HomeMy WebLinkAboutMINUTES - 10231990 - 1.45 1-045 �
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TO: BOARD OF SUPERVISORS .r CIJJIa
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FROM: Harvey E. Bragdon CO���. , '� :��'
Director of Community Development
DATE: October 23, 1990
SUBJECT: 1987 Contra Costa Home Mortgage Revenue Bond
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize payment of an Extension Fee to First Interstate Bank of California,
from Housing Bond Trust Funds, in order to extend the Program Period for
delivery of mortgages under the' 1987 Contra Costa Home Mortgage Finanpe Program.
FISCAL IMPACT
None. No general funds are involved. The County will receive full reimbursement
from a private developer.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On August 27, 1987', the County completed the sale of $35, 920, 000 in single
family mortgage revenue bonds. The proceeds of the bonds were to be used for
mortgages to low and moderate 'income first-time homebuyers. The Program Period
in which mortgages were to be originated ended October 1, 1990. All proceeds
have not been used and could be; therefore, . the County sought and received
approval of the rating agency (Moody's) to extend the Program Period for one
year to October 1, 1991. One condition of extending was the enhancement of
program cash flow by the payment of an extension fee of $25, 935 to the program's
Trustee. In order to preference proof the funds from bankruptcy exposure, the
extension fee must be paid by the County to the Trustee. The County will be
reimbursed for said amount by a benefitting developer.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION BOARD C MMITTE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON OCT 7UIMT APPROVED AS RECOMMENDED )C OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A-
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 OCT 2 3 19 �J
County Administrator ATTESTED
County Counsel PHIL BATCHELOR, CLERK OF
Auditor-Controller' THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BY , DEPUTY
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