Riverside Co/Home Finance 88COOPERATIVE AGREEMENT BETWEEN
THE COUNTY OF RIVERSIDE AND THE
CITY OF LA QUINTA
THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement") is hereby
made and entered into as of JU1i9 1111 , 1988 by and between the COUNTY OF
RIVERSIDE, a legal subdivision and body corporate and politic of the State of
California (the "County"), and the CITY OF LA QUINTA, a municipal corporation
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 (the "Program") pursuant to Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act") to make or
acquire, directly or indirectly, long-term loans to finance the construction
and acquisition of homes in the County, all as provided for in said Act; and
WHEREAS, the County has determined to borrow money to finance the
Program by the issuance of revenue bonds (the "Bonds") as authorized by the
Act and by the provisions of the Costa -Marks Housing Bond Allocation Act of
1981 (the "Costa -Marks Act"); and
WHEREAS, the City has adopted the Program and 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;
JUL 19 19
J.
Section 1. The words and phrases of this Cooperative Agreement shall, for
all purposes hereof unless otherwise defined herein, have the meanings
assigned to such words and phrases in the Act and in the Costa -Marks Act.
Section 2. The County agrees to use its best efforts to undertake the
Program and to issue the Bonds therefor pursuant to the Act as soon as the
County determines the same to be necessary and advisable.
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 and Zoning Law of the State of California
(Government Code Section 65000 et seq.), (ii) said general plan includes a
lanai use element and housing 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 make or acquire home
mortgages under the Program, all as more specifically set forth in the Act,
with respect to property located within the geographic boundaries of the City
and that any and all of its powers for the purpose of financing homes
mortgages pursuant to the Act with respect to such property shall be exercised
by the County.
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, and the City further agrees to refrain from taking
any action which would to its knowledge tend to adversely affect the rating on
the Bonds.
Section 6. Nothing in this Cooperative Agreement shall prevent the County
from entering into one or more agreements with other municipal corporations
within 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 holders of the Bonds.
IN WITNESS WFEREOF, 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 day
first above written.
(SEAL)
ATTEMEST:
GERALD A. MALONEY, prqrk
�C 6
Clerk of Boatdlot
Supervisors
APPROVED AS TO FORM:
County Counsel
CITY OF LA QUINTA
BY
Mayor
(SEAL)
A
City Clerk
APPROVED AS TO FORM:
City Attorney
VAM:
(0135G)
J U L 19 19H