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HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-332 COUNTY OF CON'T'RA COSTA RESOLUTION NO. 92/332 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTYOF CONTRA COSTA APPROVING AND AUTHORIZING; THE EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT TO CREATE THE DELTA COUNTIES HOME MORTGAGE FINANCE AUTHORITY, APPOINTING TWO MEMBERS OF THE GOVERNING BOARD OF SUCH AUTHORITY, AND MAKING CERTAIN DETERMINATIONS WITH RESPECT TO BONDS TO BE ISSUED BY SUCH AUTHORITY WHEREAS, pursuant to the provisions of Article 1 of Chapter 5 of Division' 7 of Title 1 of the Government Code of the State of California (commencing with Section 6500 thereof) , two or more public entities may enter into a, joint exercise of powers agreement to carry out the powers common to each entity, and WHEREAS, the County of Contra Costa (the "County") and the other proposed parties to the joint exercise of powers agreement described below: are each empowered by Chapters 1 through 5 of Part 5 of Division 31 of the Health and Safety Code of the State of 'California (the "Act"`) to incur indebtedness for the purpose of financing: the construction, acquisition, improvement and rehabilitation of homes for the benefit of the residents 'thereof; and WHEREAS, each such proposed party has adopted or will adapt an ordinance establishing a home mortgage finance program pursuant to the Act; and WHEREAS, this Board of Supervisors has found and determined, and hereby finds and determines, that it is in the', best interests of the County of Contra Costa that the County enter into a joint exercise of powers agreement creating the Delta Counties Home Mortgage Finance Authority' (the "Authority") to exercise certain powers pursuant to the Act and 'for the Authority to proceed pursuant to the Act for the purpose of financing home mortgages with respect to property within the boundaries of the County; and WHEREAS, in order to achieve such public, purpose, the County desires to approve;', the Authority' s issuance of Single Family Mortgage Revenue Bonds (Fannie Mae and Ginnie Mae Mortgage-Backed Securities Program) , 1992 Series A (the "Bonds") in an aggregate principal amount not to exceed'- $50,`000,000; and RESOLUTION NO. 92/332 2981Z WHEREAS, the County has applied to the State of California Debt Limit Allocation Committee ("CDLAC"') for allocation to issue qualifiedmortgage bonds in accordance with the Internal Revenue' Code of '1986-., as amended (the "Code") and Chapter 11. 8 of Division 1 of Title 2 of the Government Code of the State of California in an amount equal to $13, 700, 000; and WHEREAS, this Board of Supervisors has determined that it is in the best interest of the County for the County to assign to the 'Authority pursuant to Section` 8869 . 85(d) of the 'Government Cade any portion of the State oiling for private activity bonds allocated to the County by CDLAC for the Bonds; and WHEREAS, the County has advised CDLAC of its intention to transfer its allocation to the Authority, and WHEREAS, the Internal Revenue Code of 1986, as amended, requires that prior to issuance, qualified mortgage bonds be approved by the applicable elected representative of the 'governmental unit' issuing '' such bonds after'' a public hearing is held following reasonable public notice; and WHEREAS, the County caused a notice that :a public hearing regarding the issuance of the Bonds would be held by the 'Deputy Director-Redevelopment on May 14, 1992, to appear in the Centra Costa Times, the West County 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 Bends 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 applicable elected representative of the County.- NOW, ounty;NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa,' as follows 1. The above recitals', and each of them, are true and 'correct . 2 . The proposed farm of agreement,, dated for convenience as of May 1, 1992, entitled "Joint, Exercise of Powers Agreement Creating the Delta Counties Home Mortgage Finance Authority, " in substantially the form presented to 2 29BIZ this meeting is :hereby approved. The Chair, the County Administrator and. the Clerk of this Board of Supervisors are hereby authorized and directed, for and in the name and on behalf of the County,; to execute and deliver said agreement in substantially said foam, with such additions thereto or changes therein as said officers may approve or recommend upon consultationwith County Counsel, the ,'approval of such additions or changes to be evidenced conclusively by the execution and delivery of such agreement. 3 . ' Pursuant to Section 7 of said agreement, the Board of Supervisors hereby appoints the Chair of the Board of Supervisors and the Supervisor, District 5, each to serve a. three-year term as a member of the governing board of the Authority. It is hereby recognized by this Board of Supervisors that Government Code Section 7' authorizes a member of this Board of Supervisors to delegate to another person the power and duty to act for such member in the capacity of member of the governing board of the Authority; and it is "hereby declared to be' the'' policy of this Board of Supervisors that such delegation is appropriate and encouraged in this case and that such delegation be to persons associated with the 'housing activities of the County, ,such as the Director of Community Development, the Deputy Director-Redevelopment and the Senior Housing Planner . 4 . The proposed form of agreement, dated for convenience as of May 1, 1992, entitled "Origination, Servicing and Administration Agreement', " is substantially the form presented to this meeting, is hereby approved. The Director of Community Development and/or the Deputy Director`-Redevelopment are hereby authorized and directed to act as an Administrator under said agreement and to execute and deliver said agreement in substantially said farm, with such: additions thereto or changes therein as said officer may approve or recommend upon consultation' with County Counsel, the approval of such additions or changes to be evidenced conclusively 'by the execution and delivery of such agreement . 5 . Pursuant to Section 13 of said agreement', this Board of Supervisors hereby consents to the use of the; proceeds of the Bonds by the Authority (and other moneys related thereto) to make or purchase home mortgages secured by homes within the `',.jurisdiction of the County, without limitation as to type, of home mortgage other than as required by the indenture pursuant to which Bunds are issued. 6. As the applicable elected representative of the County, this 'Board, for purposes of Section 147(f) of the Internal Revenue 'Code of 1986, as amended, hereby approves the issuance of the Bonds in an aggregate 'amount not to exceed $50,000,000. 3 2981Z' 7 . The Officers of the County are hereby authorized and directed., jointly and severally, to do any and all things to execute and deliverany and all documents which they may deem necessary or advisable in order to consummate' the >>>issuance, sale and delivery of the Bonds, and otherwise to effectuate the purpose of this Resolution; and such actions previously taken by such officers are ':hereby ratified and confirmed. 8 This Resolution shall take effect immediately upon its adoption. ADOPTED this 19Th day of May 1992 by the following votes AYES: SUPERVISORS Powers;, Fanden Schroder, Torlakson, McPeak NOES: SUPERVISORS None ABSENT: SUPERVISORS None Chair of' the' Board of Supervisors' ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors By♦ el Deputy 2981