HomeMy WebLinkAboutRES NO 122-97RESOLUTION NO. 1 2:2 - 9 ?
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A
JOINT EXERCISE OF POWERS AGREEMENT TO PARTICIPATE AS AN
ASSOCIATE MEMBER OF THE CALIFORNIA RURAL HOME MORTGAGE
FINANCE AUTHORITY IN THE SECOND MORTGAGE PROGRAM.
WHEREAS, the City of Bakersfield (the "City') desires to participate, as an Associate Member
with other counties, cities and local agencies, pursuant to the laws of the State of California, in the
Califomia Rural Home Mortgage Finance Authority's (the "Authority") Second Mortgage Program (the
"SMP"); and
WHEREAS, there has been presented to this meeting a form of the Joint Exercise of Powers
Agreement (the "Agreemenf'), which Agreement as amended March 1, 1995, creates and establishes the
authority; and which sets terms and conditions for associate Membership in the Authority and Bylaw
Number 1 of the Agreement sets terms and conditions for Associate Membership to participate in the SMP;
and
WHEREAS, the City may issue Bonds (as defined in the Marks-Roos Local Bond Pooling act of
1995, being Article 4 of Chapter 5 of Division 7 of Titles 1 commending at Section 6584 of the
Government Code (the "Act"), expend bond proceeds, borrow and loan money for its corporate purposes
under various provisions of law, and acquire, sell, develop, lease or administer property pursuant to various
provisions of law for the benefit of the land and inhabitants of the City; and
WHEREAS, the purpose of the Authority is to assist the City and the other members of the
Authority in providing for the financing, acquisition, construction and rehabilitation of homes for the
benefit of the inhabitants of the city and the other Members, including but not limited to issuing bonds to
encourage home ownership within the City and the boundaries of the members of the Authority.
NOW THEREFORE BE IT RESOLVED by the City Council (Council) of the City of Bakersfield
as follows:
Section 1.
The Council hereby finds and declares that entering in the Agreement satisfies various
public purposes, including, without limitation, encouraging home ownership within the
City. With respect to the financing of the construction, acquisitions, and rehabilitation of
homes, the Council declares that this resolution is being adopted pursuant to Section 52000
of the Health and Safety Code of the State of California.
Section 2.
The Council finds and declares that the City desires to participate in the Authority's SMP
and applies for Associate membership in the Authority for that purpose only.
Section 3.
The form of the Agreement, as submitted to the City and incorporated into this Resolution
by reference, is hereby approved. The Mayor is hereby authorized to execute and deliver
the Agreement in substantially said form, with such changes or additions thereto that
herea~er may become necessary in the interests of the City and the other members of the
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ORiGfNAL
Section 4.
Authority and which are reviewed and approved by the City Attomey any such changes or
additions to be conclusively evidenced by the execution and delivery of the Agreement.
The Council acknowledges that Associate Membership in the Authority is subject to the
terms and conditions of Associate Membership as set forth in the Agreement and in By-law
#1, dated March 29, 1996 and by this Resolution agrees to and accepts those terms and
conditions, generally, and specifically, those provisions relating to participating in the
SMP.
Section 5.
The City Manager is hereby authorized to approve any additions to or changes in the form
of the cooperative agreements deemed necessary or advisable and is authorized to enter into
such additional agreements with the Cities, execute such other documents, or take such
other actions as are deemed necessary or appropriate to carry out the purpose and intent of
the SMP.
Section 5. This Resolution shall take effect from and after its adoption.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of
the City of Bakersfield at a regular meeting thereof held on AUG 0 S ~3§? , by the following vote:
AYES: ~owle%
NOES: ~
ABSTAIN:
ABSENT:
APPROVED
AUG 0 6 ~
CITY CLERK and EX OF/F/ICIO of the
Council of the City Of Bakersfield
BOB PRICE
MAYOR of the City of Bakersfield
dlt :P:~AGREEM EN\MCC.RES
APPROVED AS TO FORM:
JUDY K. SKOUSEN
CITY ATTORNEY
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ORIGINAL