HomeMy WebLinkAboutRESOLUTIONS - 12031991 - 91-766 f
I �
IN THE BOARD OF SUPERVISORS
OF
CONTRA COSTA COUNTY, STATE OF CALIFORNIA
In the Matter of: ) RESOLUTION .NO. 91/766
The defeasance of certain bonds )
of the County and providing for )
the sale of related GNMA )
securities and other assets )
The Board of Supervisors of Contra Costa County RESOLVE:
WHEREAS, the County of Contra Costa (the "County") has
heretofore issued its 1988 Home Mortgage Revenue Bonds (GNMA
Mortgage-Backed Securities Program) , and its 1989 Home Mortgage
Revenue_- Bonds (GNMA Mortgage-Backed Securities Program) (the
"Bonds") ; and
WHEREAS, it may now be desirable to provide for the defeasance
of the Bonds and to provide for the sale of GNMA mortgage-backed
securities (the "GNMA Securities") and other assets held under the
indentures pursuant to which such Bonds were issued (the
"Indentures") ; and
WHEREAS, the Bonds may be defeased without the necessity of any
appropriation of funds by the County, and the County may receive
surplus amounts held under the Indentures as a result of the
defeasance of Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF CONTRA COSTA AS FOLLOWS:
Section 1. Subject to Section 2 hereto, the Chair of this
Board, the County Administrator, the Director . of Community
Development, the Director of the Growth Management and Economic
Development Agency, the Deputy Director-Redevelopment and the
Senior Housing Planner of the County are hereby authorized and
directed, for and in , the name and on behalf of the County, to do
any and all things and to take any and all actions and execute and
deliver certificates, agreements and other documents (including,
without limitation, the retention of Litten Financial Services as
financial advisor and. a nationally recognized bond counsel firm as
special counsel, execution and of an agreement providing for the
sale of the GNMA Securities to Magnus Capital, Inc. at the fair
market value thereof, execution and delivery of defeasance
instructions and a defeasance escrow agreement relating to the
Bonds, obtainment of daylight loans to facilitate the defeasance of
the Bonds and sale of assets held under the Indentures, which they,
or any - of them, may deem necessary or advisable ' in order to
consummate the defeasance of the Bonds, the sale of the GNMA
Securities and the sale of the other assets held under the
Indentures as such officers determine to be in the best interest of
the County all in accordance with this resolution. All actions
heretofore taken by the officers and agents of the County with
respect to the defeasance or redemption of the Bonds and the sale
of the GNMA Securities are hereby approved, confirmed and ratified.
RESOLUTION NO. 91/766
Section .2 . The ,defeasance or redemption of the Bonds and the
sale of the GNMA Securities shall not be consummated unless the
officers of the County consummating such transactions on behalf of
the County shall, in good faith, determine that (i) such defeasance
may be consummated without any appropriation by the County, and
(ii) with respect to the defeasance of the Bonds, the County will
receive as a result of such defeasance an aggregate payment of cash
(net , of expenses) of approximately $1, 000, 000 for the 1988 Bonds
and $250, 000 for the 1989 Bonds.
Section 3 , The resolution shall .take effect immediately upon
its adoption.
ADOPTED this 3rd. day of December, 1991, by the following vote:
AYES: Fanden, Schroder, McPeak, Toriakson, Powers
NOES: None
ABSENT: None
X
air of the Board of Supervisors
ATTEST:
Phil Batchelor
County .Administrator, and
Clerk of the Board
P f` �Supervisors
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By:
' Deputy
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sra20/jb/defeas.res
RESOLUTION NO. 91/766