HomeMy WebLinkAboutRESOLUTIONS - 01011998 - 1998-221 RESOLUTION NO. 28/221
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA REAPPROVING THE ISSUANCE OF RESIDENTIAL RENTAL FACILITY
REVENUE BUNDS FOR CYPRESS MEADOWS PROJECT
WHEREAS, Skyline Crest Enterprises, LLC, a California limited liability company (the
"'Developer") has requested that the County issue and sell revenue bonds to assist in the
financing of the acquisition, construction and equipping of a 110 unit assisted living rental
housing facility located in Antioch and to be known as Cypress Meadows (the "Project");and
WHEREAS, on April 28, 1998, the County issued $12,765,000 principal amount of its
County of Contra Costa Variable Rate Demand Multifamily Housing Revenue Bonds (Cypress
Meadows Project) Series 1998A (the "Series A Bonds") to provide interim financing for the
Project; and
WHEREAS, on July 14, 1998, the Board of Supervisors adopted Resolution No. 98/850
authorizing the issuance of County of Contra Costa Residential Rental Facility Revenue Bonds
(Cypress Meadows Project) 1998 Series E in an aggregate principal amount of not to exceed
$12,765,000 (the "Series E Bonds"), and County of Contra Costa Taxable Residential Rental
Facility Revenue Bonds (Cypress Meadows Project) 1998 Series F in an aggregate principal
amount of not to exceed $3,000,000 (the "Series F Bonds" and, collectively with the Series E
Bonds, the "Series E and F Bonds"), to provide moneys to refinance the Series A Bonds and to
provide additional financing for the Project; and
WHEREAS, the underwriter for the Series E and F Bonds has now recommended that
the final maturity of the Series E Bonds be extended to approximately 40 years from their date
of issuance, and Section 147(f) of the Internal Revenue Code of 1986 requires that, in light of
such extension of maturity and in order for the interest on the Series E Bonds to be tax-exempt,
the Board of Supervisors reapprove the issuance of the Series E Bonds following the holding of
a duly noticed public hearing with respect thereto;and
WHEREAS, said public hearing was duly noticed and held by the Deputy Director -
Redevelopment of the County and any comments provided at said hearing have been
communicated to this Board of Supervisors; and
WHEREAS, this Board of Supervisors now desires to reapprove the issuance of the
Series E and F Bonds, so that the interest on the Series E Bonds can be tax-exempt, and the
financing of the Project can proceed.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of
Contra Costa, as follows:
1. The Board of Supervisors of the County hereby finds and declares that the above
recitals are true and correct.
2. The Board of Supervisors hereby reapproves the issuance of the Series E and F
Bonds.
3. The maximum interest rate on the Series F Bonds shall not exceed ten and one-
half percent (10.5%).
4. Except as modified by paragraph 3 above, the provisions of Resolution No.
98/350 are hereby confirmed.
5. This Resolution shall take effect immediately upon its adoption.
PASSEL AND ADOPTED this_day of August, 1998 by the following vote:
AYES:Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla and Rogers
NOES: None
ABSTAINING: None
ABSENT: None
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Chair
ATTEST:
Phil Batchelor
County Administrator and Clerk
of the Board of Supervisors
By: 01 1.1U.0 V 0 0
Deputy Clerk
03007.03:J3900
7/21/98
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