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HomeMy WebLinkAboutMINUTES - 08201985 - 1.59 . 3464 OF RESOLUTION NO. OF THE HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA RESOLUTION CONCERNING THE ISSUANCE OF , REVENUE BONDS TO FINANCE THE CONSTRUCTION OF MULTIFAMILY HOUSING DEVELOPMENT(S) WHEREAS, the Commissioners of the Housing Authority of the County of Contra Costa (the "Authority"), after careful study and consideration, has determined that there is a shortage of safe and sanitary housing within the County of Contra Costa (the "County"), particularly for low or moderate income persons, and that it is in the best interest of the residents of the County and in furtherance of the health, safety, and welfare of the public for the Authority to assist in the financing of multifamily rental housing units; WHEREAS, pursuant to Division 24 of the Health and Safety Code of the State of 'California, and particularly Chapter 1 of Part 2 thereof (the "Act"), the Authority is empowered to issue and sell bonds, notes and other obligations for the purpose of making mortgage loans or otherwise providing funds to finance the development of multifamily rental housing including units for lower income households and very low income households; and WHEREAS, the Authority has now determined to provide financing for the multifamily rental housing development(s) identified in Exhibit A hereto (the "Development"), and in order to finance the Development the Authority intends to issue one or more issues of revenue bonds, notes or other obligations pursuant to the Act; NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Housing Authority of the County of Contra Costa as follows: 1. The Authority hereby determines that it is necessary and desirable to provide construction and permanent financing for the Development by the issuance, pursuant to the Act or other appropriate authority, of one or more issues of mortgage revenue bonds, notes or other obligations (the 'Bonds") in an aggregate principal amount not to exceed the amount set forth on Exhibit A hereto, subject to the conditions that (1) the Authority 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 Authority shall be pledged to the payment of the principal of or interest on any such bond; (iv) the Authority and the Owner shall have entered into a preliminary agreement concerning the financing, in substantially the form attached hereto as Exhibit B, with such additions or deletions as are considered necessary or appropriate by the Executive Director of the Authority, or the County Director of Community Development or the County Administrator, and the Owner, and the Chair of the Board of Commissioners, the Executive Director of the Authority and the County Director of Community Development are hereby authorized to execute said preliminary agreement for and in the name and on behalf of the Authority; (v) at least twenty percent (20%) (fifteen percent (15%) 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 Development shall otherwise meet any federal requirments for tax exemption of interest on the bonds and any requirements of the Authority applicable to such financings. The Development is to be located at the site and is to consist of approximately the number of units set forth in said Exhibit A, and is to be developed and owned by the Developer described therein or by a related entity or an entity to be created by persons comprising said developer. . Subject to final approval by the Commissioners of the Authority, the Executive Director of the Authority, other officers of the Authority, and the Director of Community Development for the County of Contra Costa are hereby authorized and directed, for and in the name and on behalf of the Authority, to take all necessary actions to finance the Development, including the actions necessary for the issuance of the Bonds. r \� Page 2 2. It is intended that this resolution shall constitute"someotherofficial action" toward the issuance of the Bonds to finance the Development within the meaning of Section 1.103-8(a)(5) of the Treasury Regulations promulgated under Section 103 of the Internal Revenue code of 1954, as amended. 3. The Executive Director of the Authority and other officers of the Authority and the Director of Community Development for the County of Contra Costa are hereby authorized and directed, for and in the name and on behalf of the Authority, to take all actions and to sign all documents necessary or desirable to effectuate the purposes of this resolution. 4. Nothingherei n contained shall bedeemed to create any liabilityonthe part of the Authority if the Authority, in its sole discretion, determines at any time and for any reason not to issue such Bonds or to finance the Development. This resolution shall takeeffectimmediately upon itspassageandadoption. PASSED AND ADOPTED by the Commissioners of the Housing Authority of the County of Contra Costa, this 20th day of August , 1985, by the following vote: AYES: Commissioners Powers , McPeak , Torlakson, Fanden. NOES: None . ABSENT: Commissioner Schroder. ABSTAIN: None . Chair man of the Authority ATTEST: Executive Director of the Authority le RESOLUTION NO. 3464 cc ; County Administrator County Counsel Housing Authority RESOLUTION NO.