HomeMy WebLinkAboutRESOLUTIONS - 01011999 - 1999-135 C.113
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Resolution on March 1 K 1999 by the following vote
AYES: Supervisors Gioia, Uilkema, Gerber, DeSaulnier and Canciamilla
NOE S: None
ABSENT: None
ABSTAIN:None
RESOLUTION NO.991135
SUBJECT:
Resolution of the County of Contra)
Costa Conditionally Providing for )
the Issuance of Revenue Bonds to )
Finance the Construction of )
Multi-Family Housing Developments )
WHEREAS, the County of Contra Costa (the "County") is a legal
subdivision and body corporate and politic of the State of
California, duly organized and existing under the Constitution and
laws of the State of California, and
WHEREAS, the Board of Supervisors of the County, after careful
study and consideration, has determined that there is a shortage of
safe and sanitary housing within the County, and that it is in the
best interest of the residents of the County and in furtherance of
the health, safety and welfare of the public for the County to
assist in the financing of housing developments; and
WHEREAS, pursuant to Division 31 of the Health and Safety Code
of the State of California, and particularly Chapter 7 of Part 5
thereof (the "Act") , the County is empowered to issue and sell
bonds for the purpose of making mortgage loans or otherwise
providing funds to finance the development of multi-family rental
housing, including units for lower-income households and very-low
income households; and
WHEREAS, the Board of Supervisors has now determined to
provide financing for the multi-family developments identified in
Exhibit A hereto (the "Developments") , and in order to finance the
Developments the County intends to issue, at one time or from time
to time, revenue bonds pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of
the County of Contra Costa as follows:
1 . The Board of Supervisors hereby determines that it is
necessary and desirable to provide construction and permanent
financing for the Developments pursuant to the Act or other
appropriate authority, by the issuance of Mortgage Revenue Bonds
(the "Bonds") , in an aggregate principal amount not to exceed the
amounts set forth in Exhibit A, subject to the conditions that with
respect to any development to be financed, (I) the County by _
resolution shall have first agreed to acceptable terms and
conditions for the bonds (and for the sale and delivery thereof) ,
and for an indenture and all other agreements with respect to any
of the foregoing; (ii) all requisite governmental approvals shall
have first been obtained; (iii) the bonds shall be payable solely
from revenues received with respect to loans or other investments
made with the proceeds of such bonds, and neither the full faith
nor the credit of the County shall be pledged to the payment of the
principal of, or interest on any such bond; (iv) the County and the
respective developer/initial owner thereof identified on Exhibit A
hereto, or any partnership, corporation or other entity to be
formed by such developer/initial owner or by any principal thereof,
or any successor to the interests thereof approved by the County
(in any such case, the "Owner") , shall have entered into a
preliminary agreement concerning the financing, in substantially
the form attached thereto as Exhibit B, with such additions or
deletions as are considered necessary or appropriate by the County
Director of Community Development or the County Administrator, and
the Owner, and the Chair of the Board, the County Administrator,
and the Director of Community Development are hereby authorized to
execute said preliminary agreement for in the name and on behalf of
the County; (v) any occupancy and other requirements of the Internal
Revenue Code of 1986, as amended (the "Code") are satisfied with
respect to bonds, the interest on which is intended to be excluded
from gross income for federal tax purposes; (vi) any occupancy and
other requirements of the Act are satisfied; and (vii) any
occupancy and other requirements of the County applicable to such
financing are satisfied.
2 . The Chair of the Board of Supervisors, the County
Administrator and ex-officio Clerk of the Board, the County
Director of Community Development, County Counsel and their
deputies and other officers of the County are hereby authorized and
directed to take whatever further action consistent with this
resolution may be deemed reasonable and desirable, including
participating in the preparation of any resolution, indenture, bond
purchase agreement, official statement and/or other documents or
agreements necessary or appropriate to effect such financing, and
any actions necessary to obtain an allocation of the volume cap for
the State of California to the extent required by the Code for the
issuance of bonds, the interest on which is intended to be excluded
from gross income for federal tax purposes .
3 . It is the purpose and intent of the County that this
Resolution constitute official action toward the issuance of
obligations by the County to finance the Developments in accordance
with Sections 1.103-8 (a) (5) (iii) , and 1.150-2 of the Regulations of
the United States Department of the Treasury, or any successor
regulation promulgated under the Code. The County hereby declares
its official intent to use proceeds of the Bonds to reimburse the
Owner for certain expenditures made prior to the issuance of the
Bonds.
4 . This Resolution shall take effect immediately upon its
passage and adoption.
I hereby certify that this is a true and correct
copy of an action taken and entered on the
minutes of the'Board of supervisors on the
date shown.
ATTESTED:
rC
PHIL BATCH OR, Clerk of the Board
o
Orifi. Dept: Redevelopment Agency uperyrs and Con Administrator
Contact: By Deputy
cc: Director of Community Development
County Counsel
County Administrator
JK:lhlc:bosres.shl
RESOLUTION NO. 99/135