HomeMy WebLinkAboutMINUTES - 11041997 - C99 THE BOARD OR SUPERVISORS OF
CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on _November 4, 1997_ by the following vote:
AYES: Supervisors Rogers, Uilkema, Gerber, Canciamilla and DeSaulnier
NOES: None
ABSENT: None
ABSTAIN: None
----=-------------------------------------------------------------------------
------------------------------------------------------------------------------
SUBJECT: Dissolution of the Concord/Walnut Creek
Home Financing Authority
IT IS BY THE BOARD ORDERED that receipt is ACKNOWLEDGED of Resolution
97-76 adopted by the City Council, City of Concord, on September 9, 1997,
dissolving the Concord/Walnut Creek Home Financing Authority.
I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
ENTERED ON THE MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN .
ATTESTED: NnvPmhPr 4, 1()g7
Phil Batchelor,Clerk of the Board of
SupyNisors an rf',-ty Administrator
By A 17 1 AAJ Deputy
cc: City of Concord
Auditor-Controller
County Administrator
Y COPY
1 X391 FORE THE CITY COUNCIL OF THE CITY OF CONCORD
n - 1 OUNTY OF CONTRA COSTA, STATE OF CALIFORNIA
2
OF is RS
C1S�RKC issolving the Concord-Walnut
reek Home Financing Authority Resolution No. 97-76
4 /
5 WHEREAS, pursuant to the provisions of Article I, of Chapter 5, of Division 7 of Title I of
6 the Government Code of the State of California being Sections 6500-6516 thereof,the cities of
7 Concord and Walnut Creek entered into a Joint Exercise of Powers Agreement to carry out the
8 powers common to each entity; and
9 WHEREAS, the City of Concord and the City of Walnut Creek were each empowered by
10 Chapters 1-5 of Part 5 of Division 31 of the Health& Safety Code of the State of California(the
11 "Act")to incur indebtedness for the purpose of financing the construction, acquisition and
12 rehabilitation of homes for the benefit of the residents thereof; and
13 WHEREAS, a Joint Exercise of Powers Agreement was entered into between the City of
14 Concord and the City of Walnut Creek, entered into on April 1, 1982, creating the Concord-Walnut
15 Creek Home Financing Authority ("Authority"); and
16 WHEREAS, certain revenue bonds were issued by the Authority as authorized and issued
17 pursuant to the Act; and
18 WHEREAS, pursuant to Section 4 of the Agreement,the term of the Agreement was to
19 continue from the date of execution through April 1, 2020, or until such time as the Bonds and the
20 interest thereon shall have been paid in full; and
21 WHEREAS, on May 5, 1997, First Trust of California issued a check in the amount of Five
22 Hundred Thirty Thousand Thirty-Eight and 13/100 dollars ($530,038.13)payable to the Authority.
23 Such payment represented final payment to the Authority and no funds are therefore due the
24 Bondholders or the Trustee; and
25 WHEREAS, by reason of said final payment the powers of the Authority and Joint Exercise
26 of Powers Agreement by its own terms has terminated; and
27 WHEREAS, the City of Concord has determined that there is no need to continue the entity
28 known as the Concord-Walnut Creek Home Financing Authority and has determined that it should
RES.97-76
` _ 2
1 + ,
I be dissolved.
2 NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF CONCORD DOES
3 RESOLVE A FOLLOWS:
4 Section 1. The recitals herein contained are true and correct and the City Council so finds.
5 Section 2. The Agreement entitled"Joint Exercise of Powers Agreement between the City of
6 Concord and the City of Walnut Creek Creating the Concord-Walnut Creek Home Financing
7 Authority"as approved by the Council on April 12, 1982,by its own terms has terminated and has
8 no further legal force or effect.
9 Section 3. The City Council further finds that the entity known as the Concord-Walnut
10 Creek Home Financing Authority is no longer necessary and should be dissolved and by adoption of
11 this Resolution does dissolve said Authority.
12 Section 4. That this Resolution shall become effective immediately upon its passage and
13 adoption.
14 PASSED AND ADOPTED by the City Council of the City of Concord on the 9th day of
15 September, 1997, by the following vote:
16 AYES: Councilmembers - H.Allen, M.Pastrick, L.Rosas, M.Peterson, B.McManigal
17 NOES: Councilmembers -None
18 ABSENT: Councilmembers -None
19 ABSTAIN: Councilmembers -None
20 I HEREBY CERTIFY that the foregoing Resolution No. 97-76 was duly and regularly
21 adopted at a regular joint meeting of the City Council of the City of Concord on September 9, 1997.
22 Lynnet Keihl, CMC
City Clerk
23
24 APP D AS TO F By:
__1z Mardie Traver
2 7� / Deputy City Clerk
26
City Attorney
27
28 CC: City of Walnut Creek
RES.97-76