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HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-333 RESOLUTION NO. 3 A RESOLUTION OF TIRE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO MAKE FOUR.LOANS TO THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY IN CONNECTION WITH ITS PLEASANT LCL,NORTH RICHMONDt WEST PITTSBURG AND OAIILY REDEVELOPMENT PROJECTS,AUTHORIZING AND DIRECTING EXECUTION OF RELATED INDENTURE OF TRUST AND LOAN AGREEMENTS,AUTHORIZING SALE,OF BONDS,APPROVING OFFICIAL STATEMENT,AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the County of Contra Costa '(the "County") and the Contra Costa County Redevelopment Agency (the "Agency") have heretoforeentered into a Joint Exercise of Powers Agreement establishing the County of Contra Costa Public Financing Authority (the "Authority") for the purpose, among others, of issuing its bonds to be used to provide financial assistance to the Agency; and WHEREAS, the Agency is undertaking to assist the redevelopment of its Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment Projects (collectively, the "Redevelopment Projects"), and the Agency has previously issued its Pleasant Hill BART Station Area Redevelopment Project 1967 Tax Allocation Notes in the initial aggregate principal amount of$7,604,040 (the "Notes"); and WHEREAS, the Agency has determined that due to prevailing financial market conditions it is in the best interests of the Agency to realize interest rate savings by refunding the Nates at this time, and the Agency has requested the Authority'to lend it funds in an amount sufficient for such purpose and also to provide additional 'financing for the Redevelopment Projects, including law and moderate income housing programs of the Agency, and WHEREAS, for the purpose of raising funds necessary to provide such financial assistance to the the Agency, the Authority proposes to authorize the issuance of its revenue bonds(the ".Bonds") under the provisions'of Article 4 (commencing with Section 6684)of Chapter 6 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), to be designated as the County of Contra Costa Public Financing :Authority 1992 Tax Allocation Revenue Bonds, Series A (Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment Project Areas); and WHEREAS, the proceeds of the Bands will be applied ;to make four loans (collectively, the "Loans") to the Agency pursuant to four separate Loan Agreements, each dated as of May 1, 1,992(collectively, the "Loan Agreements"); and WHEREAS, the firms of Stone & Youngberg and Artemis Capital Group, ,'Inc (collectively, the "Underwriters") have proposed to purchase and underwrite the Bonds and have presented to the Authority a form of Purchase Agreement for the Bonds, to be entered into among the Authority, the Agency and the Underwriters (the "Purchase Agreement") and have presented the Authority with a proposed form of official statement (the "Official Statement") describing the 'Bonds, to be used in connection with the marketing thereof by the Underwriters; and WHEREAS, the Board of Directors; (the "Board") of the ,.Authority has duly considered such transactions and wishes at this time to approve said transactions in the public interests of the Authority.'; NOW,THEREFORE,BE IT RESOLVED,by:the Board of Directors of the County of Contra. Costa Public Financing Authority as follows: Section i1. F ndings and Determinations. 'Pursuant to the .Act, the Board hereby finds and determines that the issuance of the Bonds will result in savings in effective interest rates,';bond underwriting casts and bond issuance costs and thereby' result in significant public benefits to its members within the contemplation of Section. 6586 of the Act. Section 2. Issuance of Bonds; Approval of Indenture. The Board hereby authorizes the issuance of. The maximum aggregate principal amount of the .Bonds shall not exceed $35,000,000. The Bonds shall be issued pursuant to an Indenture of Trost dated as of May 1,''' 1992, by and between the Authority and Bank of America National Trust and Savings Association, as trustee (the'"Indenture"). The Board hereby approves the Indenture in substantially the form on file with the Secretary, together with such additions thereto and changes therein as the Deputy' Executive Director of the Authority shall deem necessary,'desirable or appropriate, the execution of which by the Authority shall'be conclusive evidence of the approval of any such additions and changes. The Chair, Executive Director, Assistant :,Executive Director, and Deputy ,;Executive Director;(the 'Designated Officers"), each acting alone, are hereby. authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Authority to, the final form of the Indenture for and in the name and on behalf of the Authority. The Beard hereby authorizes the+delivery and performance of the Indenture, Section 3. Approval of Loans to Agency;Loan Agreements. The Board hereby authorizes and approves the lean of the Bernd proceeds by the Authority to the Agency pursuant to and in accordance with the provisions of the Loan Agreements. The Board hereby approves the Loan Agreements in substantially the form of the Loan Agreement on file with the Secretary,'together with such additions'thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable or appropriate, the execution of which by the Authority shall be conclusive=evidence of the approval of any such additions and changes. The Designated Officers, each acting alone, are hereby authorized and directed to execute, and the Secretary is hereby'authorized and directed to attest and affix the seal of the Authority to, the ficial form of each of the Loan Agreements for and in the name and on behalf of the Authority. The Authority hereby authorizes the delivery and performance of the Loan Agreements. Section 4. Salm;of Bonds. The Board hereby approves the sale of the Bonds by;the Authority by negotiation with the Underwriters, pursuant to the Purchase Agreement in substantially the form on file with the Secretary, together with such additions thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable or appropriate, the execution of which. by the Authority shall be conclusive evidence of the;approval of any such additions and changes." The Designated Officers, each acting alone, are hereby authorized and directed to execute the final form of the Purchase Agreement for and in the name and on behalf of the; Authority upon the submission of an offer by the Underwriters to: purchase the Bonds,,'which offer is acceptable to the Deputy Executive Director of the Authority and consistent`with the requirements of this Resolution. The amount of Underwriters' discount for the Bonds shall be not more than two percent (2%) of the par amount thereof (not tatting into 4 account any original issue discount on the sale thereof? and the net effective rate of interest to be represented by each series of the Bonds shall not exceed nine percent {970 per annum. Section& Mcial Statement. The Beard hereby,approves the preparation of, and hereby authorizes the Designated Officers, each acting alone, to deem final within the meaning of Rule 15c2-12 of the Securities Exchange .Act of 1934`'except for permitted omissions, a preliminary form of the Official Statement describing the Bonds. Distribution of such preliminary Official Statements by the Underwriters is hereby approved. The Designated Officers, each acting alone, are hereby authorized to execute the final Form of the Official Statement, including as it may be modified by such additions thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable or appropriate, and the execution of the final Official Statement by the Authority shall be conclusive evidence of the approval of any such additions and changes. The Board hereby authorizes the distribution of the final Official Statement by the Underwriters. The final Official'Statement shall be executed in the name and on behalf of the Authority by a Designated Officer. Section.;& Official Actions. The Chair, the Executive Director, the Assistant Executive Director, the Deputy Executive Director, the Secretary and any and all other officers mf the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions,'including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of thein, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bands and the consummation of the transactions as described herein. =3 Seo►n7. EffmfiveCte. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED this 12 'day of M_ay , 1992by the following vote: AYES: Supervisors Fanden, Schroder, Torlakson, ,McPeak NOES: None ABSENT: Supervisor Powers ABSTA N:None Chair, bounty of Contra Costa Public Financing Authority ATTEST: Phil Batchelor, Authority Secretary kam� Deputy RESOLUTION NO. 927333 I HEREBY CERTIFY that the'foregoing resolution was duly and regularly passed and adopted by the County of Contra Costa ublic Financing Authority at a regular meeting thereof held on the day of 1992 and that the foregoing is a full, true and correct copy of said Resolution. Phil Batchelor, Secretary of the County of Contra Costa Public Financing authority By: Deputy -6