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HomeMy WebLinkAboutMINUTES - 10221985 - 1.69 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA TO: BOARD OF COMMISSIONERS DATE: October 22, 1985 FROM: Perfecto Villarreal , Executive Director cc: SUBJECT: MODERNIZATION PROJECT AMENDMENT TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT - $3$ 00,000 I. RECOMMENDED ACTION: ADOPT Resolution No. 3470 authorizing the execution of Amendment No. 36 to Annual Contributions Contract No. SF-182 providing for the deposit of monies under a General Depositary Agreement and the issuance of Project Loan Notes and Permanent Notes, and AUTHORIZE the Chairwoman of the Board of Commissioners and the Executive Director of the Housing Authority of the County of Contra Costa to execute all necessary HUD contract documents for the $3,500,000 in modernization funds for CAL 11-10, .Bayo Vista, Rodeo, as recommended by the Advisory Housing Commission: ' II. FINANCIAL IMPACT: Funding has been approved by the U. S. Department of Housing and Urban Development (HUD) under its Comprehensive Improvement Assistance Program (CIAP) in the total amount of $3,500,000 for the individual project CAL 11-10, Bayo Vista, Rodeo. The $3,500,000, combined with the $300,000 in CDBG funds requested from the Community Development Block Grant Program and the $300,000 Housing Authority budget revision from the Fiscal Year 1985/86 Operating Budget and Reserves, as approved by the Board of Commissioners on October 1, 1985, wo.uld enable the completion of all modernization work at Bayo Vista. III. REASONS FOR RECOMMENDATION/BACKGROUND: Modernization planning for BayoVista, CAL 11-10, Rodeo began in the 1983 Comprehensive Improvement Assistance Program with an allocation of $250,000 from the U. S. Department of Housing and Urban Development (HUD.). In the 1984 Comprehensive Improvement Assistance Program, HUD allocated 3,700,000 to begin the first phase of improvements at Bayo Vista. On August 20, 1985 the Board of Commissioners approved submission of the Federal Fiscal Year 1985 Comprehensive Improvement Assistance Program final application requesting $3,.500,000 in modernization funds for Bayo Vista. Attached is ------ CONTINUED ON ATTACHMENT: YES SIGNATURE: �J RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEND TION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S) ACTION OF BOARD ON 7 77=7 J 77 75 APPROVED AS RECOMMENDED OTHER VOTE OF COMMISSIONERS _ UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS. A TRUE AND ! , AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD OF COMMISSIONERS ON THE DATE SHOWN. Cc: County Administrator ATTESTED l.i._ 2 �� I �6 S County COUTisel Phil Batchelor, Clerk of the Housing Authority Board of Commissioners M382/7-83 BY DEPUTY Board of Commissioners October 22, 1985 Page -2- a copy of the September 26, 1985 letter from Duncan Lent Howard, Regional Administrator-Regional Housing Commissioner, San Francisco Regional Office, HUD, formally announcing that our final Comprehensive Improvement Assistance Program application has been approved in the total amount of $3,500,000. We have now received the Modernization Project Amendment to the Consolidated Annual Contributions Contract SF-182 and documentation necessary to effect its execution. The locally executed contract documents must be returned to HUD by November 8, 1985. At its Regular Meeting on Monday, October 21 , 1985, the Advisory Housing Commission voted to recommend adoption of Resolution No. 3470 authorizing the execu- tion of Amendment No. 36 to Annual Contributions Contract No. SF-182 and execution of all necessary HUD contract documents by the Chairwoman of the Board of Commissioners and the Executive Director of the Housing Authority. IV. CONSEQUENCES OF NEGATIVE ACTION: Should the Board of Commissioners elect to not adopt Resolution No. 3470 authorizing the execution of Amendment No. 36 to Annual Contributions Contract No. SF-182 providing for the deposit of monies under a General Depositary Agreement and the issuance of Project Loan Notes and Permanent Notes the Department of Housing and Urban Development would withdraw its allocation of $3,500,000, severely jeopardizing the modernization of CAL 11-10, Bayo Vista, Rodeo. Additionally, the Board of Commissioners would be adopting a posture contrary to its position of providing decent, safe and sanitary housing for low-income families. REG. IX, HUD Resolution No. 3470 RESOLUTION AUTHORIZING THE EXECUTION OF AMENDMENT N0. 36 TO ANNUAL CONTRIBUTIONS CONTRACT NO. SF-I 2 ; PROVIDING FOR THE DEPOSIT OF MONIES AGREEMENT; AND THE ISSUANCE OF PROJECT LOAN NOTES AND PERMANENT NOTES The Housing Authority of the County of Contra Costs (herein called trie "Eocal Xuthority") proposes to enter into an amen - ment to the existing Annual Contributions Contract (herein called the "Amendment") with 'the United States of America (herein called the "Govern- ment) ; (2) to provide for the deposit of monies pursuant to a General De- positary Agreement; and (3) to authorize the issuance of its notes as evi- dence of advances to be made to the Local Authority pursuant to the Con- tract, as amended; all with respect to any "Project" as defined in the Contract, as amended, and which at any time now or hereafter is incorporated under the terms of such Contract, as amended. BE IT RESOLVED BY THE LOCAL AUTHORITY, AS FOLLOWS: Section 1. The Amendment to the Annual Contributions Contract is hereby approved— and accepted and the Chairman or Vice Chairman is hereby authorized and directed to execute three counterparts of the Amendment on behalf of the Local Authority, and the Secretary is hereby authorized to 'impress and attest the official seal of the Local Authority on each such counterpart and to forward such executed counterparts, or any of them, to the Government to- gether with such other documents evidencing the approval and authorizing the execution thereof as may be required by the Government. Section 2. The Bank of America NT&SA and the -Local Author ty have previously—entered into a General Depositary Agreement, form HUD-51999A Dated December 15, 1961 which provides for the deposit of specified monies of ". . . one or more additional low rent housing projects . . . ". The Local Authority hereby determines that pursuant to the terms of the Agreement the aforenamed Bank shall be the Depositary for the project established under this Amendment. Section 3. The Executive Director is hereby authorized to file wit�e Government from t me ' to time, as monies are required, requisitions together with the necessary supporting documents requesting advances to be made on account of the loan provided Kn the Contract, as amended, and the proper officers of the Local Authority shall prepare, execute and deliver to the Government Notes hereinafter authorized and shall accept payment there- for from the Government in cash and/or exchange for other Notes of the Local Authority, and such persons are authorized to do and ,perform all other things and acts required to be done or performed in order to obtain such ad- vances . Cash proceeds from the sale of all Notes shall be deposited and dis- bursed only in accordance with the provisions of the Contract, as amended. Section 4. (A) In order to provide monies to finance the Development Cost of each ro3ect and to refund, renew, extend or substitute for any Project Loan Notes (in the Contract called "Advance Notes") or permanent Notes by this Resolution authorized to be issued (or any such Notes by any- other resolu- tion authorized to be issued and which are outstanding, or on deposit for deliveryendingg payment therefor, as of the date this Resolution becomes effective, or for any Project Notes (in the Contract called "Temporary Notes") issued by the Local. Authority in ant cination of tbe. delivery of Project Loan or Permanent Notes,, there are hereby authorized to be issued. from time to time, Project Loan and Permanent Notes of the Local Authority in an aggregate principal amount outstanding at any one time (whether au- thorized by this Resolution or any other resolution authorizing the issu- ance of� Project Loan or Permanent Notes) equal to the Maximum Development Cost (or the Actual Development Cost if such amount has been determined) of each Project, less the sum of (1) the principal amount of Bonds ,issued to . finance such Development Cost and (2) the principal amount of Project Loan. Permanent, or Project Notes issued to finance such Development Cost and which hnm them bron ,rotirod from funds other than the procoods of any loan obtained by the Local Authority. (B) Each such note shall bear interest and be payable in the form and manner prescribed by the Contract and this Resolution; Shall be signed in the name of the Local Authority by the ' or Vi a Chairman ; shall have the official seal of the Local Authority mpresse thereon an attest- ed by the SgCgAtaCg hC Actino SecretarX . Each Project Loan Note shall be in substantiaLLy the form or Form No. -9204 and each Permanent Note nhnll he in nuhntnnt•inlly the form or Form No. HUD-52250, each of which form is incorporated herein by reference. and made a part hereof. ,Project Loan Notes and Permanent Notes shall be issued to finance the Development Cost of Non-Permanently Financed Projects and Permanently Financed projects,. respectively. (C) Each Note issued with respect to any Project shall' be a di- rect and general obligation of the Local Authority, the full faith and credit of which is hereby pledged for the punctual payment of the principal of and interest on such Notes, and, together with all other Notes issued pursuant to this Resolution, shall be additionally secured by (1) a first pledge of the annual contributions payable to the Local Authority and au- thorized to be pledged to such payment pursuant to the Contract and (2) by a pledge of- and lien on the Residual Receipts of such Project after provid- ing for the payment of Bonds issued in respect to such Project. (D) As additional security for the equal and ratable payment of the principal of and interest on each Note issued with respect to any Pro- ject, together with each other Note issued with respect to such Project, the Local Authority, to the fullest extent permitted by the Laws of the State, .hereby pledges, mortgages, conveys and grants unto the Government all property described in the Contract constituting such Project, includ- ing that certain real property relating to each such Project and more particularly described in the trust instrument or any amendment thereto as executed and recorded by the Local Authority pursuant to the Contract: Provided, That in respect to Permanently Financed Projects the lien of such pledge and mortgage and rights granted and conveyed pursuant to this para- graph shall (1) be junior to the Bonds and junior to the pledge of Residual Receipts securing the Bonds, and (2) not be foreclosable until all Bonds shall have been paid and discharged in the manner provided in the Bond Re- solution. If the preceding sentence shall be adjudged by a court of com- petent jurisidiction to be invalid or ineffective it is the intention of the Local Authority to be fully obligated under the other provisions of this Resolution and that such judgment shall not impair or invalidate the obligation of the Local Authority to pay the principal of and interest on each Note from other funds of the Local Autbority as herein provided. Section 5. Whenever the following terms, or any of them, are used in this eso ut on, the same, unless the context shall indicate another or differ- ent meaning or intent, shall be construed, and are intended to have mean- ings as follows: (1) The term "Resolution" shall mean this Resolution. (2) A11_ other terms used in this Resolution and which are de- fined in the Contract shall have the respective meanings ascribed thereto in the Contract. Section 6. All resolutions or parts of resolutions heretofore adopted by the Local Authority which authorize the issuance and/or delivery of Advance, Project Loan or Permanent Notes pursuant to the Contract are hereby re- pealed: Provided, however, That such repeal shall in no way affect the validity oF Advance,- Project Loan or Permanent Notes issued pursuant to said resolutions which are outstanding or on deposit for delivery pending payment therefor on the date this Resolution becomes effective: Provided further, That the Project Loan Notes authorized by this Resolution sFaII, e exc anged for any Advande- Notes heretofore issued pursuant to any previous resolution. Section 7. This Resolution shall take effect immediately. .•� �•a U.S. Department of Housing and Urban Development San Francisco Regional Office,Region IX Fid' * i t 450 Golden Gate Avenue San Francisco,California 94102-3448 1'A�Pf 4'e,M R1tN ARb P*T--r, RNroMo As Y. Bo. • ice' OCT 7 1985 Perfecto Villarreal Executive Director Housing Authority of the County of Contra Costa P. 0. Box 2396 := Martinez, California 94553 Dear M r. Villarreal : Subject: Modernization Amendment to ACC Amendment No. 36 Contract No. SF-182 Project(s) Nos(s) CA 11-10 Enclosed is subject contract and documentation necessary to effect its execution. Please adopt the Resolution and prepare the various documents exactly as set forth in the Instruction Sheet enclosed. The contract should not be dated. Upon execution by the Government, a fully executed copy will be returned to you. We need to receive the locally executed:-contract documents back from you by November .8., 1985. Should any questions arise concerning the contract or its execution please contact the undersigned at (415) 556-6110. Contract documents should be returned to the HUD Office of Regional Counsel . Sincerely, K- David L. Sutton Associate Regional Counsel Enclosures U.S. Department of Housing and Urban Development San Francisco Regional Office,Region IX I iI � 450 Golden Gate Avenue /y X85 io °•„oEE� San Francisco,.California 94102-3446 A& PAy8- QicF}/tRo Afire fit* SEP 2 7 1985 Acv. so. Ff r Mr. Perfecto Villarreal Executive Director Contra Costa- Housing Authority P.O. Box 2396 Martinez, CA 94553 Dear Mr, Villarreal : SUBJECT: CA 011-907 We are pleased to inform you that your final Comprehensive Improvement Assistance Program (CIAP) application has been approved in the total amount of $3,500,000 for individual project CA 011-010. A copy of the approved budget is enclosed, together with a copy of the HUD Modernization List. You will receive instructions regarding ACC Amendment from the Regional Office Counsel . Within 15 days after the date of this letter, your housing authority must submit to this office its sche- dule for implementing its modernization program In administering your modernization program, you should refer to HUD Handbook 7485.1 REV-2. In particular you should review Chapters 9 and, 10 of the 'Handbook. Should you have any questions regarding your approved, modernization program, please contact Glenn Tamanaha at (415) 556-2842. Sincerely, puncanent Howard Administrator-Regional Housing Commissioner Enclosure 1 . HA AMENDMENT NO 35 Res -3470 2 . - MODERNIZATION PROJECT AMENDMENT TO ANNUAL CONTRIBUTIONS