HomeMy WebLinkAboutRESOLUTIONS - 01012005 - 2005-513 RES# LUTION NO.
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 (GIANT ROAD FAMILY
APARTMENTS) 2005 SERIES A-1 AND 2005 SERIES A-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 fund's to finance' multifamily rental housing facilities;'
and
WHEREAS, Giant development, 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 86-unit rental housing facility'
located in the City of San Pablo to be known as Giant Road Family 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
Cade 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:
1'. The County hereby finds and declares that the above recitals are true and
correct.
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 (Giant Road Family apartments) '2005 Series A-1" and as "County of
Contra Costa Multifamily Housing 'Revenue Bonds (Giant Road Family Apartments)2005 Series
A-2" in a collective total aggregateprincipal amount of not to exceed $18,634,000 (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 August 1, 2040), 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 (tile "Regulatory Agreement") in the form on
file'Wth 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
RESOMION NO. 2005/513
01
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 firmfor 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 fake effect'immediately'upon ,its adoption.'
PASSED AND ADOPTED this 9hday of August. 2005, by the following vote:
AYES: SUPERVISORS GIOIA' PIEPHO, DESAULNIER,' GLOVER AND UILKEMA
NOES: NONE
ABSTAINING ' NONE
ABSENT: NONE
C air
ATTEST:> AUGUST 09, 2005
John Sweeten
County Administrator and Clerk
Of the Board of Supervisors
By:
Deputy;Clrk'
3
RESOLUTION NO. 2005/513