HomeMy WebLinkAboutRESOLUTIONS - 09111984 - 84-543 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
September 11 ,. 1984
Adopted this Order on , by the following vote:
AYES: Supervisors Powers , . McPeak, Torlakson.
NOES: None .
ABSENT: Supervisors Fanden , Schroder .
ABSTAIN: None .
SUBJECT:
Resolution Conditionally Providing )
For The Issuance of Bonds To )
Finance Housing To Be Constructed ) RESOLUTION NO. 84/543
and Owned By Braddock & Logan )
Associates )
WHEREAS, the County of Contra Costa (the "County") is a legal subdivision and
body corporate and politic of the State of California, duly organized 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 Martinez 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, Braddock & Logan Associates have 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 northwest corner of Pine Street;and Howe Road (Assessor's
Parcel #376-252-001), Martinez, to be acquired and constructed by the Owner or by a
related entity, and the County wishes to induce the Owner to acquire and construct the
Project at said location; and
WHEREAS, it is in the public interest and for the public benefit that the County
authorize such financing for the Project, 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:
R`ESOLUTION. NO . 84/543
00041
(2)
1. The County will issue, at one time or from time to time, bonds in an
aggregate principal amount not to exceed $3,000,000 for the Braddock & Logan Pines
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 County is
hereby authorized to execute said preliminary agreement for 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 Clerk of the Board, the County
Planning Director, County Administrator, 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.
t hereby cc�slf;+that"ri;is a true and correct copy of
ar, action on tiie minutes of the
Board of Suf�G:fi^ os: L':e da/t'e shown
ATTESTED: tel-
PNti 3 ` .:'.C.,..2t; C°er'r, of fhe Board
of Supervisors and County Adn iinistrator
/12
Deputy
cc: Braddock & Logan
City of Martinez
Dean Witter Reynolds
Orrick, Herrington & Sutcliffe
Director of Planning
County Counsel
County Administrator
F
RESOLUTION NO. 84/543
00042