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1983-09 RESOLUTION NO. CRA-83-09 RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE, CALIFORNIA, APPROV- ING JOINT POWERS AGREEMENT BY AND BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE, THE LA VERNE REDEVELOPMENT AGENCY AND THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CALEXICO FOR THE PURPOSE OF FINANCING SINGLE FAMILY HOME MORTGAGES WHEREAS, the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE (the "CRA" ) , the LA VERNE REDEVELOPMENT AGENCY and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CALEXICO , CALIFORNIA, pursuant and subject to the provisions of Chapter 8 ( commencing with Section 33750) , Part 1 of Division 24 of the Health and Safety Code of the State of California (the "Act" ) , ' are each authorized and empowered to provide , through lending institutions , long-term low interest home mortgage loans to persons and families to finance the acquisition of homes and to issue revenue bonds to provide the funds therefor ; and , WHEREAS, the Act also provides that such powers may be exercised by an agency created by a joint powers agreement under Article 1 (commencing with Section 6500) , Chapter 5 of Division 7 (r of Title l of the Government Code of the State of California, entered into by two or more public agencies by agreement for the express purpose of the joint exercise- of such powers ; and , WHEREAS, such an agreement (the "Joint Powers Agreement" ) , has been proposed and submitted to accomplish the formation of such agency. NOW, THEREFORE , IT IS HEREBY RESOLVED AS FOLLOWS : SECTION 1 . That the above recitals are all true and correct . SECTION 2 . That the Board of Directors of the CRA make and enter into a Joint Powers Agreement to create the LA VERNE-GRAND TERRACE HOUSING FINANCE AGENCY ( the "Agency" ) to exercise common powers of the CRA ; the. La Verne Redevelopment Agency and the Community Redevelopment Agency of the City of Calexico , to finance home mortgages pursuant to the Act ; such Joint Powers Agreement to be in substantially the form attached hereto as Exhibit "A" and shall be as approved by the Counsel to the CRA . Exhibit "A" is by this reference incorporated herein and presented to the Board of Directors . e, SECTION 3 . That Tony Petta is hereby appointed j— by this Board of Directors to serve on the Board of Directors of the Agency with authorized powers to carry out the purposes of the Agency as set forth in the Act and the Joint Powers Agreement . SECTION 4 . That the Chairman is hereby authorized to execute such Joint Powers Agreement on behalf of the CRA , and the Secretary of the CRA is authorized to attest the Chairman ' s signature thereto and affix the seal of the CRA. PASSED, APPROVED AND ADOPTED this 14th dae� of December, 1983 . Chairman \` Communi ty � edde\xel opment Agency of the City of Grand Terrace State of California ATTEST: Approved as to form: SecreVry611 Community Redevelopment Agency of -the City of. Grand Terrace State of California iL-L City Attorney /J -2- STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss. CITY OF GRAND TERRACE ) I, MYRNA ERWAY, Secretary of the Grand Terrace Community Redevelopment Agency, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Grand Terrace Community Redevelopment Agency at a regular meeting held on the 14th day of December, 1983, and that it was so adopted by the following vote: AYES: Members Rigley, Petta, Nix, Pfennighausen; Chairman Grant. NOES: None. ABSENT: None. Secretary q� the Grand Terrace: f- _ Community R'edevel opment Agency STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss. CITY OF GRAND TERRACE ) I, MYRNA ERWAY, Secretary Grand Terrace Community Redevelopment Agency, DO HEREBY CERTIFY that the above and foregoing is a full , true, and correct copy of Resolution No. CRA-83-09 of said Agency, and that the same has not been amended or repealed. DATED: December 14, 1983. Secret of the Grand Terrace Commun ' y Redevelopment Agen - T AGREEMENT JOINT POWERS AGREEMENT TO CREATE THE LA VERNE- GRAND TERRACE HOUSING FINANCE AGENCY TO EXERCISE COMMON POWERS OF THE- COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE, THE LA VERNE REDEVELOPMENT AGENCY AND THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CALEXICO TO FINANCE HOME MORT- GAGES PURSUANT TO PART 1 OF DIVISION 24 OF THE HEALTH AND SAFETY CODE OF THE STATE OF CALIFORNIA THIS AGREEMENT, made this day of 1983, by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE, CALIFORNIA, a public redevelopment agency, duly organized and existing under the Constitution and laws of the State of California, hereinafter called "Grand Terrace", the LA VERNE REDEVELOPMENT AGENCY, CALIFORNIA, a public redevelopment agency duly organized and existing under the Constitution and laws of the State of California, hereinafter called "La Verne", and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CALEXICO, CALIFORNIA, a public redevelopment agency, duly organized and existing under the Constitution and laws of the State of California, hereinafter called "Calexico"; WITNESSETH: WHEREAS, Grand Terrace, La Verne and Calexico, pursuant and subject to the provisions of Chapter 8 (commencing with Section 33750) , Part 1 of Division 24 of the Health and Safety Code of the State of California (the "Act") , are each authorized and empowered to provide, through lending institutions, long-term, low interest home mortgage loans to persons and families - to finance the acquisition of homes and to issue revenue bonds to provide the funds therefor; and, WHEREAS, the Act also provides that such powers may be exercised by an agency created by a joint powers agreement under Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California entered into by public agencies for the express purpose of the joint exercise of such powers; and, WHEREAS,, said Article .1 provides (a) that two or more public agencies by agree- ment may jointly exercise any powers common to the contracting parties, and (b) that the agency provided by the agreement to administer or execute the agreement may be a separate commission or board constituted pursuant to the agreement; and, WHEREAS, Grand Terrace, La Verne and Calexico have determined (a) that the public i.nteres.t and economy will be served by, and require, the joint exercise of their common powers under the Act, and (b) to create a separate agency, which agency shall have and exercise said common powers. NOW, THEREFORE, IT IS AGREED, as follows: 1 . FORMATION. Grand Terrace, La Verne and Calexico, pursuant to Article 1 (commencing with Section 6500), Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California and pursuant to the Act, hereby form, - establish and create the LA VERNE-GRAND TERRACE HOUSING FINANCE AGENCY, hereinafter called "Agency", which shall constitute a separate and distinct public entity. r 2. PURPOSE. The Agency is formed for the purpose of exercising any and all of the common powers of Grand Terrace, La Verne and Calexico relating to the - financing of home mortgages pursuant to the Act and resulting in the issuance of. Residential Mortgage Revenue Bonds, Issue of- 1983 (the "Bonds") . In addition, Lending Institutions have been given the opportunity to participate in the home mortgage financing programs of Grand Terrace, La Verne and Calexico (as evidenced by documentation .duly on file) and the Agency shall be authorized to execute agreements with such of these Lending Institutions as it shall select with respect to home mortgages to be acquired with proceeds of bonds to be issued by the Agency under the Act. 3. INTERNAL ORGANIZATION. The Agency shall have a governing body designated as the Board of Directors of the LA VERNE-GRAND TERRACE HOUSING FINANCE AGENCY (the "Board"), which shall consist of one member of the Board of Directors of Grand Terrace, designated by resolution of Grand Terrace, one member of the Board of Directors of La Verne, designated by resolution of La Verne, and one member of the Board of Directors of Calexico, designated by resolution of the Board of Directors of Calexico. (a) Duties of Directors. The duties of the Directors shall be: (1 ) To make all policy decisions and exercise all of the powers of the Agency. (2) To submit full and regular reports to each of the parties to this Agreement; and, i (3) To adopt from time to time .such rules and regulations for the con- duct of Agency affairs as may be required. (b) Officers. The Agency shall have a President and Vice-President periodi- cally elected by and from among the members of the Board, and shall have a Secretary and a Treasurer who shall be appointed by the Board. (c) Duties of Officers. Officers shall perform normal duties to their office; and (1) The President shall sign all contracts of behalf of the Agency and perform such other duties as may be imposed by the Board. . (2) The Vice-President shall act in the absence of the President. 4 -2- (3) The Secretary shall countersign all contracts on behalf of the Agency; perform such other duties as may be imposed by the Board; and keep minutes of all meetings and cause a copy of the minutes to be forwarded to each of the members of the Board and each of the parties to this Agreement. (4) The Treasurer and the Auditor shall have the duties and obligations set forth in Section 6505.5 of the Government Code of the State of California. (d) Meetings. Regular meetings of the Board shall be held at such time and place as may be established by the Board. (e) Ralph M. Brown Act. All meetings held by. the Board, including regular, adjourned regular and special meetings, shall be called, noticed, held and conducted in accordance with the. provisions of the Ralph M. Brown' Act, Sections 54950 and 54961 of the Government Code of the State of California. (f) Ouorum. Two members of the Board shall constitute a quorum and any action of the Board shall require the affirmative vote of not less than two members. (g) Compensation. The members of the Board shall receive no compensation for their services. 4. AGENCY TO ADMINISTER AGREEMENT. As established by this Agreement, the LA VERNA-GRAND TERRACE HOUSING FINANCE AGENCY is hereby designated as a public entity separate from the members thereof, and as the entity to administer this Agreement. The Agency shall exercise its powers in the manner and subject to the restrictions of the laws of the State of California. 5. POWERS. The Agency shall have the power in its own name to: (a) Finance home mortgages pursuant to the provisions of the Act, and (b) Make and enter contracts; adopt a seal ; employ agents, employees and consultants, including legal , fiscal and paying agents; acquire, con- struct, manage, maintain and operate buildings, works and improvements; • acquire, hold and dispose of property; incur debts, liabilities and obligations; sue and be sued; and to do all other things reasonably necessary for the accomplishment of. its purposes and the exercise of its powers. 6. OBLIGATIONS. The debts, liabilities and obligations of the Agency shall be the debts, liabilities and obligations of the parties to the agreement in proportion to and arising out of the mortgages provided in their respective jurisdictions. 7. FINANCES. -3- (a) Budget. The Agency shall , prepare an annual budget of revenues and expenses in each fiscal year, which shall be from July 1 to June 30. � r Such budget shall also show the revenues and expenses anticipated in connection with each project for which revenue bonds, notes and other evidences of indebtedness are outstanding. (b) Accountability of Funds, Reports and Audits. There shall be strict accountability of all funds and a report of all receipts and disburse- ments of the Agency. The Auditor shall cause annual audits of the accounts and records of the Agency to be prepared by an independent cer- tified public accountant to be filed annually with the Treasurer of each participating public entity. The annual audits shall conform to generally accepted auditing standards, the minimum requirements of which shall be as prescribed by the State Controller for special districts - under Section 26909 of the Government 'Code of the . State of California. The Agency shall establish and maintain all necessary funds and accounts which shall be open to inspection at all reasonable times by each of the parties hereto. (c) Bonding Person Having Access to Property. The officers who have charge of, handle, or have access to any property of the Agency, shall be required to file an official bond with the Agency in such amount as may be established by the Board. Should an existing bond of any of said officers be extended to cover the obligation provided herein, said bond shall be the official bond of said officers required to be posted herein. The premium on any such bond or bonds shall be an appropriate expense of the Agency. 8. AMENDMENT. This Agreement may be amended by the mutual consent of the parties hereto, duly authorized by the designated representatives of the respective legislative bodies thereof; provided that no amendment shall be to the detriment of holders of outstanding bonds, notes or other evidences of indebtedness. 9. PERIOD OF AGREEMENT. This Agreement shall continue until rescinded or terminated by either mutual consent of the parties hereto duly authorized by resolution of the respective legislative bodies thereof, or by unilateral with- drawal by one of the parties hereto duly authorized by resolution of its legisla- tive body; provided that this Agreement shall be irrevocable as long as the Agency has bonds, notes or other evidences of indebtedness outstanding. 10. DISPOSITION OF PROPERTY. Properties acquired by the Agency shall be held and managed by the Agency and shall not be disposed of, distributed to, or divided between the parties hereto, except in accordance with their directions, duly authorized by resolution of the respective legislative bodies thereof; provided that no disposition, distribution or division shall be made of properties acquired and/or constructed from the proceeds of outstanding bonds, notes or other evidences of indebtedness except in accordance with the resolution authorizing such bonds, notes or other evidences of indebtedness. 11-. SURPLUS. After the completion of the purposes of this Agreement, any surplus money held by the Agency shall be paid to the respective parties hereto in proportion to their participation. -4- i 12. FURTHER ASSURANCE. Grand Terrace, La Verne and Calexico shall execute all documents and do all things necessary to enable the Agency to execute its powers j and accomplish its purposes. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be exe- cuted by their officers thereunto duly authorized the day and year first above written. COMMUNITY REDEVELOPMENT AGENCY OF THE CITY\OF GR ND TERRACE By: CHAIRMAN APPROVED AS TO FQRM r�L*ry ATTEST: G AGENCY COUNSEL ' SECRETE (SEAL) LA VERNE REDEVELOPMENT AGENCY By: CHAIRMAN � APPROVED AS TO FORM ATTEST: AGENCY COUNSEL SECRETARY (SEAL) COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CALEXICO By: CHAIRMAN APPROVED AS TO FORM ATTEST: AGENCY COUNSEL SECRETARY (SEAL) I hereby certify that the foregoing instrument is a true copy of the original instrument on file in my office. SECRETARY OF THE LA VERNE-GRAND TERRACE HOUSING FINANCE AGENCY -5-