HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-681 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Resolution on November 4, 2003 by the following vote:
AYES: SUPERVISORS GIOIA, UILKEMA, GREENBERG, GLOVER AND
DESAULNIER
NOES: NONE
ABSENT: NONE
ABSTAIN: NOM
SUBJECT: Resolution No. 2003/681
RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS)
IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$23,000,000 FOR THE FINANCING)
OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS LAKESIDE
APARTMENTS,CONCORD).
It is hereby RESOLVED by the Board that:
WHEREAS,the County of Contra Costa(the"County")is authorized to issue multifamily housing
revenue bonds pursuant to Section 52075 and following of the California Health and Safety Code;
WHEREAS,the County desires to participate in financing the acquisition and rehabilitation of a
124-unit multifamily residential rental development generally known as Lakeside Apartments and located
at 1897 Oakmead Drive, Concord, California (the "Project"), which will be owned and operated by
Lakeside Apartments, L.P., a limited partnership with Resources for Community Development as
Managing General Partner, or an entity related thereto (collectively, the "Borrower");
WHEREAS,to assist in financing the Project,the County intends to sell and issue not to exceed
$23,000,000 aggregate principal amount of its multifamily housing revenue bonds (the"Bonds")and to
loan the proceeds thereof to the Borrower, thereby reducing the cost of the Project and assisting in
providing housing for low Income persons;
WHEREAS, pursuant to Section 147(f)of the Internal Revenue Code of 1986 (the"Code"), the
financing of the Project and the Issuance of the Bonds by the County must be approved by the
"applicable representative of the County" (as defined in the Code);
WHEREAS,the Board of Supervisors of the County of Contra Costa(the"Board"),is the elected
legislative body of the County and is one of the applicable elected representatives required to approve
the financing of the Project and the Bonds under Section 147(f)of the Code;
WHEREAS, pursuant to Section 147(f)of the Code,the Deputy Director—Redevelopment has,
following notice duly given,held a public hearing regarding the financing of the Project and the issuance
of the Bonds at which no public comments were made; and
WHEREAS, the Board desires to approve the financing and the issuance of the Bonds;
NOW,THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra
Costa, as follows:
Section 1. The Board hereby specifically finds and declares that the statements,findings and
determinations of the County set forth above are true and correct.
Section 4. All actions heretofore taken by the officers and agents of the County with respect
to the financing of the Project and the sale and issuance of Bonds are hereby approved, ratified and
confirmed, and any authorized officer of the County is 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 an all certificates, agreements and other documents, which any such officer may deem
necessary or advisable In order to effectuate the purposes of this Resolution,
Section S. This Resolution shall take effect upon its 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: November 4, 2003
John Sweeten, Clerk of the Board of Supervisors
And Coun Administrator�
Byeputy
cc. Community Development
RESOLUT 20081681