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HomeMy WebLinkAboutSCC - MCC Cooperative AgreementCOUNTY OF SANTA CLARA LL�� ccFFpp ��3 PM 3= 08 MORTGAGE CREDIT CERTIFICATE (MCC) PR�GiVi MCC COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF SANTA CLARA AND THE CITY OF GILROY THIS MCC COOPERATIVE AGREEMENT (the "Cooperative Agreement ") is hereby made and entered into as of this ay of � 2016, by and between the County of Santa Clara, California, (the "County ") and the CRY of Gilroy (the "City "). WITNESSETH WHEREAS, the Tax Reform Act of 1984 established the Mortgage Credit certificate Program (hereinafter referred to as the "MCC Program ") as a means of assisting qualified individuals with the acquisition of new and existing single family housing; and WHEREAS, the County and City have determined to engage in an MCC Program pursuant to Chapters 1399, Statutes of 1985 Section 50197, et seq of the Health and Safety Code of the State of California (the "Act ") and as authorized by the Internal Revenue Code of 1986 (the "Code ") in order to assist individual home purchasers in the County to afford both new and existing homes within the statutory limits as provided for in said Act; and WHEREAS, in furtherance of the MCC Program, the City Council has authorized the County to apply to the State of California Debt Limit Allocation Committee (CDLAC) in the name of the City for a mortgage bond allocation to be traded for authority to issue Mortgage Credit Certificates; and WHEREAS, the County of Santa Clara, Office of Supportive Housing, or its Designee, is administering a County -wide MCC Program; and WHEREAS, the City and County wish to cooperate with one another pursuant to the Act in the exercise of their powers under the Act for the purposes of the MCC Program; and WHEREAS, the County will be operating an MCC Program in the County, and the City desires that the Program be applicable to otherwise eligible real property in the City; and N WHEREAS, the County, pursuant to the Act, has established the MCC Program, od l as determined to cooperate with the City pursuant to the Act and in the exercise of its powers umer the Act for purposes of the Program. -V N W NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, 4be parties hereto agree as follows: _ w SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purpose hereof unless otherwise defined herein, have the same meanings assigned to such words and phrases in the MCC Cooperative Agreement 2015 Page 1 of 3 g,[ 03 �- VENDOR'S COPY AUG 3 0 2016 Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue mortgage credit certificates therefore pursuant to the Act and the Code from time to time to the extent that the County receives allocations from the California Debt Limit Allocation Committee (" CDLAC "). 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 Planning Zoning Law of the State of California (Government Code Sections 6500 et seq.), (ii) said general plan includes a land use element and a 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 issue mortgage credit certificates under the Program, as specifically set forth in the Act and the Code, with respect to property located within the geographic boundaries of the City and further agrees that the County may exercise any or all of the City's powers for the purpose of issuing mortgage credit certificates pursuant to the Act and the Code with respect to property located within the geographic boundaries of the City. SECTION 5. This Agreement may be terminated by either party upon 60 days written notice delivered to the other party, provided that termination of this Cooperative Agreement shall not adversely affect the rights of the owners of any mortgage credit certificates issued by the County in connection with the MCC Program. The term of this Agreement shall extend until such termination by written notice. SECTION 6. The City agrees to undertake such further proceedings or actions as may be necessary to carry out the terms an intent of this Agreement as expressed in the recitals hereto; provided, however, that nothing herein shall require the City to appropriate any funds to the County for services under this Agreement. Funds for the administration of the program shall be derived by the County from the application fees paid by MCC applications administered by the County. These fees shall be collected and retained by the County in all cases administered by the County. SECTION 7. Nothing in this Cooperative Agreement shall prevent the County from entering in to one or more agreements with other municipal corporations within the County, if deemed necessary and advisable to do so by the County. SECTION 8. This Cooperative Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time. SECTION 9. Nothing contained herein shall be interpreted 'to impose a relationship of partners or joint ventures between the City and the County, except that no such amendment or supplement shall be made which shall adversely affect the rights of the owners of any mortgage credit certificates issued by the County in connection with the Program. SECTION 10 In lieu of and not withstanding the pro rata risk allocation which might otherwise be imposed between the Parties pursuant to Government Code Section 895.6, the Parties agree that all losses or liabilities incurred by a party shall not be shared pro rata but instead the County and City MCC Cooperative Agreement 2015 Page 2 of 3 agree that pursuant to Government Code Section 895.4, each of the parties hereto shall fully indemnify and hold each of the other parties, their officers, board members, employees and agents, harmless from any claim, expense or cost, damage or liability imposed for injury (as defined by Government Code Section 810.8) occurring by reason of the negligent acts or omissions or willful misconduct of the indemnifying party, its officers, board members, employees or agents, under or in connection with or arising out of any work, authority or jurisdiction delegated to such party under this Agreement. No party, nor any officer, board member, employee or agent thereof shall be responsible for any damage or liability occurring by reason of the negligent acts or omissions or willful misconduct of other parties hereto, their officers, board members, employees or agents, under or in connection with or arising out of any work, authority or jurisdiction delegated to such other parties under this Agreement. IN WITNESS WHEREOF, the parties have executed this as indicated below. CITY OF GILROY By: S� a�71� City Administrator to Gab e1 iq , GMzGi5-z Print Name City Ad ' istr or f Crty derk Date APPROVED AS TO FORM AND LEGALIT �.L�City Attorney Date Print Name COUN 'TA CLARA: By: AUG 3 0 2016 Dave Corte le Date President, Board of Supervisors ATTEST: AUG 3 0 2016 Megan Doy Date Clerk, Board of Supervisors APPROVED AS TO FORM AND LEG TY: Date Christopher Cheleden Lead Deputy County Counsel MCC Cooperative Agreement 2015 Page 3 of 3