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Home My WebLink AboutMINUTES - 04071992 - 1.129 ay�-/. Contra TO: BOARD OF SUPERVISORS/REDEVELOPMENT AGENCY o .�,� Costa �;...-.. • :� FROM: Harvey E. Bragdon ��, s'' County T1� -•;, Director of Community Development DATE: April 7, 1992 SUBJECT: Contra Costa County Public Financing Authority 1992 Tax Allocatior Bonds SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS 1. As the Board of Supervisors, adopt a resolution authorizing formation of a joint powers authority with the Contra Costa County Redevelopment Agency; and 2 . As the Board of Commissioners of the Redevelopment Agency, adopt a resolution authorizing formation of a joint powers authority with the County of Contra Costa. FISCAL IMPACT None. The Contra Costa County Public Financing Authority is being created to facilitate the issuance of Redevelopment Agency tax allocation bonds from as many as five separate redevelopment areas. Costs associated with issuance and administration are absorbed by the Redevelopment Agency. CONTINUED ON ATTACHMENT: X YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATIO .OF B D COMM TEE APPROVE OTHER SIGNATURE(S) : ACTION OF BOARD ON APPROVED AS RECOMMENDED X OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A X UNANIMOUS (ABSENT Cj ) 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: County Administration County Counsel ATTESTEDA_ Redevelopment Agency PHIL BATCHELO , CLERK OF via Redevelopment Agency THE BOARD OF SUPERVISORS - Stone & Youngberg ANP COUNTY ADMINISTRATOR Artemis Capital Jones, Hall, Hill & WhiteBY , DEPUTY - Arnell & Hastie Goldfarb & Lipman SRA23/jb/taxbonds.bos BACKGROUND/REASONS FOR RECOMMENDATIONS The Contra Costa County Redevelopment Agency has five adopted redevelopment plans - Pleasant Hill BART Station Area, North Richmond, West Pittsburg, Oakley, and Rodeo. The Redevelopment Agency, for its Pleasant Hill BART Station Project Area, incurred $7. 5 million in bonded indebtedness in 1987 to finance capital projects. The Agency sold 5-year Notes that now need to be refinanced. In addition, the Agency has sufficient tax increment that can support additional bonded indebtedness for capital projects at Pleasant Hill BART. Tax increment revenues have also grown sufficiently in the Agency's West Pittsburg, and Oakley Redevelopment Project Areas to warrant bonded indebtedness for capital projects. Tax increment growth in North Richmond and Rodeo may be sufficient to support bonded indebtedness for capital projects. Significant economics of scale and issuance/administrative efficiencies can be realized by issuing bonds through a . joint powers agency formed pursuant the Marks-Roos Local Bond Pooling Act of 1985. The Authority would issue bonds. The Redevelopment Agency, for each involved project area, would enter into Loan Agreements. The Agency would pledge, through the Loan Agreements, sufficient tax increment from each involved project area to debt service the bonds. 112 13093-01 JHHW:13JT:slc 03/11/92 J9508 jeb 03./31/92 RESOLUTION NO. 92/197 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING FORMATION OF A JOINT POWERS AUTHORITY WITH THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY WHEREAS, the Contra Costa County Redevelopment Agency (the "Agency") and the County of Contra Costa (the "County") are considering proceedings for the refinancing of an outstanding obligation of the Agency and the financing of redevelopment activities of the Agency, and in connection with such proceedings the Agency and the County propose to form a joint exercise of powers authority pursuant to Article 1 (commencing with section 6500) of Chapter 5 of. Division 7 of Title 1 of the California Government Code to exercise the powers of the Agency and the County and to establish a vehicle which may reduce local borrowing costs and promote the greater use of existing and new financial instruments and mechanisms; and WHEREAS, a form of joint exercise of powers agreement between the Agency and the County creating the County of Contra Costa Public Financing Authority (the "Joint Powers Agreement"), has been presented to this Board of Supervisors, and the members of this Board of Supervisors, with the aid of County staff, have reviewed the Joint Powers Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AS FOLLOWS: Section 1. Formation of Joint Powers Authority. The Board of Supervisors hereby authorizes the officers and staff members of the County to assist in the organization of a joint exercise of powers authority between the County and the Agency, to be known as the "County of Contra Costa Public Financing Authority." The Board of Supervisors hereby approves and authorizes the Chair to execute and deliver and the County Administrator and Clerk of the Board of Supervisors to attest the Joint Powers Agreement forming said joint exercise of powers authority, in substantially the form presented to the Board of Supervisors at this meeting together with any changes therein deemed advisable by County Counsel, the approval of such changes to be conclusively evidenced by the execution and delivery by the County of the Joint Powers Agreement. Section 2. Official Action. The Chair, County Administrator and Clerk of the Board of Supervisors, and all other officers of the County, are hereby authorized and directed to take all actions and do all things necessary or desirable hereunder with respect to the formation of said joint exercise of powers authority, including but not limited to the execution and delivery of any and all agreements, certificates, instruments and other documents, which they, or any of them, may deem necessary or desirable and not inconsistent with the purposes of this resolution. I RESOLUTION NO. 92/197 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 thday of April 1992, by the following vote of the Board: AYES: Sunervisors Powers , Fanden, Torlakson, McPeak NOES: None ABSENT: Supervisor Schroder ATTEST: Phil Batchelor, Clerk of the Board of Supervisors and County Administrator Deputy -2- 13093-01 JHHW:PJT:slc 03/11/92 J9510 jeb 03/31/92 M RESOLUTION NO. _RA 9 2_2 A RESOLUTION OF THE CONTRA COSTA COUN'T'Y REDEVELOPMENT AGENCY AUTHORIZING FORMATION OF A JOINT POWERS AUTHORITY WITH THE COUNTY OF CONTRA COSTA WHEREAS, the Contra Costa County Redevelopment Agency (the "Agency") and the County of Contra Costa (the "County") are considering proceedings for the refinancing of an outstanding obligation of the Agency and the financing of redevelopment activities of the Agency, and in connection with such proceedings the Agency and the County propose to form a joint exercise of powers authority pursuant to Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the California Government Code to exercise the powers of the Agency and the County and to establish a vehicle which may reduce local borrowing costs and promote the greater use of existing and new financial instruments and mechanisms; and WHEREAS, a form of joint exercise of powers agreement between the Agency and the County creating the County of Contra Costa Public Financing Authority (the "Joint Powers Agreement"), has been filed with the Secretary of the Agency, and the members of the Agency, with the aid of Agency staff, have reviewed the Joint Powers Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY AS FOLLOWS: Section 1. Formation of Joint Powers Authority. The Governing Board of the Agency hereby authorizes the officers and staff members of the Agency to assist in the organization of a joint exercise of powers authority between the County and the Agency, to be known as the "County of Contra Costa Public Financing Authority". The Governing Board of the Agency hereby approves and authorizes the Chair to execute and deliver and the Agency Secretary to attest the Joint Powers Agreement forming said joint exercise of powers authority, in substantially the form on file with the Agency Secretary together with any changes therein deemed advisable by counsel to the Agency, the approval of such changes to be conclusively evidenced by the execution and delivery by the Agency of the Joint Powers Agreement. Section 2. Official Actions. The Chair of the Agency, Executive Director, Assistant Executive Director, Deputy Executive Director, Deputy Director - Redevelopment, Agency Secretary and all other officers of the Agency, are hereby authorized and directed to take all actions and do all things necessary or desirable hereunder with respect to the formation of said joint exercise of powers authority, including but not limited to the execution and delivery of any and all agreements, certificates, instruments and other documents, which they, or any of them, may deem necessary or desirable and not inconsistent with the purposes of this resolution. i Section 3. Effective Date. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED on Apr; 1 7, 1992 by the following vote: Resolution No. RA- 92-2 AYES: Commissioners Powers , Fanden, Torlakson and McPeak NOES: None ABSENT: Commissioner Schroder ABSTAIN: None 1 hereby certify that this 18 a true and correct copy of an action taken and entered on the of ft Redevetopme genry on On ddb shown. PHIL ATCHF-LO Agency Secretary b BY 0Deputy -2- Resolution No. RA- 92-2