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HomeMy WebLinkAboutMINUTES - 11151983 - 1.47 COUNTY OF CONTRA COSTA RESOLUTION NO. 83/1173 RESOLUTION OF THE COUNTY OF CONTRA COSTA APPROVING THE ISSUANCE OF -COUNTY OF CONTRA COSTA MULTIFAMILY MORTGAGE REVENUE BONDS, SERIES 1983 A (FHA INSURED MORTGAGE LOAN - CEDAR POINTE APARTMENTS PROJECT) AND AUTHORIZING THE EXECUTION AND DELIVERY OF A DEVELOPMENT AGREEMENT WHEREAS, Part 5-of Division 31 of the Health and Safety Code of the State of California (the "Act" ) authorizes cities and counties to incur indebtedness for the purpose of making mortgage loans to housing sponsors to finance the development of multifamily rental housing and to issue revenue bonds for said purpose; WHEREAS, this Board of Supervisors has determined to assist Lincoln Alcosta Limited Partnership (the "Owner" ) by providing monies for a loan (the "Mortgage Loan" ) to finance the construction of a multifamily rental housing development for persons of low or moderate income (the "Project" ) ; WHEREAS, in order to provide the monies for the making of the Mortgage Loan, this Board of Supervisors has determined that the County shall issue its County of Contra Costa MultiFamily Mortgage Revenue Bonds, Series- 1983 A (FHA Insured Mortgage Loan - Cedar Pointe Apartments Project) , in a principal amount not to exceed $15, 000,.000 (the "Bonds" ) ; WHEREAS, pursuant to Section 103 (k) of the Internal Revenue Code, as amended (the "Code" ) the Bonds are required to be approved, following a public hearing, by an elected representative of the issuer of the Bonds and an elected representative of the governmental unit having jurisdiction over the area in which the Project is located; WHEREAS, the Project will be located wholly within �. the geographic jurisdiction of the County; WHEREAS, this Board of Supervisors is the elected legislative body of the County; WHEREAS, the County caused notices to appear in the the Richmond Independent, Contra Costa Times and the Antioch Daily Ledger all of which are newspapers of general circulation in the County, 'on August 12, 15 and 16, 1983 , respectively, to the effect that a public hearing would be held by this Board of Supervisors on August 30, 1983, regarding the issuance of the Bonds and the nature and location of the Project; RESOLUTION NO. 83/1173 182 WHEREAS, this Board of Supervisors held the ts;44 public hearing on such date, at which time an opportunity was provided to present arguments both for and against the issuance of the Bonds and the nature and location of the Project; l NOW, THEREFORE, BE IT. RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: 1. This Board of Supervisors does hereby find and declare that the above recitals are true and correct. 2. Pursuant to Section 103 (k) of the Code, this Board of Supervisors hereby approves the issuance of the Bonds to provide financing for the Project. It is the purpose and intent of this Board of Supervisors that this resolution constitute approval of the issuance of 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 said Section .103 (k) . 3 . Said proposed form of Development Agreement is hereby approved, and the Chairman, Vice-Chairman and County. Clerk (the "Designated Officers" ) are hereby authorized and directed for and in the name and on behalf of the County, to execute and deliver to the Trustee said Development Agreement . in said form with such changes therein as the Officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery of thereof by such Officers. 4. This Resolution shall take effect immediately upon its passage. s k RESOLUTION NO. 83/11.73 2 183 ADOPTED this .15th day of November 1983, by the following vote: AYES: Supervisors Powers , Fanden , Torlakson , Schroder. NOES: None. ABSENT: Supervisor McPea Chairman ATTEST: J.R. Olsson County Clerk By: Deputy ount Clerk ' P Y Y C. Matthews s ?t ' RESOLUTION NO. 83/1173 3 184 CLERK' S CERTIFICATE I, C. Matthews Deputy Clerk of the County of Contra Costa, hereby certify as follows: ' The foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the members of the Board of Supervisors of the County of Contra Costa duly, regularly and legally held at the regular meeting place thereof on Nov. 15 1983, of which meeting all said members had due notice and at which at least a majority thereof were present; At said meeting said resolution was adopted by the following vote: Ayes: Supervisors Powers , Fanden , Torlakson , Schroder. Noes: None. Absent: Supervisor McPeak, I have carefully compared the foregoing with the original minutes of said meeting on file and on 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; and 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: November is . , 1983 . n/ . Deputy Clerk [SEAL] C. Matthews RESOLUTION NO. 83/.1.173 4 185