HomeMy WebLinkAboutMINUTES - 12111984 - 1.35 BOARD OF SUPERVISORS 1 �
Contra
FROM: Anthony A. Dehaesus +
Director, of Planning �' r Cosh
DATE: County
December 4, 1984
SUBJECT: MULTI-FAMILY REVENUE BOND PROGRAM COOPERATIVE AGREEMENT WITH
SONOMA COUNTY
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION: Approve Cooperative Agreement with Sonoma County Relative to
Issuance of Multi-Family Mortgage Revenue Bonds; and authorize the Chairman to
execute said agreement
BACKGROUND
Similar to Contra Costa County, the County of Sonoma was structuring a multi-family
revenue bond financing program for a pool or group of developers. The professional team
assisting Sonoma County (underwriters, bond counsel, and financial advisor) were identical
to the County, as was the lender for the program. Unlike the County's program, the
Sonoma County pooled development program was unfortunately unable to achieve the
necessary size to make a bond issue cost effective. Because one development was
feasible and still desired the financing, the County of Sonoma has requested that Contra
Costa County include the development in our bond issue. The Sonoma County project,
Park-Meadows Apartments, is a project located in Rohnert Park.
The inclusion of the additional Sonoma County project will not have any detrimental
timing or issuance effects on the County issue. Monitoring compliance with regulatory
agreement requirements will be carried out by the Sonoma County Housing Authority, as
an agent of Contra Costa County.
CONT I ED ON ATTACHMENT: YES SIGNATURE:
COMMENDATION OF COUNTY ADMINISTRATOR R OM EN ATION O BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON 2 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
®® o®
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: _ AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISOR ON ZTHE /DATE SHOWN1. /Count Administrator � �� ��Z /9�'�
CC: Y ATTESTED �—
County Counsel PHIL BATCHELOR, CLERK OF THE BOARD OF
Orrick Herrington and Sutcliffe SUPERVISORS AND COUNTY ADMINISTRATOR
Sonoma County Housing Authority
M302/7-83Mg1F -BY DEPUTY
Z . MULTI—FATMIL Y MORTGAGE PEVE UE 6O DS
SONOMA COUNTY C'OI_dTRA'U"T APPRVD
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