HomeMy WebLinkAboutRESOLUTIONS - 09231997 - 97-497 4,
RESOLUTION NO. 97/497
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY
OF CONTRA COSTA AUTHORIZING THE EXECUTION AND
DELIVERY OF A SUPPLEMENTAL INDENTURE, IN CONNECTION
WITH ITS VARIABLE RATE DEMAND MULTIFAMILY HOUSING
REVENUE REFUNDING BONDS, 1994 SERIES A (GNMA
COLLATERALIZED - DEL NORTE PLACE APARTMENTS), AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AND
APPROVING OTHER RELATED DOCUMENTS AND APPROVING
OTHER RELATED ACTIONS IN CONNECTION THEREWITH
WHEREAS, the County of Contra Costa (the "County") is authorized pursuant to
Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the
"Act") to issue revenue bonds to provide funds to finance multifamily rental housing facilities;
and
WHEREAS, the County has heretofore issued its $11,110,000 principal amount of
County of Contra Costa Variable Rate Demand Multifamily Housing Revenue Refunding Bonds,
1994 Series A (GNMA Collateralized - Del Norte Place Apartments) (the 'Bonds"), and loaned
the proceeds thereof to Del Norte Place, A California Limited Partnership(the "Developer") for
the purpose of refinancing the construction and development of a 135 residential unit mixed use
multifamily housing and commercial rental project (the "Project") located at 1170 San Pablo
Avenue in El Cerrito,California;and
WHEREAS, the Developer has requested that the County make amendments to .the
Trust Indenture dated April 1, 1994,between the County and First Trust of California,National
Association, as successor to Bank of America National Trust and Savings Association, as
Trustee (the "Trustee"), pursuant to which the Bonds were issued, executed and delivered in
connection with the issuance and delivery of the Bonds, for the purpose of allowing the
calculation of excess earnings subject to rebate to the Federal Government on five year intervals
as required by the Internal Revenue Code of 1986 (the "Code"), rather than on annual intervals
as now required in the Indenture, releasing a portion of the amounts held in the Reserve Fund
established pursuant to the Indenture and reducing the Debt Service Reserve Requirement (as
defined in the Indenture);and
WHEREAS, pursuant to Section 801(k) of the Indenture, the terms thereof may be
amended, without the consent of the Bondholders (as defined in the Indenture) but with the
consent of the Credit Enhancement Provider (as defined in the Indenture), prior to the
Conversion Date (as defined in the Indenture), to modify, alter, amend or supplement the
Indenture in any respect, including amendments which would otherwise be required to be
consented to by the Bondholders, if notice of the proposed supplemental indenture is given to
the Bondholders at least 30 days before the effective date thereof, and, on or before such
effective date, the Bondholders have the right to demand purchase of their Bonds pursuant
thereto; and
WHEREAS, the Conversion Date has not occurred, the Credit Enhancement Provider
has consented to the execution and delivery of a supplemental indenture containing provisions
which met the above-referenced requests of the Developer and the Bondholders have the right to
demand purchase of their Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of
Contra Costa, as follows:
1. The County hereby finds and declares that the above recitals are true and
correct.
2. Supplemental Indenture No. 1 relating to the Bonds (the "Supplement") by and
between the County and the Trustee, in the form on file with the Clerk of the Board, is hereby
approved. Any one of the Chair, the Vice-Chair of the Board of Supervisors, the County
Administrator, the Interim Director of the Community Development and the Deputy Director-
Redevelopment of the Community Development Department of the County (collectively, the
"Designated Officers") is hereby authorized and directed, for and in the name and on behalf of
the County, to execute and deliver the Supplement, and the County Administrator is hereby
authorized and directed, for and in the name and on behalf ofthe County, to attest the
Supplement in said form, together with such additions thereto or changes therein as are
recommended or approved by the Designated Officer executing the Supplement upon
consultation with the Deputy Director-Redevelopment of the Community Development
Department of the County and Bond Counsel to the County.
3. All actions heretofore taken by the officers and agents of the County with respect
to the amendment of the Indenture pursuant to the provisions of the Supplement are hereby
approved, confirmed and ratified, and the proper officers of the County, including the
Designated Officers, 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 any and all
certificates,agreements and other documents,which they, or any of them, may deem necessary
or advisable in order to amend the Indenture pursuant to the provisions of the Supplement in
accordance with this Resolution,including but not limited to those certificates, agreements and
other document described in the Indenture and the other documents approved in connection
with the execution and delivery thereof and any certificates, agreements or documents as may
be necessary to evidence the amendment of the Indenture pursuant to the provisions of the
Supplement.
4. This Resolution shall take effect immediately upon its adoption.
PASSED AD ADOPTED this 23rd day of September, 1997 by the following vote:
AYES: Supervisors Rogers, Uilkema, Gerber, Canciamilla, and DeSaulnier
NOES: None
ABSTAINING: None
ABSENT: None
Chair
ATTEST: September 23, 1997
Phil Batchelor
County Administrator and Clerk
of the Board of Supervisors
By:—e. J. -------
Deputy Clerk