Loading...
HomeMy WebLinkAboutMINUTES - 04091985 - 1.71 Ttn BOARD OF SUPERVISORS Contra FROM: Anthony A. Dehaesus Costa Director of Planning . County DATE: March 28, 1985 SUBJECT: Sale of 1985 Contra Costa County Home Mortgage Revenue Bonds, and Updating Income and Sales Price Limits for 1982 and 1983 Home Mortgage Finance Programs SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION I. RECOMMENDATION • a Adopt Resolution authorizing: A) the Issuance, Sale, and Delivery of County of Contra Costa 1985 Issue A Home Mortgage Revenue Bonds; Authorize the . Execution and Delivery of Program Documents.relating thereto; B) the Amendment of -the Rules and Regulations Establishing Eligibility Criteria for Mortgagors and Home Mortgages pursuant- to the 1982 Contra Costa County Home Mortgage Finance Program.as follows: a) Section 5. Median Household. Income. For purposes of the Program, Median Household Income is the Countywide median household income which is.$40,894. b) Section 6. Average 'Area Purchase Price. For purposes of 'the Program, the Average Area Purchase Price is 1:53,100 for ,residences which have not previously been occupied and $149,200 for residences which have been previously occupied; and C) The amendment of the Rules and Regulations Establishing Criteria for Mortgagors and Home Mortgages pursuant to the 1983 Contra Costa County Home Mortgage Finance. Program as follows: a) • Section 6. Median Household Income: . For purposes of the Program, Median Household Income is the countywide median household income which is $40,894. b) Section 7. Average Area Purchase Price. . For purposes of the Program, the Average Area Purchase Price is $153,1.00 for. residences .which have not previoulsy been occupied and $149,200 for residences which have been previously occupied. Residences subject to Home Improvement Loans do not have to satisfy Average Area Purchase Price Requirements.- II. FINANCIAL IMPACT The issuance of the Home Mortgage Revenue Bonds entails no expenditure of County funds. Upon sale of the bonds the County is reimbursed for costs incurred in the. issuance process. The County will also receive compensation on an annual basis or administering the Program. - • CONTINUED ON ATTACHMENT: YES SIGNATU RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMM DAT OO BOARD COMMITTEE ? APPROVE OTHER SIGNATURE(S) ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS XUNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. County Administrator G CC: Auditor-Controller ATTESTED 7 County Counsel PHIL TCHELOR, CLERK OF THE BOARD OF Orrick Herrington & Sutcliffe SUPERVISORS AND COUNTY ADMINISTRATOR O'Melveny & Myers Fiser/Dean Witter Reynolds - e • M382/7-e3 BY -. DEPUTY Page 2 :t III. REASONS FOR RECOMMENDATIONS/BACKGROUND A) 1985 Sale of Bonds The County is authorized to issue housing revenue bonds to assist first time homebuyers pursuant to Section 103A of the Internal Revenue Code, and Chapters 1 -5 of Part 5 of Division 31 of the California Health and Safety Code. The Board of Supervisors, on January 5, 1982 adopted Ordinance 82-5 establishing a home mortgage finance program, and determined to issue revenue bonds to finance home mortgages. On August 7, 1984 the Board of Supervisors adopted Resolution No. 84/468 authorizing the Director of Planning to submit an application to the State Mortgage Bond Allocation Committee for authority to issue housing revenue bonds in 1985. On February 13, 1985 the Mortgage Bond Allocation Committee approved an allocation of $59 million to the County for the purpose of issuing mortgage revenue bonds. The home mortgage finance program is intended to provide below market rate financing to low and moderate income first time homebuyers. As such the program implements goals and policies of the Housing Element of the General Plan. A copy of program parameters and allocations to developers is attached hereto as Appendices A and B. B) Amendments to the 1982 and 1983 Programs Income and sales price limits for prior County Home Mortgage Finance Programs were established based on a then current estimate of median income and sales price data respectively. Since the Mortgagor Rules and Regulations for the 1982 and 1983 Home Mortgage Finance Programs were adopted (May 11, 1982 for the 1982 Program and April 12, 1983 for the 1983 Program) the estimated median income and the average area purchase price have risen to the levels specified in Section I above. The recommended changes would bring the median income and average area purchase price levels for the 1982 and 1983 programs in conformance with the 1985 program. The primary value of the increase, given that the 1982 and 1983 programs have had all or most of its mortgage funds utilized, is in the governing of assumption of loans. With the recommended increases the income and sales price maximums would be as follows: 1982 Contra Costa County Home Mortgage Finance Program Maximum Income Supplemental Funds: $ 49,073 Entitlement Funds: $ 61,341 Maximum Sales Price* New Homes $ 1379790 Existing Homes $ 134,280 1983 Contra Costa County Home Mortgage Finance Program Maximum Income Supplemental Funds: $ 49,073 Entitlement Funds: $ 61,341 Maximum Sales Price** New Homes: $ 168,410 Existing Homes: $ 164,120 *Federal law in effect at the time of issuance set the maximum at 90% of the average. **Federal law in effect at the time of issuance set the maximum at 110% of the average. Page 3 IV. CONSEQUENCE OF NEGATIVE ACTION Pursuant to State law, the County has ninty days from the date of Mortgage Bond Allocation Committee action to sell its 1985 mortgage revenue bonds. In the event of non-action relative to the sale of the home mortgage revenue bonds the monetary deposits provided by developers in the amount of $295,000 would be subject to forfeiture by those developers. if i APPENDIX A 1985 Contra Costa Home Mortgage Finance Program Program Parameters I. GENERAL 1. Bond Issue Size: $59,000,000 2. Mortgage Funds Available (est.): $58,000,000 3. Number of Homebuyers Assisted (est.): 600 4. Participating Cities: Antioch, Brentwood, Clayton, Concord, Danville, El Cerrito, Hercules, Lafayette, Martinez, Moraga, Pinole, Pleasant Hill, Richmond, San Pablo, San Ramon, Walnut Creek. II. HOMEBUYER RESTRICTIONS 1. First Time Homebuyera 2. Owner Occupants 3. Maximum Income: $49,073b 4. Maximum Sales Price New Homes: $168,410 Existing Homes: $164,120 III. PORTFOLIO INFORMATION 1. Mortgage Funds Available for a) New Homes $ 53,000,000 b) Resale and Scattered Site $ 3,000,000 d c) Purchase/Rehabilitation of Homes $ 2,000,OOOd 2. Unit Type Distribution (Developer Units) Single Family Detached 48% Townhouse 13% Condominiums 39% 3. Price Distribution (Developer Units) Under $95,000 47% $95,000 - $115,000 32% Over $115,000 21% 4. Geographic Distribution (Developer Units) West County 33% Central County 17% East County 50% . aUp to 10% of buyers may be second time buyers; first time buyer requirement does not apply in federally designated Areas of Chronic Economic Distress (portions of Martinez, San Pablo, and West Pittsburg). bApproximately 1/3 of the funds may be provided to households earning up to $61,341 annually. cMaximum sales prices are set pursuant to Federal law and Department of Treasury published "average area purchase price" estimates. All homes available for sale are significantly lower in price than the maximums. dIn order to maximize the opportunity for low income households to purchase homes these funds will be reserved for households earing $32,000 or less. if APPENDIX B 1985 CONTRA COSTA HOME MORTGAGE FINANCE PROGRAM Preliminary Developer Allocations Preliminary Price Range Developer Projects/Location Allocation Number of Units . ($000) Arnico Maywood,Martinez $ 1,000,000 12b $81.5-91.5 Senior Citizen,Walnut Creek 92 - 94 Biggs Realty Pinole Valley, Pinole 370,000 4 95- 100 Bren Company Wildwood, Hercules. 3,000,000 . 30 _ 105 - 121 Ironwood,Hercules. 79 - 106 Centex Foxboro Heights,Hercules 3,000,000 32 115 - 128 Foxboro Downs 78.5 - 87 Foxboro Village 98 - 116 Champlin do Cotton Greyson Rd., Pleasant Hill 280,000 2 149 Citation Heritage-by the Bay,Hercules 2,000,000 17 .142 - 150 Hillcrest,Antioch 109 - 124 Subdivision 6293,Martinez 130 - 150 Davidon Autumn Ridge,Antioch 1,900,000 16 107 - 125 New Ridgeview,Pleasant Hill 120 - 152 Desco Wayside Il,Pleasant Hill BART 1,300,000 ll 96 - 129 Eastwood Eastgate,Martinez 1,500,000 19 83 Emerald American Lynbrook,West Pittsburg 2,000,000 22 75 - 90 Rivershore,West Pittsburg 85 - 115 FNS/D do S Olympian Hills,Hercules 1,000,000 11 96 - 103 Frumenti Shamrock Estates,West Pittsburg 1,700,000 25 69.5 - 71 Garrow do Cardinale Gateway,Oakley 1,800,000 21 80 - 97 Village Pointe,Antioch 90 - 94 i Havenwood/SBDHavenwood Village 1,000,000 12 80 - 96 Hilltop/Reedal Woodside,Brentwood 2,000,000 24 80 - 89 Valley View,Brentwood 80- 89 Winfield Crossing,Antioch 90 - 99 i Hofmann Harbor Bay,Byron 2,000,000 20 116 - 121 i Oak Rd.Villas,Walnut Creek 97 - 132 ]ones Development Pinole Shores 1,000,000 11 90-113 Kaufman do Broad Country Manor,Antioch 3,000,000 . 35 88 - 119 Walnut Estates,Oakley 78 - 93 Mota Ranch,West Pittsburg 98 - 112 I Kawai Brittany Park,Martinez 800,000 8 112 Ladopoulos Bayo Vista,San Pablo 130,000 1 140 Lenk/Towle Villas,Walnut Creek 1,300,000 12 100 - 145 i McBail Almondridge,Antioch 1,500,000 15 83 - 105 Vista Carquinez,Crockett 122 - 143 McDonald Dev. Brentwood Villas,Brentwood 1,400,000 22 63 Miller-Sorg Pinole Ridge,Pinole 1,300,000 13 98- 128 Northwood Homes Northwood Downs,Antioch 1,000,000 12 82-104 Seeno Brooktree,Oakley 7,000,000 80 80 - 101 Christina Estates,Antioch 100 Mira Vista Hills,.Antioch 99- 119 Vista Diablo,Brentwood 73 - 91 Shea Homes . Hanna Ranch,Hercules 1,200,000 15 84 Spexarth Unnamed,Richmond 95,000 1 100 Standard Building Falcon Heights,Hercules 2,000,000 17 120 - 127 WSI Stoneglen,Richmond 3,000,000 35 81 - 100 Valley Park/Richmond 110 - 120 Open Window Scattered Site 3,000,000 40 N/A Purchase Rehabilitation 2,000,000 25 N/A Unallocated N/A $ 21425,000 N/A N/A TOTAL $ 58,000,000 620 aSubject to change. bUnit estimates is on a developer basis. DI i COUNTY OF CONTRA COSTA RESOLUTION NO. 85/160 RESOLUTION OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF COUNTY OF CONTRA COSTA HOME MORTGAGE REVENUE BONDS, 1985 ISSUE A, AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, BOND PURCHASE CONTRACT,. ORIGINATION, SERVICE AND ADMINISTRATION AGREEMENT, DEVELOPER AGREEMENT, PRIVATE MORTGAGE INSURANCE AGREEMENT AND OFFICIAL STATEMENT, ADOPTING RULES AND REGULATIONS, ESTABLISHING MEDIAN HOUSEHOLD INCOME, APPROVING AVERAGE AREA PURCHASE PRICE, APPROVING CERTAIN FINDINGS WITH RESPECT TO TARGETED AREAS; APPROVING A FEASIBILITY STUDY AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health and Safety Code of the State .of California (the "Act" ) authorizes counties to incur indebtedness for the purpose of financing home mortgages authorized by the Act, and the Act provides a complete, additional and alternative method for doing the things authorized thereby; WHEREAS, the Board of Supervisors (the "Board" ) of the County of Contra Costa (the "County" ) hereby finds and declares that it is necessary, essential and a public purpose for the County to finance home mortgages pursuant to the Act, in order to increase the housing supply in the County for persons and families within the income limitations established by the Act; WHEREAS, this Board has, by Ordinance No. 82-5, adopted on January 5, 1982, adopted a home mortgage finance program (the "Program" ) for such purpose, and has determined to borrow money for such purpose by the issuance of revenue bonds as authorized by the Act; WHEREAS, certain cities within the County have agreed or may agree with the County, pursuant to the Act, to cooperate in the Program and have agreed or _may agree that the County shall exercise powers to finance home mortgages pursuant to the Act with respect to property located in the geographic boundaries of such cities; WHEREAS, each qualified lending institution which transacts business in the County has been permitted the opportunity to participate in the .Program on an equitable basis with other participating lending institutions; RESOLUTION NO. 85/160 WHEREAS, this Board hereby finds and determines that the Program complies with the land use element and the housing element required to be included in the general plan of the County by Section 65302 of the California Government Code; WHEREAS, this Board hereby finds and declares that this Resolution is being adopted pursuant to the powers granted by the Act; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds (hereinafter defined) and implementation of the Program 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. Pursuant to the Act and the Indenture (hereinafter defined) , revenue bonds of the County, designated as "County of Contra Costa Home Mortgage Revenue Bonds, 1985 Issue A, " in the aggregate principal amount of not to exceed $59,000, 000 (the "Bonds" )-;-- are hereby authorized to be issued; provided, however, that in no event shall the aggregate principal amount of Bonds issued and sold exceed the sum of the allocations of the County, -which, at the time of sale of the Bonds, have been approved by the Mortgage Bond Allocation Committee pursuant to Sections 50189 and 50191 of the Health and Safety Code of the State of California, have been assigned to the County and are unexpired. 2 . First Interstate Bank of California, or such other trustee as the Chair or other Designated Officer of the county may designate, is approved as trustee (the "Trustee" ) with respect to the Bonds. The proposed form of indenture, dated as of April 1, 1985, between the County and the Trustee, presented to this meeting, is hereby approved. The Chair of this- Board, the County Administrator or the Director of Planning (the "Designated Officers" ) is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver an indenture in substantially said form, with such additions thereto or changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. ,The date, maturity dates, interest rate or rates, interest payment dates, denominations, form, registration 2 040511-0022-227-196lr 04/08/85 privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in said indenture as finally executed (the "Indenture" ) ; provided, however, that the terms of the Bonds shall be such as to result in a rate of interest on the Home Mortgages not to exceed eleven and one-half percent (11.5%) per annum and a true interest cost on the Bonds not to exceed ten and three-quarters percent (10. 75%) per annum. 3 . The proposed form of bond purchase contract, between the. County and Dean Witter Reynolds Inc. and Fiser Financial & Investment Services, as representatives of the several underwriters (the "Underwriters" ) , in substantially the form presented to this meeting, and the sale of the Bonds pursuant thereto, are hereby approved. Any one of the Designated Officers of the County is hereby authorized and directed, for and in the name and on behalf of the County, to accept the offer of the Underwriters to purchase the Bonds contained in said bond purchase contract and to execute and deliver said bond purchase contract in said form, and to approve any additions to or changes in the form of said bond purchase contract (consistent with the .€final Official Statement approved by the Chair of the Board in accordance with section 6 hereof) which such officer may deem necessary or advisable, approval of such additions or changes to be conclusively evidenced by such officer' s execution of said bond purchase contract as so added to or changed. 4. The proposed form of origination, service and administration agreement, dated as of April 1, 1985, among the County, the County as Administrator, the Trustee, the Compliance Agent (as hereinafter defined) and the lending institutions identified in Exhibit A hereto, with such additional lending institutions (and omitting such lending institutions) as may be approved by the Designated Officers (the "Lending Institutions" ) , as being in furtherance of the interests of the Program, in substantially the form presented to this meeting, is hereby approved. Any one of the Designated Officers of the County, as issuer of the Bonds and as Administrator (as defined in said agreement) , is hereby authorized and directed, for and in the name and on behalf of the County, as issuer of the Bonds and as Administrator, to execute and deliver an origination, service and administration agreement with the Trustee, each of said Lending Institutions and the Compliance Agent in substantially said form, with such additions thereto or changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 3 040511-0022-227-196lr 04/08/85 5. The proposed form of developer agreement, dated as of .April 1, 1985, among the County, the Trustee and the developers identified in Exhibit B hereto, with such additional developers (and omitting such developers) as may be approved by the Designated Officers (the "Developers" ) as being in furtherance of the interests of the Program, in substantially the form presented to this meeting, is hereby approved. Any one of the Designated Officers of the County is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver a developer agreement with each of said Developers in substantially said form, with such additions thereto or changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 6. The proposed form of official statement relating to the Bonds, in substantially the form presented to this meeting, is hereby approved. The Chair of this Board is hereby authorized and directed, at the time of the sale of the Bonds, for and in the name and on behalf of the County, to execute a final official statement in substantially said form, with such additions thereto or changes therein as such Officer may require or approve, such approval to be conclusively evidenced by the execution thereof. Such changes may include such changes as to the principal amount, maturity schedule, interest rates and redemption features of the Bonds as effectuate the purposes of this resolution, provided, however, that no change resulting in a stated Home Mortgage interest rate in excess of eleven and one-half percent (11 . 5%) per annum or a true interest cost on the Bonds in excess of ten and three-quarters percent (10.75%) may be made. The Underwriters are hereby authorized to distribute copies of said official statement, as finally executed, to persons who may be interested in the purchase of. the .Bonds and are directed to deliver such copies to all actual purchasers of the Bonds. Distribution by the .Underwriters of the Preliminary Official Statement is hereby approved, ratified and affirmed. 7. The Rules and Regulations Establishing Eligibility Criteria for Lending Institutions, in the form submitted to this meeting, are hereby approved and adopted. 8. This Board hereby finds and determines that, in accordance with Treasury Temporary Regulations § 6a. 103A-2(f) , the average area purchase price of all single-family residences in the County which have not been previously occupied is $153, 100, and the average area purchase price for all single-family residences in the County that have. been previously occupied is $149,200, according to the most recent data published by the Treasury Department. 4 040511-0022-227-196lr 04/08/85 The above average area purchase price is subject to adjustment from time to time by this Board by resolution in accordance with the rules and regulations referred to in section 9 hereof. 9. The Rules and Regulations Establishing Eligibility Criteria For Mortgagors And Home Mortgages, in the form submitted to this meeting, are hereby approved and adopted. Pursuant to said Rules and Regulations, this Board of Supervisors hereby finds and determines that median household income for the County for 1985 is $40,894, subject to adjustment from time to time by this Board by resolution or Board order in accordance with the rules and regulations referred to in this section 9. Section 5 and Section 6 of the 1982 County of Contra Costa Home Mortgage Finance Program Rules and Regulations Establishing Eligibility Criteria For Mortgagors and Home Mortgages are hereby amended to read in full as follows: Section 5. Median Household Income. For purposes of the Program, Median Household Income is the countywide median household income which is $40,894. Section 6. Average Area Purchase Price. For purposes of the Program, the Average .Area Purchase Price is $153, 100 for residences which have not been previously occupied and $149,200 for residences which have been previously occupied. Section 6 and Section 7 of the County of Contra Costa Home Mortgage Finance Program (1983) Rules and Regulations Establishing Eligibility Criteria for Mortgagors and Home Mortgages are hereby amended to read in full as follows: Section 6. Median Household Income. For purposes of the Program, Median Household Income is the countywide median household income being at the time of adoption of these Rules and Regulations $40,894. Section 7. Average Area Purchase Price. For purposes of the Program, the Average Area Purchase Price is $153, 100 for residences which have not been previously occupied and $149,200 for residences which have been previously occupied. Residences ,subject to Home Improvement Loans do not have 5 040511-0022-227-196lr 04/08/85 to satisfy Average Area Purchase Price requirements. 10. Based on the report of The Land Economics Group, this Board hereby finds and determines that, in accordance with United States Treasury Temporary Regulation § 6a. 103A-2(h) (2 )-(3) , the portion of the lendable proceeds of the Bonds required to be made available for home mortgages with respect to residences in targeted areas is equal to .$6, 499, 454, being 40% of the average annual aggregate principal amount of mortgages executed during the -immediately preceding three calendar years for single-family, owner-occupied residences in targeted areas (as defined in § 6a. 103A-2(b) (4) and (5) of said Temporary Regulations and as of the date three months prior to the date of issuance of the Bonds) within the unincorporated area of the County (including all cities within the County which have signed or are expected to sign cooperative agreements with the County pursuant to the Act) . The Board hereby further directs the Trustee and the Administrator (as hereinafter defined) to make any additional amount of lendable proceeds of the Bonds available for home mortgages with respect to residences in targeted areas to the extent necessary to fully comply with the provisions of the Indenture. 11. This Board hereby finds and declares that there are insufficient numbers of creditworthy persons whose income does not exceed 80% of countywide median household income to allocate no less than half the remainder of funds allocated for home mortgages where the purchaser will not be the first occupant for households whose income does not exceed 80% of such countywide median household income. This Board therefore determines that no less than half the remainder of funds allocated for such home mortgages will be used for households whose income does not exceed 90% of countywide median household income. 12. The draft report entitled "Market Feasibility Study for Mortgage Revenue Bonds for the County of Contra- Costa, " prepared by The Land Economics Group, is hereby approved and adopted. 13 . Bonds in the aggregate principal amount of not to exceed $59, 000, 000 shall be executed by the facsimile signature of the Chair of this Board, the facsimile of the seal of the County shall be reproduced thereon and attested by the facsimile signature of the Clerk of the County, in the form set forth in and otherwise in accordance with the Indenture. Such Bonds may be delivered in temporary form 6 040511-0022-227-196lr 04/08/85 pursuant to the Indenture, if in the judgment of the Chair of the County delivery in such form is necessary or appropriate until Bonds in definitive form can be prepared, in which case the foregoing signatures shall be manual and the seal of the County shall be impressed on such Bond or Bonds in temporary form. 14. The Bonds, when so executed, shall be delivered to the Trustee for authentication. . The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee' s certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriters in accordance with written instructions executed on behalf of the County by the Chair of this Board or the County Administrator, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the underwriters in accordance with the bond purchase contract, upon payment of the purchase price thereof. 15. The Chair or other Designated Officers of the County are hereby authorized, as they see fit, for and in the name and on behalf of the County, to obtain bond insurance, insuring the payment of principal and interest on the Bonds, on such terms as such officers may approve. 16. The Chair or other Designated Officers of the County are hereby authorized to select a Compliance Agent in furtherance of the purposes of the Program. 17. This Board appoints the County to act as Administrator of the Program, and directs the Planning Department of the County to administer the Program on behalf ' of the County. 18. The Chair or other Designated Officers of the County are hereby authorized to obtain insurance .on the home mortgages as such officers, and on such terms, as such officers see fit, including but not limited to pool insurance and special hazard insurance. The Chair or other Designated Officers of the County are hereby authorized to execute a private mortgage insurance agreement with a private mortgage guaranty insurer for the purpose of obtaining such insurance on the home mortgages. 19. All actions heretofore taken by the officers and agents of the County with respect to the establishment of the Program and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, including but not limited 7 040511-0022-227-196lr 04/08/85 to (i) execution and delivery of the Cooperative Agreements between the County and the cities of Antioch, Brentwood, Clayton, Concord, Danville, E1 Cerrito, Hercules, Lafayette, Martinez, Moraga, Pinole, Pleasant Hill, Richmond, San Pablo, San Ramon and Walnut Creek, respectively, (ii ) the establishment of appropriate escrow and other accounts to hold deposits and commitment fees paid by developers for purposes of the Program, and (iii) the selection of the Lending Institutions and Developers and allocation thereto of moneys to be made available by the sale of the Bonds for the financing of home mortgages (subject to such changes in such selections and allocations as such officers and agents may deem necessary or advisable prior to issuance and delivery of the Bonds) . The Chair of this Board or other Designated Officers of the County are hereby authorized to execute additional Cooperative Agreements as they deem necessary or advisable in furtherance of the purposes of the Program. The Chair of this Board, the Clerk of this Board, the County Administrator and the Director of Planning 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 and deliver any and all certificates, agreements and other documents, including but not limited to those described in the Indenture, the bond purchase contract and the other documents herein approved, 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 resolutions heretofore adopted by the County and in order to carry out the Program. 20. The Administrator is hereby authorized to approve on behalf of the County the reallocation of any and all moneys under the Origination, Service and Administration Agreement to Lending Institutions and under the Developer Agreement to Developers, in accordance with the provisions of such agreements. 21. The Board hereby authorizes and directs the Director of Planning to file a notice with the Mortgage Bond Allocation Committee specifying the amount of qualified mortgage bonds proposed to be issued by the County and containing the additional matters specified in Section 50191 of the Health and Safety Code of the State of California and containing such verifications as the Mortgage Bond Allocation Committee may require; provided, however, that such notice shall be filed only after the Bonds have been sold or the allocation of the Mortgage Bond Allocation Committee with respect to the Bonds has expired. , 22 . This resolution shall take effect immediately upon its adoption. 8 040511-0022-227-196lr 04/08/85 ADOPTED this 9th day of April, 1985, by the following votes: AYES: Supervisors Powers,: Schroder , McPeak, Torlakson, Fanden. NOES: None . ABSENT: None. ancy C. F4Men, Chair of the Board of pervisors ATTEST: Phil Batchelor, County Administrator and ex officio Clerk of the Board of Supervisors By: eputy 9 040511-0022-227-196lr 04/08/85 CLERK' S CERTIFICATE I , C . Matthews Deputy Clerk of the Board of Supervisors of the County of Contra Costa, hereby certify as follows: The foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the members of the Board of Supervisors of the County of Contra Costa duly,. regularly and legally held at the regular meeting place thereof on 4-9-85 , of which meeting all of said members had due notice and at which at least a majority thereof were present; At said meeting said resolution was adopted by the following vote: Ayes: Supervisors Powers , Schroder , McPeak, Torlakson, Fanden. Noes: None. Absent: None . I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and Said resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Dated: April 9 , 1985 Phil Batchelor, County Administrator and ex officio Clerk of the Board of Supervisors [SEAL] By: �.. Deputy RESOLUTION NO . 85/160 EXHIBIT A Lending Institutions Alta -Mortgage City Bond & Mortgage First California Mortgage Company First Security Realty Services (West) Hamilton Savings Bank International Mortgage Company Lindsey and Company, Inc. Mason-McDuffie Mortgage Corporation Statewide City Mortgage Corporation Wells Fargo Mortgage RESOLUTION -NO. 85/160 Exhibit A EXHIBIT B Developers Arnico, Inc. Biggs Realty Inc. Donald L. Bren Co. Centex Homes Champlin & Cotton Development Company Citation Homes Davidon Homes Desco Investment, Inc. Eastwood Development, Inc. Emerald American Corporation First Nationwide Savings-D & S/Wrather Frumenti Development Corporation Garrow & Cardinale Construction Company Havenwood Village Hilltop Development/Reedal, Inc. Hofmann Company Jones Development Company Kaufman & Broad of Northern California, Inc. P. & J. Kawai Investments, Inc. Nick Ladopoulos Design & Construction Lenk-Towle Development Company McBail Company McDonald Development Company, Inc. Miller-Sorg, Inc. Northwood Homes, Inc. ! Albert D. Seeno Construction Co. J. F. Shea Company, Inc. Michael Spexarth: Builder Standard Building Co. , Inc. W. S. I . Builders, Inc. RESOLUTION NO. 85/160 Exhibit .B