HomeMy WebLinkAboutMINUTES - 05211985 - X-1 THE BOARD OF SUPERVISORS .OF CONTRA COSTA COUNTY, CALIFORNIA
Y
Adopted this Order on
May 21 1985 by the following vote:
AYES: Supervisors Powers , Schroder, Torlakson, Fanden.
NOES: None , '
ABSENT: Supervisor McPeak.
ABSTAIN: None .
SUBJECT:
Resolution of the County of Contra )
Costa Conditionally Providing For The )
Issuance of Revenue Bonds To Finance ) .
the Construction of a Multi-Family ) RESOLUTION NO. 85/250
Housing Developments )
WHEREAS; the County of Contra Costa (the '.'County") is a legal subdivision
and body .corporate and politic of the State of California, duly organized and existing
under the Constitution and laws of the State of California; and
WHEREAS, the Board of Supervisors of the County, after careful study and
consideration, has determined that there is a shortage of safe and sanitary housing within
the County, and that it is in the best interest of the residents of the County and in
furtherance of the health, safety and welfare of the public for the County to assist in the
financing of housing developments; and.
WHEREAS, pursuant to Division 31 of the Health and Safety Code of the
State of California, and particularly Chapter 7 of Part 5 thereof (the "Act"),' the County is
empowered to issue and sell bonds for the purpose of making mortgage loans or otherwise
providing funds to finance the development of multi-family rental housing including units
for lower income households and very low income households; and
WHEREAS, the Board of Supervisors has now determined to provide
financing for the multi-family developments identified in Exhibit A hereto (the
"Developments"), and in order to finance the Developments the County intends to issue, at
one time or from time to time, revenue bonds pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the
County of Contra Costa as follows:
i
1. The Board of Supervisors hereby determines. that it is necessary ,and
desirable to provide construction and permanent financing for the Developments pursuant
to the Act or other appropriate authority, of mortgage revenue bonds (the "Bonds"), in an . .
aggregate principal amounts not to exceed the amounts set forth in Exhibit A, subject .to
the conditions that (i) the'County by resolution shall have first agreed to acceptable terms
and conditions for the bonds (and for the sale and delivery thereof), and for an indenture
and all other agreements with respect to any of the foregoing; (ii) all requisite
governmental approvals•shall have first been obtained; (iii) the bonds shall be payable
solely from revenues received with respect.to loans or other investments made with the
proceeds of such bonds, and neither the full faith nor the credit of the County shall be
pledged to the payment of the principal of or interest on any such bond; (iv) the County
and the Owner shall have entered into a preliminary agreement concerning the financing,
in substantially the form attached hereto as Exhibit B, with such additions or deletions as
are considered necessary or appropriate by - the County Director of Community
Development or the County' Administrator, and the •Owner, and the Chair of the Board,
the County Administrator, and the Director of Community Development are hereby
authorized to execute said preliminary agreement for and in the name and on behalf of
the County; (v) at least twenty percent (20%) (fifteen percent (1J%) in targeted areas) of
the Project unitsare to be occupied by individuals or families of-'low or moderate income
as defined in Section 103(b) for at least the period required by Internal Revenue Code of
1954, as amended, said section,. and the Project shall otherwise meet any federal
requirements for tax exemption of interest on the bonds and any requirements of the
County applicable to such financings.
.RESOLUTION N0 . 85/25
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Page 2
2. The Chair of the Board of Supervisors, The County Administrator and ex-
officio Clerk of the Board, the County Director of Community Development; County
Counsel and their deputies and other officers of the County are hereby authorized and
directed to participate in the preparation of any resolution, indenture, bond purchase
agreement, official statement and/or other documents or agreements necessary or
appropriate to effect such financing.
3.- It is the purpose and intent of the County that this Resolution constitute
official action toward the issuance of obligations by the County in accordance with
Section 1.103-8(a)(5)(iii) of the Regulations of the United States Department of the
Treasury.
4. This Resolution shall take effect immediately upon its passage and
adoption.
cc: Director of Community Development t hereby certify that this is a true And correct copy of
County Counsel an action taken and entered oil the minutes of the
County Administrator Board of Supero ors on the date shown.
ATTESTED:
PHIL BATCHELO , Cierk of the Board
of Supervisors and County Administrator
By `
Deputy
RESOLUTION NO. 85/2.50
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RESOLUTION NO. 85/250
EXHIBIT B
P
Re: Preliminary Agreements -
Multi-Family Mortgage Revenue Bond Financing
The purpose of this Agreement is to set forth certain terms and conditions
under which the County of Contra Costa, a legal subdivision and body corporate and
politic of the State of California (the "County"), will agree to assist in the financing of a
housing project for persons of low income (the "Project") for or (the "Owner")
or for a related entity, by issuing bonds (the "Bonds"), subject to the conditions Seth
herein and in Resolution No. of the County.
In consideration of the County's expression of willingness to provide such
financing, the Owner hereby agrees as follows:
1. The Owner agrees to pay, or to make arrangements for persons other than
the County to pay, all costs involved in the issuance of the Bonds, including by way of
example and not limitation, fees and disbursements of bond counsel, the County,
underwriters or financial advisors and any other experts engaged by the Owner or by the
County in connection with the issuance of the Bonds, bond printing and other printing
costs, publication costs and costs incurred in order to obtain a rating for the Bonds. Such
costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not
issued for any reason, the Owner agrees to pay all of such costs and assume the County's
obligations, if any, for payment of such costs. Pursuant thereto, the Owner agrees to pay
a fee upon the County conditionally expressing its intent to issue Bonds for the. Project in
an amount equal to the lesser of 1/10 of one percent of the amount of the proposed Bond
issue or $2,000; said amount to be credited toward the County's cost of issuance.
2. The Owner agrees to pay the cost of preparation of any studies, reports or
other documents necessary to be prepared by or for the County to comply with the
California Environmental Quality Act.
3. The Owner agrees to pay any and all costs incurred by the County in
connection with any legal action challenging the issuance or validity of the Bonds or use
of the proceeds thereof, or challenging proceedings or determinations by the County under
the California Environmental Quality Act.
The County agrees to proceed, and to direct bond counsel to proceed, with the
planning and preparation of the necessary proceedings for the offering of the Bonds for
sale to finance the Project. The Owner understands that this Agreement does not exempt
it from any requirements of the County or any department or agency thereof or other
governmental body that would apply in the absence of the proposed Bond financing,,and
compliance with such requirements is an express precondition to the issuance of the Bonds
by the County.
The Owner further understands and agrees that the issuance of any Bonds by
the County is contingent upon the County being satisfied with all of the terms and
conditions of the Bonds and of the issuance thereof and that such issuance is in the best
interests of the County, and that the County shall not be liable to the Owner or to any
other person if the County shall determine for any reason not to issue the Bonds.
IN WITNESS WHEREOF, the parties have executed this Agreement on
198
COUNTY OF CONTRA COSTA
By:
Anthony A. Dehaesus
Director of Community Development
(OWNER)
By:
AAD/mblc RESOLUTION NO. 85/250