HomeMy WebLinkAboutMINUTES - 04281992 - 1.54 ,
TO: BOARD OF SUPERVISORS -- -- --
FROM: Harvey E. Bragdon :f. = '. Contra
Director of Community Development COS}a
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DATE: April 28, 1992COunty
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SUBJECT: 1987 Contra Costa .County Redevelopment Agency Tax Allocation Notes
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. As the Board of Supervisors, adopt resolution approving
amendment of Indenture and Redemption of 1987 Notes of the
Contra Costa County Redevelopment Agency; and
2 . As the Governing Board of the Redevelopment Agency, adopt the
resolution approving amendment of Indenture and Redemption of
1987 Notes of the Contra Costa County Redevelopment Agency.
FISCAL IMPACT
To assist in the redemption of the Agency notes, a short-term advance
of County funds is provided for. Such advance would be less than 30
days, and would be repaid with interest.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Contra Costa County Redevelopment Agency issued its Tax Allocation
Notes (Pleasant Hill BART Station Area) in December, 1987 . The Agency
desires to redeem the 1987 Notes on June 1, 1992 . To accomplish the
redemption requires an amendment to the Indenture between the Agency
and the Trustee, Seattle-First National Bank.
CONTINUED ON ATTACHMENT: X YES SIGNATURE: � . I
W� J
RECOMMENDATION OF COUNTY ADMINISTRATOR RECO DATION O BOARD CO ITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
)! 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.
orig: Redevelopment Agency
Community Development ATTESTED
County. Administrator PHIL ATCHELOR, CLERK OF
Auditor-Controller THE BOARD OF SUPERVISORS
Treasurer-Tax Collector AND COUNTY ADMINISTRATOR
County Counsel 2�� �o
SRA24/jb/87taxnot.bos BY
DEPUTY
t'
To effect the redemption of the Notes, the resolutions authorize a
short-term advance to the Agency from County funds. The advance
would be repaid, with interest, from proceeds of the Agency's 1992
Tax Allocation Bonds scheduled for issuance in May.
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RESOLUTION NO. 92/294
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUN'T'Y OF CONTRA
COSTA APPROVING AMENDMENT OF INDENTURE AND REDEMPTION OF 1987
NOTES BY THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY,AND
AUTHORIZING AND DIRECTING RELATED ACTIONS
WHEREAS, the Contra Costa County Redevelopment Agency (the "Agency") has
entered into an Indenture of Trust, dated as of December 1, 1987 (the "Indenture"), with
Seattle-First National Bank, as trustee, pursuant to which the Agency issued its
$7,500,000 Contra Costa County Redevelopment Agency Pleasant Hill BART Station Area
Redevelopment Project 1987 Tax Allocation Notes (the "1987 Notes"); and
WHEREAS, the Agency intends to redeem the 1987 Notes on June 1, 1992, and to
that end has proposed a first amendment to the Indenture (the "Amendment") in the
form on file with Agency staff, in order to complete the redemption of the 1987 Notes in a
timely and efficient manner; and
WHEREAS, the Agency has requested that the County of Contra Costa (the
"County") approve the Amendment and provide certain assistance to the Agency in
connection with the redemption of the Notes as provided herein.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF CONTRA COSTA AS FOLLOWS:
Section 1. Approval of Amendment and Redemption of 1987 Notes. The Board of
Supervisors hereby approves the Amendment in the form on file with Agency staff, and
the redemption by the Agency of the 1987 Notes in the manner contemplated by the
Indenture and the Amendment.
Section 2. Assistance to Agency to Effect Redemption of 1987 Notes. The Board of
Supervisors hereby authorizes and directs the County Administrator, and any other
appropriate officers or staff members of the County, to assist the Agency in the
redemption of the 1987 Notes on June 1, 1992. Such assistance shall include, at the
request of the Deputy Director - Redevelopment, a loan to the Agency from any available
County funds in an amount necessary to effect the redemption of the 1987 Notes. Any
such loan shall be repayable from the proceeds of any obligations of the Agency issued
with respect to the Pleasant Hill BART Station Area Redevelopment Project, and shall be
subject to such other conditions as the County Administrator, in consultation with the
Deputy Director - Redevelopment, shall determine. The County Administrator or his
designee is hereby authorized and directed to execute all documents necessary to
evidence said loan.
Section 3. Effective Date. This resolution shall take effect immediately upon its
adoption.
I hereby certify that the foregoing Resolution was duly adopted by the Board of
Supervisors of Contra Costa County, California, at a regularly scheduled meeting
thereof, held on the 2 S tiay of April , 1992, by the following vote of the Board:
AYES: Supervisors Powers , Fanden, Schroder, Torlakson, McPeak
NOES: None
ABSENT: None
ATTEST:
Phil Batchelor, Clerk of the Board of
Supervisors and County Administrator
By-—6d
Deputy
J9575
92/294
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