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HomeMy WebLinkAboutMINUTES - 12181984 - 1.7 'THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on December 18 , 1984 / by the following.vote: AYES: Supervisors Powers , Fanden, McPeak, Schroder , Torlakson. NOES: None . ABSENT: None . ABSTAIN: None . SUBJECT: Resolution Conditionally Providing ) For The Issuance of Bonds To ) Finance Housing To Be Constructed ) RESOLUTION NO. 84/774 and Owned By Cavallo Apartments, ) A General Partnership ) WHEREAS, the County of Contra Costa (the "County") is a legal subdivision and body corporate and politic of the State of California, duly organzied and existing under the Constitution and laws of the State of California; and WHEREAS, the Board of Supervisors of the County, after careful study and consideration, has determined that there is a shortage of safe and sanitary housing within the County, 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 County to assist in the financing of housing developments; and WHEREAS, the City of Antioch has requested that the County prospectively include rental housing developments in their community in the County's proposed issuance of bonds to finance said housing, and have approved a cooperative agreement with the County for said purposes; and WHEREAS, Cavallo Apartments, A General Partnership, a.k.a., Ivan Albert and Robert Pyle as individuals (the "Owner) has requested that the County issue and sell its bonds for the purpose of financing a multi-unit rental housing project (the "Project"), to be located at the southeast corner of Wilbur Avenue and Cavello Road, Assessors Parcel #065-110-009,010,012,015,and 016, Antioch.,to be acquired and constructed by the Owner or a related entity, and the County wishes to induce the Owner to acquire and construct the Project at said location and + i WHEREAS, it is in the public.interest and for the public benefit that the County authorize such financing for the Projects, and it is within the powers of the County to provide such financing; and NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa as follows: 1. The County will issue, at one time or from time to time, bonds in an aggregate principal amount not to exceed $12,500,000 for the Cavallo Apartment Project to provide financing for the Project, subject to the conditions that (i) the County 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 County shall be pledged to the payment of the principal of or interest on any such bond; (iv) the County and the Owner shall have entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or appropriate by the County Planning Director or the County Administrator, and the Owner, and the Chairman of the Board is hereby authorized to execute said preliminary agreement for RESOLUTION NO. 84/'.774 00 158 Page 2 and in the name and on behalf of the County; (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 Project shall otherwise meet any federal requirements for tax exemption of interest on the bonds and any requirements of the County applicable to such financings. 2. The Chairman of the Board of Supervisors, The County Administrator and ex- officio Clerk of the Board, the County Planning Director, County Counsel and their deputies and other officers of the County are hereby authorized and directed to participate in the preparation of any resolution, indenture, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. It is the purpose and intent of the County that this Resolution constitute official action toward the issuance of obligations by the County in accordance with Section 1.103- 8(a)(5)(iii) of the Regulations of the United States Department of the Treasury. 4. This Resolution shall take effect immediately. cc: Cavallo Apartments, A General Partnership City of Antioch Director of Planning County Counsel County Administrator I hereby cormy niat th►s is a true and correct copy of an action !nkcn a^c;o:,tered on the minutes of the 1C Board or SM�e:-:i m on the d to shown. /.-,ATTESTED: PHIL D'TCHELOR, C'erk o° She so rd of Supery;,or nd County Administrator By , Deputy RESOLUTION NO . 84/'7 j 00 159 1 . MULTI-FAMILY MORTGAG REVENUE BONDS AUTH ISSUANCE 2 . ANTIOCH AREA RENTAL HOUSING RES 84/774 r J r'