HomeMy WebLinkAboutRESOLUTIONS - 01011993 - 1993-272 COUNTY OF CONTRA COSTA
RESOLUTION NO.
RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE
REFUNDING BONDS FOR THE CEDAR POINTE APARTMENTS PROJECT
WHEREAS, the County of Contra Costa (the "County")
intends to sell and issue not to exceed $12,500,000 of
multifamily mortgage revenue refunding bonds (the "Bonds") in
order to refinance 'a multifamily rental housing project pursuant
to;, its' program (the "Program") located at 125 Cedar Pointe Loop,
in the City of San Ramon, California, known as Cedar Pointe
Apartments (the "Project") ; and
WHEREAS, the interest on the Bonds may,; qualify for ;
exclusion from gross income under Section 103 of the Internal'
Revenue Code of 1986 (the "Code") only if the Bonds are approved
by the applicable elected representatives of the: governmental
unit issuing such bonds and the governmental unit where the
facilities to be financed are located, after a public hearing
held following reasonable public notice, in accordance with
Section 147(f) of the Code; and
WHEREAS, the 'Project is located wholly within the
County of Contra Costa,' California; and
WHEREAS, on May 10, 1993, ' the;.County caused a notice
stating that a public hearing with respect to the issuance of
refunding bonds would be held by the Deputy ;Director-
Redevelopment on May 24, 1993, to appear in the Contra - osta
�e and the San Ea2 V4k11ev ==S, which are newspapers of
general circulation in the County, such date of publication being
not less than fourteen days prior to the date of the 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 Bonds and the nature and location of' the aprogram
to be ;financed by the issuance of the Bonds; and
WHEREAS; this Board, of Supervisors is the elected
legislative body of the County and is the applicable elected
representative required to approve the issuance of the Bonds
within the meaning of Section 1'47(f) of the Code; and
NOW,; THEREFORE, BE IT RESOLVED by the 'Board of
Supervisors of the County of Centra' Costa, as fellows:
1. Each of the foregoing recitals is correct and is
certified to be a representation of this Board of Supervisors.
SM-16136.2'r
2. This Board of Supervisors hereby approves the
issuance of the Bonds to refinance costs of the Project in an
aggregate amount not to exceed $121500,000. It is the purpose
and intent of this Boardof Supervisors that this Resolution
constitute approval of the Bands in accordance with
Section 147(f) of the Code.
3. This Resolution shall take effect immediately upon
its passage and adoption-
ADOPTED this 25th day of May, 1993, by the following
vote:
AYES: Supervisors Powers, Smith, Bishop, McPeak, Torlakson
NOES: None
ABSTAINING': None
ABSENT: None
�WA
Chair of the Berard of supervisors
ATTEST:
Phil Batchelor,
County Administrator and
Clerk of the Beard of Supervisors
By.
_ d
Deputy