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Home My WebLink AboutRESOLUTIONS - 01011998 - 1998-236 i 7S THE BOARD OF SUPER'i7ISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on May 12, 1998, by the following vote: AYES: Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla, Rogers NOES: None ABSENT: None ABSTAIN: None RESOLUTION NO. 98/236 SUBJECT: Resolution of the County of Contra) Costa Authorizing the Issuance, ) Execution and Delivery of Multi- ) Family Housing Revenue Bonds; ) Authorizing the Execution and ) Delivery of a Master Pledge and ) Assignment, a Master Agency ) Agreement, a Regulatory Agreement ) and Declaration of Restrictive } Covenants and Other Documents ) Relating Thereto; and Approving ) Other Actions and Matters Relating) Thereto } WHEREAS, the County of Contra Costa (the "County") is authorized by Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code (the "Act") to issue revenue bonds and make loans to any person, firm, partnership or corporation licensed to do business in the State of California in the financing of multifamily rental housing projects for persons of low income; and WHEREAS, Atchison 'Village Associates, L.P. , a California limited partnership ' (the "Borrower") , has requested the County to issue revenue bonds designated as the County of Contra Costa Multifamily Housing Revenue Bonds (Atchison village Apartments Project) , 1998 Series A (the "Bonds") and to loan the proceeds from the sale thereof to the Borrower to finance the acquisition and rehabilitation of a 100-unit multifamily rental housing smt.981250037 . ....................................... . development, located in the County of Contra Costa, California, known as the "Atchison Village Apartments" (the "Project") ; and WHEREAS, on March 5, 1998, the Deputy Director Redevelopment of the County held a public hearing on the proposed issuance of the Bonds, as required under the Internal Revenue Code of 1986, following published notice of such hearing; and WHEREAS, it is desirable to waive certain of the County' s Guidelines for the Issuance of Multi-Family Revenue Bonds & Unrated Bonds (the "Guidelines") ; and WHEREAS, all, conditions, things and acts required to exist, to have happened and to have been performed precedent to and in connection with the issuance of the Bonds as contemplated by this resolution and the documents referred to herein will exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act; NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa (the "Board of Supervisors") , as follows: 1. The Board of Supervisors hereby finds and declares that the above recitals are true and correct. 2 . Pursuant to the Act and the Pledge and Assignment (as defined below) , the issuance of the Bonds, in an aggregate principal amount not to exceed $4, 075, 000, is hereby authorized. The County Administrator, Clerk of the Board of Supervisors, the Director of Community Development, the Deputy Director - Redevelopment of the Community Development Department of the County, or the designee of any of the foregoing (collectively, the "Authorized Officers") , each acting alone, are hereby authorized and directed to execute the Bonds for and in behalf of the County by manual or facsimile signature, in the form set forth in the Pledge and Assignment (defined below) , with such changes, deletions and insertions as may be approved by such Authorized Officer and legal counsel to the County, such approvals being conclusively evidenced by the execution and delivery thereof, and the Clerk of the Board of Supervisors, or his duly appointed deputy, each acting alone, are hereby authorized and directed to attest the Bonds in said form and otherwise in accordance with the Pledge and Assignment. 3 . The Master Pledge . and Assignment, which is anticipated. to be dated as of June 1, 1998, by and among the County, U.S. Bank National, Association, as Agent, and U.S . Bank National Association, as Holder (the "Pledge and Assignment") , in the form on file with the Clerk of the Board of Supervisors, is hereby approved. The Authorized Officers, each acting alone, are hereby authorized for and in behalf of the County to execute and deliver the Pledge and Assignment with such changes, additions or _ 2 _ deletions as may be approved by such Authorized Officer and legal counsel to the County, such approvals to be conclusively evidenced by the execution and delivery thereof . 4 . The Master Agency Agreement, which is anticipated to be dated as of June 1, 1998, by and among the County and U.S . Bank National Association, as Agent (the "Agency Agreement") , in the form on file with the Clerk of the Board of Supervisors, is hereby approved. The Authorized Officers, each acting alone, are hereby authorized for and in behalf of the County to execute and deliver the Agency Agreement with such changes, additions or deletions as may be approved by such Authorized Officer and legal counsel to the County, such approvals to be conclusively evidenced by the execution and delivery thereof. 5. The Regulatory Agreement and Declaration of Restrictive Covenants, which is anticipated to be dated as of June 1, 1998, by and between the County and the Borrower (the "Regulatory Agreement") , in the form on file with the Clerk of the Board of Supervisors, is hereby approved. The Authorized Officers, each acting alone, are hereby authorized for and in behalf of the County to execute and deliver the Regulatory Agreement with such changes, additions or deletions as may be approved by such Authorized Officer and legal counsel to the County, such approvals to be . conclusively evidenced by the execution and delivery thereof. 6. The Bonds, when executed, shall be delivered to U.S . Bank National Association, as the initial holder thereof, upon the funding of the Bank Loan (as defined in the Pledge and Assignment) with the purchase price for the Bonds. that 7 . Section II.B.3 of the Guidelines, which states in part The borrower must be a high quality development firm with substantial financial assets . No shell corporations or limited partnerships involving parties with little or no financial strength other than the real estate should be allowed. This same test should apply to a subsequent buyer. is hereby waived. that 8 . Section II .B.5 of the Guidelines, which states in part In addition to the normal indemnification provided to the County as the Issuer, the owner should be required to post a surety bond of a suitable amount to guarantee the owners indemnification responsibilities. is hereby waived, provided that the Bonds are held in denominations of $1, 000, 000 or greater. - 3 - i 9 . Nossaman, Guthner, Knox & Elliott, LLP is hereby appointed as Bond Counsel with respect to the Bonds . 10 . Litten Financial Consulting is hereby appointed as Financial Advisor with respect to the Bonds . 11. All actions heretofore taken by the officers and agents of the County with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the County, including the Authorized Officers, are hereby authorized and directed, for and in the name and on behalf of the County, to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, including but not limited to those certificates, agreements and other documents described in the Pledge and Assignment, the Agency Agreement, the Regulatory Agreement, and other documents herein approved. 12 . This Resolution shall take effect immediately upon its passage and adoption. T hereby certify that the foregoing Resolution was duly adopted by the Board of Supervisors of Contra Costa County, California, at a regularly scheduled meeting thereof, held on the 12th day of May, 1998, by the following vote of the Board: AYES : Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla, Rogers NOES: None ABSENT:None ATTEST: May 12, 1998 Phil Batchelor, ` Clerk of the Board of Supervisors and County Administrator By: Deputy _ 4 -