HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-335 RESOLUTION NO. ' a3
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A RESOLUTION OF THEBOARD OF SUPERVISORS OF THE COUNTY OF CONTRA
COSTA APPROVING THE ISSUANCE OF BOND BY,THE COUNTY OF CONTRA
COSTA PUBLIC FINANCING AUTHORITY,APPROVING THE BORROWING OF
BONA PROCEEDS BY THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY,
AND THE REFUNDING OF CERTAIN NOTES OF THE AGENCY
WHEREAS, the County of Contra Costa (the "County") and the Contra Costa
County Redevelopment Agency; (the "Agency") have 'heretofore entered 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 1987 Tax' Allocation Notes in the initial
aggregate principal amount of$7,500,000 (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 Notes 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 low and moderate income housing programs
of the Agency; and
WHEREAS, for the purpose of raising funds necessary to provide such financial
assistance to the Agency, the Authority proposes to authorize the. issuance of its revenue
bonds (the "Bonds") under the provisions of Article 4 (commencing'with Section 8684) of
Chapter '5 of Division 7 of Title' 1 of the Government Code of the State of California,
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 Bonds 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, 1992 (collectively, the "Loan Agreements'); and
WHEREAS, the Board of Supervisors of the County approves of said transactions
as being in the public interest of the County, the Agency and the Authority.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
Board of Supervisors of the County, as follows:'(1) the issuance of the Bonds by the
Authority,the entering into of the Loan Agreements by;the Agency and the Dans made
to the Agency pursuant thereto,'and the application of a portion of the proceeds of such
Loans to refund the Notes, be and are hereby;,approved, and (2)this Resolution shall take
effect from and after the date of its passage and adoption.
I hereby certify that the foregoing Resolution was duly adopted by the 'Board of
Supervisors of 'Contra Costa County, California, at a regularly scheduledmeeting
thereof, held on the .2,2_ day of May , 1992, by the following vote of the Board:
.APES: Supervisors Fanden, Schroder, Torlakson, McPeak
NClES: None
ABSENT: Supervisor Powers
ATTEST:
Phil Batchelor, Clerk of the Board of
Supervisors and County Administrator
By: hmaze��
Deputy
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RESOLUTION NO. 92/335
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