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Home My WebLink AboutMINUTES - 09212004 - 2004 RES 490 RESOLUTION NO._,o 0 4`4 g o OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA RESOLUTION AUTHORIZING THE ISSUANCE AND DELIVERY OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $14,700,000 TO FINANCE A PORTION OF THE ACQUISITION AND REHABILITATION OF A MULTIFAMILY RENTAL HOUSING PROJECT GENERALLY KNOWN AS MARINA HEIGHTS APARTMENTS; DETERMINING AND PRESCRIBING CERTAIN MATTERS AND APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF VARIOUS DOCUMENTS RELATED THERETO; RATIFYING ANY ACTION HERETOFORE TAKEN AND APPROVING RELATED MATTERS IN CONNECTION WITH SAID BONDS. WHEREAS,the County of Contra Costa (the "County") is authorized pursuant to Section 52075 and following of the California Health and Safety Code (the "Act") to issue revenue bonds for the purpose of financing, among other things, the acquisition and rehabilitation of multifamily rental housing projects; WHEREAS, the proceeds of such bonds may be loaned to a nongovernmental owner of multifamily housing, who shall be responsible for the payment of such bonds, to allow such nongovernmental owner to reduce the cost of operating such housing and to assist in providing;housing for low income persons; WHEREAS, the County desires to participate in the financing of the acquisition and rehabilitation of a 200-unit multifamily rental housing development generally known as Marina Heights Apartments (the "Project"), which will be owned and operated by Steadfast Marina Heights, L.P., a California limited partnership, and entities related thereto (collectively, the "Borrower"), and in order to do so intends to sell and issue not to exceed $14,700,000 of its DOCSSFI:769787.3 46511-124378 multifamily housing revenue bonds in one or more series (as more fully described herein, the "Bonds"),and cause the proceeds thereof to be loaned to the Borrower,thereby reducing the cost of the Project and assisting in providing housing for very low income persons; WHEREAS,the County expects to receive on September 22, 2004 an allocation in the amount of $14,700,000 from the California Debt Limit Allocation Committee in connection with the Project; WHEREAS, there have been prepared and presented at this meeting the following documents required for the issuance of the Bonds, and such documents are now in substantial form and appropriate instruments to be executed and delivered for the purposes intended: (1) Master Agency Agreement (the "Agency Agreement") to be entered into between the County and U.S. Bank National Association, as holder of the Bonds (the "Bank"), and as agent of the County (the "Agent"); (2) Master Pledge and Assignment(the "Pledge and Assignment'')to be entered into among the County,the Agent and the Bank; (3) Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement'')to be entered into between the Borrower and the County; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: Section 1. This Board hereby specifically finds and declares that the statements, findings and determinations of the County set forth above are true and correct. Section 2. Pursuant to the Act and the Pledge and Assignment, the County is hereby authorized to issue the Bonds. The Bonds shall be designated as "County of Centra Costa Multifamily Housing Revenue Bonds (Marina Heights Apartments Project) Series 2004-C," in an DOCSSFi:769787.3 40511-124 J78 2 aggregate principal amount not to exceed $14,700,000. The Bonds shall be in the form set forth in and otherwise in accordance with the Pledge and Assignment. The Bonds shall be executed by the manual or facsimile signature of the Chair of the Board of Supervisors, and attested by the manual or facsimile signature of the County Administrator and Clerk of the Board of Supervisors (the "Clerk"). The Bonds shall be issued and secured in accordance with the terms of the Pledge and Assignment presented at this meeting, as applicable, and the payment of the principal of, redemption premium, if any, and interest on, the Bonds shall be made solely from the amounts and assets pledged thereto under the Pledge and Assignment. The County is hereby authorized to sell the Bonds to the Bank. The Bonds shall not be deemed to constitute a debt or liability of the County. Section 3. The form of Pledge and Assignment, on file with the Clerk, is hereby approved and an Authorized Issuer Representative (as defined in the Pledge and Assignment) is hereby authorized and directed to execute and deliver the Pledge and Assignment in substantially said form, with such changes therein as such officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. The date,. maturity date or dates (which shall not extend beyond October 1,2044), interest rate or rates(which shall not exceed 12% per annum), 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 the Pledge and Assignment as finally executed. Section 4. The form of Agency Agreement, on file with the Clerk, is hereby approved and an Authorized Issuer Representative is hereby authorized and directed to execute and deliver the Agency Agreement in substantially said form, with such changes therein as such DOCSSFI:7697$7.3 4051 1-1 24 J78 3 officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 5. The form of the Regulatory Agreement, on file with the Clerk., is hereby approved and an Authorized Issuer Representative is hereby authorized and directed to execute and deliver the Regulatory Agreement in substantially said form, with such changes therein as such officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 7. The Bonds, when executed, shall be delivered to the Agent for registration. The Agent is hereby requested and directed to register the Bonds by executing the certificate of registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to or at the direction of the purchasers thereof in accordance with the Pledge and Assignment. Section 8. The Board hereby appoints Orrick,Herrington& Sutcliffe LL.P., San Francisco, California, as bond counsel. Section 9. All actions heretofore taken by the officers and agents of the County with respect to the financing of the Project and the sale and issuance of the Bonds are hereby approved, ratified and confirmed, and any Authorized Issuer Representative is hereby authorized and directed, for and in the name and on behalf of the County,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 Pledge and Assignment, the Agency Agreement and the other documents herein approved,which such officer, or any of them,may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds and to effectuate the purposes thereof and of the documents herein approved in accordance with this resolution and DOCSSH 1:769787.3 40511-124 378 4 resolutions heretofore adopted by the County and otherwise in order to carry out the financing of the Project. Section 10. All further consents, approvals, notices, orders, requests and other actions permitted or required by any of the documents authorized by this resolution, whether before or after the issuance of the Bonds, including without limitation any of the foregoing which may be necessary or desirable in connection with any default under or amendment of such documents, any transfer or other disposition of the Project, any addition or substitution of security for the Bonds or any redemption of the Bonds, may be given or taken by an Authorized Issuer Representative without further authorization by this Board of Supervisors, and such Authorized Issuer Representative is hereby authorized and directed to give any such consent, approval, notice, order or request and to take any such action which such officer may deem necessary or desirable to further the purposes of this resolution and the financing of the Project. Section 11. This Resolution shall take effect upon its adoption. DOCSSFI:7697$7.3 445I1-124 J79 5 PASSED AND ADOPTED THIS 21st day of September, 2004. AYES: SUPERVISORS GIOIA,UILKEMA,GREENBERG,DeSAULNIER AND GLOWER NOES: NONE ABSENT:NONE Chair of the Board of Supervisors ATTEST: John Sweeten, County Administrator and Clerk of the Board of Supervisors f �r Deputy Clerk cc: Community Development DOCSSF1:769787.3 40511-124J78 6 CLERK'S CERTIFICA'T`E I, L E NA o' N E AL ,Deputy Clerk of the Board of Supervisors of the County of Contra Costa,hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the Board of Supervisors of said County duly and regularly held at the regular meeting place thereof on September 21, 2004,of which meeting all of the members of said Board of Supervisors had due notice and at which a majority thereof were present; and that at said meeting said resolution was adopted by the following vote: AYES: SUPERVISORS GIOIA,UILKEMA, GREENBERG,DeSAULNIER AND GLOVER NOES: NONE ABSENT: NONE An agenda of said meeting was posted at least 72 hours before said meeting at 651 Pine Street,Martinez, California, a location freely accessible to members of the public, and a brief general description of said resolution appeared on said agenda. I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that the foregoing resolution is a full,true and correct copy of the original resolution adopted at said meeting and entered in said minutes;and that 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. WITNESS my hand and the seal of the County of Contra Costa this z t gjtlay of 'SEPTEMBER 12004. John Sweeten, County Administrator and Clerk of the Board of Supervisors [SEAL] r Deputy Clerk DOOSSFI:769787.3 40511-124 378