HomeMy WebLinkAboutMINUTES - 04231991 - 1.77 jL-077
TO: BOARD OF SUPERVISORS
Contra
FROM: Harvey E. Bragdon
Director of Community Development
� County
DATE: April 23, 19 91
CU
, UN
SUBJECT: 1988 Contra Costa Home Mortgage Revenue Bond
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize- payment of, an Extension Fee to Security Pacific National
Bank from Housing Bond Trust Funds, . in order to extend the Program
Period for delivery of mortgage under the 1988 Contra Costa Home
Mortgage Finance Program.
FISCAL IMPACT
None.- No General Funds involved. The County will receive full .
reimbursement from private developers.
. BACKGROUND/REASONS FOR RECOMMENDATIONS
In June 1988, the County completed the sale- of $72, 000, 000 in single
family mortgage revenue bonds. The proceeds of the bonds were to be
used for mortgages to low and moderate income first-time homebuyers.
The Program. Period in which mortgages were to be originated ended
March 1, 1991. All proceeds have not been used and could be;
therefore,. the County sought and received approval of the rating
agency (Moody's) to extend the Program Period for one year to March
1, 1992. One condition of extending was the enhancement of program
cash flow by the payment of an extension fee not to exceed $33,838 to
the program's Trustee. In order to preference proof the funds from
bankruptcy exposure, the extension fee must be paid by the County to
the Trustee. The County has already been reimbursed for said amount
by benefitting developers.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
ye", "o,
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA I N OF BO DCOMMI EE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APR Z 3 W1 APPROVED AS RECOMMENDED _ OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED APR 23 1991
County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Audit Controller AND COUNTY ADMINISTRATOR
BY �' � , DEPUTY
SRA13/rw/revenue.bos