HomeMy WebLinkAboutRESOLUTIONS - 12041990 - 90/777COUNTY OF CONTRA COSTA
RESOLUTION NO. 90/777
RESOLUTION OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE SUBMISSION
OF AN APPLICATION TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE
FOR AN ALLOCATION OF 1990 CARRY-FORWARD AUTHORITY WITH RESPECT TO
COUNTY OF CONTRA COSTA 1991 HOME MORTGAGE REVENUE BONDS AND
APPROVING OTHER ACTIONS IN CONNECTION THEREWITH.
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the
Health and Safety Code of the State of California (the "Act")
authorizes counties to incur indebtedness for the purpose of
financing home mortgages authorized by the Act, and the Act
provides a complete, additional and alternative method for doing
the things authorized thereby;
WHEREAS, the Board of Supervisors (the "Board") of the
County of Contra Costa (the "County") hereby finds and declares
that it is necessary, essential and a public purpose for the County
to finance home mortgages pursuant to the Act, in order to increase
the housing supply in the County for persons and families within
the income limitations established by the Act;
WHEREAS, this Board has, by Ordinance No. 82-5, adopted
on January 5, 1982, adopted a home mortgage finance program (the
Program") for such purpose, and has determined to borrow money for
such purpose by the issuance of revenue bonds as authorized by the
Act;
WHEREAS, Section 146 of the Internal Revenue Code of
1986, as amended, limits the amount of qualified mortgage bonds
that may be issued at any calendar year by entities within a state
and authorizes a legislature of such state to provide the method of
allocation within the state;
WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the
Government Code of the State of California (the "Government Code")
governs the allocation of the state ceiling among governmental
units in the State of California having the authority to issue
qualified mortgage bonds;
WHEREAS, Section 8869.85 of the Government Code requires
a local agency to file an application with the California Debt
Limit Allocation Committee ("CDLAC") prior to the issuance of
qualified mortgage bonds.
RESOLUTION NO, 90/777
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
1. The Director of Community Development and the Deputy
Director-Redevelopment are hereby authorized, on behalf of the
County, to submit an application, and such other documents as may
be required, to CDLAC for an allocation of up to $35, 000, 000 with
respect to qualified mortgage bonds to be issued by the County.
2 . The Director of Community Development and the Deputy
Director-Redevelopment are hereby authorized, on behalf of the
County, to execute and deliver Developer Deposit and Escrow
Agreements in substantially the form presented in this meeting to
developers desiring to participate in the Program, with such
changes as the officer executing such agreement shall approve, such
approval to be conclusively evidenced by the execution and delivery
thereof.
3 . The actions of the Director of Community Development
and the Deputy Director-Redevelopment, on behalf of the County, to
establish an escrow account and to deposit into such escrow account
amounts received from developers desiring to participate in the
Program pursuant to the Developer Deposit and Escrow Agreements are
hereby approved. Such officers are hereby authorized, on behalf of
the County, to certify to CDLAC the amounts held in such escrow
account, to hold any such amounts and to otherwise dispose of such
amounts as provided in the Developer Deposit and Escrow Agreement.
4. The officers of the County are hereby authorized and
directed, jointly and severally, to do any and all things necessary
or advisable in order to consummate the issuance, sale, and delivery
of qualified mortgage bonds and otherwise to effectuate the
purposes of this resolution, and all, actions previously taken by
such officers in connection with the establishment of the Program
and the issuance, sale and delivery of such bonds are hereby
ratified and approved.
5. This resolution shall take effect immediately upon
its adoption.
RE.SOLUTLON NO, 9.0./7.77
ADOPTED this 4th day of December, 1990, by the following
votes:
AYES• Supervisors Powers , Schroder, McPeak,
Torlakson, Fanden
NOES:None
ABSENT: None
Chair of t Board of Supervisors
ATTEST:
Phil Batchelor, County Administrator
and Clerk of the Board of Supervisors
By:
Deputy
RA9/jb/cdlimal.res
CLERK'S CERTIFICATE
I,Jeanne 0. Maglio Deputy Clerk of the
Board of Supervisors of the County of Contra Costa, hereby certify
as follows:
The foregoing is a full, true and correct copy of a
resolution duly adopted at a regular meeting of the members of the
Board of Supervisors of the County of Contra Costa duly, regularly
and legally held at the regular meeting place thereof on December
4, 1990, of which meeting all of said members had due notice and at
which at least a majority thereof were present;
At said meeting, said resolution was adopted by the
following vote:
AYES• Supervisors Powers , Schroder, McPeak,
Torlakson, Fanden
NOES: None
ABSENT: None
The foregoing is a full, true and correct copy of the
original resolution adopted at said meeting and entered in said
minutes; and
Since resolution has not been amended, modified or
rescinded since the date of its adoption, and the same is now in
full force and effect.
Dated: December 4, 1990
Phil Batchelor, County
Administrator and Clerk of
the Board of Supervisors
SEAL)
By:
Deputy '
RA9/jb/cdlimal.res
TO: BOARD OF SUPERVISORS
FlX14:Harvey E. Bragdon X Contra
Director of Co m mty Development Costa
D aE:December 4, 1990 Coulty
a
SUBJELT: Single Family Mortgage Revenue Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Adopt resolution authorizing the Director of Community Development
and the Deputy Director-Redevelopment to prepare and submit
necessary applications and certifications to the California Debt
Limit Allocation Committee for up to $35 million in carry-forward
private activity bond authority to be used in the issuance of the
County's 1991 Home Mortgage Revenue Bonds.
FISCAL IMPACT
None. No general fund dollars are involved. All costs associated
with the issuance and administration of this program are paid for
from bond proceeds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Federal Government has placed a limit on the volume of
private activity bonds" (single & multi-family bonds, Mortgage
Credit Certificates, Industrial Development Bonds, etc. ) which may
be sold in each state. In California the task of apportioning this
limit among issuers is assigned to the California Debt Limit
Allocation Committee, a unit of the State Treasurer's Office.
The total amount of private activity bond authority available for
use in California 'in 1990 has not been fully allocated. Therefore,
the State desires to allocate the remaining authority on a
carry-forward" basis, which will allow the authority to be used in
any of the next three years. Carry-forward allocation is very
valuable because of the flexibility it provides to the issuer.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATIO BO c7APPROVEOTHER
SIGNATURE(S)
ACTION OF BOARD ON nFr 4 199U APPROVED AS RECONIIKENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED
DEC 4 1990
County Administrator PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BY f- DEPUTY
RA9/jb/sfmrev.bos
Staff is in the process of completing a survey of home builder
interest in a new issuance of single family mortgage revenue bonds.
Builders will be required to submit monetary deposits equal to 1%
of their request amount in order to allow the County to make
necessary certifications to the State when the County accepts any
authority.
I