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HomeMy WebLinkAboutMINUTES - 05151984 - 1.57 ASSIGNMENT OF ALLOCATION OF THE COUNTY OF CONTRA COSTA The County of Contra Costa (the "County"), pursuant to Section 50193 of the Health and Safety .Code of the State of. California (the "Code"), 'hereby assigns to the Contra Costa Home Mortgage Finance Authority (the "Authority") all of the allocation of qualified mortgage bonds which the Mortgage Bond Allocation Committee (the "Committee") granted the County for 1984 pursuant to Sections 50189 and 50191 of the Code. Any fee charged by the Committee pursuant to Section 50195 of the Code shall be paid by the Authority or, if paid by the County, reimbursed by the Authority. Dated: MAY 15 1984 COUNTY OF CONTRA COSTA By ')C ACCEPTANCE OF ASSIGNMENT The Contra Costa Home Mortgage Finance Authority.hereby consents to the above assignment. MAY 15 1984 Dated: CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY BY V 1F 00 095 JOINT EXERCISE OF POWERS AGREEMENT CREATING THE CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY This agreement, dated for convenience as of May 1, 1984, by and between the COUNTY OF CONTRA COSTA, a legal subdivision and body corporate and politic of the State of California and the CITY OF ANTIOCH, a municipal corporation and general law city, duly organized and existing under the Constitution and the laws of the State of California (collectively, the "Parties" ) : W I T N E S S E T H: WHEREAS, the Parties are each empowered by Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act" ) to issue revenue bonds for the purpose of acquiring home mortgages (including loans for rehabilitation and improvement of homes) as authorized by the Act; and WHEREAS, the Parties have determined that a joint exercise of powers authority should be formed to exercise jointly their common powers under the Act for the purpose of financing home mortgages with respect to property within the boundaries of the Parties; NOW, THEREFORE, the Parties for and in consideration of the mutual premises and agreements herein contained, do agree as follows: SECTION 1. Definitions Unless the context otherwise requires, the terms defined in this Section 1 shall for all purposes of this Agreement have the meanings herein specified. Act The term "Act" shall mean Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California, as now in effect or as it may from time to time hereafter be amended or supplemented. Agreement The term "Agreement" shall mean this Agreement as the same now exists or as it may from time to time be supplemented or amended pursuant to the provisions hereof. EE-Oh..LITION NO, ®® X9+6 • Y. Authority --- The term "Authority" shall mean the Contra Costa Home Mortgage Finance Authority created by this Agreement. Board The term "Board" shall mean the governing board of the Authority as described in Section 7 hereof. Bonds , The term "Bonds" shall mean revenue bonds of the Authority authorized and issued pursuant to the Act, including each and all ;series of revenue bonds. Joint Powers Law The term "Joint Powers Law" shall mean Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State , of California, being Sections 6500-6517 thereof. SECTION 2. Purpose. This Agreement is made pursuant to the Joint Powers . Law to provide for the joint exercise of powers common to the Parties. The Parties are each empowered by the laws of the State of California to exercise the powers specified in the recitals herein, including acquisition of home mortgages (including loans for the rehabilitation and improvement of homes) pursuant to the Act. These common powers will be jointly exercised in the manner hereinafter set forth. SECTION 3 . Creation of Authority There is hereby created pursuant to the Joint Powers Law an agency and public entity to be known as "Contra Costa Home Mortgage Finance Authority" . As provided in the Joint Powers Law, the Authority shall be a public entity separate from the Parties. The debts, liabilities and obligations of the Authority shall not constitute debts, liabilities or obligations of the Parties, individually or collectively. SECTION 4. Term This Agreement shall become effective as of the date hereof and shall continue in full force and effect until December 31, 2020, or until such time as the Bonds and the interest thereon shall have been paid in full, or provision for such payment shall have been made, whichever period is 2 040511-0012-077-5138b 05/04/8400 097 v 0 shorter; provided, however, that unless extended by an agreement supplemental hereto executed by the Parties, this Agreement shall terminate on December 31, 1984 in the event that none of the Bonds 'shall have been issued and sold on or before such date. SECTION 5. Powers; Restriction Upon Exercise The Authority shall have the power to exercise all powers of the Parties under the Act, including, without limitation, to issue Bonds to finance the acquisition of home mortgages as provided in the Act, subject, however, to the conditions .and restrictions hereinbefore and hereinafter in this Agreement contained. The Authority is authorized, in its own name, to do all acts necessary for the exercise of said powers for said purposes, including but not limited to any or all of the following: to make and enter into contracts; to accept the assignment of contracts entered into by any Party prior to the establishment of the Authority which relate to the purposes of this Agreement; to employ agents and employees; to acquire, construct, manage, maintain and operate any building, works or improvements; to acquire, hold or dispose of property, including home mortgages and property subject to . home mortgages; to incur debts, liabilities or obligations which do not constitute debts, liabilities or obligations of the Parties; and to sue and be sued in its own name. Such power shall be exercised subject only to such restrictions upon the manner of exercising such power as are imposed upon the County of Contra Costa in the exercise of similar powers, as provided in Section 6509 of the Joint Powers Law. Subject to the applicable provisions of any indenture or resolution providing for the investment of moneys held thereunder, the Authority shall have the power to invest any money in the treasury pursuant to Section 9(b) hereof that is not required for the immediate necessities of the Authority, as the Authority determines is 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. SECTION 6. Termination of Powers The Authority shall continue' to exercise the powers herein conferred upon it until the termination of this Agreement or until the Parties shall have mutually rescinded this Agreement, except that if any Bonds are issued and 3 040511-0012-077-5138b 05/04/�� 098 .• V delivered, then 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. SECTION 7. Governing Board The Authority shall be administered by the- Board, which shall consist of six members, each serving in his or her individual capacity as a member of the Board. Five members of the Board and two alternative members shall be appointed by the governing body of the County of Contra Costa, and one member of the Board and one alternative member shall be appointed by the governing body of the City of Antioch. The function of each alternative member shall be to assume the duties of the member appointed by the governing body which appointed such alternative member in case of the absence or unavailability of such member. Initial members and initial alternative members of the Board shall serve a term of three years. Successors to such members and alternative members shall be selected in the manner in which the respective initial member and alternative member were selected and shall serve a term of three years. Any appointment to fill an unexpired term, however, shall be for such unexpired term. The terms of office specified above shall be applicable unless the term of office of the respective member or alternative member is terminated as hereinafter provided, and provided that the term of any member or alternative member shall not expire until the successor thereto has been appointed as provided herein. Each member and alternative member of the Board shall serve at the pleasure of the governing body by which such member or alternative member was appointed. Members of the governing body of a Party shall be eligible to serve as a member or alternative member of the Board, but the term of office as member or alternative member of the Board of any member of said governing body shall terminate if such member or alternative member shall cease to be a member of such governing body. The term of office of any member or alternative member of the Board may be terminated at any time by a majority vote of the governing body which appointed such member or alternative member. Members and alternative members of the Board shall not receive any compensation for serving as such but shall be entitled to reimbursement for any expenses actually incurred in connection with serving as a member or alternative member if the Board shall determine that such expenses shall be reimbursed and there are unencumbered funds available for such purpose. 4 040511-0012-077-5138b 05/0 9 9 SECTION 8. Meetings of the Board (a) The Board shall hold at least one regular meeting each year, and,' by resolution, may provide for the holding of regular meetings at more frequent intervals. The date upon which, and the hour and place at which, each such regular meeting shall be held shall be fixed by resolution of the Board. (b) Special meetings of the Board may be called in accordance with the provisions of Section 54956 of the Government Code of the State of California. (c) All meetings of the Board shall be called, noticed, held and conducted subject to the provisions of the Ralph M. Brown Act (Chapter 9 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California, being Sections 54950-54961 thereof) . (d) The secretary of the Authority shall cause minutes of all meetings of the Board to be kept and shall, as soon as possible after each meeting, cause a copy of the minutes to be forwarded to each member of the Board and to the clerk of governing body of each of the Parties. (e) A majority of the members of the Board shall constitute a quorum for the transaction of business, except that less than a quorum may adjourn from time to time. No action may be taken by the Board except upon the affirmative vote of a majority of the members of the Board present at such meeting. SECTION 9. Officers; Duties; Official Bonds (a) The Board shall elect a chairman of the Authority and a vice-chairman of the Authority from among its members and shall appoint a secretary of the Authority who may, but need not, be a member of the Board. (b) The Treasurer/Tax Collector of the County of Contra Costa is hereby designated as treasurer of the Authority. Subject to the applicable provisions of any .indenture or resolution providing for a trustee or other fiscal agent, the treasurer is designated as the depositary of the Authority to have custody of all the money of the Authority, from whatever source, and, as such, shall have the powers, duties and responsibilities specified in Section 6505.5 of the Joint Powers Law. (c) The Auditor/Controller of the County of Contra Costa is hereby designated as controller of the Authority, 00 100 5 040511-0012-077-5138b 05/04/84 and, as such, shall have the powers, duties and responsibilities specified in Section 6505.5 of the Joint Powers Law. (d) The Board of Supervisors of the County of Contra Costa shall determine the charges -to be made against the Authority for the services of its treasurer and auditor/controller to the extent unencumbered funds are available therefor. (e) The treasurer and controller of the Authority are designated as the public officers or persons who have charge of, handle, or have access to any. property of the Authority, and each such officer shall file an official bond with the secretary of the Authority in the amount of $100,000. If and to the extent permitted by law, any such officer may satisfy this requirement by filing an official bond in at least said amount obtained in connection with another public office. (f) The Board shall have the power to appoint such other officers and employees as it may deem necessary and to retain independent counsel, consultants and accountants. (g) The Board shall have the power by resolution, to the extent permitted by the Joint Powers Law and other applicable law, to delegate any of its functions to one or more of the members or officers of the Authority and to cause any of said members or officers to take any actions and execute any documents or instruments for and in the name and on behalf of the Authority. SECTION 10. Fiscal Year Unless and until changed by resolution of the Board, the fiscal year of the Authority shall be the period from July 1 of each year to and including the following June 30, except for the first fiscal year which shall be the period from the date of this Agreement to June 30, 1985. SECTION 11. Disposition of Assets In the event that Bonds are issued as provided in Section 12 hereof, then at the end of the term hereof or upon the earlier termination of this Agreement, after payment of all expenses and other liabilities of the Authority, all assets of the Authority (but excluding any surplus money on hand) , including all home mortgages and property acquired as a result of the joint exercise of powers under this Agreement, shall be distributed to the Parties, in proportion to the principal amount of home mortgages originally made within the boundaries of each Party. 6 040511-0012-077-5138b 05/04/84 00 . 101 In the event that Bonds are not issued, after payment of all expenses and liabilities of the Authority, then all assets of the .Authority shall be distributed to the respective grantors or 'assignors thereof. After the completion of the purpose of this Agreement, any surplus money on hand shall be returned to the Parties in proportion to their respective contributions. SECTION 12 . Bonds The Authority shall issue Bonds in accordance with the provisions of the Act for the purpose of raising funds necessary to carry out its powers under this Agreement and to enter into appropriate agreements to secure said Bonds. The Authority shall also have the power to issue any other forms of indebtedness authorized by the Act in accordance with the provisions of the Act for such purposes. SECTION 13 . Agreement Not Exclusive; Certain Conditions This Agreement shall not be exclusive, and the Parties expressly reserve their respective rights to carry out other home financing programs under the Act and to issue other obligations for such purposes; provided, however, that the City of Antioch shall not issue mortgage revenue bonds pursuant to the Act from the date hereof until May 1, 1985, without the prior written consent of the Authority. If, prior to May 1, 1985, the City of Antioch desires to issue mortgage revenue bonds, the Authority shall consent if one or both of the following conditions are established to the satisfaction of the Authority, and such consent shall not be unreasonably withheld: (1) No development or phase of a development within the City of Antioch' s proposed issue is currently within the Authority' s issue; or (2) Sixty-six percent (66%) of the Bond proceeds allocated for home mortgages to be originated within the City of Antioch are subject to firm commitment letters (as that term shall be defined in the origination and servicing agreement related to the Authority' s Bonds) for home mortgages as of the date of issuance of the City of Antioch' s mortgage revenue bonds. SECTION 14. Contributions and Advances Contributions or advances of public funds and of personnel, equipment or property may be made to the Authority by the Parties for any of the purposes of this Agreement. 00 -02 7 040511-0012-077-5138b 05/04/84 Payment of public funds may be made to defray the cost of any such contribution. Any such advance may be made subject to repayment, and in such case shall be repaid, in the manner agreed upon by the Authority and the Party making such advance at the time of such advance. SECTION 15 . Accounts and Reports All funds of the Authority shall be strictly accounted for. The Authority shall establish and maintain such funds and accounts as may be required by good accounting practice and by any provision of any resolution or indenture of the Authority securing Bonds. The books and records of the Authority shall be open to inspection at all reasonable times by each of the Parties and their representatives. The Authority shall give an independent audited written report of all financial activities for each fiscal year to each of the Parties within 120 days after the close of each fiscal year. The controller of the Authority 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. In each case 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 such 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 of the Parties and also with the county auditor of each of the counties in which each of the cities which is a Party is located. Such report shall be filed within 12 months of the end of the fiscal year under examination. Any costs of the audit, including contracts with, or employment .of, certified public accountants or public accountants in making an audit pursuant to this Section, shall be borne by the Authority and shall be a charge against any unencumbered funds of the Authority available for the purpose. In any year in which the annual budget of the Authority does not exceed five hundred dollars ($500) , the Board may, by unanimous vote and with the approval of the Parties, replace the annual special audit with an audit covering a two-year period. All the books, records, accounts and files referred to in this Section shall be open to the inspection of registered owners of Bonds to the extent and in the manner 8 00 103 040511-0012-077-5138b 05/04/84 provided in any resolution or indenture providing for the issuance of Bonds. SECTION 16: Breach If default shall be made by any Party in any covenant contained in this Agreement, such default shall not excuse any Party from fulfilling its obligations under this Agreement, and each Party shall continue to be liable for the performance of all conditions herein contained. Each of the Parties hereby declares that this Agreement is entered into for the benefit of the Authority created hereby, and each of the Parties 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. SECTION 17. 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. SECTION 18. Successors; Assignment This Agreement shall be binding upon and shall inure to the benefit of the successors of the Parties. Except to the extent expressly provided herein, no Party may assign any right or obligation hereunder without the consent of the other. SECTION 19. Amendment of Agreement; Additional Members This Agreement may be amended by supplemental agreement executed by the Parties (a) at any time prior to _ the issuance of Bonds or (b) at any time after the issuance of Bonds subject to the conditions and restrictions set forth in the resolution or resolutions or indenture or indentures authorizing the issuance of Bonds. SECTION 20. Form of Approvals Whenever an approval is required in this Agreement, , unless the context specifies otherwise, it shall be given by 9 040511-0012-077-5138b 05/04/84 0.0 104 resolution duly and regularly adopted by the governing body of the applicable Party or Parties, as the case may be, and, in the case of the Authority, by resolution duly and regularly adopted by the Board. Whenever in this Agreement any consent or approval is required, the same shall not be unreasonably withheld. SECTION 21. Section Headings All section headings contained herein are for convenience of reference only and are not intended to define or limit the scope of any provision of this Agreement. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, as of the day and year first above written. COUNTY OF CONTRA COSTA [SEAL] By hairman, Board of Supervisors Attest: J. R. OLSSON Clerk of the Board of Supervisors CITY OF ANTIOCH [SEAL] By U,lhil,L� C� Dr_ Mayor Attest: G� City Clerk ' 10 040511-0012-077-5138b 05/04/84 00 10 � resolution duly and regularly adopted by the governing body of the applicable Party or Parties, as the case may be, and, in the case of the Authority, by .resolution duly and regularly adopted by the Board. Whenever in this Agreement any consent or approval is required, the same shall not be unreasonably withheld. SECTION 21. Section Headings All section headings contained herein are for convenience of reference only and are not intended to define or limit the scope of any provision of this Agreement. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by .their proper officers thereunto duly authorized, and their official seals to be hereto affixed, as of the day and year first above written. COUNTY OF CONTRA COSTA [SEAL] Chairman, Board of Supervisors Attest: J. R. OLSSON ; COU/Y7'1 (f %Ia� X Of D I Clerk of the Bo of Supervisors CITY OF ANTIOCH [SEAL] By � ,, 2 Mayor Attest: City .Clerk 10 040511-0012-077-5138b 05/04/ 6 -��� RESOLUTION NO. 6 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA APPROVING AND AUTHORIZING THE EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT TO CREATE THE CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY AND APPOINTING FIVE MEMBERS AND TWO ALTERNATIVE •MEMBERS TO THE GOVERNING BOARD OF SUCH AUTHORITY; AND ASSIGNING THE COUNTY' S ALLOCATION TO SAID AUTHORITY WHEREAS, pursuant to the provi.sions of Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, being sections 6500-6517 thereof, two or more public entitieb may enter into a joint exercise of powers agreement to carry out the powers common to each entity; and WHEREAS, the County of Contra Costa and the City of Antioch (collectively, the "Parties" ) are each empowered by Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act" ) to incur indebtedness for the purpose of financing the construction, acquisition and rehabilitation of homes as authorized by the Act; and t• WHEREAS, the Parties have each adopted an ordinance establishing a home mortgage finance program pursuant to the Act; and WHEREAS, this Board of Supervisors has found and determined, and hereby finds and determines, that it is in the best interests of the County of Contra Costa (the "County" ) that the County enter into a joint exercise of powers agreement with the other Party referred to above creating the Contra Costa Home Mortgage Finance Authority (the "Authority") , to exercise jointly their common powers pursuant to the Act and for the Authority to proceed pursuant to the Act for the purpose of financing home mortgages with respect to property within the boundaries of the Parties; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA: 1. The recitals herein contained are true and correct, and this Board of Supervisors so finds. 2. The form of agreement, dated for convenience as of May 1, 1984, entitled "Joint Exercise of Powers Agreement Creating the Contra Costa Home Mortgage Finance NO, Authority, " submitted to this Board, and the terms and conditions thereof are hereby approved. The Clerk of the Board is directed to file a copy of said form of agreement in the office of said Clerk, and the Chairman of the Board and said Clerk are authorized and directed, for and in the name and on behalf of the County, to execute and deliver an agreement in substantially said form with such additions thereto or changes therein as such officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 3 . Pursuant to Section 7 of said agreement, the County hereby appoints the persons listed below to serve a three-year term as members and alternative members, respectively, of the governing board of the Authority: , Members Supervisor, District 1 Supervisor, District 2 Supervisor, District 3 Supervisor, District 4 Supervisor, District 5 Alternates County Administrator Director of Planning 4. Pursuant to Section 50193 of the Health and Safety Code of the State of California (the "Code" ) , the County hereby assigns to the Authority all of its allocation with respect to qualified mortgage bonds under Chapter 3.5 of . Part 1 of Division 31 of the Code heretofore received by the County during the calendar year 1984 and any extensions thereof. 5. This Resolution shall take effect immediately upon adoption. ADOPTED this) day of May, 1984. J. R. Olsson County Clerk. of the County of Contra Costa 4 By Deputy Clerk of the Board of Supervisors 2 040511-0012-077-5140b 05/08/84 P N, NS /a9� 00 092 CLERK' S CERTIFICATE. IC . Matthews Deputy Clerk of the Board of Supervisors of the County of Contra Costa, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the Board of Supervisors of said County duly and regularly held at the regular meeting place thereof on the th day of May, 1984, of which meeting all of the members of said Board of Supervisors had due notice and at which a majority thereof were present; and that at said meeting said resolution was adopted by the following vote: AYES: Supervisors Powers , Fanden, McPeak, Schroder , Torlakson. NOES: None . ABSENT: None . I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; and said resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified or rescinded since the date of its adoption, and the .same is now in full force and effect. WITNESS m hand and the seal of the County of Contra Costa this'151h day of May, 1984. J. R. Olsson County Clerk of the County of Contra Costa B Y Deputy Clerk [Seal] 3 040511-0012-077-5140b O5/08,4g 093 ":m' c' 4da r r i r�y (�,[�/ iaj X / �9� ASSIGNMENT OF ALLOCATION OF THE CITY OF ANTIOCH The City of Antioch (the "City" ) , pursuant to Section 50193 of the Health and Safety Code of the State of California (the "Code" ) , . hereby assigns to the Contra Costa Home Mortgage Finance Authority (the "Authority" ) all of' the allocation of qualified mortgage bonds which the Mortgage Bond Allocation Committee (the "Committee" ) granted the City for 1984 pursuant to Sections 50189 and 50191 of the Code. Any fee charged by the Committee pursuant to Section 50195 of the Code shall be paid by the Authority or, if paid by the City, reimbursed by the Authority. Dated: 1984. 1984. CITY OF ANTIOCH By MAYOR ACCEPTANCE OF ASSIGNMENT The Contra Costa Home Mortgage Finance .Authority hereby consents to the above assignment. Dated: MAY 15 1984 CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY / - �- B y s' 0407804001-077-5183b 05/04/84