Memorandum of Understanding (MOU) between the County and CHF relating to the CHF agreement, copies of which have been provided to the Board of Supervisors of the County. WHEREAS, pursuant to the MOU, CHF will use reasonable efforts to avoid the possibility of any conflict with Contra Costa County's desire to offer tax exempt low and moderate income loan programs to its citizens. CHF will not knowingly request, or expect to receive, any mortgage revenue bond authority that adversely impact Contra Costa County's access to mortgage revenue bond authority. CHF will notify its lenders to cease taking new applications for its FirstHouse tax-exempt program in Contra Costa County upon direction from the County. NOW, THEREFORE, BE IT BY THE BOARD RESOLVED 1. The Board of Supervisors of the County of Contra Costa hereby authorizes the County to become an Associate Member of CHF, such membership to become effective upon County's execution of the CHF Agreement and MOU. 2. The Board of Supervisors of the County of Contra Costa hereby approves the form, terms and provisions of the CHF Agreement and MOU, and authorizes the Deputy Director-Redevelopment to execute and deliver the CHF Agreement and MOU on behalf of the County. I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown: �J�` cob ATTESTED: (date)am&" I-`, Z JOHN CULLEN, Clerk of the Board of Supervisors and County Administrator By Deputy RESOLUTION NO. 2006/375