HomeMy WebLinkAboutRESOLUTIONS - 09271994 - 94-462 COUNTY OF CONTRA COSTA
RESOLUTION NO. 94/462
RESOLUTION APPROVING THE EXTENSION OF THE MATURITY OF MULTIFAMILY
MORTGAGE REVENUE REFUNDING BONDS HERETOFORE ISSUED BY THE COUNTY
OF CONTRA COSTA FOR THE RIVERSHORE APARTMENTS PROJECT
WHEREAS, the County of Contra Costa (the "County") has
previously issued its $10, 900, 000 of multifamily mortgage revenue
refunding bonds (the "Bonds") pursuant to Article 11 of Chapter 3
of Part 1 of Division 2 of Title 5 of the Government Code of the
State of California, in order to refinance a multifamily rental
housing project pursuant to its program (the "Program") located
at 1123 Shoreview Court, in the unincorporated area of the County
known as West Pittsburg, California, known as Rivershore
Apartments (the "Project") ; and
WHEREAS, the County desires to extend the maturity of
the Bonds to not later than December 1, 2026; and
WHEREAS, the interest on the Bonds may continue to
qualify for exclusion from gross income under Section 103 of the
Internal Revenue Code of 1986 (the "Code") , only if the extension
of the maturity of the Bonds is approved in accordance with
Section 147 (f) of the Code; and
WHEREAS, the Project is located wholly within the
County of Contra Costa, California; and
WHEREAS, the County caused a notice stating that a
public hearing regarding the issuance of the Bonds would be held
by the Deputy Director-Redevelopment on September 26, 1994, to
appear in the Contra Costa Times and the Antioch Ledger, which
are newspapers of general circulation in the County, not less
than fourteen days prior to the date of such hearing; and
WHEREAS, the Deputy Director-Redevelopment has held the
public hearing described above, and an opportunity was provided
for interested parties to present arguments for and against the
issuance of the Bonds and the nature and location of the program
to be financed by the issuance of the Bonds; and
WHEREAS, this Board of Supervisors is the elected
legislative body of the County and is the applicable elected
representative required to approve the issuance of the Bonds
within the meaning of Section 147 (f) of the Code; and
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
SF2-7258.2
94/462
1. Each of the foregoing recitals is correct and is
certified to be a representation of this Board of Supervisors.
2 . This Board of Supervisors hereby approves the
extension of the maturity date of the Bonds. It is the purpose
and intent of this Board of Supervisors that this Resolution
constitute approval of the Bonds by the applicable elected
representative of the issuer of the Bonds and the applicable
elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in
accordance with Section 147 (f) of the Code.
3 . This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED this 27th day of September, 1994, by the
following vote:
AYES: Supervisors Smith, DeSaulnier, Torlakson and Bishop
NOES: None
ABSTAINING: None
ABSENT: Supervisor Powers
dhair f the Board of Supervisors
ATTEST:
Phil Batchelor,
County Administrator and
Clerk of th Board of Supervisors
By:
- (1.4w
Deputy
sF2-7258.2 2
94/462