HomeMy WebLinkAboutMINUTES - 10021984 - 1.6 (3) THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
October 2 , 1684
Adopted this Order on , by the following vote:
AYES: Sunervi_sors PoT,-ers , Fanden, McPeak, Torlakson .
NOES: TIor.e. .
ABSENT: Sunervi.sor Schroder
ABSTAIN: None .
SUBJECT:
Resolution Conditionally Providing )
For The Issuance of Bonds To )
Finance Housing To Be Constructed ) RESOLUTION NO. 84/619
and Owned By the Parties as )
Listed on Exhibit "A" Attached )
Hereto )
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, after 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, the Cities of Antioch, Brentwood, Danville, El Cerrito, Martinez,
Pinole and San Pablo have requested that the County prospectively include rental housing
developments in their community in the County's proposed issuance of bonds to finance said
housing, and have approved a cooperative agreement with the County for said purposes; and
WHEREAS, the Owners listed on Exhibit "A" attached hereto have requested that
the County issue and sell its bonds for the purpose of financing rrlulti,-unit rental housing
projects (the "Projects"), to be located as specified and to be acquired"and constructed by
the owner or by a related entity, and the County wishes to induce the Owners to acquire and
construct the Projects at said locations; and
WHEREAS, it is in the public interest and for the public benefit that the County
authorize such financing for the Project, and it is within the powers of the County to
provide such financing; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the
County of Contra Costa as follows:
1. The County will issue, at one time or from time to time, bonds for the
projects and in an aggregate principal amount not to exceed that listed on Exhibit "A"
attached hereto, and to provide financing for the Projects, subject to the conditions that (i)
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 Owner shall have entered into a preliminary
agreement concerning the financing, and the Planning Director is hereby authorized to
execute said preliminary agreement for and in the name and on behalf of the County; (v) at
least twenty percent (20%) (fifteen percent (15%) in targeted areas) of the Project units are
to be occupied by individuals or families of low or moderate income as defined in Section
103(b) for at least the period required by Internal Revenue Code of 1954, as amended, said
section, and the Project shall otherwise meet any federal requirements for tax exemption of
interest on the bonds and any requirements of the County applicable to such financings.
RESOLUTION NO . 84/619 00130
(2)
2. The Chairman of the Board of Supervisors, the Clerk of the Board, the County
Planning Director, County Administrator, County Counsel and their deputies and other
officers of the County are .hereby authorized and directed to participate 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.
3. It is the purpose and intent of the County that this Resolution constitute
official action toward the issuance of obligations by the County in accordance with Section
1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury.
4. This Resolution shall take effect immediately.
1 hereby cer0fy that this Is a true and correct copy of
an action 'Wren and entered on the minutes of the
Board of Supervisors on the date shown.
�1
ATTESTED:
PHIL BATCHELOR, Clerk of the Board
of Supervisors and County Administrator
By , Depup
cc: City.of Antioch
City of Brentwood
City of Danville
City of E1 Cerrito
City of Martinez
City of Pinole
City of San Pablo
Dean Witter Reynolds
Orrick, Herrington & Sutcliffe
Director of Planning
County Counsel
County Administrator
Allied Investment
Biggs Realty Inc./Ed Biggs
Debit Construction
Golden State Dev. Inc.
Eugene Anthony Grillo
Lockwood & Lockwood
Nebergall Construction
Vanrose Corp., a.k.a. David R. &
Kim H. Metcalf
�0131
RESOLUTION NO. 84/619
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RFSOLUT?ON NO . 84/619 Attac`iment