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HomeMy WebLinkAboutRES CC 1994 1068 1994 1005RESOLUTION NO. 94 -1068 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK APPROVING A JOINT EXERCISE OF POWERS AGREEMENT AND A COOPERATION AGREEMENT WITH RESPECT TO THE FINANCING OF HOME MORTGAGE LOANS RECITALS: A. The Joint Exercise of Powers Act, California Government Code Section 6500, et sec. (the "Act ") , provides that public agencies by agreement may jointly exercise any power common to the contracting parties. B. The City of Moorpark (the "City ") and the other public agencies (the "Public Agencies ") named in the Joint Exercise of Powers Agreement dated as of October 1, 1994 (the "Joint Agreement ") are "public agencies" within the meaning of that term under Section 6502 of the Act. C. Among the common powers of the City and the Public Agencies is the power to make long -term, low- interest loans, directly or indirectly, to persons and families of low and moderate income to finance the construction, rehabilitation and acquisition of homes and to issue revenue bonds to aid in such financing. D. There is a need within the City, consistent with the need described in the declarations of the State Legislature set forth in Chapter 1 of Part 5 of division 31 of the California Health and Safety Code (the "Housing Law "), to alleviate the shortage of affordable, decent, safe and sanitary housing by implementing a program to reduce the cost of mortgage financing for single- family purchases for those persons unable to compete for mortgage financing in the conventional mortgage market. E. The City desires to enter into the Joint Agreement and to implement the Joint Agreement by entering into a Cooperation Agreement dated as of October 1, 1994 (the "Cooperation Agreement ") with the California Valleys Housing Finance Authority pursuant to the Act and in furtherance of the Housing Law. NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK HEREBY FINDS, DETERMINES, RESOLVE'' AND ORDERS AS FOLLOWS: Section 1. The form of Joint Exercise of Powers Agreement is hereby approved. The Mayor is hereby authorized and directed to execute and deliver., and the City Clerk i_s hereby authorized and 00092 directed to attest, the Joint Exercise Powers Agreement in substantially the form on file with the City Clerk and presented to this meeting, with such changes as may be approved by the Mayor (such approval to be conclusively evidenced by such execution and delivery). Section 2. The form of Cooperation Agreement is hereby approved. The Mayor is hereby authorized and directed to execute and deliver, and the City Clerk is hereby authorized and directed to attest, the Cooperation Agreement in substantially the form on file with the City Clerk and presented to this meeting, with such changes as may be approved by the Mayor (such approval to be conclusively evidenced by such execution and delivery). PASSED, APPROVED AND ADOPTED, this 5th day of October, 1994. ATTEST: City Clerk Mayer COOPERATION AGREEMENT THIS AGREEMENT is made and entered into this S of 1994, by and between the California Valleys Housing Finance Authority (the "Authority ") and the City of Moorpark (the "City "). RECITALS A. There is a shortage in the City of decent, safe and sanitary housing which is affordable by persons and families in the lower end of the purchasing spectrum and a consequent need to encourage the construction, rehabilitation or purchase of homes affordable by such persons and otherwise to increase the housing supply in the City for such persons. B. The Authority is a joint powers authority created under a Joint Exercise of Powers Agreement dated as of October 1, 1994 ( the "Joint Agreement") by and among the City and certain other California public agencies pursuant to Chapter 5 of Division 7 of Title 1 of the California Government Code, as amended (the "Joint Powers Art "). C. The Authority, pursuant to the Joint Powers Act and Part 5 of Division 31 of the California Health and Safety Code, as amended (the "Housing Law "), and in accordance with the Joint Agreement, proposes to undertake a single family housing finance program and to issue its Guaranteed Tax - Exempt Mortgage Obligations, 1994 Series A and 1994 Subordinate Series B (the "Bonds "), to provide funds to defray the costs of acquiring home mortgages or making loans to lending institutions in order to enable them to make home mortgages with respect to homes located within the boundaries of the public agencies which are members of the Authority (the "Members "). Such financing program is hereinafter refereed to as the "Program ". 00094 D. Some of the areas within which the Authority proposes to use the net proceeds of the Bonds to finance the provision of home mortgages are within the boundaries of the incorporated area of the City. E. The City desires to implement the Joint Agreement and cooperate with the Authority in such financing as herein provided. Section 1. Operation of Program in City. The Authority shall be authorized to operate the Program within the boundaries of the City; subject, however, to the applicable provisions of the Housing Law and the Internal Revenue Code of 1986, as amended, as the proceedings to be had and taken for the issuance of the Bonds, including the availability of proceeds of such Bonds for such purpose. Section 2. Allocation of Mortgage Loans among Members. Mortgage loans provided by the Authority shall be allocated among the incorporated areas of the Members in accordance with the formula set forth in that certain California Valleys Housing Finance Authority Feasibility Study, dated October 1, 1994, prepared by Empire Economics and incorporated herein by this reference; provided that (a) prior to April 1, 1997, with the written consent of the City Manager, the Authority may increase or decrease the allocation of mortgage loans to the incorporated area of the City and (b) on or after April 1, 1997, without such written consent, the authority may reallocate all or any part of the then unused portion of the City's allocation to another Member. Section 3. Exercise of Powers. in CL !y. In exercising its rights under Section 1, the Authority may exercise within the City all of the powers of the Authority set forth in the Joint Agreement, the Joint Powers Act and the Housing Law with respect to the financing and operation of the Program and the issuance of ~he Bones therefor. 00095 Section 4. Expenses. All costs and expenses incurred with respect to the issuance of the Bonds shall be paid solely from the proceeds of the sale of the Bonds, contributions or subventions by third parties or other legally available sources, and neither the City nor the Authority shall, under any circumstances, be liable for the payment thereof from its own funds. All services necessary to the accomplishment of the purposes of this Agreement shall be provided by the Authority and finances solely from the sources of funds mentioned in this Section. The city does not guarantee any performance of the Authority. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their proper officers thereunto duly authorized as of the date first above written. CALIFORNIA VALLEYS H6'USING FINANCE AUTHORITY BY: CITY O 00%%RRPARK BY : �X"�i` 6 Mayor ATTEST: 00096 EXHIBIT A California Valleys Housing Finance Authority Allocation of Mortgage Loans Member IAmountj jPercentagel 00097 JOINT EXERCISE OF POWERS AGREEMENT This Joint Exercise of Powers Agreement is dated as of October 1, 1994, and is made by and among the Cities of Blythe, Calexico, Carson, Coachella, Dinuba, Fillmore, Highland, Lemoore, Lindsay, Manteca, Murrieta, Moorpark, Norco and Santa Paula (collectively, the "Cities ") and such other cities and counties within the State as may hereafter become signatories hereto. RECITALS A. The Joint Powers Act provides that public agencies by agreement may jointly exercise any power common to them. B. The Cities are "public agencies" within the meaning of that therm under Section 6502 of the Joint Powers Act and possess in common the power to make long -term, low- interest loans, directly or indirectly, to persons and families 6f low and moderate income to finance the construction, rehabilitation and acquisition of homes and to issue revenue bonds to aid in such financing. C. There is a need within the Cities, consistent with the need described in the declarations of the State Legislature set forth in Chapter 1 of the Housing Law, to alleviate the shortage of affordable, decent, safe and sanitary housing by implementing a program to reduce the cost of mortgage financing for single - family purchases for those persons unable to compete for mortgage financing in the conventional mortgage market. D. The Cities desire to enter into this Agreement in furtherance of the Joint Powers Act and the Housing Law. NOW, THEREFORE, the parties hereto agree as follows: Section 1.01 Definitions. As used herein, the following terms shall have the meaning ascribed thereto, unless the context requires otherwise. "Agreement" means this Joint Exercise of Powers Agreement. 00098 "Authority" means the California Valleys Housing Finance Authority, a joint powers authority dully organized and validly existing pursuant to the Constitution and laws of the State. "Authority Commission" means the governing body of the Authority. "Bonds" means revenue bonds authorized under the Housing Law and includes notes and any and all other limited obligations or evidences of indebtedness payable as provided in the Housing Law. "Chief Administrative Officer" means the Chief Administrative Officer of the Authority appointed pursuant to Section 3.05. "Cities" means the cities .listed in the preamble of this Agreement, which are the original signatories hereof. "Contracting Party" means each of the Cities and any city or county within the State that hereafter becomes a signatory to this Agreement pursuant to Section 7.01. "Dinuba" means the City of Dinuba, California. "Fiscal Year" means the period from July 1 to and including the following June 30. "Housing Law" means Part 5 of Division 7 of Title 1 of the Government Code of the State, as amended from time to time. "Program" means the Authority's program of providing mortgage loans under the Housing Law and the Joint Powers Act. "Secretary" means the Secretary of the Authority appointed pursuant to Section 3.01. "State" means the State of California. 00099 "Treasurer" means the Treasurer of the Authority appointed pursuant to Section 3.01. ARTICLE II. GENERAL PROVISIONS Section 2.01 Purpose of Aareement. The purpose of the Agreement is to establish the Authority and to carry out the intent of the State Legislature as set forth in Chapter 1 of the Housing Law and in Paragraph C of the Recitals hereof. Section 2.02 Creation of Authority. There is hereby created pursuant to the Joint Powers Abt an entity separate and apart from the Contracting Parties to be known as the "California Valleys Housing Finance Authority." The Authority shall administer the Agreement. Section 2.03 Authority Commission. The members of the City Council of Dinuba shall constitute the governing body of the Authority, which governing body shall be know as the Authority Commission. All voting power of the Authority shall reside in the Authority Commission. Members of the Authority Commission shall receive the actual and necessary expenses, including traveling expenses, incurred in the discharge of their duties and such other compensation as the Authority may prescribe. Section 2.04 Meetings of the Authority Commission. (a) Regular Meetings. The Authority Commission shall provide for its regular meetings; provided, however, that at least one regular meeting shall be held each year. The date, hour and place of the holding of regular meetings shall be fixed by the Authority Commission. 00100 (b) Special Meetings. Special meetings of the Authority Commission may be called in accordance with the provisions of Section 54956 of the Government Code of the State. (c) Call, Notice and Conduct of Meetings. All meetings of the Authority Commission, including without limitation, regular, adjourned regular and special meetings, shall be called, noticed, held and conducted in accordance with the provisions of Sections 54950 et sea. of the Government Code of the State. Section 2.05 Minutes. The Secretary shall keep minutes of the meetings of the Authority Commission and shall, as soon as practicable after each meeting, cause a copy of the minutes to be forwarded to each member of the Authority Commission and to the Contracting Parties. Section 2.06 Voting. Each member of the Authority Commission shall have one vote. Section 2.07 Ouorum; Required Votes; Approvals. Members of the Authority Commission holding a majority of the votes shall constitute a quorum for the transaction of business, except that less than a quorum may adjourn from time to time. The affirmative votes of at least a majority of the members of the Authority Commission present at any meeting at which a quorum is present shall be required to take any action by the Authority commission Section 2.08 Bylaws. The Authority Commission may adopt, from time to time, such bylaws, rules and regulations for the conduct of its business as are necessary for the purposes hereof. Section 2.09 Conflict of Interest Code. The Authority Commission shall adopt a Conflict of Interest Code as required by law. 00101 ARTICLE III. OFFICERS AND EMPLOYEES Section 3.01 Chairman, Vice - Chairman and Secretary. The Mayor, Mayor Pro Tem and City Clerk of Moorpark shall act ex officio as the Chairman, Vice - Chairman and Secretary, respectively, of the Authority. The Chairman shall preside over all meetings of the Authority Commission and shall perform such other duties as may be imposed by the Authority Commission. The Vice - Chairman shall perform all of the Chairman's duties in the absence of the Chairman. The Secretary shall perform such duties as may be imposed by the Authority Commission and shall cause a copy of this Agreement to be filed with the California Secretary of State pursuant to the Joint Powers Act. Section 3.02 Treasurer. Pursuant to Section 6506.6 of the Joint Powers Act, the City Treasurer of Moorpark is hereby designated as the Treasurer of the Authority. The Treasurer shall be depository, shall have custody of all of the accounts, funds and money of the Authority from whatever source, shall have the duties and obligations set forth in Sections 6505 and 6505.5 of the Joint Powers Act and shall assure that there shall be strict accountability of all funds and reporting of all receipts and receipts and disbursements of the Authority. As provided in Section 6505 and Section 6505.6 of the Joint Powers Act, the Treasurer shall make arrangements with a certified public accountant or firm of certified public accountants for the annual audit of accounts and records of the Authority, except that the Treasurer need not make or contract for such audit in any case where an annual audit of the accounts and records of the Authority by a certified public accountant or public accountant is otherwise made by an agency of the State or the United States only as to such accounts and records which are directly subject to such federal or State audit. In each case the minimum requirements of the audit shall be those prescribed the State Controller for special districts under Section 26909 of the Government Code of the State and shall conform to generally accepted auditing standards. Where an audit of an account and records is made by a certified public accountant or public accountant the Treasurer shall cause a 001O2 report thereof to be filed as public records with each of the Contracting Parties and also with the county auditor of the county in which each of the Contracting Parties is located. Such report shall be filed within 12 months of the end of the Fiscal Year or Fiscal Years under examination. Any costs of the audit, including contracts with or employment of certified public accounts or public accounts in making an audit pursuant to this Section 3.02, shall be borne by the Authority and shall be a charge against any unencumbered funds of the Authority available for such purpose. By unanimous request of the Authority Commission, the Authority may replace the annual special audit with an audit covering a two -year period. Notwithstanding the foregoing provisions of this Section 3.02, the Authority shall be exempt from the requirement of an annual audit if the financi«1 statements are audited by the State Controller to satisfy federal audit requirements. Section 3.03 Officer in Charge of Authority Property. Pursuant to Section 6505.1 of the Joint Powers Act, the Chief Administrative Officer and the Treasurer shall have charge of, handle and have access to any property of the Authority, and shall file an official bond in the amount required by Moorpark for the respective city off.---es held by such officers. Section 3.04 Legal Advisor. Unless otherwise provided by resolution of the Authority Commission, Special Counsel for the Dinuba Redevelopment Agency shall act as the legal advisor of the Authority and shall perform such duties as may be prescribed by the Authority Commission. Section 3.05 Other Employees. Moorpark shall provide staffing and administrative services to the Authority to the extent required by the Authority in order to perform its duties under this Agreement. Unless otherwise provided by resolution of the Authority Commission, the City Manager of Moorpark shall. serve as the Chief Administrative Officer of the Authority. The Authority Commission shall have the power to appoint and employ such other persons as may be necessary for the purposes of this Agreement. 00103 All of the privileges and immunities from liability, exemptions from laws, ordinances and rules, all pension, relief, disability, workers' compensation and other benefits which apply to the activities of officers, agents or employees of a public agency when performing their respective functions within the territorial limits of their respective public agencies shall apply to them to the same degree and extent while engaged in the performance of any of their functions and duties extraterritorial under the provisions of the Agreement. None of the officers, agents, or employees directly employed by the Authority Commission shall be deemed, solely by reason of their employment by the Authority Commission, to be employed by any of the Contracting Parties or to be subject to any of the requirements of any of the contracting Parties. Section 3.06 Assistant Officers. The Authority Commission may appoint such assistants to act in the place of the Secretary or other officers of the Authority (other than any member of the Authority Commission) as the Authority Commission shall from time to time deem appropriate. ARTICLE: IV. POWERS Section 4.01 General Powers. The Authority shall exercise in the manner herein provided the powers common to the Cities and necessary to the accomplishment of the purposes of this Agreement, including making or acquiring mortgage loans to finance the construction, rehabilitation or acquisition of homes, subject to the restrictions set forth in Section 4.03. The Authority is hereby authorized, in its own name, to do all acts necessary for the exercise of said common powers, including but not limited to the following: to make and enter into contracts; to employ agents and employees; to acquire, construct, manage, maintain and operate any buildings, works or improvements; to acquire, hold or dispose of property, to incur debts, liabilities or obligations; and to sue and be sued in its own name. 00104 Section 4.02 Specific Powers. The Authority shall have all of the powers specified in the Joint Powers Act and the }lousing Law, including but not limited to the power to issue Bonds. Section 4.03 Restrictions on Exercise of Powers. The powers of the Authority shall be exercised in the manner provided in the Joint Powers Act and in the Housing Law and shall be subject ( in accordance with Section 6509 of the Joint Powers Act) to the restrictions upon the manner of exercising such powers that are imposed upon Moorpark in the exercise of similar powers. Section 4.04 obligations of Authority Only. The debts, liabilities and obligations of the Authority shall not be the debts, liabilities and obligations of any of the contracting Parties. Section 4.05 Cooperation Agreements. Each of the Contracting Parties agrees to take such further actions or proceedings as may be necessary to carry out the purposes of the Agreement and agrees to refrain from taking any action which would adversely affect the security or marketability of the Bonds. In order to implement this Agreement, each of the Contracting Parties shall enter into an agreement with the Authority setting forth the terms of its participation in the Program, including an allocation of mortgage loans within the territory )f such Contracting Party. ARTICLE V. CONTRIBUTIONS; ACCOUNTS AND REPORTS; FUNDS Section 5.01 Contributions. The Contracting Parties may, but are not required to (a) make contributions from their treasuries for any of the purposes set forth herein, (b) make payments of public funds to defray 00' 05 the cost of such purposes, (c) make advances of public funds for such purposes, such advances to be repaid as provided herein, or (d) use their personnel, equipment or property in lieu of other contributions or advances. Section 5.02 Accounts and Reports. To the extent not covered by the duties assigned to a Bond trustee, the Treasurer shall establish and maintain such funds and accounts as may be required by good accounting practice or by any provision of any indenture entered into with respect to the proceeds of any Bonds. The books and records of the Authority in the hands of a trustee or the Treasurer shall be open to inspection at all reasonable times by representatives of any of the Contracting Parties. The Treasurer within 120 days after the close of each Fiscal Year, shall give a complete written report of all financial activities for such Fiscal Year to each of the Contracting Parties to the extent such activities are not covered by the report of such trustee. The trustee appointed under any indenture shall be required to establish suitable funds, furnish financial reports and provide suitable accounting procedures to carry out the provisions of such indenture. The trustee may be given such duties in the indenture as miy be desirable to carry out this Agreement. Section 5.03 Funds. Subject to the applicable provisions of any instrument or agreement which the Authority may enter into, which may provide for a trustee to receive, have custody of and disburse Authority funds, the Treasurer shall receive, have the custody of and disburse Authority funds ( a ) pursuant to the accounting procedures developed under Section 5.02 and (b) as nearly as possible in accordance with generally accepted accounting principles and shall make the disbursements required by the Agreement or to carry out any of }he provisions or purposes of this Agreement. Section 5.04 Administrative-Expenses. The Board shall, to the extent required by law, adopt an annual budget for administrative expenses, which shall include all expenses not payable from the proceeds of Bonds. 00 11 06 ARTICLE' VI. TERM Section 6.01 Term. (a) This Agreement shall become effective upon its execution by the Cities and shall continue in full force and effect until rescinded or terminated in the manner hereinafter set forth, provided that this Agreement may not be rescinded or terminated until such time as all Bonds herein provided for and issued pursuant hereto and the interest thereon shall have been paid in full or adequate provision for such payment shall have been made as set forth in the proceeding for the issuance thereof. (b) Subject to the provisions of paragraph (a) of this Section 6.01, this Agreement may be rescinded or terminated at any time by resolution of the respective governing bodies of all of the Contracting Parties. (c) This Agreement shall automatically terminate on October 1, 1997, if no E3onds shall have then been issued by the Authority. (d) The provisions of this Section 6.01 shall not limit the right of a Contracting Party to withdraw from the Program pursuant to Section 7.02. Section 6.02 Disposition of Property Upon Termination. Upon termination of this Agreement, any property acquired by the Authority under this Agreement shall be distributed among the Contacting Parties in accordance with the respective contributions of each of sail Contracting Parties to the cost of said property. Section 6.03 Disposition of Funds Upon Termination. Upon termination of this Agreement, any money in possession of the Authority after the payment of all Bonds and the interest thereon and all costs, expenses and charges validly incurred under this Agreement shall be returned to the Contracting Paries in proportion to their contributions determined as of the time of termination. 00107 ARTICU VII. MISCELLANEOU:-; PROVISIONS Section 7.01 Additional Contracting Parties. In addition to the Cities, any city or county within the State desiring to participate in the Program and willing to accept the terms and conditions of this Agreement may, subject to the approval of the Authority Commission, become a Contacting Party by executing a counterpart hereof. Section 7.02 Withdrawal of Contracting Party. Any Contracting Party may, without the consent of the Authority or any other Contracting Party, on or after October 1, 1997, elect to withdraw from the Program and cease to be a Contracting Party hereunder; provided that (a) no Bonds shall have been issued by the Authority for the purpose of financing mortgage loans with respect to homes located within the boundaries of such withdrawing Contracting Party, (b) such withdrawal shall have been authorized by resolution of the governing body of such Contracting Party and (c) a certified copy of such resolution shall have been filed with the Authority Commission. Section 7.03 Section Headings. All section headings in this Agreement are for convenience of reference only and are not to be construed as modifying or governing the language in the section refereed to or to define or limit the scope of any prevision of the Agreement. Section 7.04 Law Governing.,. This Agreement is made in the State of California under the constitution and laws of the State, and is to be so construed. Section 7.05 Severability. Should any portion of this Agreement be held by any court of competent jurisdiction to be invalid, unenforceable, void or voidable for any reason whatsoever, the validity and enforceability of the remaining portions shall not be affected thereby. 00 '.0's Section 7.06 Successors. This Agreement shall be binding upon and shall inure to the benefit of the successors of the respective Contracting Parties. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by their proper officers whereunto duly authorized as of the day and year first above written. City of Moorpark By: Mayor ATTESTED: By./ City Clerk Date: �0 A., SGR120- 09/23/94 00' 01) MOORPARK 799 Moorpark Avenue Moorpark, California 93021 (805) 529.6864 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) SS. CITY OF MOORPARK ) I, Lillian E. Hare, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 94 -1068 was adopted by-the City Council of the City of Moorpark at a meeting held on the 5th day of October , 1994, and that the same was adopted by the following vote: AYES: COUNCILMEMBERS HUNTER, MONTGOMERY, PEREZ, WOZNIAK AND MAYOR LAWRASON NOES: NONE ABSENT: NONE f ABSTAIN: NONE WITNESS my hand and the official seal of said City this 6th day of October 1994. Lillian E. Hare City Clerk 3 PAUL W. LAWRASON JR PATRICK HUNTER SCOT' MONTGOMERY BERNARDO M. PEREZ JOHN E. WOZNIAK Mayor Mayor Pro Tem GGun=: trrc ^ioer Councilmember Concilmember Plmfed 0n Hecy,,,, Fe_..