HomeMy WebLinkAboutRESOLUTIONS - 10111994 - 94-481 1• 5d
- Contra
' Costa
TO: BOARD OF SUPERVISORS County
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FROM: Harvey E. Bragdon
Director of Community Development
DATE: October 11, 1994
SUBJECT: 1985 Contra Costa County Home Mortgage Revenue Bonds Resolution 94/481--
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT resolution authorizing the redemption and/or defeasance of the County's outstanding
1985 Home Mortgage Revenue Bonds and approving a First Supplemental Trust Indenture,
and a Residual Asset Purchase Contract and matters related thereto, and AUTHORIZE the
Deputy Director - Redevelopment to execute necessary documents.
FISCAL IMPACT
No General Fund monies are involved. The completion of the Residual Asset sale will
generate one time revenue for the County's Affordable Housing Trust Funds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In 1985 the County issued $59,000,000 in Home Mortgage Revenue Bonds. These funds
were used to purchase mortgages made to eligible first-time homebuyers. Due to payoffs and
refinancings, relatively few home mortgages remain in the program portfolio. These
mortgages may be sold pursuant to a Residual Asset Purchase Contract, and the remaining
bonds defeased in order that the County may receive surplus funds held under the Indenture.
Net revenues to the County's Affordable Housing Trust Funds could be in excess of$400,000.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR R OMMEN ATION OF BO D
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON QCT 111994 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Source: Jim Kennedy
646-4076
cc: County Administrator ATTESTED OCT 111994
County Counsel PHIL BATCHELOR, CLERK OF
Auditor Controller THE BOARD OF SUPERVISORS
via Community Development AND COUNTY ADMINISTRATOR
Magnus Capital
Lofton, De Lancie & Nelson � � p n �
Kutak Rock & Campbell BY �lJ , DEPUTY
JKAh
sra16/revbonds.bos