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HomeMy WebLinkAboutMINUTES - 06061986 - 1.133 RESOLUTION NO. g 3 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF COUNTY OF CONTRA COSTA MULTIFAMILY HOUSING REVENUE BONDS 1989 SERIES A (GNMA COLLATERALIZED MORTGAGE LOAN - BYRON PARK PROJECT) , AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, LOAN AGREEMENT, REGULATORY AGREEMENT, OFFICIAL STATEMENT AND PURCHASE. CONTRACT AND APPOINTING AN INVESTMENT FIRM, AUTHORIZING THE_EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED DOCUMENTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH WHEREAS, Chapter 7 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 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 doing the things authorized thereby; WHEREAS, the Board of Supervisors (the "Board of . Supervisors" ) 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 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; 8065a WHEREAS, this Board of Supervisors hereby finds and declares that this resolution is being adopted pursuant to the powers granted by the Act; WHEREAS, Byron Park (the "Partnership" ) , a California limited partnership, .has requested that the County issue and sell the Bonds (hereinafter defined) for the purpose of financing the construction and development of a multifamily rental housing project (the "Project" ) located at 1700 Tice Valley Boulevard in the unincorporated area of the County; WHEREAS, the County has applied to and received from the State of California Debt Limit Allocation Committee ( "CDLAC" ) an allocation to issue bonds to finance a qualified residential project in an amount of $20, 000, 000 in accordance with Section 146 of the Internal Revenue Code of 1986 (the "Code" ) and Chapter 11 .8 of Division 1 of Title 2 of the California Government Code; WHEREAS, a notice of a public hearing with respect to the proposed issuance of the Bonds was published in the Contra Costa Times, a newspaper of general circulation in the County, on May 16, 1989; WHEREAS, on May 31, 1989 said public hearing was held before the Deputy Director-Redevelopment of the Community Development Department, and an opportunity was provided for interested parties to present arguments for and against the issuance of the Bonds; 2 8065a WHEREAS, this Board of Supervisors is the applicable elected representative of the County; 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 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. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: 1 . This Board of Supervisors 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 County, designated as "County of Contra Costa Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Byron Park Project) 1989 Issue A" in an aggregate principal amount not to exceed $20, 000, 000 (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 seal or facsimile of the seal of the County shall be reproduced thereon and attested by the manual or facsimile signature of the County Administrator and Clerk of the Board of Supervisors (the "County Administrator" ) , in 3 8065a the form set forth in and otherwise in accordance with the Indenture (as hereinafter defined) . 3 . The proposed form of indenture (the "Indenture" ) between the County and Bankers Trust Company of California (the "Trustee" ) , in substantially the form presented to this meeting, is hereby approved. Any one of the Chair, the Vice-Chair of the Board of Supervisors (the "Vice-Chair" ) , the County Administrator, the Director of Community Development, the Deputy Director-Redevelopment of the Community Development Department and the Senior Housing Planner ( the "Designated Officers" ) is hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the Indenture, and the County Administrator is hereby authorized and directed, for and in the name and on behalf of the County, to attest the Indenture, in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Indenture upon consultation with the Director of Community Development and Bond Counsel to the County ( 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 $20, 000,000 or result in. a true interest cost on the Bonds in excess of 9% per annum) , the approval of such additions or changes to be conclusively evidenced by the execution and 4 8065a 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 loan agreement (the "Loan Agreement" ) among the County, the Partnership and TRI Capital Corporation (the "Lender" ) , 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 of and on behalf of the County, to execute and deliver the Loan Agreement, and the County Administrator is hereby authorized and directed, for and in the name and on behalf of the County, to attest the Loan Agreement, in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Loan Agreement upon consultation with the Director of Community Development and Bond Counsel to the County 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, delivery and attestation of said Loan Agreement. S . The proposed form of regulatory agreement (the "Regulatory Agreement" ) among the County, the Trustee and the 5 8065a Partnership, 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 of and on behalf of the County, to execute and deliver the Regulatory Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Regulatory Agreement upon consultation with the Director of Community Development and Bond Counsel to the County 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. 6. The proposed form of bond purchase contract (the "Purchase Contract" ) among the County, Newman and Associates, Inc . and Smith, Mitchell & Associates, Inc . ( the "Underwriters" ) , in substantially the form presented to this meeting and the sale of the Bonds pursuant thereto, 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 accept the offer of the Underwriters 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 the 6 . 8065a Designated Officer executing the Purchase Contract upon consultation with the Director of Community Development and Bond Counsel to the County, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Purchase Contract. 7 . The proposed form of official statement relating to the Bonds (the "Official Statement" ) , in substantially the form presented to this meeting, 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 the Official Statement in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Official Statement upon consultation with the Director of Community Development and Bond Counsel to the County, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Official Statement. The Underwriters are 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 Underwriters of a preliminary official statement relating to the Bonds, if any, is hereby approved and authorized. 8. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby 7 8065a 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 any one of the Designated Officers, which instructions said Designated 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 Purchase Contract, upon payment of the purchase price therefor. 9 . It is the purpose and intent of this Board of Supervisors that this resolution constitute approval of the Bonds in the amount of $20, 000, 000 by the applicable elected representative of the County in accordance with Section 147( f) of the Code . 10. 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, 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 and deliver any and all certificates, agreements and other documents which they, or any of them, 8 8065a 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, including but not limited to those certificates, agreements and other documents described in the Indenture, the Loan 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 or evidence credit support or additional security for the Bonds, but which shall not create any obligation or liability of the County other than with respect to the revenues and assets derived from the proceeds of the Bonds. 11 . The Community Development Department is hereby designated as administrator of the Program. 12 . Orrick, Herrington & Sutcliffe is hereby retained as bond counsel to the County. 13 . Newman and Associates, Inc . and Smith, Mitchell & Associates, Inc . are hereby appointed as underwriters to the County. 14. This resolution shall take effect immediately upon its adoption. 9 8065a e PASSED AND ADOPTED this 6th day of June, 1989, by the following vote: AYES: Supervisors Powers, Fanden, McPeak, Schroder, Torlakson. NOES: None. ABSTAINING: None. ABSENT: None. Chair ATTEST: Phil Batchlor County Administrator and Clerk of the Board of Supervisors By Ch Deputy Clerk 10 8065a