HomeMy WebLinkAboutMINUTES - 07241984 - T.1 CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY
MET IN ALL ITS CAPACITIES
PURSUANT TO PROVISIONS SET FORTH
IN RESOLUTION 84/296
AND THE JOINT EXERCISE OF POWERS AGREEMENT
WITH THE CITY OF ANTIOCH
AT 10: 50 A .M.
TUESDAY JULY 249 1984
IN ROOM 107
COUNTY ADMINISTRATION BUILDING.
MARTINEZ , CALIFORNIA
PRESENT: HONORABLE TOM TORLAKSON
CHAIRMAN , PRESIDING
VERNE L . ROBERTS
VICE CHAIRMAN
SUPERVISOR TOM POWERS
SUPERVISOR NANCY C . FAHDEN
SUPERVISOR ROBERT I . SHCRODER
ABSENT: SUPERVISOR SUNNE W . MCPEAK
SECRETARY: Represented by
Jeanne 0 . Maglio , Assistant Secretary
After the adoption of Resolution No . 84-2 , the Contra
Costa Mortgage Finance Authority adjourned at 11: 05 a .m.
TOM TORLAKSON , CHAIRMAN
ATTEST:
A sistant Secretar ,
Contra Costa Mortgage Finance Authority
CCHMFA1
c;2-
CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY
GOVERNING BOARD
RESOLUTION NO. 84-2
RESOLUTION OF THE CONTRA COSTA HOME MORTGAGE FINANCE
AUTHORITY ADOPTING FEASIBILITY STUDY; ADOPTING RULES AND
REGULATIONS ESTABLISHING ELIGIBILITY CRITERIA FOR MORTGAGORS;
ESTABLISHING AVERAGE AREA PURCHASE PRICE FOR EXISTING
RESIDENCES; MAKING CERTAIN FINDINGS WITH RESPECT TO NUMBERS
OF CREDITWORTHY PERSONS; MAKING CERTAIN FINDINGS WITH RESPECT
TO AMOUNTS REQUIRED TO BE SET ASIDE FOR TARGETED AREAS;
APPROVING ESTABLISHMENT OF AN ESCROW; AUTHORIZING THE
ISSUANCE, SALE AND DELIVERY OF CONTRA COSTA HOME MORTGAGE
FINANCE AUTHORITY 1984 HOME MORTGAGE REVENUE BONDS; APPROVING
THE PURCHASE CONTRACT AND AUTHORIZING THE CHAIRMAN AND
VICE-CHAIRMAN TO EXECUTE SAID PURCHASE CONTRACT; APPROVING A
PRIVATE MORTGAGE INSURANCE CARRIER; APPROVING A TRUSTEE, AN
INDENTURE, ORIGINATION, SERVICE AND ADMINISTRATION AGREEMENT,
DEVELOPER AGREEMENT, AND OFFICIAL STATEMENT; ADOPTING A SEAL;
AND AUTHORIZING THE EXECUTION AND DELIVERY OF BONDS AND
APPROVING OTHER RELATED DOCUMENTS AND ACTIONS IN CONNECTION
THEREWITH
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of
-the Health and Safety Code of the State of California (herein
called the "Act" ) authorizes agencies which have been created
by a joint powers agreement entered into by counties and
cities pursuant to Article 1 of Chapter 5 of Division 7 of
Title 1 of the Government Code of the State of California for
the express purpose of the joint exercise of the powers of
said counties and cities under the Act to issue revenue bonds
for the -purpose of acquiring home mortgages as authorized by
the Act, and the Act provides a complete, additional and
alternative method for doing the things authorized thereby;
WHEREAS, the Governing Board (the "Board" ) of the
Contra Costa Home Mortgage Finance Authority (the
"Authority" ) hereby finds and declares that it is necessary,
essential and a public purpose for the Authority to acquire
home mortgages pursuant to the Act, in order to increase the
housing supply in the jurisdictions of the parties to the
Joint Exercise of Powers Agreement Creating the Contra Costa
Home Mortgage Finance Authority (the "Joint Exercise of
Powers Agreement" ) and the Cities of Antioch, Brentwood, E1
Cerrito, Hercules, Martinez, Moraga, Pinole, Pleasant Hill,
Richmond, and San Ramon (the "Participating Cities" ) for
persons and families within the income limitations
established by the Act;
000 6C15
WHEREAS, this Board hereby finds and declares that
this resolution is being adopted pursuant to the powers
granted by the Act;
. WHEREAS, this Board has, by Resolution No. 84-1,
adopted on June 12 , 1984, established a home mortgage finance
program (the "Program" ) for such purpose,. and has determined
to borrow money for such purpose by the issuance of revenue
bonds as authorized by the Act;
WHEREAS, the Participating Cities have agreed,
pursuant to the Act, to cooperate in the Program and that the
Authority shall exercise powers to acquire home mortgages
pursuant to the Act with respect to property located within
the geographic boundaries of such cities;
WHEREAS, each qualified lending institution- which
transacts business in the jurisdiction of the parties to the
Joint Exercise of Powers Agreement has been permitted the
opportunity to participate in the Program on an equitable
basis with other participating lending institutions;
WHEREAS, all conditions, things and acts required
to exist, to have happened and to have been performed
precedent to and in the issuance of the Bonds (hereinafter
defined) and implementation of the Program as contemplated by
this resolution and the documents referred to herein and in
Resolution 84-1 exist, have happened and have been performed
in due time, form and manner as required by the laws of the
State of California, including the Act;
NOW, THEREFORE, BE IT RESOLVED by the Governing
Board of the. Contra Costa Home Mortgage Finance Authority, as
follows:
1. The report prepared by The Land Economics
Group with respect to demand and feasibility of mortgage
revenue bonds in the County of Contra .Costa is hereby
approved and adopted.
2 . The Rules and Regulations Establishing
Eligibility Criteria for Mortgagors and Home Mortgages, in
substantially the form submitted to . this meeting, are hereby
approved and adopted. Pursuant to said Rules and
Regulations, this Board hereby finds and determines that the
median household income for 1984 for the area identified in
Section 6 are as set forth in said Section 6, subject to
adjustment from time to time by this .Board by resolution in
accordance with said Rules and Regulations.
2
040511-0012-188-4530s
3. Based upon the opinion letter of The Land
Economics Group this Board hereby finds and determines that,
in accordance with United States Treasury Regulation
§ 6a. 103A-2 (f) , the average area purchase prices of all
single family residences for the Oakland, California primary
metropolitan statistical area (the "PMSA" ) for the periods
March 1, 1983 through February 29, 1984, which, with respect
to such PMSA, is the most recent 12-month period for which
sufficient statistical information is available, is $123, 142
for existing residences.
This Board further finds and determines that the
above average area purchase price for existing residences is
based on more accurate and comprehensive data than the
average area purchase price limitations published by the
Treasury Department for the San Francisco, California
standard metropolitan statistical area and that no such
average area purchase price limitations have been published
for the PMSA. The above average area purchase price are
subject to adjustment from time to time by this Board by
resolution in accordance with the Rules and Regulations
referred to in Section 2 hereof.
4. This Board hereby finds and declares that
there are insufficient numbers of creditworthy persons whose
income does not exceed 80% of countywide median household
income to allocate no less than half the remainder of funds
allocated for home mortgages where the purchaser will not be
the first occupant for households whose income does not
exceed 80% of such countywide median household income. This
Board therefore determines that no less than half the
remainder of funds allocated for such home mortgages will be
used for households whose income does not exceed 90% of
countywide median household income.
This Board hereby finds and declares that there are
insufficient numbers of creditworthy persons whose income
does not exceed 100% of countywide median household income to
allocate no less than twenty percent of the remainder of
funds allocated for home mortgages where the purchaser will
be the first occupant for households whose income does not
exceed 100% of such countywide median household income. This .
Board therefore determines that no less than twenty percent
of the remainder of funds allocated for such home mortgages
will be used for households whose income does not exceed 110%
of countywide median household income.
5. Based on the opinion letter of The Land
Economics Group this Board hereby finds and determines that,
in accordance with United States Treasury Temporary
Regulation §6a. 103A-2(h) (2)-(3) , the portion of the lendable
3
040511-0012-188-4530s
000 6rr
proceeds of the Bonds required to be made available for home
mortgages with respect to residences in targeted areas is
equal to $865, 983, being 40% of the average annual aggregate
principal amount of mortgages executed during the immediately
preceding three calendar years for single-family,
owner-occupied residences in targeted areas (as defined in
§6a. 103A-2(b) (4) and (5) of said Temporary Regulations and as
of the date three months prior to the date of issuance of the
Bonds) within the jurisdiction of the parties to the Joint
Exercise of Powers Agreement and the Participating Cities.
This Board hereby further directs the Trustee (as
hereinafter defined) and the Administrator to make any
additional amount of lendable proceeds of the Bonds available
for home mortgages with respect to residences in targeted
areas to the extent necessary to fully comply with the
provisions of the Indenture.
6. The Authority hereby authorizes Manufacturers
Hanover Trust Company of California to establish and maintain
on behalf of the Authority escrow accounts, into which
certain deposit fees and commitment fees received from
developers participating in the Program are to be deposited.
7. Pursuant to the Act and the Indenture
(hereinafter defined) , revenue bonds of the Authority,
designated as "Contra Costa Home Mortgage Finance Authority
1984 Home Mortgage Revenue Bonds, " in the aggregate principal
amount of not to exceed $59 . 5 million (the "Bonds" ) , are
hereby authorized to be issued; provided, however, that in no
event shall the aggregate principal amount of Bonds issued
exceed the sum of the allocations of the parties to the Joint
Exercise of Powers Agreement which have been approved by the
Mortgage Bond Allocation Committee pursuant to Sections 50189
and 50191, and assigned to the Authority pursuant to Section
50193, of the Health and Safety Code of the State of
California.
8. The proposed form of purchase contract between
the Authority and Dean Witter Reynolds Inc. , as underwriter
(the "Underwriter" ) , in substantially the form presented to
this meeting, and the sale of the Bonds pursuant thereto, are
hereby approved. The Chairman and Vice-Chairman of the
Authority are hereby authorized and directed, for and in the
name and on behalf of the Authority, to accept the offer of
the Underwriter to purchase the Bonds substantially in the
form contained in said purchase contract and to execute and
deliver said purchase contract in substantially said form,
with such additions thereto or changes therein as such
officers may require or approve, such approval to be
4
040511-0012-188-4530s
doQ���
conclusively evidenced by the execution and delivery thereof
(as finally executed, the "Purchase Contract" ) .
9. Verex Assurance, Inc. is hereby designated as
private mortgage guaranty insurer for home mortgages.
10. The proposed form of indenture dated as of
August 1, 1984, between the Authority and Manufacturers
Hanover Trust Company of California as trustee (the
"Trustee" ) , presented to this meeting, is hereby approved.
The Chairman or Vice Chairman and Secretary or Assistant
Secretary of the Authority are hereby authorized and
directed, for and in the name and on behalf of the Authority,
to execute and deliver an indenture in substantially said
form, with such additions thereto or changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery
thereof. The date, maturity dates, interest rate or rates,
interest payment dates, denominations, form, registration
privileges, manner of execution, place of payment, terms of
redemption and other terms of the Bonds shall be as provided
in said indenture as finally executed, and may or may not
include municipal multiplier bonds; (the "Indenture" ) ;
provided, however, that the terms of the Bonds shall be such
as to result in a true interest rate on the Bonds not to
exceed eleven and one-half percent ( 11 . 5%) per annum and in a
stated rate of interest on the Home Mortgages not to exceed
eleven and one-half percent ( 11 . 5%) per annum, excluding
private mortgage insurance.
11. The proposed form of origination, service and
administration agreement dated as of August 1, 1984, among
the Authority, the County of Contra Costa, as administrator
of the Program (the "Administrator" ) , Verex Assurance, Inc.
(the "Compliance Agent" ) , the Trustee and the lending
institutions identified in Exhibit A hereto, with such
additional lending institutions (and omitting such lending
institutions) as may be approved by the Chairman and/or Vice
Chairman of the Authority (the "Lending Institutions" ) , in
substantially the form presented to this meeting, is hereby
approved. The Chairman and/or Vice-Chairmari of the Authority
are hereby authorized and directed, for and in the name and
on behalf of the Authority, to execute and deliver an
origination, service and administration agreement with said
Lending Institutions (or any or each of them) in
substantially said form, with such additions thereto or
changes therein as such officers may require or approve, such
approval to be conclusively evidenced by the execution and
delivery thereof.
5
040511-0012-188-4530s
000OPQ
12 . The proposed form of developer agreement,
dated as of July 1, 1984, among the Authority, the Trustee,
the Administrator and the developers identified in Exhibit B
hereto, with such additional developers (and omitting such
developers) as may be approved by the Chairman and/or Vice
Chairman of the Authority (the "Developers" ) , in
substantially the form presented to this meeting is hereby
approved. The Chairman. and/or Vice Chairman of the Authority
are hereby authorized and directed, for and in the name and
on behalf of the Authority, to execute and deliver a
developer agreement with said Developers (or any or each of
them) in substantially said form, with such additions thereto
or changes therein as such officers may require or approve,
such approval to be conclusively evidenced by the execution
and delivery thereof.
13 . The proposed form of final official statement
relating to the Bonds, in substantially the form presented to
this meeting, is hereby approved. The Chairman of the
Authority is hereby authorized and directed, for and in the
name and on behalf of the Authority, to execute a final
official statement in substantially said form, with such
additions thereto or changes therein as such officer may
require or approve, such approval to be conclusively
evidenced by the execution thereof. The Underwriter is
hereby authorized to distribute copies of the preliminary
official statement and said official statement, as finally
executed, to persons who may be interested in the purchase of
Bonds and are directed to deliver copies of said official
statement to all actual purchasers of Bonds. Distribution
heretofore by the Underwriter of the Preliminary Official
Statement relating to the Bonds, is hereby approved,
confirmed- and ratified.
14. The seal impressed in the margin hereto is
hereby adopted as the official seal of the Authority.
15. Bonds in the aggregate principal amount of not
to exceed $59. 5 million shall be executed by the facsimile
signature of the Chairman of the Authority, the facsimile of
the seal of the Authority shall be reproduced thereon and
attested by the facsimile signature of the Secretary of the
Authority, in the form set forth in and otherwise in
accordance with the Indenture. Such Bonds may be delivered
in temporary form pursuant to the Indenture, if in the
judgment of the Chairman of the Authority delivery in such
form is necessary or appropriate until Bonds in definitive
form can be prepared, in which case the foregoing signature.s
shall be manual and the seal of the Authority shall be
impressed on such Bond or Bonds in temporary form.
6
040511-0012-188-4530s
0O0n
16. The Bonds, when so executed, shall be
delivered to the Trustee for authentication. The Trustee is
hereby requested and directed to authenticate the Bonds by
executing the Trustee' s certificate of authentication and
registration appearing thereon, and to deliver the Bonds,
when duly executed and authenticated, to the Underwriter in
accordance with written instructions executed on behalf of
the Authority by the Chairman, Vice Chairman or Secretary of
the Authority, which instructions said officer is hereby
authorized and directed, for and in the name and on behalf of
the Authority, to execute and deliver to the Trustee. Such
instructions shall provide for the delivery of the Bonds to
the Underwriter in accordance with the Purchase Contract,
upon payment of the purchase price thereof.
17. All actions heretofore taken by the Authority
and by the officers and agents of the Authority (including,
but not limited to, the Administrator), with respect to the
formation of the Authority, the establishment of the Program
and the sale and issuance of the Bonds are hereby approved,
confirmed and ratified, including but not limited to the
selection of the Lending Institutions and the Developers and
allocation. thereto of moneys to be made available by the sale
of the Bonds for the acquisition of home mortgages ( subject
to such changes in such selections and allocations as such
officers and agents may deem necessary or advisable prior to
issuance and delivery of the Bonds) . The Chairman or other
officers of the Authority are hereby authorized, as they see
fit, for and in the name and on behalf of the Authority, to
obtain bond insurance, insuring the payment of principal and
interest on the Bonds, on such terms as such officers may
approve. The Chairman or other officers of the Authority are
hereby authorized to obtain insurance on the home mortgages
as such officers, and on such terms, as such officers see
fit, including but not limited to pool insurance and special
hazard insurance. The Chairman or other officers of the
Authority are hereby authorized and directed, for and in the
name and on behalf of the Authority, to do any and all things
and take any and all actions and execute and deliver any and
all certificates, agreements and other documents, including
but not limited to those described in the Indenture, the
Purchase Contract and the other documents approved herein and
in Resolution No. 84-1, which they, or any of them, may deem
necessary or advisable in order to consummate the lawful
issuance and delivery of the Bonds in accordance with this
resolution and Resolution No. 84-1 heretofore adopted by the
Authority and in order to carry out the Program.
18. The Administrator is hereby authorized to
approve on behalf of the Authority the reallocation of any
and all moneys under the Origination, .Service and
7
040511-0012-188-4530s 0002 7
Administration Agreement to Lending Institutions and under
the Developer Agreement to Developers, in accordance with the
provisions of such agreements.
19. This resolution shall take effect immediately
upon its adoption.
ADOPTED this 24th day of July, 1984, by the
following votes:
Ayes:
Noes:
Absent: L
Chairman
ATTEST:
B y:
Assistant 4recretary
8
040511-0012-188-4530s
00027P
EXHIBIT A
Lending Institutions Participating in the
• • 1984 Contra Costa Home Mortgage Finance Program
Alta Mortgage
City Bond & Mortgage
First California Mortgage
• International Mortgage
Investors Mortgage
Lindsey and Company
Mission Bay Mortgage
Statewide Mortgage
Wells Fargo Mortgage
s..
3.
pQ0?"�
t f ,
.t
r
t C c c c c c c c c C c C c C C c c c c c c c c c c-
c c C c c P Pcc cv , Inc cPPc c c c c CIf, c c
P C G C P P J v C •/-,P P P C c P P G C C P J C P C C ,
P T
V d N ^ n C J N cc ,C c J N v, v1 C C a
ucc ,
c P Q C c ^ P ^ J n C C N P— P N P C N �••
••� ^ ^ .�
• �• R 1 1 1 1 1 1 1 1
C 1 c 1 c 1 C 1 'c t C I C I C1 ,
t7 C C C t7 .P PPC C C v, V1 V1•/' C C P P C C C C C C .n C C.
c G C C P c C P P PPG G PPC C C n v C C C C '
C
P ,C J K a V, c N cc C c cc L^ P N J P u'•N N ✓� �!' P C r-
(71
P N G P G cc cc SIC n P-n cc C
S v> >
a d a
f. u C
R
r V C_
_C C ^
rwx c Nc L• w �[ .-• v�v�n v.OV Oe•1 v�.n �N vCnaC nJ ^ N •_
1 W n ^ N N N N ^ ^ N N N n ^ h^ h N ^
C G C
w V
4l C O C u
( Z u u u
a
� •C
I L O
n P %C C V'+cc .0 C VY-2 cc P J C%C C C ^ cc J G L
W tC J a P C P n cc ^ V1,C ,C n P ,C r N n 0C n n n v1 aC J .0 C u
4: G L .- nn �. NN ... ^ ^ •ter •- ^ w
' C
} C ~ >
1 W f
F « O c OOCC•ccc cc c cccc
• c ccc c c c c c o cc c c cc cc c 'cccc c
c = c
0 Z c E c c c c c c c c C C CCC cc: cc c ccc c
< r- u C C C c C C C C C C C V, C C C C c V^ C C C C V
C c c c c C O O c C C C , c cc cc N c c c c 6•
t V, r: •/' c NGr, u^ Gn — NN E
` LF,'. C, N ^ N N N N N ^N N �- N �• ^ ^ ^ N N ^ L
C
co G to
t 0.
>. T >. >• O >.
>� C
d E R R R E R R r R R tE'. r to E
co 7 R R R d R C
R m x V, 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 4 0. {+ C C
E a d G
ly oZc d aC a a w aC L IY OC tX e[ cc u cc tY Y Y Y tY Ci tY 'O 'C tY G T d' oC C � a
`4.' C>-
C G C C C I C C C G C = C C C C C - ro C C ej C- C C C F
1 2 - , F V: V, V, v. In F V. h V, v V. C N V. N v V:'v V. V. U U Lr, N V v, Lr F ..
Gy
T T C
Z r,
cc x u bt aC w u
d R w W d n. v.
W W 7 d w w
_ .70.Q ►- C L W G C
Q C m u m O N T 'V L m V. V r-
T L
r. u G S t d t C w C u L F C -C
a�C •.•• u >,- u u RT >+ >•u �+' 3 u >• u C u C T u u c u u u u C >+ T C ^
C . u C d - G G m d d d C u G d 0 +^ G E d 0 7 u a ' '-� u 6 d E O
0. R +• c: ++ R .. •-ir +. 0- C ++ .+ � CL6. L C C ^ ^ r >
u u x w u u d'X x x u d u x u
r G C r d C c ^ r, r to c L. C R C it C +' to C R C r, R c 1S r, C
< C S < 6 o. 0 CC < 3.00 < G « < w C < 3 � t= S Z 3 BGG Iz G
fcc
a Ij
Z r m w E 41
T
3o X i to E
E,
cc Gl m m m -�' .~•+ •C.0 m F O Q V c .
Z 4 'J d d d.w d ++ R w to d d ^ W c - .
t: d d �+ u u O S O S d 7 O N u > u ^ a
C aC++ to cc R C — Y O d G R c r. +• d d x L
> m u u u R 'j W V at W d u W
++ 4 V +•• d d m m m Y d tc u d d T to W 'O G. c ►- W R a
v. d moc oCEt� 47t.: -• m d w c -+ +- m c A. FFa >
++ d m cc d 'c O w w d a d O O t9 R
> 0C m R w C - X u u u W > u to u'O L •••� 7 T w G C 0 'O -O T t
S +• R d u V E cc 7 7 " u R m x u m C C C x d w w cc c C d
T ^ w C c C c u au to O C ac O d d u Lc �+ L i C C ^ v.
F+ ^• L w.-+ u a 0 •-• ^a •r 7 •-• m ►+ 0
7 �• >, cu F to R R O d W O w w O R d T >, C y
to > V S S < Z 3 Z Z V G > L S Y < V L Z 3 U .% C 6 6 >
r
O ^ u
e —G
I: r Lm. 6 u Vu u
V G G G O V, c c ^
j +,• .� T'D R R tcto R c C c c • W •.- d d d . R ..
't; •O ^ m m G G c c d d d d E E E m co
1. w +. Y d d w w ., w w. d d d d u u u c �+ �+ d d C
R R - E E ootcsa, rov Ntn V> m R Rx m V. E E • L.,
FFF U U S S O O C .'p, L1- d d G c c C G
. W 2 2 b •a a a .O • • • • O C T > > + S U U U
• d •b •O C C C G C G V U v C c c oc w
O C C C C C C w W
C C 0 ^ t- w w C C-C T C
R R' R tC tC �+ �+ u �+ N ^� r- R 7 u d C C C a
^ G O u u T T E E E E E w w W w .+ ••-� T 'O L c c x x R R R rc c >
d d d d c R C C E E E. E C
l > W 1- u u > > 7 n - - X C c C tG cr R R w Y V. C C ••- t- ^ C i
u R R ^ r R r R r R R w u u u C d a w 1- O C C V. V. r
�. ALL 4: UGG YXDC be X: VI. V: ZG G VL; Z = 7
A .
• 1
C C C C C C C v'i
O.
• C V
L R
777
• a a c c c cc c c c '
cCCCCC0Ln
C c o C C C c c
v I
ft Cn n cc T O• r-
P.•-• C cc — T'N O '
'O V.
d aJ >
P. u 7 U'
u Cv C
R v.
C C ^ a
L
tet+• LCv WN Ln Lm v)L v u
c IVw
L G O
O o L v.
Z u u u
u
a.
o '
N u w
Ix to u a
c - m i
L: C occv N Nrncc m L '
wcc v o IM acv u
C:
c c c
r
v: c
S � r
F u C C C C O C C
C C C C C C C C C
•�qq tU C C C C C C C
• Q R u C C O O C C c V.
O .c- c c c C (V -
tr. J.HH C u'• Ir't n C C C E '
F E c
4--)
p 0. T a
w � u V .r .•. .+ •
s C E E v. •.+" ++ u N
m 7 IE'-' a a! R R
L c C C �• C 4s. v. Ir 4. C
2 G W 7 7 +• '
F— C E E a! E _N G G G W
co LC N T T Oc T aC L Oc a! ,
li C C C C C C L
= C Fuu Lnu NF F tr.
X U O
W W
Z � �
� S w
F tU
' < • C u u p V. N V C
a r r,
c u ¢ v. c
-
Q u I
d
� 1
R ✓ ac d C
2 m rL E a!
d ac.+ u O. O i
C ttc -= C S L '
C ej > to
Ln v a >
•.•� v w C O O d a7
> Oc u ft w M w
• z w u bc r c G c to O '
L c
v tr. x v 4. a 1` u In
u
r i
c u i
.
V. c
w u v
Q
r .c
c to
c of
o c v. v. ¢ v. c 'O ar
_G C E G C � u u
. u Oc fY^ S 2 S I T d W
O C •�
X x X w w
u R al •
c u a a w r_. ar a >
d u u C L E O I
> ^ •— C C C C •— r C c 1
d tr. V. G C C C r u 0' tr R
u u ci u 3 W. F
000�� , I
ASSISTANT SECRETARY' S CERTIFICATE
I , eaa e . ( , s /;o Assistant Secretary of he
Contra Costa Home Mortgage.. inance Authority, hereby certify
as follows:
The foregoing is. a..full., true,.and correct copy of_a
resolution duly adopted by 'a vote of a majority of' the '
members of the Governing Board of said Authority, at;,a meeting °
duly, regularly and legally held at the Board of' Superviso.rs' "
Chambers, Room 107, 651 .Pine:. Street;, Martinez; California,
thereof on July 2L1, /y��, of which meetingz 'ail of said, '
members had due-noti:ce� as, follows,.:.-. _...,
Ayes: 1��ree �vhs �o'wers /-��ide,� ScHaa/er
Noes:
Absent:
I have carefully compared the foregoing with;�the_,_ n
original minutes of said meeting on .file. ,and of, record in my ` .
office, and the foregoing is a full, true and correct"copy 'of `
the original resolution adopted at said meeting and entered
in said minutes.
Said resolution has not been amended, modified or
rescinded since the date of its adoption, and the same is now
in full force and effect.
Dated: Assistant Secretdry of the
Contra Costa Home Mortgage
Finance Authority
[ SEAL]
11
040511-0012-188-4530s
00 �. �
T 1
1. CC Home Mortgage. Fin. Auth,. Gov Bd, Res 84-2
2. Feasibility Study apprvd
3. Same as 1
4. Rules & Regulations estbd eligibility criteria
5. Same as 1
6. Purchase,!price/average area for exist residences
7. Same as 1
8 . Findings. re nos of creditworthy persons
9. Same as 1
10. Findings amounts required targeted areas
11. Same as 1
12. Escrow estbd
13. Same as 1
14. Revenue bonds issuance/sale/delivery
15. Same as 1
16. Dean Witter Reynolds purchase contract apprvd
17. Same as -1
18. Verex Assurance mortgage insurer apprvd
19. Same as 1
20. Manufacturers Hanover Trust Co apprvd
21. Same as 1
22. Developer agrmt form apprvd
23. Same as 1
24. Seal of Authority apprvd