HomeMy WebLinkAboutRESOLUTIONS - 01011999 - 99-123 RESOLUTION NO. 99/123
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA MAJO NG FINDINGS WITH RESPECT TO AND APPROVING
THE ISSUANCE OF BONDS BY THE COUNTY OF CONTRA COSTA PUBLIC
FINANCING AUTHORITY,AND,APPROVING THE BORROWING OF BOND
PROCEEDS By THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
WHEREAS, the County of Contra Costa (the "County") and the Contra Costa County
Redevelopment Agency(the"Agency")have heretofore entered into a Joint Exercise of Powers
Agreement establishing the County of Contra Costa Public Financing Authority (the
"Authority„) for the purpose,among others,of issuing its bonds to be used to provide financial
assistance to the Agency,and
WHEREAS, the Agency is undertaking to assist the redevelopment of its Pleasant Hill,
North Richmond, Bay Point and Oakley Redevelopment Projects (collectively, the
"Redevelopment Projects"), and the Agency has previously entered into various loam
agreements (collectively, the "Prior Loan Agreements")with the Authority pursuant to which
the Authority has made various loans to the Agency (collectively, the "Prior Loans") from the
proceeds of revenue bonds issued by the Authority for such purpose(the"Prior Bonds");and
WHEREAS, the Agency has determined that due to prevailing financial market
conditions it is in the best interests of the Agency to realize interest rate savings by refunding all
or designated portions of the Prior Loans at this time, and the Agency has requested the
Authority to lend it funds in an amount sufficient for such purpose and also to provide
additional financing for improvements (the "Improvements") to be located in the County and
within or of benefit to the Redevelopment Projects and the Rodeo Redevelopment Project,
including certain low and moderate income housing programs of the Agency;and
WHEREAS, for the purpose of raising funds necessary to provide such financial
assistance to the Agency,the Authority proposes to authorize the issuance of its revenue bonds
(the "Bonds") under the provisions of Article 4(commencing with Section 65584)of Chapter 5 of
Division 7 of Title 1 of the Government Code of the State of California (the "Code"),
designated as the County of Contra Costa'Public Financing Authority 1999 Tax Allocation
Revenue Bonds (Pleasant Hill BART, North Richmond, Bay Point, Rodeo and Oakley
Redevelopment Project Areas);and
WHEREAS, the proceeds of the Bonds will be applied to make five leans(collectively,
the "Loans") to the Agency pursuant to loan agreements in the case of the Oakley and Rodeo
Project Areas (collectively, the "Loan Agreements"), or supplements to the Prior Loan
Agreements in the case of the Pleasant Hill, North Richmond and Bay Point Project Areas
(collectively, the "Supplements"), as applicable, each between the Agency and the Authority;
and
WHEREAS, the County has on this date held a duly noticed public hearing on the
financing of the Improvements with the proceeds of the Bonds,as required by Section 6586.5(a)
of the Code;and
WHEREAS, the Board of Supervisors of the County now desires to make a finding of
significant public benefit, pursuant to Section 6586.5(a)(2) of the Code, and to approve of the
financing of he Improvements and the transactions contemplated by the Bonds and the Loans. -
NOW,TFT EEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the Board
of Supervisors of the County, as follows: (1) the County hereby finds that significant public
benefits will arise from the financing of the Improvements with the proceedsof the Bonds and
the Loans, in accordance with Section 6586 of the Code, in that the financing will result in
demonstrable savings in effective interest rates,bond preparation,bond underwritingg and bond
issuance costs as only one series of the Bonds will be issued (as o posed to inultiple series of
bonds that would otherwise need to be issued by the Agencyri to finance Improvements
benefiting the several Redevelopment Projects and the Rodeo Redevelopment Project; (2) the
County hereby approves the financing of the Improvements with the proceeds of the Bonds and
the Loans; (3) the issuance of the Bonds by the Authority, the entering into of the Loan
Agreements and the Supplements by the Agency and the Loans made to the Agency pursuant
thereto, and the application of a portion of the proceeds of such Loans to repay the Prior
Loans, to refund the Prior Bonds and to fund redevelopment activities of the Agency,be and
are hereby approved; and (4) this Resolution shall take effect from and after the date of its
passage and adoption.
I 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 23rd day of March,1999,by the following vote of the Board:
AYES: SUPERVISORS GIOIA, UILKEMA, ,GERBER, DeSAULNIER AND CANCIAMILLA
NOES: NONE
ABSENT.NONE
ABSTAIN: NONE ATTEST:
Phil Batchelor,Clerk of the Board of
Superviw,t and County Administrator
By-
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