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HomeMy WebLinkAboutRESOLUTIONS - 01012000 - 2000-492 13052-26 jH:SM:idw 10/09/00 10/10/00 10/16/00 COUNTY OF CONTRA COSTA RESOLUTION NO.2,QM1492 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF FOUR SERIES OF COUNTY OF CONTRA COSTA MULTIFAMILY HOUSING REVENUE BONDS TO FINANCE TWO MULTIFAMILY PROJECTS, AUTHORIZING THE EXECUTION AND DELIVERY OF TWO FINANCING AGREEMENTS AND TWO OR MORE REGULATORY AGREEMENTS, AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, Chapter 7 of Part S of Division 31 of the Health and Safety Code of the State of California (the "Act"), authorizes counties and cities to incur indebtedness for the purpose of financing the acquisition, construction, rehabilitation and development of multifamily rental housing facilities to be occupied in part by persons of low and very low income, WHEREAS, the County of Contra Costa (the "County") hereby finds and declares that it is necessary, essential and a public purpose for the County to engage in a program (the "Program") of financing the acquisition, rehabilitation and development of multifamily rental housing facilities, and has determined to borrow money for such purpose by the issuance of revenue bonds as authorized by the Act; WHEREAS, the County hereby finds and declares that this resolution is being adopted pursuant to the powers granted by the Act; WHEREAS, Camara Housing Associates, L.P. (the "Camara Borrower") and Pinecrest Affordable Housing, L.P. (the "Pinecrest Borrower" and, together with the Camara Borrower, the "Borrowers") have requested that the County issue and sell the Bonds (hereinafter defined) for the purpose of financing the acquisition, rehabilitation and development of two multifamily rental housing facilities, one located on scattered sites in the City of Concord, California, (the "Camara Project") and one located in the City of Antioch, California (the "Pinecrest Project" and, together with the Camara Project, the"Projects"); and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds and the implementation of the Program 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 Supervisor of the County of Contra Costa, as follows: Section 1. The County hereby finds and declares that the above recitals are true and correct. Section 2. Pursuant to the Act, four series of revenue bonds of the County, designated as (i) "County of Contra Costa Multifamily Housing Revenue Bonds (Camara Circle Apartments) 2000 Series A" (in the aggregate principal amount of $1,745,000), (ii) "County of Contra Costa Multifamily Housing Revenue Bonds (Camara Circle Apartments) 2000 Series B" (in the aggregate principal amount of $2,215,000), (iii) "County of Contra Costa Multifamily Housing Revenue Bonds (Pinecrest Apartments) 2000 Series C" (in the aggregate principal amount of $370,000) and (iv) "County of Contra Costa Multifamily Housing Revenue Bonds (Pinecrest Apartments) 2000 Series D" (in the aggregate principal amount of $1,080,000) (collectively, the "Bonds"), 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") or the Deputy Director - Redevelopment of the County of the County (the "Deputy Director- Redevelopment"), 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 hereinafter mentioned Financing Agreements. Section 3. The financing agreements relating to the Bonds (the "Financing Agreements"), one each for the Camara Project and the Pinecrest Project, each among Citibank, Federal Savings Bank, as Bondholder (the "Bondholder"), Citibank, Federal Savings Bank, as Disbursing Agent, Citibank, NA, as Fiscal Agent, the County and the applicable Borrower, in the form on file with the Deputy Director, are hereby approved. The Chair, the Vice Chair of the Board of Supervisors, the Director of Community Development of the County and the Deputy Director-Redevelopment (each, a "Designated Officer") are, and each of them acting alone is, hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the Financing Agreements in said form, with such additions thereto or changes therein as are necessary to reflect the identity of the Borrower and the Project and the amount of the applicable Bonds and as are also recommended or approved by such officers upon consultation with bond counsel to the County,including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of the Financing Agreements. Section 4. The form of regulatory agreement and declaration of restrictive covenants relating to the Bonds (the "Regulatory Agreement") between the County and each of the Borrowers, in the form on file with the County Administrator, is hereby approved. The Designated Officers of the County are, and each of them acting alone is,hereby authorized and directed for and in the name of and on behalf of the County, to execute and deliver a Regulatory Agreement or Regulatory Agreements for each Project in said form, with such additions thereto or changes therein as are recommended or approved by such officers upon consultation with bond counsel to the County including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery by the County of such Regulatory Agreement or Regulatory Agreements. Section 5. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by -2- executing the Fiscal Agent's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Bondholder in accordance with written instructions executed on behalf of the County by one of the Designated Officers, which instructions such officers are, and each of them is, hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Bondholder in accordance with the Financing Agreements, upon payment of the purchase price therefor. Section 6. The firm of Jones Hall, A Professional Law Corporation, is hereby designated as Bond Counsel to the County for the Bonds. The fees and expenses of Bond Counsel for matters related to the Bonds shall be payable solely from the proceeds of the Bonds or from contributions of the Borrower. Section 7. All actions heretofore taken by the officers and agents of the County with respect to the establishment of the Program and 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 and deliver 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 and resolutions heretofore adopted by the County and in order to carry out the Program, including but not limited to those certificates, agreements, deeds of trust and other documents described in the Financing Agreements, the Regulatory Agreements, and the other documents herein approved and any certificates, agreements or documents, including, if appropriate and without limitation, a bond purchase agreement or agreements, assignments, subordination agreements, as may be necessary to further the purpose hereof which shall not create any obligation or liability of the County other than with respect to the revenues and assets derived from the proceeds of the Bonds. Additionally, notwithstanding Section 2 hereof, if the County determines that it is in its best interest to do so, it is authorized to issue all four series of Bonds under one Financing Agreement, to issue the Bonds in only two series, or to changes the designations or amounts of any of the series of Bonds, provided that the principal amount of the Bonds for the Camara Project shall not exceed $3,960,000 and the principal amount of the bonds for the Pinecrest Project shall not exceed $1,450,000. Section 8. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 24th day of October,2000,by the following vote: AYES. Supervisors Gioia, Uilkema, De3aulnier, Canciamilla and Gerber NOES: None ABSENT: None -3- } ABSTAIN: None Chair ATTEST: October 24, 2000 Phil Batchelor County Administrator and Clerk of the Board of Supervisors By: (�AAAA P/ I'AA Dep Clerk -4-