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HomeMy WebLinkAboutRESOLUTIONS - 01011998 - 1998-502 RESOLUTION NO. 981502 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF COUNTY OF CONTRA COSTA MULTIFAMILY HOUSING REVENUE BONDS (COGGINS SQUARE APARTMENTS) 1998 SERIES D,ISSUE I AND II,AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST, A LOAN AGREEMENT AND A REGULATORY AGREEMENT,AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, the County of Contra Costa (the "County") is authorized pursuant to Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") to issue revenue bonds to provide funds to finance multifamily rental housing facilities, and WHEREAS, Coggins Square Associates, a California Limited Partnership (the "Developer") has requested that the County issue and sell revenue bonds (the "Bonds") to assist in the financing of the acquisition, construction and equipping of an 86 unit multifamily rental housing facility located in the County and to be known as Coggins Square Apartments (the "Project"), and WHEREAS, the Deputy Director-Redevelopment of the Community Development Department of the County(the"Deputy Director-Redevelopment")has held a public hearing on the proposed issuance of the Bonds, as required under the provisions of the Internal Revenue Code applicable to tax-exempt bonds,following published notice of such hearing,and WHEREAS, there have been prepared various documents with respect to the issuance of the Bonds,copies of which are on file with the Deputy Director-Redevelopment, and this Board of Supervisors now desires to approve the issuance of the Bonds and the execution and delivery of such documents by the County,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 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, as follows: 1. The County hereby finds and declares that the above recitals are true and correct. 2. Pursuant to the Act and the Indenture(hereinafter defined),revenue bonds of the County designated as "County of Contra Costa Multifamily Housing Revenue Bonds (Coggins Square Apartments) 1998 Series D, Issue P' and "County of Contra Costa Multifamily Rental Housing Revenue Bonds(Coggins Square Apartments) 1998 Series D, Issue II" (collectively,the "Bonds"),in an aggregate principal amount not to exceed$10,000,000, are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Chair of the Board of Supervisors (the "Chair"), the facsimile of the seal of the County shall be reproduced thereon and attested by the manual or facsimile signature of the County Administrator and Clerk of the Board of Supervisors (the "County Administrator"), in the form set forth in and otherwise in accordance with the Indenture. 3. The indenture of trust relating to the Bonds(the"Indenture")by and between the County and a trustee to be designated by the Deputy Director-Redevelopment of the County, which such officer is hereby authorized to so designate (the "Trustee"),in the form on file with the Clerk of the Board, is hereby approved. Any one of the Chair, the Vice-Chair of the Board of Supervisors, the County Administrator, the Director of Community Development and the Deputy Director-Redevelopment of the Community Development Department of the County (collectively, the "Designated Officers") is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the Indenture, and the County Administrator is hereby authorized and directed, for and in the name and on behalf of the County, to attest the Indenture in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Indenture upon consultation with the Deputy Director-Redevelopment of the Community Development Department of the County and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 9 hereof, provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of the amount set forth in Section 2 above, or an interest rate on any maturity of the Bonds in excess of 6.50%), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Indenture by the County. The date, maturity dates, interest rate or rates, privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Indenture as finally executed. 4. The loan agreement relating to the Bonds (the "Loan Agreement") among the County, Wells Fargo Bank, National Association, as Bondowner Representative, and the Developer,in the form on file with the Clerk of the Board, is hereby approved. Any one of the Designated Officers is hereby authorized and directed to execute and deliver the Loan Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Loan Agreement upon consultation with the Deputy Director-Redevelopment of the Community Development Department of the County and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 9 hereof), the approval of such changes to be conclusively evidenced by the execution and delivery of the Loan Agreement by the County. 5. The regulatory agreement and declaration of restrictive covenants relating to the Bonds (the "Regulatory Agreement") among the County, the Trustee and the Developer, in the form on file with the Clerk of the Board, is hereby approved. Any one of the Designated Officers is hereby authorized and directed, for and in the name and on behalf of the County,to execute and deliver the Regulatory Agreement in said form,together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Regulatory Agreement upon consultation with the Deputy Director-Redevelopment of the Community Development Department of the County and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 9 hereof),the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Regulatory Agreement by the County. 6. The subordination agreement relating to the subordination by the County and the Contra Costa County Redevelopment Agency (the "Agency") of certain loans, and related deeds of trust and regulatory agreements with respect to the Project to the loan and related liens under the Loan Agreement and the Regulatory Agreement (the "Subordination Agreement")by the County and the Agency for the benefit of the Trustee and the Bondowners, in the form on file with the Clerk of the Board,is hereby approved. Any one of the Designated 2 Officers is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the Subordination Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Subordination Agreement upon consultation with the Deputy Director-Redevelopment of the Community Development Department of the County and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 9 hereof),the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Subordination Agreement by the County. 7. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the purchaser thereof in accordance with written instructions executed on behalf of the County by any one of the Designated Officers of the County, which instructions said officer is hereby authorized and directed, for and in the name and behalf of the County, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the purchaser thereof, upon payment of the purchase price therefor. 8. The law firm of Quint &Thimmig LLP is hereby designated as Bond Counsel to the County for the Bonds. The fees and expenses of such firm for matters related to the Bonds shall be payable solely from the proceeds of the Bonds or contributions by the Developer. 9. 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 Designated 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 Indenture, the Loan Agreement,the Regulatory Agreement and any other documents herein approved and any certificates, agreements or documents as may be necessary to evidence credit support or additional security for the Bonds. 3 io <. 10. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 1.8th day of October, 1998 by the following vote: AYES: Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla and Rogers NOES: None. ABSTAINING: None ABSENT: None Chair ATTEST: v Phil Batchelor County Administrator and Clerk of the Board of Supervisors By: (1. 0 J �? ) Deputy Clerk 03007.02J4038 9/80/98 4