Loading...
HomeMy WebLinkAboutMINUTES - 09271994 - 1.65 1. - Contra TO: BOARD OF SUPERVISORS Costa �.. J County FROM: Harvey E. Bragdon Director of Community Development DATE: September 27, 1994 SUBJECT: Multifamily Mortgage Revenue Bonds - Lakeshore Apartments, Antioch and Rivershore Apartments, Bay Point SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT resolutions approving the extension of the maturity of multifamily mortgage revenue refunding bonds, heretofore issued by: (1) the County of Contra Costa for the Rivershore Apartments, Bay Point; and (2) by the Housing Authority of the County of Contra Costa for the Lakeshore Apartments, Antioch. FISCAL IMPACT None. BACKGROUND/REASONS FOR RECOMMENDATIONS On September 13 the Board of Supervisors and the Board of Commissioners of the Housing Authority approved amendments to the Indenture, Financing Agreements and Regulatory Agreements for multifamily mortgage revenue refunding bonds sold for the Rivershore Apartments in Bay Point and the Lakeshore Apartments in Antioch. The possibility exists as part of this transaction to extend the maturity of the multifamily mortgage revenue refunding bonds, and to extend the period of the Regulatory Agreement requiring affordability. The recommended action would approve an extension to the maturity of these bonds and make the extension of the affordability period possible. CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR R COMMEND TION OF BOAR COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON September 27, 1994 APPROVED AS RECOMMENDED x OTHER IT IS BY THE BOARD ORDERED that Resolutions 94/462 and 94/463 are ADOPTED. VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A x UNANIMOUS (ABSENT I ) 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: James Kennedy 646-4076 Orig: Community Development ATTESTED September 27 , 1994 cc: County Administrator PHIL BATCHELOR, CLERK OF County Counsel THE BOARD OF SUPERVISORS Auditor-Controller AND UN DMINI TRATOR BY , DEPUTY J K:Ih srat ftonds.bos COUNTY OF CONTRA COSTA RESOLUTION NO. 94/46 RESOLUTION APPROVING THE EXTENSION OF THE MATURITY OF MULTIFAMILY MORTGAGE REVENUE REFUNDING BONDS HERETOFORE ISSUED BY THE HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA FOR THE LAKESHORE APARTMENTS PROJECT WHEREAS, the Housing Authority of the County of Contra Costa (the "Authority") has previously issued its $12, 095, 000 of multifamily mortgage revenue refunding bonds (the "Bonds") pursuant to Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California, in order to refinance a multifamily rental housing project pursuant to its program (the "Program") located at 600 Wilbur Avenue, in the City of Antioch, California, known as Lakeshore Apartments (the "Project") ; and WHEREAS, the Authority has requested that the maturity of the Bonds be extended to not later than December 1, 2020; and WHEREAS, the Authority has appointed the County of Contra Costa as administrator of its Program; and WHEREAS, the interest on the Bonds may continue to qualify for exclusion from gross income under Section 103 of the Internal Revenue Code of 1986 (the "Code") , only if the extension of the maturity of the Bonds is approved in accordance with Section 147 (f) of the Code; and WHEREAS, the Project is located wholly within the County of Contra Costa, California; and WHEREAS, the County of Contra Costa caused a notice stating that a public hearing regarding the issuance of the Bonds would be held by the Deputy Director-Redevelopment on September 26, 1994, to appear in the Contra Costa Times and the Antioch Ledger, which are newspapers of general circulation in the County, not less than fourteen days prior to the date of such hearing; and WHEREAS, the Deputy Director-Redevelopment has held the public hearing described above, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds and the nature and location of the program to be financed by the issuance of the Bonds; and WHEREAS, this Board of Supervisors is the elected legislative body of the County and is the applicable elected SP2-7258.2 94/463 k representative required to approve the issuance of the Bonds within the meaning of Section 147 (f) of the Code; and NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: 1. Each of the foregoing recitals is correct and is certified to be a representation of this Board of Supervisors. 2 . This Board of Supervisors hereby approves the extension of the maturity date of the Bonds. It is the purpose and intent of this Board of Supervisors that this Resolution constitute approval of the Bonds by the applicable elected representative of the issuer of the Bonds and the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with Section 147 (f) of the Code. 3 . This Board of Supervisors hereby accepts, on behalf of the County of Contra Costa, the appointment by the Authority to act as administrator of its Program. 4. The County Administrator and Clerk of this Board of Supervisors or a deputy thereof is directed to certify and deliver a copy of this Resolution to the Authority. 5 . This Resolution shall take effect immediately upon its passage and adoption. ADOPTED this 27th day of September, 1994, by the following vote: AYES: Supervisors Smith, DeSaulnier, Torlakson and Bishop NOES: None ABSTAINING: None ABSENT: None 1 Chair 6f the Board 7f Supervisors ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors By: - AAMJ Deputy SF2-7258.2 2 94/463 rw COUNTY OF CONTRA COSTA RESOLUTION NO. 94/462 RESOLUTION APPROVING THE EXTENSION OF THE MATURITY OF MULTIFAMILY MORTGAGE REVENUE REFUNDING BONDS HERETOFORE ISSUED BY THE COUNTY OF CONTRA COSTA FOR THE RIVERSHORE APARTMENTS PROJECT WHEREAS, the County of Contra Costa (the "County") has previously issued its $10, 900, 000 of multifamily mortgage revenue refunding bonds (the "Bonds") pursuant to Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California, in order to refinance a multifamily rental housing project pursuant to its program (the "Program") located at 1123 Shoreview Court, in the unincorporated area of the County known as West Pittsburg, California, known as Rivershore Apartments (the "Project") ; and WHEREAS, the County desires to extend the maturity of the Bonds to not later than December 1, 2026; and WHEREAS, the interest on the Bonds may continue to qualify for exclusion from gross income under Section 103 of the Internal Revenue Code of 1986 (the "Code") , only if the extension of the maturity of the Bonds is approved in accordance with Section 147 (f) of the Code; and WHEREAS, the Project is located wholly within the County of Contra Costa, California; and WHEREAS, the County caused a notice stating that a public hearing regarding the issuance of the Bonds would be held by the Deputy Director-Redevelopment on September 26, 1994, to appear in the Contra Costa Times and the Antioch Ledger, which are newspapers of general circulation in the County, not less than fourteen days prior to the date of such hearing; and WHEREAS, the Deputy Director-Redevelopment has held the public hearing described above, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds and the nature and location of the program to be financed by the issuance of the Bonds; and WHEREAS, this Board of Supervisors is the elected legislative body of the County and is the applicable elected representative required to approve the issuance of the Bonds within the meaning of Section 147 (f) of the Code; and NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: sF2a2ss.2 94/462 1. Each of the foregoing recitals is correct and is certified to be a representation of this Board of Supervisors. 2 . This Board of Supervisors hereby approves the extension of the maturity date of the Bonds. It is the purpose and intent of this Board of Supervisors that this Resolution constitute approval of the Bonds by the applicable elected representative of the issuer of the Bonds and the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with Section 147 (f) of the Code. 3 . This Resolution shall take effect immediately upon its passage and adoption. ADOPTED this 27th day of September, 1994, by the following vote: AYES: Supervisors Smith, DeSaulnier, Torlakson and Bishop NOES: None ABSTAINING: None ABSENT: Supervisor Powers dhair f the Board of Supervisors ATTEST: Phil Batchelor, County Administrator and Clerk of th Board of Supervisors By: (I/VM Deputy sF2-7258.2 2 94/462