2019-035 - Orange County Housing Finance Trust

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1. Local land -user decisions remain solely with each party. Nothing in this Agreement deprives any party of its soverei n powers with respect to land -use or transfers such powers to the joint powers out orxty. NOW, THEREFORE, in consideration of the mutual promises set forth below, the parties agree as follDws: Section. i. Creation and Purpose. (a) Creatio t f "„ Pursuant to the Joint Exercise of Powers ,Act:, including Section t3ii39.fr o'the overnment Code, there is hereby created a ublic entity to be knownas the 'Orange County lousing Finance Trust/ OCHl9 shall, be a public entity separate and apart from the Parties„ and shall administer this Agreement. (b) err y . This A reement is male pursuant to the Joint Powers Art for the purpose of creating OCIa T as a public entity separate from the Parties to: (i) exercise Common Powers with respect to providing funding for the planning and construction of housing of all tyyppes and tenures for the homeless population and persons and families of extremely lour, very low, and low income, as defined in Section 50093 of the Health and Safety Code, including, but not limited to, ppermanent alnpportive $sorasixxg; and (iij receive public and privatar financing and funds. The purpose of this A greeanent shall be acc in an and caanmoax powers exercised . tlxe xxxanner set forth its t$raY Agreexxaont. l�larthin * contained in this Sgreenxent sixall preclude the Parties from establishing, maintaining or providing social progrssma or services. to its residents as it deem prosper axnd nee sssary. Section 2. Term and. Termination. (a) Tgm. This Agreement shall become effective, and OC%lF"l° shall come into existence, on the Effective Date, and this Agreement shall thereafter continue its full force and effect until terminated pursuant to subdivision (h) of this section. (b) To ndnation, This Agree meat may be terminated b� agreement of the A Parties. Upon termination of this reement, OCHE T shall be dissolved and, afterpayment or provision for payment p all liabilities, the assets of OCIIFT shall be distributed to the Parties in proportion to the contributions of each Party to OCHF"T and the amounts paid by each Party in connection with OCIHF`T"s activities. Section 3. Powers and Duties of OCHFT. (a) encral Powers. OCHF'T shall have all the powers common to the Parties to this Agreement necessary or convenient, specified or implied, to accomplish the pxu ose of this Agreement as set forth in Section 1, sub ect to the restrictions set forth in Section 8, subdivision (c) below. Said powers shall be exercised. in the manner provided in the Joint Exercise of Powers Act and, except as expressly set forth heroin, subject only to such restrictions apon the manner of exercising such powers as are unposed upon the Parties in tixe exercise of similar powers. (b) Sneci is Powers. Without limiting the generalit of the powers conferred in subdivision (a) of this 'Section 3, OCHF'T is lreregy authorized, in its own name, to do all of the acts necessary or convenient to the accomplishment of the Resolution No. 2019-035 Page 6 of 16