HomeMy WebLinkAboutMINUTES - 07241984 - 1.45 TO:. BOARD OF SUPERVISORS
,FROM: Anthony A. Dehaesus Contra
Director of Planning (�,�,rjta
DATE: July 16, 1984 COUNY
SUBJECT: Designation of Underwriter and Bond Counsel for Multi-Family Revenue Bond Financing
(Riley Bower, Inc./First Nationwide Savings - Developer)
SPECIFIC REQUEST(S) OR RECOMMENDATION(S).& BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Designate Stone & Youngberg as Investment Banker and Orrick, Herrington & Sutcliffe as
Bond Counsel in conjunction with the proposed issuance of multi-family revenue bonds for
an Antioch project proposed to be developed by Riley Bower, Inc./First Nationwide Savings;
and authorize the Chairman to execute acceptance letters.
BACKGROUND
On June 26, 1984 the Board approved an Inducement Resolution for a multi-family project in
Antioch to be developed by the joint venture of Riley Bower, Inc. and First Nationwide
Savings. Because the proposed development is of sufficient size to stand alone for purposes
of structuring a revenue bond financing it is not anticipated that the project will be included
in the "pooled" multi-family financing program currently being developed.
The developer desires to use a financial structure in which the tax exempt revenue bonds as
collateralized by Federal National Mortgage Association (FNMA) securities. The structure
is an innovative new addition to approaches for financing multi-family developments.
To accomplish this issue of multi-family mortgage revenue bonds the developer
recommended the investment banking firm of Stone & Youngberg, and desires to use Orrick,
Herrington, and Sutcliffe as bond counsel. Both Stone & Youngberg and Orrick have worked
on financings where a developer and First Nationwide Savings are joint venture partners. A
staff review of Stone & Youngberg's qualifications was completed by means of an interview
of the partner with the firm proposed to be involved with the financings, and by talking with
issuers elsewhere in California.
r
CONTINUED ON ATTACHMENT: YES SIGNAT
RECOMMENDATION OF COUNTY ADMINISTRATOR j RE M NDATION F BOARD COMMITTEE
APPROVE OTHER
i
SIGNATURES) �..
ACTION OF BOARD ON July 24, 1984 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
X UNANIMOUS (ABSENT ) 1 HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
CC: Stone & Youngberg ATTESTED
Orrick Herrington & Sutcliffe J.R. 19LSSO1d COUNTY CLERK
Riley Bower, Inc. AND EX OFFICIO CLERK OF THE BOARD
County Administrator
Co ty Counsel
Mss2f�ing Authority BY DEPgJY,53