HomeMy WebLinkAboutRESOLUTIONS - 01012001 - 2001-526 RESOLUTION NO._-2ZQ ./526
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA APPROVING FIRST SUPPLEMENTAL INDENTURE OF TRUST AND
RELATED ACTIONS FOR MULTIFAMILY HOUSING REVENUE REFUNDING BONDS -
THE MEADOWS APARTMENTS
WHEREAS, on November 23, 1994, the County of Contra Costa (the "County") issued
its $4,380,000 County of Contra Costa Multifamily Housing Revenue Refunding Bonds, 1994
Series C (The Meadows Apartments) (the "Bonds") pursuant to an Indenture of Trust, dated as
of November 1, 1994 (the "Indenture");and
WHEREAS, the Indenture provides that the Bonds are subject to mandatory
remarketing on December 1,2001;and
WHEREAS, in connection with the remarketing of the Bonds, the owners of the project
financed with the proceeds of the Bonds have requested that the Indenture be modified to
permit more flexible terms for the Bonds following the remarketing date, and the owners have
agreed to pay all costs of the County related to the remarketing of the Bonds and the
amendment of the Indenture; and
WHEREAS, a First Supplemental Indenture of Trust (the "First Supplement"), the form
of which is on file with the Deputy Director-Redevelopment, has been reviewed by County
Staff and consultants, and this Board of Supervisors now desires to approve the First
Supplement and to approve the actions necessary to remarket the Bonds in accordance with the
Indenture, as supplemented by the First Supplement.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of
Contra Costa,as follows:
Section 1. First Supplement, in the form on file with the Deputy Director-
Redevelopment, is hereby approved. The Deputy Director-Redevelopment is hereby
authorized and directed to execute and deliver the First Supplement in said form, together with
such additions thereto or changes therein as are approved by the Deputy Director-
Redevelopment upon consultation with Bond Counsel, the approval of such changes to be
conclusively evidenced by the execution and delivery of the First Supplement by the Deputy
Director-Redevelopment.
Section 2. The firm of Dain Rauscher Incorporated is hereby approved as the
Remarketing Agent for the Bonds, and the firm of Quint&Thimmig LLP is hereby approved as
Bond Counsel to the County in connection with the remarketing of the Bonds; provided that
any fees or expenses of such firms shall be payable solely by the owners of the project financed
with the proceeds of the Bonds.
RESOLUTION No. 2001/526
i
Section 3. All actions heretofore taken by the officers and agents of the County with
respect to the amendment of the Indenture and the remarketing of the Bonds are hereby
approved, confirmed and ratified, and the proper officers of the County 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
execution and delivery of the First Supplement and the remarketing of the Bonds as
contemplated by the Indenture as amended by the First Supplement.
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 6'day of November,2001 by the following vote:
AYES: SUPERVISORS GIOIA, GERBER, DESAULNIER, GLOVER and UILKEMA
NOES: NONE
ABSTAINING: NONE
ABSENT: NONE
air
ATTEST:
John Sweeten
County Administrator and Clerk
of the Board of Supervisors
By:
Deputy Clerk
03007.11:J5893
10/23/01
2
RESOLUTION NO. 2001/526
Contra
Costa
TO:,, BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICP
Community Development Director
DATE: November 6, 2001
SUBJECT: Multi-Family Housing Revenue Refunding Bonds — The Meadows Apartments, Antioch
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT Resolution approving the First Supplemental Indenture of Trust for Multi-Family
Housing Revenue Refunding Bonds —The Meadows Apartments, Antioch.
FISCAL IMPACT
None.
CONTINUED ON ATTACHMENT: X YES SIGNATURE: P
COMMENDATION OF COUNTY ADMINISTRATORR COM NDATION 7/F/BOARD
COMMITTEE --APPROVE OTHER
SIGNATURE(S): ,
ACTION OF BOON A,y,,je,�.,hTr 1, a-yo j APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT 1 Yid: ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Jim Kennedy
3-1255
orig: Community Development
cc: County Administrator ATTESTED_;
County Counsel JOHN SWEETEN, CLERK OF TH
via: Redevelopment BOARD OF SUPERVISORS
Todd Lockwood AND T COUNTY ADMINISTRATOR
Dain Rauscher
Quint & Thimmig BY ,� .� , DEPUTY
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BACKGROUND/REASONS FOR RECOMMENDATIONS
In 1985 the County of Contra Costa issued multi-family mortgage revenue bonds to finance the
construction of the 136-unit. Meadows Apartment project located in the City of Antioch. In 1994
those bonds were refunded and the underlying mortgage refinanced and extended. Twenty percent
of the units in The Meadow's Apartment project are reserved for occupancy by Very Low/Low
Income households.
The 1994 Refunding Bonds contemplated that a remarketing of the bonds would occur in 2001. In
order to accomplish the remarketing, some technical amendments to the Indenture need to be
accommodated including a provision to require the owner to pay all costs of the County related to
the remarketing of the bonds and the Amendment of the Indenture. The owner of the project,Todd
Lockwood is agreeable to these amendments.
The Resolution approves the First Supplemental Indenture of Trust and authorizes its execution by the Deputy
Director — Redevelopment. The Resolution also approves the designation of Dain Rauscher, Inc. as the
remarketing agent and Quint and Thimmig, LLP as bond counsel for the transaction.
JK:In
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