HomeMy WebLinkAboutMINUTES - 10221985 - 1.64 BOARD OF SUPERVISORS _
Contra
FROM: Anthony A. Dehaesus
Director of Community Development �' ;- Costa
DATE: October 9, 1985 ��-� County
SUBJECT: Approving the Issuance of Multifamily Revenue Bonds by the Housing Authority -
Project and Owner: . ''As Shown on Exhi bit A
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
I. RECOMMENDATION
Approve, as the applicable elected representatives of the Housing Authority of the County
of Contra Costa (the "Authority"), the issuance of multifamily revenue bonds by said
Authority in accordance with Section 103(k) of the Internal Revenue Code of 1954, as
amended for the Project described on Exhibit A; and express the intent of the Board of
Supervisors. that the Project as described on Exhibit A be acquired and constructed and
determine that it is appropriate for the Authority to finance such acquisition and
-- construction.
II. BACKGROUND
The Board of Supervisors adopted a.resolutioty conditionally providing-for the issuance of
bonds. to finance a multifamily rental hd
ousing project as described -on A, (the
"Project"). Due to certain State law limitations, the County of Contra Costa (the "County")
is unable to issue bonds to finance the Project. The Housing Authority intends to sell and
issue multifamily mortgage revenue bonds (the !'Bonds") in an amount not to exceed the
amount specified on Exhibit A in.order. to finance the Project.. The interest on the Bonds
may qualify for tax exemption under Section 103(b) of the Internal Revenue Code of 1954, as
amended (the "Code"), only if the Bonds are approved in accordance with Section I03(k) of
the Code. The Project is located -wholly within the County of Contra Costa and the
Authority has no elected legislative -body, officers 'or other officials. . The Board of
Supervisors is the elected legislative body of the County of Contra Costa and is the
applicable elected representative required to approve the_ issuance of .Bonds within the
meaning of Section 103(k) of the Code. Pursuant to Section I.03(k), the Board of Supervisors
has held a public hearing regarding the issuance of such Bonds, and may approve the issuance
of such Bonds.
III. FINANCIAL IMPACT
None. The revenue bonds do not constitute an obligation of the County or the Authority.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR R OM ENDATIO OF BOARD OMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON 'T 7 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
UNANIMOUS ( S4NT O ) I 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 SUPERVISORSON
THE
sDATE
'SHOWN. per
CC. County Administrator ATTESTED
Auditor-Controller PHIL BATCHELOR, CLERK OF THE BOARD OF
County Counsel SUPERVISORS AND COUNTY ADMINISTRATOR
Housing Authority
Community Development �• OEPUTY
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1. MULTIFAMILY REVENUE BONDS APPROVE ISSUANCE
I 2. REVENUE BONDS APPRVD AS HA REPRESENTATIVES