Riverside Co/Mortgage Credit 95COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF
RIVERSIDE AND THE CITY OF LA QUINTA
THIS COOPERATIVE AGREEMENT (this "Agreement"), made and entered
into as of December 20, 1994, by and between the County of Riverside, a political subdivision
of the State of California (the "County") and the City of La Quinta, a political subdivision of
the State of California (the "City").
WHEREAS, the County adopted Resolution 87-564 on December 22, 1987,
establishing a Mortgage Credit Certificate Program (the "Program") pursuant to Section 50197
et. seq. of the Health and Safety Code of the State of California (the "Act") and Section 25 of
the Internal Revenue Code of 1986 (the "Code") to issue mortgage credit certificates to
qualified, first-time homebuyers by allowing them to take a tax credit equal to twenty percent
(20%) of the mortgage interest paid in a given year.
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 purposes
of the Program;
WHEREAS, the City pursuant to the Act and its Resolution 94-79 adopted on
the 20th day of 1994, has assigned to the County its allocation for qualified mortgage bonds to
be used for the Program.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
provided, the parties hereto agree as follows:
SECTION 1. The terms used in this Agreement shall, for all purposes of this Agreement,
unless otherwise defined herein, have the meaning assigned to such terms in the Act.
SECTION 2. The County agrees to undertake the program, including using its best efforts to
issue mortgage credit certificates therefore pursuant to the Act as soon as it is practicable, said
mortgage credit certificates being in addition to mortgage credit certificates which the County
has heretofore issued for this purpose.
SECTION 3. The City hereby agrees to cooperate with the County in the exercise jointly or
otherwise of their powers for the purpose of issuing mortgage credit certificates pursuant to
the Act by agreeing that the County shall exercise its powers to issue mortgage credit
certificates under the Program, all as more specifically set forth in Act, with respect to
property located within the geographic boundaries of the City.
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DOCFB.022
SECTION 4. The qualified mortgage bond allocation assigned to the County
by the City for the Program will be utilized consistent with Section 50197.5 of the Act. For
the initial six (6) months following the receipt and assignment of the allocations, County will
use said allocations for the creation of mortgage credit certificates within the boundaries of
the City. After the conclusion of said six month period, the allocation may be used County-
wide for the Program.
SECTION 5. The City agrees to undertake such further proceeding or actions
as may be necessary in order to carry out the terms and the intent of the Agreement. The
County has entered into Cooperative Agreements with other cities within the County, and
nothing in these Agreements shall prevent the County from entering into one or more
additional agreements with other cities within the County if deemed necessary and advisable
to do so by the County.
SECTION 6. This Agreement may be amended by one or more supplemental
agreements executed by the County and the City.
IN WITNESS THEREOF, the parties hereto have caused this Agreement to be
executed and attested to by their proper officers thereunto duly authorized and their official
seals to be hereto affixed, all as of the day and year first above written.
COUNTY OF RIVERSIDE
CITY OF LA QUINTA
By By
Bradley i H son Executive irector JOHN . ENA, Mayor
Economic Devel nt Agency
APPROVED AS TO FORM;
I
C / County Co
Deputy
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APPROVED AS TO FORM:
DAWN HONEYWELL, City Attorney
ATTACHMENT K
HOUSING ELEMENT CERTIFICATION FORM
FOR APPLICATION FOR AN ALLOCATION OF QUALIFIED PRIVATE ACTIVITY BONDS FOR A
SINGLE FAMILY HOUSING MORTGAGE CREDIT CERTIFICATE PROGRAM
Note: To be completed by each participating jurisdiction.
Certification of the City of La Quinta (Participating Jurisdiction)
In connection with the following Qualified Private Activity Bond Application:
APPLICANT: County of Riverside Economic Development Agency
for a Mortgage Credit Certificate Program.
The undersigned officer of City of La Quinta (Participating Jurisdiction) hereby certifies as follows:
1. I, Frank J. Spevacek (Name), am the CitManager (Title) of City of La Quinta (Participating Jurisdiction);
which is a participating jurisdiction of the proposed Single Family Housing Mortgage Credit Certificate program.
2. The proposed Single Family Housing Program is consistent with the adopted housing element for City of La
Quint a (Participating Jurisdiction) in which the proposed program will operate, pursuant to Section 5267 of the
California Debt Limit Allocation Committee Regulations.
gna u � for Official
City Maua�ier
Title
Frank J. Spevacek
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