Loading...
HomeMy WebLinkAboutMINUTES - 11191996 - C153 G, Iia - Contra TO: BOARD OF SUPERVISORS a-^ Costa _T.. J County FROM: Harvey E. Bragdon Director of Community Development DATE: November 19, 1996 SUBJECT: Concord Healthcare Center, Inc. SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution approving an Amended and Restated Trust Agreement relative to the tax exempt financing of Concord Healthcare Center, Inc.; and AUTHORIZE the Deputy Director - Redevelopment, or his designee, to execute said Agreement. FISCAL IMPACT None. The County will be reimbursed for costs associated with processing this Amended Trust Agreement and related actions. BACKGROUND/REASONS FOR RECOMMENDATIONS In 1987, the County issued Industrial Development Bonds to finance a nursing home in Concord. The owner of the facility has requested revisions to the debt payment schedule that do not impair the underlying security for the bonds. The new issue has been subject to a rating agency review. Moody's has confirmed a rating of A-1. CONTINUED ON ATTACHMENT: YES SIGNATURE: aAW RECOMMENDATION OF COUNTY ADMINISTRATOR ECOM NDATION OF ARD COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON 19 , 19 94 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 BOARD OF SUPERVISORS ON THE DATE SHOWN. Source: Jim Kennedy 335-1255 cc: Community Development ATTESTED 19 County Administrator PHIL BATCHELOR, CLERK OF County Counsel THE BOARD OF SUPERVISORS via Community Development AND COUNTY ADMINISTRATOR Orrick Herrington & Sutcliffe Concord Healthcare Center, Inc. B , DEPUTY JK:Ih sraMhelthctr.bos RESOLUTION NO. 96/515 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA APPROVING A FIRST AMENDMENT TO TRUST AGREEMENT FOR CONCORD HEALTHCARE CENTER, INC. PROJECT CERTIFICATES OF PARTICIPATION WHEREAS, Concord Healthcare Center, Inc. , a California corporation (the "Company") , proposed in 1986 to acquire and construct a project consisting of a 124-bed skilled nursing and intermediate care facility (the "Project") located at Concord Boulevard west of Denkinger Road in Concord, California; and WHEREAS, by Resolution No. 86/722, adopted December 16, 1986, the Board of Supervisors of the County of Contra Costa (the "County") approved the execution and delivery of a Trust Agreement, a Lease Agreement, and a Sublease Agreement, respectively made and entered into as of December 1, 1986 (and later Amended and Restated as of July 15, 1987) , by and among the County, the Company, and Security Pacific National Bank (the "Trustee") for the purpose of financing the Project; and WHEREAS, pursuant to Resolution 86/722, Certificates of . Participation ( "Certificates") each evidencing proportionate interests in the Lease Rentals under the Lease Agreement were executed and delivered pursuant to the Trust Agreement in an original aggregate principal amount of $4,300, 000, which were designated as the "County of Contra Costa Certificates of Participation (Concord Healthcare Center, Inc. Project) " ; and WHEREAS, pursuant to Resolution 90/470, the County, the Trustee and the Company entered into a further Amended and Restated Trust Agreement dated as of August 1, 1990; and WHEREAS, the Company has requested the County to agree to certain amendments to the Trust Agreement which do not materially adversely affect the interests of the Holders of the Certificates and may, pursuant to Section 1102 of the Trust Agreement, be adopted without consent of the Holders of the Certificates; and WHEREAS, the County was and is authorized to undertake all of the above pursuant to Sections 23004, 25351, 25353 and 26227 of the Government Code and Sections 16717 and 17000 of the Welfare and Institution Code along with other applicable law of the State of California; and SF2-66299.1 40511-75-DC3-10/31/96 WHEREAS, the County has determined that it is desirable to approve the changes to the Trust Agreement proposed by the Company. NOW, THEREFORE, BE IT RESOLVED by the County of Contra Costa as follows: Section 1. Recitals. The Board finds and determines that the all Recitals in this Resolution are true and correct. Section 2 . First Amendment to Trust Agreement. The proposed form of the First Amendment to Trust Agreement presented at this meeting by and between the County and the Trustee is hereby approved and the Chair of the Board of Supervisors, Vice Chair of the Board of Supervisors, County Administrator and Clerk of the Board of Supervisors, Deputy Director-Redevelopment, or the designee of any of such persons, are, and each of them is, hereby authorized and directed, for and in the name and on behalf of the County, to execute and 'deliver to the Trustee the Trust Agreement in substantially the form hereby approved, with such non-substantive additions or changes as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3 . Other Acts. The officers of the County are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents which they may deem necessary or advisable in order to effectuate the purposes of this Resolution, and any such actions previously taken by such officers are hereby ratified and confirmed. Section 4. Effective Date. This Resolution shall take effect immediately upon adoption. ADOPTED this 19th day of November, 1996. SF2-66299.1 2 40511-75-DC3-10/31196 it Shirley Casil'las Deputy clerk for the County of County of Contra Costa, do hereby certify that the foregoing Resolution was regularly introduced and adopted by the County at a regular meeting thereof held on the 19th day of November, 1996, by the following vote of the County. AYES: Supervisors Rogers, Bishop, DeSaulnier, Torlakson, Smith NOES: None ABSENT: None ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the County of Contra Costa, this 19th day of November 19 9 6. ATTEST: PhilBachelor, County Administrator and Clerk of -the Board of Supervisors BY: eputy