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HomeMy WebLinkAboutMINUTES - 06181985 - 1.7 (2) HOUSING AUTHORITY OFF THE COUNTY OF CONTRA COSTA t. TO: Board of Commissioners DATE: June 4, 1984 FROM: Perfecto Villarreal, Executive Director cc: SUBJECT: Issuance of Multi-Family Revenue Bonds by the Housing Authority I. RECOMMENDATION 1. Endorse the concept-of the Housing Authority acting as the legal entity for purposes of the issuance of tmuiti-family revenue bonds to the extent necessary due to cities and the County being precluded from so doing due to volume cap provisions of State law; and 2. Designate the Director of Community Development as the lead agent for pur ores.of preparing said issuances for sale,., as recommended 'by the Advisory-Housing Coimission. II. FINANCIAL IMPACT No funds of the Housing Authority are committed by this action. The actions provide for the issuance and sale of revenue bonds, i.e., the .security for the bonds consists entirely of revenue pledged under an Indenture. No obligation, moral or otherwise, exists for the Housing Authority as a result of this action. Costs incurred by the Housing Authority and the County in the issuance process are to be reimbursed upon sale of the bonds. Ongoing costs in monitoring regulatory agreement compliance are provided for in program revenues. III. BACKGROUND The County may be precluded from issuing revenue bonds to finance the development of rental housing projects due to volume limitations in enabling State law. In the event that the County or various cities, may be unable to issue bonds the Housing Authority would become the back-up issuer of the bonds, as recommended 'by the Advisory Housing Commission. IV. CONSEQUENCES OF NEGATIVE ACTION Failure to respond positively to the request of the Board of Supervisors could result in the loss of additional affordable rental housing in the County. CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEN TION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S) ACTION OF BOARD ON +June18 . T985APPROVED AS RECOMMENDED OTHER G VOTE OF SUPERVISORS X UNANIMOUS (ABSENT w^ ) 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. CC: County Administrator ATTESTED June 18 , 1985 County Counsel Phil Batchelor, Clerk of the Burd cf Housing Authority Community Development Supetvisors and County Adr:.in ev L� ���.� DEPUTY HOUSING AUTHORITY OF THE COUNTY. OF CONTRA COSTA RESOLUTION NO. 345g RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA MULTIFAMILY MORTGAGE REVENUE BONDS, 1985 ISSUE B (FANNIE MAE PROGRAM/THE MEADOWS PROJECT) , AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, FINANCING AGREEMENT, MORTGAGE PURCHASE AGREEMENT, REGULATORY AGREEMENT, OFFICIAL STATEMENT AND PURCHASE CONTRACT, APPOINTING AN ADMINISTRATOR AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the "Act" ) authorizes housing authorities to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to such multifamily housing, and the Act provides a complete, additional and alternative method for such financing; WHEREAS, . the Board of Commissioners (the "Board of Commissioners" ) of the Housing Authority of the County of Contra Costa (the "Authority" ) hereby finds and declares that it is necessary, essential and a public purpose for the Authority to engage in a program (the "Program") of financing the construction and development of multifamily rental housing, and has determined to borrow money for such purpose by the issuance of revenue bonds as. authorized by the Act; WHEREAS, Technical Equities (the "Owner") , a California corporation has. requested that the Authority issue and sell the Bonds (hereinafter defined) for the purpose of financing the construction and development of The Meadows Apartments (the "Project" ) located near Sycamore Drive and Spanos Court in the City of Antioch (the "City" ) ; WHEREAS, the City has requested that the Authority issue bonds to finance a rental housing development in its community and has consented to the Authority' s issuance of such bonds; WHEREAS, this Board of Commissioners hereby finds and declares that this resolution is being adopted pursuant to the powers granted by the Act; WHEREAS, a notice of a public hearing with respect to the proposed issuance of the Bonds has been published; WHEREAS, on May 21, 1985 said public hearing was held before the Board of Supervisors of the County of Contra Costa, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds; WHEREAS, the Board of Supervisors of the County of Contra Costa as the applicable elected representative in accordance with Section 103(k) of the Internal Revenue Code of 1954, as amended, has approved issuance of the Bonds; WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed 2 precedent.-to and in the issuance of the Bonds and the 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; and WHEREAS, this Board of Commissioners hereby finds and determines that it is not economically feasible to reserve at least one-half of the units in the Project for occupancy on a priority basis by low-income households, pursuant to Section 34312.3(c) (1) of the Act, whose adjusted gross income does not exceed 50 percent of the median adjusted gross income for the area, in accordance with Section 34312.3(c) (2) of the Act; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing Authority of the County of Contra Costa, as follows: 1. This Board of Commissioners of the Housing Authority of the County of Contra Costa does hereby find and declare that the above recitals are true and correct. 2. Pursuant to the Act and the Indenture (hereinafter defined) , revenue bonds of the Authority, designated as "Housing Authority of the County of Contra Costa Multifamily Mortgage Revenue Bonds, 1965 Issue B (Fannie Mae Program/The Meadows Project)" in an aggregate principal amount not to exceed $4,920,000 (the "Bonds") , are 3 hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile, signature of the Chairwoman of the Board of Commissioners-- (the "Chairwoman" ) , the seal or facsimile of the seal of the Authority shall be reproduced thereon and attested by the manual or facsimile signature of the Secretary of the Board of Commissioners (the "Secretary" ) , in the form set forth in and otherwise in accordance with the Indenture. 3 . The proposed form of indenture (the "Indenture" ) between the Authority and The Bank of California, National Association (the "Trustee" ) , in substantially the form presented to this meeting, is hereby approved. The Chairwoman, the Vice-Chair, the Secretary, the Executive Director of the Authority (the "Director" ) , or the Director of New Development (the "Designated Officers" ) are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Indenture, and the Secretary is hereby authorized and directed, for and in the name and, on behalf of the Authority, to attest the Indenture, in substantially said form, with such additions thereto or changes therein as are recommended or approved by either of them upon consultation with the Director and Bond Counsel to the Authority (including such additions or changes as are necessary or advisable in accordance with Section 10, provided that no additions or changes shall authorize an aggregate principal amount of 4 Bonds in excess of $4,920,000, result in a true interest cost on the Bonds in excess of-10% per annum, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Indenture. The date, maturity dates, interest rate or rates, interest payment dates, denominations, form, registration 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. Upon approval of a Designated Officer, the Bonds may be issued with supplemental coupons or sold at a premium. 4. The proposed form of financing agreement (the "Financing Agreement" ) among the Authority, the Trustee, Washington Mortgage Corporation (the "Lender" ) , and the Owner, in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority, are hereby authorized and directed for and in the name of and on behalf of the Authority to execute and deliver the Financing Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper officers upon consultation with the Director and Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 10, the approval of such changes to be conclusively evidenced by the execution and delivery of said Financing Agreement. 5 .. 5. The proposed form of mortgage purchase agreement (the "Mortgage ..Purchase Agreement" ) among the Authority, the Truste&, the Lender, and the Owner, in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Mortgage Purchase Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper offices upon consultation with the Director and Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 10, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Mortgage Purchase Agreement. The designation of the Lender, and the Owner and the allocation thereto of the moneys to be made available by the sale of the Bonds is hereby approved, and is found to be made on a fair and equitable basis considering the public purposes of the Program and the requirements of the City and the Program. 6. The proposed form of regulatory agreement (the "Regulatory Agreement" ) among the Authority, the Trustee and the Owner, in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority are hereby authorized and directed for and in the name of and on behalf of the Authority, to execute and 6 deliver the Regulatory Agreement in substantially said form, with such additions theret* or changes therein as are recommended or approved by such proper officers upon consultation with the Director and Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 10, the approval of such changes to be conclusively evidenced by the execution and delivery of said Regulatory Agreement. 7. The proposed form of bond purchase contract (the "Purchase Contract" ) between the Authority and Bank of America NT & SA (the "Underwriter" ) , in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to accept the offer of the Underwriter to purchase the Bonds contained in the Purchase Contract (when such offer is made and if such offer is consistent with Section 3) and to execute and deliver said Purchase Contract in substantially said form, with such additions thereto or changes therein as are recommended or approved by him upon consultation with the Director and Bond Counsel to the Authority, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Purchase Contract. 8. The proposed form of official statement relating to the Bonds (the "Official Statement") , in 7 substantially the form presented to this meeting, is hereby approved. The Designated :Officers are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute the Official Statement in substantially said form, with such additions thereto or changes therein as are recommended or approved upon consultation with the Director and Bond Counsel to the Authority, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Official Statement. The Underwriter is hereby authorized to distribute copies of said Official Statement 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 Underwriter of a preliminary official statement relating to the Bonds, if any, is hereby approved and authorized. 9. The Bonds, when 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 Underwriter in accordance with written instructions executed on behalf of the Authority by the Designated Officers, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of 8 • the Bonds .to the Underwriter in accordance with the Purchase Contract, upon payment of-the purchase price therefor. 10. All act-ions heretofore taken by the officers and agents of the Authority with respect to the establishment of the Program and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Authority, including the Designated Officers, are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions and execute and deliver 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 and resolutions heretofore adopted by the Authority and in order to carry out the Program, including but not limited to those certificates, agreements and other documents described in the Indenture, the Financing Agreement, the Mortgage Purchase Agreement, the Regulatory Agreement, the Purchase Contract, and the other documents herein approved and any certificates, agreements or documents as may be necessary to further the purpose hereof, evidence credit support or additional security for the Bonds, but which shall not create any obligation or liability of the Authority other than with respect to the revenues and assets derived from the proceeds of the Bonds. 9 11. The Community Development Department of the County of Contra Costa is hereby designated as Administrator of the Program. 12. Orrick, Herrington & Sutcliffe is hereby retained as bond counsel to the Authority. 13. This resolution shall take effect immediately upon its adoption. , PASSED AND ADOPTED this 18th day of June, 1985, by the following vote: AYES: Commissioners Pokers , McPeak, Schroder , Torlakson, Fanden. NOES: None. ABSTAINING: None. ABSENT: None. C irwoman ATTEST: Phil Batchelor, Clerk of the Boar!of Supervisors and County Administrator By Deputy Clerk Orig: Housing Authority cc: Community Development County Counsel County Administrator 10 11. The Community Development Department of the County of Contra Costa is hereby designated as Administrator of the Program. 12. Orrick, Herrington & Sutcliffe is hereby retained as bond counsel to the Authority. 13 . This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 18th day of June, 1985, by the following vote: AYES: Cormissioners Powers , McPeak, Schroder , Torlakson, Fanden. NOES: None. ABSTAINING: None. ABSENT: None. Clqairwoman airwoman ATTEST Phil Batchelor, Clerk of the Board of Supervisors and County Administrator By Deputy Clerk Orig: Housing Authority cc: Community Development County Counsel , County Administrator 10 r, HOUSING AUTHORITY or nag COUNTY OF CONTRA COSTA 3133 ESTYOILLO STREET F.O. SOX 1396 (115) 116-5339 MARTINEZ, CALIFORNIA $4953 CERTIFICATE I, - Perfecto Villarreal , the duly appointed, qualified and acting Secretary/Treasurer - Executive Director of the Housing Authority of the County of Contra Costa, do hereby certify that the attached extract from the Minutes of the _ R Qgnlar Session of the Board of Commissioners of said Authority, held on r_ June 18 , 1985 is a true and correct copy of the original Minutes of said meeting on file and of record insofar as said original Minutes relate to the matters set forth in said attached extract. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of said Authority this 18th—_ day of June 1985 (SEAL) ere to Villarreal , Secretary 208-jt-82 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA RESOLUTION NO. �D RESOLUTION AUTHORIZING=THE ISSUANCE, SALE AND DELIVERY OF HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA MULTIFAMILY MORTGAGE REVENUE BONDS (FIRST NATIONWIDE SAVINGS PROGRAM), 1985 ISSUE C, AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, LETTER OF CREDIT AGREEMENT, ORIGINATION AND SERVICING AGREEMENT, REGULATORY AGREEMENT, OFFICIAL STATEMENT AND PURCHASE CONTRACT AND APPOINTING AN ADMINISTRATOR AND AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, the Board of Supervisors of the County of Contra Costa has previously preliminarily determined to assist Cavallo Apartments, A General Partnership by providing moneys to finance the construction of a multifamily rental housing development to be located in the City of Antioch, to be occupied in part by persons of low or moderate income (the "Project"), all pursuant to its Resolution No. 84/774 of the Board of Supervisors adopted on December 18, 1984; WHEREAS, Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the State of California (the "Act") authorizes housing authorities to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to such multifamily housing, and the Act provides a complete, additional and alternative method for such financing; WHEREAS, the Board of Commissioners (the "Board of Commissioners") of the Housing Authority of the County of Contra Costa (the "Authority") hereby finds and declares that it is necessary, essential and a public purpose for the Authority to engage in a program (the "Program") of financing the construction and development of multifamily rental housing, and has determined to borrow money for such purpose by the issuance of revenue bonds as authorized by the Act; WHEREAS, 700 Market Associates XXIX (the "Owner"), a California general partnership composed of FNS Mortgage Service Corporation, a California corporation and wholly-owned subsidiary of First Nationwide Savings, A Federal Savings and Loan Association, and Dyna Group II has requested that the Authority issue and sell the Bonds (hereinafter defined) for the purpose of financing the construction and development of the Project located near Wilbur Avenue and Cavallo Road in the City of Antioch (the "City") ; WHEREAS, the City has requested that the Authority issue bonds to finance a rental housing development in its community and has consented to the Authority' s issuance of said bonds; WHEREAS, this Board of Commissioners hereby finds and declares that this resolution is being adopted pursuant to -the powers granted by the Act; 2 040511-0032-077-7107b WHEREAS, a notice of a public hearing with respect to the proposed issuance of the Bonds has been published; WHEREAS, on this date said public hearing was held before the Board of Supervisors of the County of Contra Costa and an .opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds; WHEREAS, the Board of Supervisors of the County of Contra Costa as the applicable elected representative in accordance with Section 103(k) of the Internal Revenue Code of 1954, as amended, has approved issuance of the Bonds; 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 and the 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; and WHEREAS, this Board of Commissioners hereby finds and determines that it is not economically feasible to reserve at least one-half of the units in the Project for occupancy on a priority basis by low-income households, pursuant to Section 34312.3(c)(1) of the Act, whose adjusted gross income does not exceed 50 percent of the median adjusted gross income for the area; in accordance with Section 34312.3(c) (2) of the Act; 3 040511-0032-077-7107b NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Housing Authority of the County of Contra Costa, as followis: 1. This Board of Commissioners of the Housing Authority of the County of Contra Costa does hereby find and declare that the above recitals are true and correct. 2. Pursuant to the Act and the Indenture (hereinafter defined) , revenue bonds of the Authority, designated as "Housing Authority of the County .of Contra Costa Multifamily Mortgage Revenue Bonds (First Nationwide Savings Program) , 1965 Issue C" in an aggregate principal amount not to exceed $15,000,000 (the "Bonds") , are hereby authorized to be issued. The Bonds shall be executed by the manual or facsimile signature of the Chairwoman of the Board of Commissioners (the "Chairwoman") , the seal or facsimile of the seal of the County shall be reproduced thereon and attested by the manual or facsimile signature of the Secretary of the Board of Commissioners (the "Secretary"), in the form set forth in and otherwise in accordance with the Indenture. 3. The proposed form of indenture (the "Indenture" ) between the Authority and The Bank of California, National Association (the "Trustee") , in substantially the form presented to this meeting, is hereby approved. The Chairwoman, the Vice-Chair, the Secretary, the Executive Director of the Authority (the "Director") , or the 4 040511-0032-077-7107b Director of New Development (the "Designated Officers") are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Indenture, and the Secretary is hereby authorized and directed, for and in the name and on behalf of the Authority, _ to attest the Indenture, in substantially said form, with such additions thereto or changes therein as are recommended or approved by either of them upon consultation with the Director and Bond Counsel to the Authority (including such additions or changes as are necessary or advisable in accordance with Section 10, provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $15,000,000, result in a true interest ; cost on the Bonds in excess of 12% per annum or result in an underwriter's discount in excess of 3% of the aggregate principal amount of the Bonds) , the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Indenture. The date, maturity dates, interest rate or rates, interest payment dates, denominations, form, registration 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 proposed form of letter of credit agreement (the "LC Agreement" ) among the Authority, the Trustee, First Nationwide Savings, A Federal Savings and Loan 5 040511-0032-077-7107b Association (the "Credit Institution"), and the Owner, in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority are hereby authorized and directed for and in the name of and on behalf of the Authority to execute and deliver the LC Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper officers upon consultation with the Director and Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 10, the approval of such changes to be conclusively evidenced by the execution and delivery of said LC Agreement. 5. The proposed form of origination and servicing agreement (the "Origination Agreement") among the Authority, the Trustee, First Nationwide Savings, A Federal Savings and Loan Association (the "Lending Institution") , and the Owner, in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Origination Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper offices upon consultation with the Director and Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 10, the approval of such additions or 6 040511-0032-077-7107b changes ta. be conclusively evidenced by the execution and delivery of said Origination Agreement. The designation of the Lending Institution, the Credit Institution and the Owner and the allocation thereto of the moneys to be made available by the sale of the Bonds is •hereby approved, and is found to be made on a fair and equitable basis considering the public purposes of the Program and the requirements of the Authority and the Program. 6. The proposed form of regulatory agreement (the "Regulatory Agreement") among the Authority, the Trustee and the Owner, in substantially the form presented to this meeting, is hereby approved. The Designated Officers of the Authority are hereby authorized and directed for and in the name of and on behalf of the Authority, to execute and deliver the Regulatory Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such proper officers upon consultation with the Director and Bond Counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 10, the approval of such changes to be conclusively evidenced by the execution and delivery of said Regulatory Agreement. 7. The proposed form of bond purchase contract (the "Purchase Contract") between the Authority and FISER Financial and Investment Services (the "Underwriter") , in substantially the form presented to this meeting, is hereby 7 040511-0032-077-7107b approved. The Designated Officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to accept the offer of the Underwriter to purchase the Bonds contained in the Purchase Contract (when such offer is made and if such offer is consistent with Section 3) and to execute and deliver said Purchase Contract in substantially said form, with such additions thereto or changes therein as are recommended or approved by him upon consultation with the Director and Bond Counsel to the Authority, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Purchase Contract. S. The proposed form of official statement relating to the Bonds (the "Official Statement") , in : substantially .the form presented to this meeting, is hereby approved. The Designated Officers are hereby authorized and directed, for and in the name and on behalf of the Authority, to. execute the Official Statement in substantially said form, . with such additions thereto or changes therein as are recommended or approved by him upon consultation with the Director and Bond Counsel to the Authority, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Official Statement. The Underwriter is hereby authorized to distribute copies of said Official Statement to persons who may be interested in the purchase of the Bonds and are directed to deliver such copies 8 040511-0032-077-7107b to all actual purchasers of the Bonds. Distribution by the Underwriter of a preliminary official statement relating to the Bonds, if any, is hereby approved and authorized. 9. The Bonds, when 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 Underwriter in accordance . with written instructions executed on behalf of the Authority by the Designated Officers, which instructions said officers are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the Underwriter in accordance with the Purchase Contract, upon payment of the purchase price therefor. 10. All actions heretofore taken by the officers and agents of the Authority with respect to the establishment of the Program and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Authority, including the Designated Officers, are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to 9 040511-0032-077-7107b consummate the lawful issuance and delivery of the Bonds in accordance with this resolution and resolutions heretofore adopted by the Authority and in order to carry out the Program, including but not limited to those certificates, n agreements and other documents described in the Indenture, the LC Agreement, the Origination Agreement, the Regulatory Agreement, the Purchase Contract, and the other documents herein approved and any certificates, agreements or documents as may be necessary to further the purpose hereof, evidence credit support or additional security for the Bonds or for , the obligation under the Letter of Credit, but which shall not create any obligation or liability of the Authority other than with respect to the revenues and assets derived from the proceeds of the Bonds. ; 11. The Community Development Department of the County of Contra Costa is hereby designated as Administrator of the Program. 22. Orrick, Herrington & Sutcliffe is hereby retained as bond counsel to the Authority. 13. This resolution shall take effect immediately upon its adoption. 10 040511-0032-077-7107b Y PASSED AND ADOPTED this 18th day of June, 1485, by the following vote: AYES: Commissioners Powers, McPeak, Schroder, Torlakson, Fanden NOES: None. ABSTAINING: None. ABSENT: None. airwoman ATTEST: Phil Batchelor, Clerk of the Board of Supervisors and County Administrator By Deputy Clerk RESOLUTION NO. 3460 11 040511-0032-077-7107b HOUSING AUTHORITY or TMR COUNTY OF CONTRA COSTA 2132 ESTUOILLO STREET I.O. SOX 2396 14/51 226-5330 MARTINEZ,CALIFORNIA 94553 CERTIFICATE I, Perfecto Villarreal , the duly appointed, qualified and acting Secretary/Treasurer - Executive Director of the Housing Authority of the County of Contra Costa, do hereby certify that the attached extract from the Minutes of the _ Rt-ghlar Session of the Board of Commissioners of said Authority, held on June 18 , 1985 is a true and correct copy of the original Minutes of said meeting on file and of record insofar as said original Minutes relate to the matters set forth in said attached extract. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of said Authority this 18th _ day of June 1985 (SEAL) Pierfedto Villarreal , Secretary 208-jt-82