HomeMy WebLinkAboutMINUTES - 01281986 - 1.41 1-04-t l
To, BOARD OF SUPERVISORS
FROM: Anthony A. Dehaesus Contra
Director of Community Development C )sta
DATE: January 14, 1986 CnlIr�h�
SUBJECT: Finding pursuant to use of proceeds from 1983 Contra Costa Home Mortgage Revenue +� ���
Revenue Bonds.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
Recommendation:
Adopt finding pursuant to the Contra Costa 1983 Home Mortgage Revenue Bonds that for
reasons beyond the control of the County; as issuer of said bonds, the County is unable to
use remaining proceeds of said qualified mortgage revenue bonds for properties within the
territory of the City of Concord, the assigning local agency.
Background:
In issuing its 1983 Contra Costa Home Mortgage Revenue Bonds, the County included
approximately $8.4 million in allocation authority allocated to the City of Concord and
subsequently assigned by the City to the County. Said issue is now in its last few months of
operation. For a variety of reasons, one of the developments proposing to use said financing
was significantly delayed. At this time, there is little liklihood of the proceeds being
entirely usable in Concord alone; therefore, steps should be taken to use the proceeds
elsewhere within the Program Area.
Pursuant to State law, the County as issuer of the bonds must make a finding that the
proceeds of the bonds are not usable within the assigning City (Concord) in order to use the
funds elsewhere within the program area. The City of Concord has provided a letter stating
their unsuccessful efforts to secure a developer willing to pay the committment fees
required.
Financial Impact:
None.
CONTINUED ON ATTACHMENT: YES SIG AT /
RECOMMENDATION OF COUNTY ADMINISTRAT R RECO M DAT10 OF BOARD COMMITTEE
_ APPROVE OTHER
SIGNATURE(S)'
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
XUNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
II CC: ATTESTED
P BATCHELOR, CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
M382./7-83 U BY &l ��� .,DEPUTY
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