HomeMy WebLinkAboutRESOLUTIONS - 01011993 - 1993-202 IN THE BOARD OF SUPERVISORS
OF
CONTRA COSTA COUNTY,'-'. STATE OF CALIFORNIA
in the Matter of: ) RESOLUTION NO. 93/202
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 1987 Home Mortgage Revenue Bonds (GNMA
Mortgage-Backed 'Securities Program) , hereinafter referred to as the
"Bonds;" and
WHEREAS, it may now be desirable to provide for the defeasance
of the Bonds and to provide for the sake of GNMA mortgage-backed
securities (the "GNMA Securities") and other assets held under the
indenture pursuant to which such Bonds were issued (the
"Indenture") , and
WHEREAS, the Bonds may be def eased 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, and the Deputy Director-Redevelopmentof 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 Arnelle &
Hastie as special counsel, execution 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
Indenture 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
93/202'
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 $5010,000.
lection 3. The resolution shall take effect immediately upon
its adoption.
ADOPTED this 27th day of April, 1993, by the following vote:
AYES: Supervisors Powers, Smith,: Bishop, McPeak, Torlakson '
NOES: done
ABSENT. gone
Chair of the Board of Supervisors
ATTEST:
Phil Batchelor
County Administrator and
Clerk of the Board
of Supervisors
By: Y
Deputy
JK:1h
sr&Sfdefeasnc.res
RESOLUTION NO.
93/242