HomeMy WebLinkAboutMINUTES - 04091985 - 1.73 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
1985 9 ,
Adopted this Order on April , by the following vote:
AYES: Supervisors Powers , McPeak, Schroder , Torlakson, Fanden.
NOES: None.
ABSENT: None .
ABSTAIN: None .
SUBJECT:
RESOLUTION OF THE COUNTY OF )
CONTRA COSTA AUTHORIZING ) RESOLUTION NO. 8 5 J 17 9
APPLICATION TO THE MORTGAGE )
BOND ALLOCATION COMMITTEE )
FOR AN ALLOCATION TO PERMIT )
THE ISSUANCE OF MORTGAGE )
SUBSIDY BONDS )
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health & Safety Code of the
State of California authorizes counties to incur indebtedness for the purpose of financing home
mortgages authorized thereby;
WHEREAS, the federal Mortgage Subsidy Bond Tax Act of 1980 limits the amount of
qualified mortgage bonds that may be issued in any calendar year by entities within a state, and
authorizes the legislature of such state to provide the method of.allocation of such bonds within
the state; and
WHEREAS, the Legislature of the State of California has implemented such federal
act by passing Chapter 1097 of 1981 California Statutes (commencing with California Health &
Safety Code Section 50171), as amended by Chapters 153 and 1452 of the 1982 California
Statutes, which provides that allocations of portions of the state limit be granted by the
Mortgage Bond Allocation Committee; and
WHEREAS, the allocation of mortgage revenue bond authority provided to the
County by the Mortgage Bond Allocation Committee in February, 1985 was included in a
qualified mortgage bond issue, said bond issue will sell in April, 1985; and
WHEREAS, the Director of Planning has recommended that the County take
necessary actions to obtain an additional allocation of mortgage revenue bond authority in
calendar year 1986; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of
Contra Costa as follows:
1. The Planning Director of the County is hereby authorized and directed, for and in
the name and on behalf of the County, to submit an application, and such other documents as
may be required, to the Mortgage Bond Allocation Committee for an allocation with respect to
qualified mortgage bonds to be issued by the County of Contra Costa in an aggregate principal
amount not to exceed $150,000,000; the Planning Director is authorized to solicit from
interested developers the required good faith deposits; and the County Administrator is
authorized to sign the required certification letter to the state regarding the good faith deposits
upon conclusion of the solicitation process.
2. This resolution shall take effect immediately 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.
ATTESTEDc
_ PHIL BATCHELOR, Clerk of the Board
Orig. Dept.: Planning Department
of Supervisors and County Administrator
CC: County Counsel
County Administrator By ,Deputy
RESOLUTION NO. 85/179.