HomeMy WebLinkAboutRESOLUTIONS - 07082008 - 08-495 C 1a7
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Resolution on July 8, 2008, by the following vote: SE
AYES: GiOIA, UiLKEMA, PIEPI10, BONiLLA&GLOVER
NOES: NONE o'
ABSENT: NONE
sT�-coiiK`�`
ABSTAIN: NONE
Resolution No. 2008/
SUBJECT; Resolution of the County of Contra Costa Conditionally Providing for the issuance of Revenue .
Bonds to Finance the Construction of Multi-Family Housing Developments.
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, atter 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, pursuant to Division 31 of the Health and Safety Code of'the State of California, and particularly
Chapter 7 of Part 5 thereof(the"Act"),the County is empowered to issue and sell bonds for the purpose of making
mortgage loans or otherwise providing funds to finance the development of multi-family rental housing,including
units for lower-income households and very-low income households; and
WHEREAS,the Board of Supervisors has now determined to provide financing for the multi-family developments
identified in Exhibit A hereto(the"Developments"),and in order to finance the Developments the County intends to
issue, at one time or from time to time, revenue bonds pursuant to the Act;
NOW, THEREFORE, BE IT RESOI,VED, by the Board of Supervisors of the County of Contra Costa as
follows:
1. The Board of Supervisors hereby deternlines that it is necessary and desirable to provide construction and
pennanent financing for the Developments pursuant to the Act or other appropriate'authority, by the
issuance of.Mortgage Revenue Bonds (the "Bonds"), in an aggregate principal amount not to exceed the
amounts set forth in Exhibit A, subject to the conditions that with respect to any development to be
financed,.(0 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 respective
developer/initial owner thereof identified on Exhibit A hereto, or any partnership, corporation or other
entity to be formed by such developer/initial owner or by any principal thereof, or any successor to the
interests thereof approved by the County (in any such case, the "Owner"), shall have entered into a
preliminary agreement,concerning the financing,in substantially the form on file with the Deputy Director-
Redevelopment,with such additions or deletions as are considered necessary or appropriate by the Deputy
Director-Redevelopment, and the Owner, and the Chair of'the Board, the County Administrator, the
Director of Conservation and Development,and the Deputy Director-Redevelopment are hereby authorized
to execute said preliminary agreement for in the name and on behall•of the County;(v)any occupancy and
other requirements of the Internal Revenue Code of 1986, as amended (the "Code") are satisfied with
respect to bonds, the interest on which is intended to be excluded from gross income for federal tax
purposes-, (vi)any occupancy and other requirements of the Act are satisfied;and(vii)any occupancy and
other requirements of the County applicable to such financing are satisfied.
2. The Chair of the Board of Supervisors, the County Administrator and ex-officio Clerk of the Board, the
County Director of Conservation and Development,the Deputy Director-Redevelopment,County Counsel
and their deputies and other officers of the County are hereby authorized and directed to take whatever
further action consistent with this resolution may be deemed reasonable and desirable, including
participating 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, and any actions
necessary to obtain an allocation of the volume cap for the State of California to the extent required by the
Code for the issuance of bonds, the interest on which is intended to be excluded from gross income for
Federal tax purposes.
3. It is the purpose and intent of the County that this Resolution constitute official action toward the issuance
of obligations by the County to finance the Developments in accordance with Sections 1.1 03-8(a)(5)(iii),
and 1.150-2 of the Regulations of the United States Department of the Treasury,or any successor regulation
promulgated under the Code. The County hereby declares its official intent to use proceeds of the Bonds to
reimburse the Owner for certain expenditures made prior to the issuance of the Bonds.
4. This Resolution shall take effect immediately upon its passage and adoption.
I hereby certify that this is a true and correct copy
of an action taken and entered on the minutes of
the Board of Supervisors on the date shown:
ATTESTED: �G'66r 46
JOHN CULLEN, Clerk of the Board of
Supervisors and County Administrator
By eputy
RESOLUTION NO. 2008/ V9S—�
Orig.Dept: Dept.of Conservation and Development-Redevelopment&I lousing.Division
Contact: .lames Kennedy 335-7225
cc: County Administrator
CounhV Counsel