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HomeMy WebLinkAboutRESOLUTIONS - 09251984 - 84-572 RESOLUTION NO. $�a RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE, SALE_ AND DELIVERY OF COUNTY OF CONTRA COSTA MULTIFAMILY MORTGAGE REVENUE BONDS (FIRST NATIONWIDE SAVINGS PROGRAM) , 1984 ISSUE A, FOR THE CONTRA LOMA APARTMENTS PROJECT AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, LETTER OF CREDIT AGREEMENT, ORIGINATION AND SERVICING AGREEMENT, REGULATORY AGREEMENT, SURETY BOND REIMBURSEMENT AGREEMENT, OFFICIAL STATEMENT AND PURCHASE CONTRACT, AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act" ) authorizes counties to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to such multifamily housing, and the Act provides a complete, additional and alternative method for doing the things authorized thereby; WHEREAS, the Board of Supervisors (the "Board of Supervisors" ) of the County of Contra Costa (the "County" ) hereby finds and declares that it is necessary, essential and a public purpose for the County to engage in a program (the "Program" ) of financing the construction and development of multifamily rental housing, and has determined to borrow money for such purpose by the issuance. of revenue bonds as authorized by the Act; s� 00087 AE;")01�U'l,10N f40. ��s�a WHEREAS, this Board of Supervisors hereby finds and . declares that this resolution is being adopted pursuant to the powers granted by the Act; WHEREAS, the City of Antioch has requested that the County include rental housing developments in its community in the County' s issuance of bonds to finance said housing, and has approved a cooperative agreement with the County for said purpose; WHEREAS, Contra Loma Associates (the "Owner" ) , a California general partnership composed of FNS Mortgage Service Corporation, a California corporation and wholly-owned subsidiary of First Nationwide Savings, A Federal Savings and Loan Association, and Riley Bower Apartments III , a California limited partnership, the general partner of which Riley Bower, Inc. , a California corporation, has requested that the County issue and sell the Bonds (hereinafter defined) for the purpose of financing the construction and development of Contra Loma Apartments (the "Project" ) in the City of Antioch; WHEREAS, a notice of a public hearing with respect to the proposed issuance of the Bonds has been published; WHEREAS, on September 11, 1984, said public hearing was held before this Board of Supervisors, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds; 2 .0®088 WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance .of the Bonds and the implementation of the Program as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act; and WHEREAS, since rent subsidies or other financial aid from the federal or state government are not available for the Project, .the Board of Supervisors hereby finds that it is not feasible to reserve at least one-half of the Lower-Income Units for occupancy on a priority basis by individuals or families whose adjusted gross income does not exceed 50 percent of the median adjusted gross income for the area, as median adjusted gross income may from time to time be determined pursuant to Section 8 of the United States Housing Act of 1937. 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 the Act and the Indenture (hereinafter defined) , revenue bonds of the County, designated as "County of Contra Costa Multifamily Mortgage Revenue Bonds (First Nationwide Savings Program) , 1984 3 00089 Issue A" in an aggregate principal amount not to exceed $6, 000, 000 (the "Bonds" ) , are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Chairman of the Board of Supervisors, the facsimile of the seal of the County shall be reproduced thereon and attested by the manual or facsimile signature of the Clerk of the Board of Supervisors, in the form set forth in and otherwise in accordance with the Indenture. 3 . The proposed form of indenture (the "Indenture" ) between the County and a trustee to be selected (the "Trustee" ) , in substantially the form presented to this meeting, is hereby approved. The Chairman of the Board of Supervisors (the "Chairman" ) is hereby authorized and directed, for and in the name and on behalf of the County, to approve the selection of the Trustee, and to execute and - deliver the Indenture, and the Clerk of the Board of Supervisors is hereby authorized and directed, for and in the name and on behalf of the County, to attest the Indenture, in substantially said form, with such additions thereto or changes therein as are recommended or approved by either of them upon consultation with the County Director of Planning and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 12, provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of 4 ®0oq- r ' $6, 000,000, result in a true interest cost on the Bonds in excess of 10% per annum or result in an underwriter' s discount in excess of 3% of the aggregate principal amount of the Bonds) , the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Indenture. The date, maturity dates, interest rate or rates, 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 Indenture as finally executed. 4. The proposed form of letter of credit agreement (the "LC Agreement" ) among the County, the Trustee, First Nationwide Savings, A Federal Savings and Loan Association (the "Credit Institution" ) , and the Owner, in substantially the form presented to this meeting, is hereby approved. The proper officers of the County, including the Chairman, the Vice-Chairman of the Board of Supervisors (the "Vice-Chairman" ) , the County Administrator and the County Director of Planning, are hereby authorized and directed for and in the name of and on behalf of the County, to execute and deliver the LC Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper officers upon consultation with the County Director of Planning and Bond Counsel to the County including such additions or changes as are necessary or advisable in accordance with Section 12, the approval of 5 00®91 #3i1to 1#. 1a:C,ty $��Jl7o� r ' such changes to be conclusively evidenced by the execution and delivery of said LC Agreement. 5. The proposed form of origination and servicing agreement (the "Origination Agreement" ) among the County, the Trustee, First Nationwide Savings, A Federal Savings and Loan Association (the "Lending Institution" ) , and the Owner, in substantially the form presented to this meeting, is hereby approved. The proper officers of the County, including the Chairman, the Vice-Chairman, the County Administrator and the County Director of Planning, are hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the Origination Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper offices upon consultation with the County Director of Planning and Bond Counsel to the County including such additions or changes as are necessary or advisable in accordance with Section 12, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Origination Agreement. The designation of the Lending Institution, the Credit Institution and the Owner and the allocation thereto of the moneys to be made available by the sale of the Bonds is hereby approved, and is found to be made on a fair and equitable basis considering the public purposes of the Program and the requirements of, the County and the Program. 6 00092 6. The proposed form of regulatory agreement (the "Regulatory Agreement" ) among the County, the Trustee and the Owner, in substantially the form presented to this meeting, is hereby approved. The proper officers of the County, including the Chairman, the Vice-Chairman, the County Administrator and the County Director of Planning, are hereby authorized and directed for and in the name of and on behalf of the County, to execute and deliver the Regulatory Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper officers upon consultation with the County Director of Planning and Bond Counsel to the County including such additions or changes as are necessary or advisable in accordance with Section 12, the approval of such changes to be conclusively evidenced by the execution and delivery of said Regulatory Agreement. 7. The proposed form of surety bond reimbursement agreement (the "Surety Bond Reimbursement Agreement" ) among the County, the Trustee, the Credit Institution and Industrial Indemnity Company, a California corporation (the "Surety" ) , in substantially the form presented to this meeting, is hereby- approved. The proper officers of the County, including the Chairman, the Vice-Chairman, the County Administrator and the County Director of Planning, are hereby authorized and directed for and in the name of and on behalf of the County, to execute and deliver the Surety Bond 7 04093 Reimbursement Agreement in substantially said form, with such . additions thereto or changes therein as are recommended or approved by such proper officers upon consultation with the County Director of Planning and Bond Counsel to the County including such additions or changes as are necessary or advisable in accordance with Section 12, the approval of such changes to be conclusively evidenced by the execution and delivery of said Surety Bond Reimbursement Agreement., 8. The proposed form of bond purchase contract (the "Purchase Contract" ) between the County and Stone & Youngberg and the other underwriters represented thereby (collectively, the "Underwriters" ) , in substantially the form presented to this meeting, is hereby approved. The Chairman or, in his absence, the Vice-Chairman, the County Administrator or the County Director of Planning, is hereby authorized and directed, for and in the name and on behalf of the County, to accept the offer of the Underwriters to purchase the Bonds contained in the Purchase Contract (when such offer is made and if such offer is consistent with Section 3) and to execute and deliver said Purchase Contract in substantially said form, with such additions thereto or changes therein as are recommended or approved by him upon consultation with the County Director of Planning and Bond Counsel to the County, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Purchase Contract. 8 00094 f t. 9. The proposed form of official statement relating to the Bonds (the "Official Statement." ) , in substantially the form presented to this meeting, is hereby approved. The Chairman or, in his absence, the Vice-Chairman, the County Administrator or the County ' . Director of Planning, is hereby authorized and directed, for and in the name and on behalf of the County, to execute the .Official Statement in substantially said form, with such additions thereto or changes therein as are recommended or approved by him upon consultation with the County Director of Planning and Bond Counsel to the County, .the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Official Statement. The Underwriters are hereby authorized to distribute copies of said Official Statement to persons who may be interested in the purchase of the Bonds and are directed to deliver such copies to all actual purchasers of the Bonds. Distribution by the Underwriters of a preliminary official statement relating to the Bonds, if any, is hereby approved and authorized. 10. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee' s certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriters in accordance 9 00095 r L with written instructions executed on behalf of the County by the Chairman, the Vice-Chairman, the County Administrator or the County Director of Planning, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the Underwriters in accordance with the Purchase Contract, upon payment of the purchase price therefor. 11 . It is the purpose and intent of this Board of Supervisors that this resolution constitute approval of the Bonds by the applicable elected representative in accordance with Section 103 (k) of the Internal Revenue Code of 1954, as amended. 12 . All actions heretofore taken by the officers and agents of the County with respect to the establishment of the Program and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the County, including the Chairman, the Vice-Chairman, the County Administrator and the County Director of Planning, are 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, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in 10 00096 . ,r tiit ?(f, Pl S,o� accordance with this resolution and resolutions heretofore - adopted by the County and in order to carry out the Program, including but not limited to those certificates, agreements and other documents described in the Indenture, .the LC Agreement, the Origination Agreement, the Regulatory Agreement, the Surety Bond Reimbursement Agreement, the Purchase Contract and the other documents herein approved and any certificates, agreements on documents as may be necessary to evidence credit support or additional security for the Bonds or for the Credit Institution' s obligation under the Letter of Credit, but which shall not create any obligation or liability of the County other than with respect to the revenues and assets derived from the proceeds of the Bonds. 11 00®9P7 13 . This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 25th day of September, 1984, by the following vote: AYES: Supervisors Powers , Fanden, Schroder , Torlakson. NOES: None . ABSTAINING: None. ABSENT: Supervisor McPeak. x Chairman ATTEST: Phil Batchlor Clerk of the Board of Supervisors and County Administrator By Deputy Clerk CC : County Administrator Auditor-Controller Planning Director Orrick Herrington and Sutcliffe Stone and Youngberg Riley Bowen, Inc . First Nationwide Savings City of Antioch RESOLUTION NO . 84/572 12 X0®98