HomeMy WebLinkAboutMINUTES - 11031992 - 1.51 R
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Contra
TO: BOARD OF SUPERVISORS `�' Costa
FROM: Harvey E. Bragdon '�o 't J� County'
Director of Community Development
DATE: November 3 , 1992
SUBJECT: Approving Issuance of Multi-Family Mortgage Revenue Refunding Bonds
by the Housing Authority
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Adopt Resolution approving the issuance of Multi-Family Mortgage
Revenue Refunding Bonds by the Housing Authority of Contra Costa
County.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
As the Board of Commissipners of the Housing Authority of Contra Costa
County, the sale of Multi-Family Mortgage Revenue Refunding Bonds
(Lakeshore Apartments, Antioch) has been recommended. The Board of
Supervisors is the elected legislative body of the County and is the
applicable elected representative required to approve the issuance of
Bonds by the Authority. This recommendation should be considered
concurrent with the recommendation to authorize sale of the Bonds by
the Housing Authority.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOSESWEMDATION BOARD CO ITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON 13 -7—qfg, APPROVED AS RECOMMENDED 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 BOP-RD OF
SUPERVISORS ON THE DATE SHOWN.
Jim Kennedy, 646-4076
cc: Community Development
Housing Authority ATTESTED ) ;L1
County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
SRA6/habonas.bos BY , DEPUTY
151
COUNTY OF CONTRA COSTA
RESOLUTION NO. 92/751
RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE
REFUNDING BONDS BY THE HOUSING AUTHORITY OF THE COUNTY OF CONTRA
COSTA FOR THE LAKESHORE APARTMENTS PROJECT
WHEREAS, the Housing Authority of the County of Contra
Costa (the "Authority") intends to sell and issue not to exceed
$12 , 300, 000 of multifamily mortgage revenue refunding bonds (the
"Bonds") in order to refinance a multifamily rental housing
project pursuant to its program (the "Program") located at 600
Wilbur Avenue, in the City of Antioch, California, known as
Lakeshore Apartments (the "Project") ; and
WHEREAS, the Authority has appointed the County of
Contra Costa as administrator of its Program; and
WHEREAS, the interest on the Bonds may qualify for
exclusion from gross income under Section 103 of the Internal
Revenue Code of 1986 - (the "Code") , only if the Bonds are approved
in accordance with Section 147 (f) of the Code; and
WHEREAS, the Pro ect is located wholly within the
County of Contra Costa, 1ifornia; and
WHEREAS, the County of Contra Costa caused a notice
stating that a public hearing regarding the issuance of the Bonds
would be held by the Deputy Director-Redevelopment on October 28,
1992, to appear in the Contra Costa Times and the Antioch Ledger,
which are newspapers of general circulation in the County, not
less than fourteen days prior to the date of such hearing; and
WHEREAS, the Deputy Director-Redevelopment has held the
public hearing described above, and an opportunity was provided
for interested parties to present arguments for and against the
issuance of the Bonds and the nature and location of the program
to be financed by the issuance of the Bonds; and
WHEREAS, this Board of Supervisors is the elected
legislative body of the County and is the applicable elected
representative required to approve the issuance of the Bonds
within the meaning of Section 147 (f) of the Code; and
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
1. Each of the foregoing recitals is correct and is
certified to be a representation of this Board of Supervisors.
SF2-7258.2
RESOLUTION NO. 92/751
2 . This Board of Supervisors hereby approves the
issuance of the Bonds by the Authority to refinance costs of the
Project in an aggregate amount not to exceed $12, 300, 000. It is
the purpose and intent of this Board of Supervisors that this
Resolution constitute approval of the Bonds by the applicable
elected representative of the issuer of the Bonds and the
applicable elected representative of the governmental unit having
jurisdiction over the area in which the Project is located, in
accordance with Section 147 (f) of the Code.
3 . This Board of Supervisors hereby accepts, on
behalf of the County of Contra Costa, the appointment by the
Authority to act as administrator of its Program.
4. The County Administrator and Clerk of this Board
of Supervisors or a deputy thereof is directed to certify and
deliver a copy of this Resolution to the Authority.
5 . This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED this 3rd day of November, 1992, by the
following vote:
AYES: Supervisors Powers, Fanden, Schroder, Torlakson. .
NOES: None
ABSTAINING: Supervisor McPeak
ABSENT: None
Chair of the Board of Supervisors
ATTEST:
Phil Batchelor,
County Administrator and
Clerk of the Board of Supervisors
.By:
G
Deputy
*Supervisor McPeak abstained because of a
possible conflict of interest.
SF2-7258.2