HomeMy WebLinkAboutMINUTES - 09181984 - 1.86 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on September 18 , 1984 , by the following vote:
AYES: Supervisors Powers , Fanden, McPeak , Torlakson.
NOES: None .
ABSENT: Supervisor Schroder
ABSTAIN: None .
SUBJECT:
Amendment to Resolution 84/402, )
a Resolution Conditionally )
Providing for the Issuance ) RESOLUTION NO. 84/567
of Bonds to Finance Housing )
to be Constructed and Owned by )
Contra Loma Associates )
WHEREAS, by Resolution 84/402 adopted on June 26, 1984, the Board of.
Supervisors expressed its conditional intent to issue bonds to finance a 128-unit rental
housing project located on San Jose Drive in Antioch for Riley Bower, Inc.; and
WHEREAS, the owner of the project will be Contra Loma Associates, a
California Partnership composed of Riley Bower Apartments III, a California Limited
Partnership, the general partner of which is Riley Bower, Inc., a California Corporation, and.
FNS Mortgage Service Corporation, a California Corporation wholly owned by First
Nationwide Savings, a Federal Savings and Loan Association.
WHEREAS, it is the purpose and intent of the County that Resolution 84 402, as
amended hereunder, shall constitute official action toward the issuance of obligations by the
County in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States
Department of the Treasury.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the
County of Contra Costa hereby amend Section 1, Resolution 84/402 as follows:
1. The County will issue, at one time or from time to time, bonds in an
aggregate principal amount not to exceed $6,000,000 for the Contra Loma Associates -
Contra Loma Apartments Project .to provide financing for the Project, subject to the
conditions that (i) the County by resolution shall have first agreed to acceptable terms and
conditions for the bonds (and for the sale and delivery thereof), and for an indenture and all
other agreements with respect to any of the foregoing; ' (ii) all requisite governmental
approvals shall have first been obtained; (iii) the bonds shall be payable solely from revenues
received with respect to loans or other investments made with the proceeds of such bonds,
and neither the full faith nor the credit of the County shall be pledged to the payment of. the
principal of or interest on any such bond; (iv) the County and the owner shall have entered
into a preliminary agreement concerning the financing, in substantially the form before this
meeting, with such additions or deletions as are considered necessary or appropriate by the
County Planning Director_or the County Administrator and the Ov'-ner, and the Chairman of
the County is hereby authorized to execute said preliminary agreement for and in the name
and on behalf of the County; (v) at least twenty percent (20%) (fifteen percent (15"x) in
targeted areas) of the Project units are to be occupied by individuals or families of low or
moderate income as defined in Section 103(b) for at least the period required by Internal
Revenue Code of 1954, as amended, said section, and the Project shall otherwise meet any
federal requirements for tax exemption of interest on the bonds and any requirements of the
County applicable to such financinp,s.
I hereby cerft";that this Is a true and correct cop) 01
an action tak.c.- and entered cn fhe minutes of the
cc: City of Antioch Board of Supervl rs on the date shown.
Riley Bower Inc. ATTESTED: ��Pe9
First Nationwide Savings PHIL BATCHELOR, Clerk of the Board
-Orrick, Herrington & Sutcliffe of Supervisors and County Administrator
Director of Planning
County Counsel
County Administrator By , Deputy
RESOLUTION NO. 84/567 00189