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HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-682 RESOLUTION NO. 2003/682 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE OF COUNTY OF CONTRA COSTA MULTIFAMILY HOUSING REVENUE BONDS (BAY POINTIBELLA MONTE APARTMENTS) 2003 SERIES D-1 AND 2003 SERIES D-2, APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS, AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH 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, Bella Monte Apartments, L.P., a California limited partnership (the "Borrower") has requested that the County issue and sell tax exempt revenue bonds to assist in the financing of the acquisition, construction and equipping of a 52-unit rental housing facility located in the unincorporated area of the County to be known as Bay Point/Bella Monte Apartments (the "Project"); and WHEREAS, the County now desires to issue two series of bonds (the "Bonds"), to provide financing for the Project; and WHEREAS, the Deputy Director-Redevelopment of the Community Development Department of the County (the "Deputy Director-Redevelopment") has held a public hearing on the proposed issuance of the Bonds, as required under the provisions of the Internal Revenue Code applicable to tax-exempt bonds, following published notice of such hearing; and WHEREAS, there have been prepared various documents with respect to the issuance of the 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 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 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: correct.1. The County hereby finds and declares that the above recitals are true and 2. Pursuant to the Act and the Pledge and Assignment (hereinafter defined), two series of revenue bonds of the County designated as "County of Contra Costa Multifamily Housing Revenue Bonds (Bay Point/Bella Monte Apartments) 2003 Series D-1" and as "County of Contra Costa Multifamily Housing Revenue Bonds (Bay. Point/Bella Monte Apartments) 2003 \\%-cd\users$\Inoble\Personal\Documents\belfamonte.resoluUon.doc Series D-2" in a collective total aggregate principal amount of not to exceed $9,687,000 (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"), the Director of the Community Development Department (the "Director") or 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 Pledge and Assignment. 3. The Master Pledge and Assignment relating to the Bonds (the "Pledge and Assignment") by and among the County, U.S. Bank National Association, as agent, and U.S. Bank National Association, as holder, in the form on file with the Deputy Director- Redevelopment, is hereby approved. Any one of the Chair, the Director 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 Pledge and Assignment, and the County Administrator is hereby authorized and directed, for and in the name and on behalf of the County, to attest the Pledge and Assignment in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Pledge and Assignment upon consultation with the Deputy Director-Redevelopment and Bond Counsel to the County (including such additions or changes as are necessary or advisable, provided that no additions or changes shall authorize a total aggregate principal amount of Bonds in excess of the amount set forth in Section 2 above), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Pledge and Assignment by the County. The date, maturity dates (which shall in no event be later than December 1, 2038), interest rate modes, privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Pledge and Assignment as finally executed. 4. The Master Agency Agreement relating to the Bonds (the "Agency Agreement") between the County and U.S. Bank National Association, as agent, 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 the Agency Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Agency Agreement upon consultation with the Deputy Director-Redevelopment and Bond Counsel to the County (including such additions or changes as are necessary or advisable), the approval of such changes to be conclusively evidenced by the execution and delivery of the Agency Agreement by the County. 5. The Regulatory Agreement and Declaration of Restrictive Covenants relating to the Bonds, between the County and the Borrower (the "Regulatory Agreement") in the form on file with the Deputy Director-Redevelopment, is 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 Regulatory Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Agreements upon consultation with the Deputy Director-Redevelopment and Bond Counsel to the County(including such additions or changes as are necessary or advisable), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Regulatory Agreement by the County. 6. The Bonds, when executed, shall be delivered to U.S. Bank National Association, as the initial holder thereof, upon the funding of the Loan (as defined in the Pledge and Assignment)with the purchase price for the Bonds. 2 7. The law 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 such firm for matters related to the Bonds shall be payable solely from the proceeds of the Bonds or contributions by the Borrower. 8. 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 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, including but not limited to any other certificates, agreements and other documents described in the Pledge and Assignment, the Agency Agreement, the Regulatory Agreement, and the other documents herein approved. 9. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 4th day of November, 2003, by the following vote: AYES: SUPERVISORS GIOIA, UIU(EMA, GREENBERG, GLOVER and DESAULNIER NOES: NONE ABSTAINING: NONE ABSENT: NONE Chair ATTEST: Nov 4, 2003 John Sweeten County Administrator and Clerk Of the Board of Supervisors By: /-e- Deputy Clerk t