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HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-733 RESOLUTION NO.2003/733 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 (CHESLEY APARTMENTS) 2003 SERIES E AND 2003 SERIES F, AND APPROVING, AND AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER 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, Chesley Avenue Limited Partnership, a California limited partnership (the "Developer") has requested that the County issue and sell revenue bonds (the "Bonds") to assist in the financing of the acquisition and construction of a 29 unit (plus one manager's unit) multifamily residential rental housing development(the"Project")to be located at 802 Chesley Avenue in Richmond, California; and WHEREAS, the Deputy Director-Redevelopment of the Community Development Department of the County(the "Deputy Director-Redevelopment")held a public hearing on the proposed issuance of the Bonds and the financing, ownership and operation of the Project, as required under the provisions of the Internal Revenue Code of 1986, as amended (the "Code") applicable to tax-exempt bonds, following published notice of such hearing, and has communicated to the Board of Supervisors all written and oral testimony received at the hearing; and WHEREAS, on August 5, 2003, the Board of Supervisors adopted Resolution No. 2003/493 authorizing the issuance of the Bonds for purposes of Section 147(f)of the Code; 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: 1. The County hereby finds and declares that the above recitals are true and correct. 2. Pursuant to the Act and the Indenture (hereinafter defined), two series of revenue bonds of the County designated as "County of Contra Costa Multifamily Housing Revenue Bonds (Chesley Apartments), 2003 Series E" and "County of Contra Costa Multifamily Housing Revenue Bonds (Chesley Apartments), 2003 Series F" in an aggregate principal amount of not to exceed $5,574,000 (collectively, the "Bonds"), are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Chair of the Board of Supervisors(the"Chair"), the facsimile of the seal of the County shall be reproduced thereon and attested by the manual or facsimile signature of the County Administrator and Clerk of the Board of Supervisors (the"County Administrator"), in the forms set forth in and otherwise in accordance with the Indenture. 3. The indenture relating to the Bonds (the "Indenture") by and between the County and U.S. Bank National Association, as Bond owner Representative (the "Bond owner Representative"), in the form on file with the Deputy Director—Redevelopment, is hereby approved. Any one of the Chair of \\fs-cd\users$\tnoble\Pea•sonal\Doeuirtents\R eso.chesl ey.l l.t73.doe the Board of Supervisors, 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 Indenture in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Indenture 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 8 hereof, provided that no additions or changes shall authorize an aggregate principal amount of the 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 Indenture by the County. The principal amount of the Bonds of each series, and the date, maturity dates, interest rate or rates, privileges, manner of execution, place of payment,terms of redemption and other terms of the Bonds shall be as provided in the Indenture as finally executed. 4. The loan agreement relating to the Bonds (the "Loan Agreement") among the County, the Bond owner Representative and the Developer, 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 Loan Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Loan Agreement 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 8 hereof), the approval of such changes to be conclusively evidenced by the execution and delivery of the Loan Agreement by the County. 5. The regulatory agreement and declaration of restrictive covenants relating to the Bonds, among the County, the Bond owner Representative and the Developer(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 Regulatory Agreement 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 8 hereof), 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 the Bond owner Representative for authentication. The Bond owner Representative is hereby requested and directed to authenticate the Bonds by executing the Bond owner Representative's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the purchaser thereof in accordance with written instructions executed on behalf of the County by any one of the Designated Officers of the County, which instructions said officers are hereby authorized and directed, for and in the name and behalf of the County, to execute and deliver to the Bond owner Representative. Such instructions shall provide for the delivery of the Bonds to the purchaser thereof upon payment of the purchase price therefore. 7. The law firm of Quint & Thimmig LLP 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 Developer. 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 (including but not limited to any assignment of the Dotes, as defined in the Indenture, and of any subordination or other agreements referenced in the Loan Agreement), 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 certificates, agreements and other documents described in the Indenture, the Loan Agreement or -2- 4 the Regulatory Agreement, or otherwise necessary to issue the Bonds and consummate the transactions contemplated by the documents approved by this Resolution. 9. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 2"d day of December, 2003 by the following vote: AYES: SUPERVISORS GIOIA, UILKEMA, GREENBERG, GLOVER AND DESAULNIER NOES: NONE ABSTAINING: NONE ABSENT: NONE �'} Chair ATTEST: County Administrator and Clerk of the Board of Supervisors By:�-�'" h� s uty Clerk' -3-