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HomeMy WebLinkAboutMINUTES - 10251988 - 1.5 (3) 1-050 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA >R TO: BOARD OF COMMISSIONERS DATE: October 25, 1988 FROM: Perfecto Villarreal , Executive Director cc: SUBJECT: AMENDMENT NO. 40 TO CONTRIBUTIONS CONTRACT SF-182 CAO11015, ELDER WINDS, ANTIOCH I . RECOMMENDED ACTION: ADOPT Resolution No. 3545 authorizing the execution of Amendment No. 40 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, as recommended by the Advisory Housing Commission. II. FINANCIAL IMPACT: None. I III. REASONS FOR RECOMMENDATION/BACKGROUND: On October 4, 1988 the Housing Authority of the County of Contra Costa received a letter from' David L. Sutton, Associate Regional Counsel , U. S. Department of Housing and Urban. Development, San Francisco Regional Office, enclosing the documentation necessary to effect Amendment No. 40 to Annual Contributions Contract SF-182. This amendment will reconcile the total development cost of CA011015, Elder Winds, Antioch, with the approved actual development cost of $5,453,739. On October 17, 1988 the Advisory Housing Commission recommended adoption of Resolution No,. 3545 approving Amendment No. 40 to Annual Contributions Contract No. SF-182 and authorizing its execution. IV. CONSEQUENCES OF NEGATIVE ACTION: Should the Board of Commissioners elect to not adopt Resolution No. 3545, authorizng the execution of Amendment No. 40 to the Annual Contributions Contract No. SF-182, the Department of Housing and Urban Development would be unable to reconcile the total development cost of CA011015, Elder Winds, Antioch with the approved actual development cost of $5,453,739, thereby creating an inaccuracy in the Annual Contributions, Contract. CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATIOreOF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S) ACTION OF BOARD ON' Z tl Nbu APPROVED AS RECOMMENDED OTHER i VOTE: OF COMMISSIONERS x..._ 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 OCT 2 5 1988 County Counsel Phil Batchelor, Clerk of the Housing! Authority Board of Commissioners M382/7-83B Y DEPUTY REG. IX, HUD. r. - i Resolution No. 3545 RESOLUTION AUTHORIZING THE EXECUTION OF AMENDMENT N0. 40 TO ANNUAL CONTRIBUTIONS CONTRACT NO. SF-182 PROVIDING FOR THE DEPOSIT OF MONIES UNDER K UENERAL DEPOSITARY AGREEMENT; AND THE ISSUANCE OF PROJECT LOAN NOTES AND i. PERMANENT NOTES The Housing Authority of the County of Contra Costa (herein called the "Local Authority 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 dcposit 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 ofjficial 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. 1/ Section 2.! The . Bank of America National Trust and Savings Association End the Local Authority 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 theAgreement the aforenamed Bank shall be the Depositary for the project established under this Amendment. Executive Director 1/ Section 3.; The is hereby authorized to file witFi—the Government from time to time, as monies are required, requisitions together with the necessary supporting documents requesting advances to be made on account of the loan provided in 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 thejGovernment 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 . Cashiproceeds 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. Project !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, bor on deposit for deliveryending 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-Author ity__in_ant.iciDation_.Qf,_the._-delivery of Project Loan , or Permanent Notes, there are hereby authorized to be issued, from time toltime, 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- etermined) of each Project, less the sum of (1) the principal amount of Bonds issued to finance suich Development Cost and (2) the principal amount of Project Loan, Permanent, or Project Notes issued to finance such Development Cost ;inu which hnA� thon boon rotired from funds other than the proccode 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 Chairperson/Acting Chairperson shall have the official seal of the Local Authority Impresseg t ereon and attest- ed by the ' Secretar " Each Project Loan Note shall be in aubstaREHI—ally the form of Form o. -9204 and each Permanent Note nhnll ho in nuhntnntinlly tho form or Form No. 1TUD-52250, oach 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 Authority, as herein provided. Section 5. Whenever the following terms, or any of them, are used in this Reso 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) All 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 vance, Proj ct 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 Resolutio—n –sEall be exc anged for any .Advance Notes heretofore issued pursuant to any previous resolution. . :,ec'L.ion 7. This Resolution shall take effect immediately. \..