HomeMy WebLinkAboutMINUTES - 11031992 - 1.57 t.,
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TO: BOARD OF SUPERVISORS
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FROM: Harvey E. Bragdon �. ��
r'�4,6?�� VOUnry,
Director of Community Development
DATE: November 3 , 1992
SUBJECT: Multi-Family Refunding Bonds
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Designate A. G. Edwards as Senior Managing Underwriter and Smith
Mitchell as Co-Managing Underwriter, and Jones Hall Hill & White as
bond counsel for the refunding of the County's 1985-J and Multi-Family
Mortgage Revenue Bonds.
FISCAL IMPACT
None. The County will be reimbursed for its costs of issuance.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In January 1990, the Board of Supervisors adopted revised policies and
procedures for the award of financial advisors, investment bankers/
underwriters, and bond counsel of County capital financings. Pursuant
to those policies, the County has established a list of qualified
firms for multi-family bond transactions.
CONTINUED ON ATTACHMENT: YES SIGNATURE: E
L J
RECOMMENDATION OF COUNTY ADMINISTRATOR RECO ENDATION' F BOARD OMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON PPROVED 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 BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Jim Kennedy, 646-4076
cc: Community Development /�
County Administrator ATTESTEDqvwold� ,3
County Counsel PHIL BATCHELOR, CLERK OF
Auditor-Controller THE BOARD OF SUPERVISORS
A. G. Edwards AND COUNTY ADMINISTRATOR
Smith Mitchell
Jones Hall Hill & White
BY , DEPUTY
SRA6/mtbonds.bos
In 1985 the County issued multi-family bonds to finance the Moraga
Royale Retirement Center in Moraga (Issue 1985-J) . The bonds were
secured by a Union Bank Letter of Credit. The project owners,
Goldrich & Kest, desire to refund the bonds in order to realize
interest rate savings and to provide for an alternative
credit/security structure. To complete the refunding will require
the retention of an underwriter and bond counsel.
Pursuant to the procedures for multi-family bonds, the project
owner has requested that A. G. Edwards underwrite the bonds. A. G.
Edwards has been retained on similar transactions of Goldrich &
Kest and is intimate with the proposed structure. Smith Mitchell,
a WBE firm, has particular strengths in the selling of the
anticipated securities and is being recommended as a co-manager.
Jones Hall Hill & White is being recommended as bond counsel. Of
the firms with experience with this structure, Jones Hall Hill &
White was the least costly. Further, Jones Hall Hill & White is
acting as bond counsel on similar transactions involving Goldrich
& Kest, and is therefore more intimate with details that will
impact the refunding process.