HomeMy WebLinkAboutMINUTES - 02051985 - 1.4 (2) #6z
TO: BOARD OF SIJPERVISORS leo
FROM: Anthony A. Dehaesus Contra
Director of Planning Costa
DATE: January 22, 1985 County
SUBJECT. Designation of Feasibility Analyst and Bond Counsel for
1985 Single Family Home Mortgage Finance Program
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION: _
Retain Land Economics Group as Feasibility Analyst and Orrick Herrington and Sutcliffe
as Bond Counsel for the 1985 Single-Family Home Mortgage Finance Program; and
authorize the Chairwoman to execute contract and fee agreement respectively.
BACKGROUND:
It is the function of the feasibility analyst in a single family mortgage revenue bond
program to: 1) analyze and provide an opinion on the condition of .the local housing
market; and 2) analyze projects proposed for the financing. The bond rating agencies look
to the feasibility report to assess the security of the bond issue from the standpoint of
housing demand. Four consultants acceptable to the rating agencies were requested to
submit proposals. The Land Economics Group submitted the most acceptable proposal
given the criterion of cost, and required support work. Funds for payment will ultimately
come from proceeds of the bond sale or from developer contributions.
It is the function of bond counsel to: 1) provide the legal opinion that bonds have been
issued in accordance with applicable laws; 2) prepare essential program ,documents; 3)
provide services during implementation of the program. Orrick Herrington and Sutcliffe
has provided quality legal services to the County as part of past single family mortgage
bond programs. Fees for their services are the same as established in 1982.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RE M N ATION BOARD CO ITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON February 5 , 19R S APPROVED AS RECOMMENDED �_ OTHER
VOTE OF SUPERVISORS
X UNANIMOUS (ABSENT ) 1 HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED February 5, 1985 90
County Counsel PHIL BATCHELOR, CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
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