HomeMy WebLinkAboutRESOLUTIONS - 09271994 - 94-464 f
COUNTY OF CONTRA COSTA
RESOLUTION NO. 94/464
RESOLUTION APPROVING, AUTHORIZING AND DIRECTING THE DEFEASANCE OF
THE COUNTY OF CONTRA COSTA MULTIFAMILY MORTGAGE REVENUE BONDS
(FIRST NATIONWIDE SAVINGS PROGRAM) 1984 ISSUE A, THE EXECUTION OF
A SUPPLEMENTAL INDENTURE PURSUANT TO WHICH SUCH BONDS WERE
ISSUED, APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND
DELIVERY OF AN ESCROW DEPOSIT AND TRUST AGREEMENT, AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
WHEREAS, the County of Contra Costa, California (the
"County") , pursuant to that certain Indenture, dated as of
November 1, 1984 (the "Indenture") , previously issued its
Multifamily Mortgage Revenue Bonds (First Nationwide Savings
Program) 1984 Issue A (the "Bonds") ;
WHEREAS, the Bonds are secured by a letter of credit
(the "Letter of Credit") issued by First Nationwide Bank, A
Federal Savings Bank ("First Nationwide") ;
WHEREAS, First Nationwide is selling substantially all
of its assets, and in connection with such sale is winding down
its banking business;
WHEREAS, as part of such transaction, First Nationwide
desires to terminate and extinguish its obligations under the
Letter of Credit;
WHEREAS, pursuant to the Indenture, the Letter of
Credit may be returned and released if the Bonds are defeased;
WHEREAS, in order to effect such defeasance, First
Nationwide proposes to deposit, on behalf of the County, with the
trustee for the Bonds (the "Trustee") funds and securities of the
type and in the amount required to effect a defeasance in
accordance with the Indenture, all pursuant to an Escrow Deposit
and Trust Agreement to be dated as of September 1, 1994 (the
"Escrow Deposit and Trust Agreement") , the form of which has been
presented to this meeting;
WHEREAS, in connection with such defeasance certain
amendments are required to the Indenture, which amendments are
contained in the First Supplemental Indenture, to be dated as of
September 1, 1994 (the "First Supplemental Indenture") , the form
of which has been presented at this meeting;
SF2-35153.1
94/464
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County, as follows:
1. The following documents be and are hereby approved,
and the proper officers of the County, including the Chair, Vice-
Chair, Deputy Director-Redevelopment, and County Administrator
and Clerk of the Board of Supervisors are, and each of them is
hereby authorized and directed to execute said documents, with
such changes, insertions and omissions as may be approved by such
official, and the County Administrator and Clerk of the Board of
Supervisors or any deputy thereof is hereby authorized and
directed to attest to such official's signature:
(a) the First Supplemental Indenture; and
(b) the Escrow Deposit and Trust Agreement.
2. The Chair, Vice-Chair, Deputy Director-Redevelopment
or the County Administrator and Clerk of the Board of
Supervisors, and all other appropriate officials of the County
are hereby authorized and directed to execute such other
agreements, documents and certificates as may be necessary to
effect the purposes of this resolution and the defeasance of the
Bonds herein authorized.
3 . This Resolution shall take effect upon its 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 of the Board of Supervisors
ATTEST:
Phil Batchelor,
County Administrator and
Clerk of the Board of Supervisors
By: O. Wn,
Deputy
SP2-35153.1
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