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HomeMy WebLinkAboutRESOLUTIONS - 01012002 - 2002-316 RESOLUTION NO. Z�316 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA APPROVING ADDITIONAL AND REVISED DOCUMENTS RELATED TO THE COUNTY OF CONTRA COSTA MULTIFAMILY HOUSING REVENUE BONDS (WILLOWBROOK APARTMENTS) 2002 SERIES A 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, on March 26, 2002, the Board of Supervisors of the County adopted a resolution entitled "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 (Willowbrook Apartments) 2002 Series A, Approving, and Authorizing the Execution and Delivery of, Other Related Documents and Approving Other Related Actions in Connection Therewith" (the "Authorizing Resolution"), which Authorizing Resolution authorized the issuance of County of Contra Costs Multifamily Housing Revenue Bonds (Willowbrook Apartments) 2002 Series A in the aggregate principal amount of $6,450,000 (the "Bonds"), and a loan of the proceeds of the Bonds to Willowbrook Housing Partners, L.P., a California limited partnership (the "Developer") to assist in the financing of the acquisition and rehabilitation of a 72 unit multifamily residential rental housing development (the "Project") located at 110 Bailey Road in Bay Point,California;and WHEREAS, since the adoption of the Authorizing Resolution, the Borrower has requested that the Bonds be issued in two series, one series (the "Senior Bonds") pursuant to the Indenture approved by the Authorizing Resolution and the other series (the "Subordinate Bonds") to be placed with the seller of the Project;and WHEREAS, there have been prepared various new documents with respect to the issuance of the Subordinate Bonds, and various revised documents with respect to the issuance of the Senior 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 in two series 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, the Authorizing 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. The Bonds are hereby authorized to be issued in two series in an aggregate principal amount not to exceed $6,450,000, with the Senior Bonds to be issued pursuant to the Indenture approved by the Authorizing Resolution, and the Subordinate Bonds to be issued pursuant to a Subordinate Bwond approved below. 3. The Subordinate Bond of the County, in the form on file with the Deputy Director-Redevelopment, 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 (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 Subordinate Bond in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Subordinate Bond upon consultation with the Deputy Director-Redevelopment and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Subordinate Bond by the County. The date, maturity date, interest rate,privileges, manner of execution, place of payment, terms of redemption and other terms of the Subordinate Bond shall be as provided in the Subordinate Bond as finally executed. 4. The Subordinate Note relating to the Subordinate Bond(the"Subordinate Note") by the Developer for the benefit of the County, in the form on file with the Deputy Director- Redevelopment, is hereby approved. Any one of the Designated Officers is hereby authorized and directed to execute and deliver an assignment of the Subordinate Note and any deed of trust provided by the Developer which secures the repayment of the Subordinate Note to the purchaser of the Subordinate Bond,said assignment to be in a form provided by Bond Counsel, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing such assignment upon consultation with the Deputy Director- Redevelopment and Bond Counsel to the County (including such additions or changes as are necessary or advisable in accordance with Section 7 hereof), the approval of such changes to be conclusively evidenced by the execution and delivery of such assignment by the County. 5. The Indenture, the Loan Agreement, the Regulatory Agreement, the Placement Contract and the Placement Memorandum, as such documents are identified in the Authorizing Resolution (collectively, the"Senior Documents"), in the revised forms on file with the Deputy Director-Redevelopment, are 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 Senior Documents in said forms, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Senior Documents upon consultation with the Deputy Director-Redevelopment and Bond Counsel to the County (including such additions or changes as .are necessary or advisable in accordance with Section 7 hereof),the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Senior Documents by the County. 6. Except as modified pursuant to this Resolution, the Authorizing Resolution is hereby affirmed, 2 7. 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 an'd 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 the Authorizing Resolution, including but not limited to any certificates, agreements and other documents described in the Indenture, the Loan Agreement, the Regulatory Agreement, the Placement Contract, the Subordinate Bond, the Subordinate Note, the assignment of any security for the Subordinate Bond or otherwise necessary to issue the Bonds and consummate the transactions contemplated by the documents approved by this Resolution. 8, This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 14'day of May,2002 by the following vote: AYES: supamm unm%, Gmm, mumum, amm Gim NOES: N= ABSTAINING: N= ABSENT: Nm Chair ATTEST: John Sweeten County Administrator and Clerk of the Board of Supervisors By: Deputy Clerk 03007.12-j6214 4/29/02