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HomeMy WebLinkAboutMINUTES - 05121992 - 1.56 1 . 56 rev TO: BOARD OF SUPERVISORS p. Contra FROM: Harvey E. Bragdon - Costa Director of Community Development County DATE: May 12 , 1992 SUBJECT: Sale of Bonds - Contra Costa County '-Redevelopment Project Areas. SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS 1. As the Board of Directors of the Contra Costa County Public Financing Authority: A. Adopt a resolution authorizing the issuance of revenue bonds to make four loans to the Contra Costa County Redevelopment Agency (Pleasant Hill BART, North Richmond, West Pittsburg, and Oakley Project Areas) ; and B. Adopt a resolution as to procedural matters. ur b 2 . As the Contra Costa County Redevelopment Agency, adopt.. a, resolution authorizing the borrowing of funds from thei�Contra Costa County Public Financing Authority; and `y 3 . As the Board of Supervisors, adopt a resolution approving 1) the issuance of bonds by the Contra Costa County Public Financing Authority; 2) the borrowing of bond proceeds .by the Contra Costa 1 County Redevelopment Agency; and 3) the refunding of the Redevelopment Agency's 1987 Tax Allocation Notes (Pleasant Hill BART Station Area) . CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECO-MR-EkbATION OF BOARD COMMI EE APPROVE OTHER i SIGNATURE(S) : ACTION OF BOARD ON May 12, 1992 APPROVED AS RECOMMENDED X OTHER X IT IS BY THE BOARD ORDERED that recommendations 1 .and 3. are APPROVED; and IT IS FURTHER ORDERED that it is DETERMINED to work closely°. faith the Advisory Committees in each project area with respect to the expenditure of funds.. VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A X UNANIMOUS (ABSENT I ) 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 SRA24/jb/bndsale.bos ATTESTED ^lav 12, 1992 PHIL BATCHELOR, CLERK OF THE BOARD OF SUPERVISORS AND COUNTY ADMINISTRATOR BY �/��D//� DEPUTY I , FISCAL IMPACT The bonds to be issued will be secured by a pledge of redevelopment tax increments from the Pleasant Hill BART Station, North Richmond, West Pittsburg, and Oakley Redevelopment Project Areas. No General Funds are pledged to secure bonds. Sufficient annual tax increment to cover administrative costs of the Agency has been reserved. The Agency anticipates taking advantage of the lowest rates in the credit markets in approximately 20 years. Combining the four redevelopment project areas into one issuance of bonds through the Public Financing Authority will result in a more efficient financing. BACKGROUNDJREASONS FOR RECOMMENDATIONS A. Prior Actions On April 7, 1992 the Board of Supervisors and the Redevelopment Agency approved the formation of the County of Contra Costa Public Financing Authority for the purpose of issuing bonds for four of the Redevelopment Agency's project areas - Pleasant Hill BART, North Richmond, West Pittsburg and Oakley. B. Sources and Uses of Funds Based on available and expected tax increment, the Authority would expect to issue approximately $30 million in bonds. The total amount of funds available for program purposes would be over $26, 500, 000 as follows: Project Area Program Proceeds Pleasant Hill BART $20,500, 000 North Richmond 1, 000, 000 West Pittsburg 2, 300, 000 Oakley 2,700, 000 Anticipated uses of bond proceeds include infrastructure improvements, housing, and economic development. The following is a general description of use of proceeds (precise use will be determined in the Agency's budget setting process) : Pleasant Hill BART Refinance Existing Notes $ 7, 500 000 Bancroft Extension 10, 000, 000 Other Infrastructure 3 , 000, 000 Total $20,500,000 North Richmond Brookside Drive $ 700, 000 Repayment of County Debt 100, 000 Housing 200, 000 Total $ 1,000,000 West Pittsburg Willow Pass Road Reconstruction $ 750, 000 Other Infrastructure 550, 000 Economic Development 500, 000 Housing 500, 000 Total $ 2,300,000 Oakley Highway 4 Improvements $ 480, 000 Other Infrastructure* 1, 120, 000 Economic Development 500, 000 Housing _ 600, 000 Total $ 2,700,000 *Could include additional Highway 4 improvements, drainage projects, localized improvements, including downtown park improvements, library improvements. C. Escrow Bond Feature - Pleasant Hill BART A portion of the Pleasant Hill BART proceeds - $7.2 million - will be escrowed for approximately two years. Funds will be available for use when the. Agency has sufficient tax increments to debt service the bonds. The Agency expects to have sufficient tax increments once the Park Regency project is fully built and reflected in its tax increments. The project is under construction and expected to be fully built out by the end of this year. Additional smaller projects/tenant improvements are also expected to increase the Agency's tax increment revenues. D. Oakley Municipal Advisory Committee Recommendation On May 4, 1992, the Oakley Municipal Advisory Committee (GMAC) voted against a staff recommendation to incur bonded indebtedness as generally outlined above for the Oakley Redevelopment Project Area. Previously OMAC members had expressed four concerns: 1. Inclusion with other County Project Areas; 2 . Funds from Oakley would go to other areas; 3 . Use of funds, and decision-making process involved; and 4 . . Effect on cityhood. Staff responded to the concerns (Attachment A) . After discussion, the only remaining issue��, for OMAC was perceived effect on Oakley incorporation efforts, and a belief that the new "city" should make these decisions. OMAC voted 3-2-1 to recommend not proceeding with bonded indebtedness, and to proceed only on a "Pay-as-you-go" basis. Staff believes the proposed financing would not impair incorporation efforts. Should the Oakley community incorporate, the Redevelopment function can be transferred at the request of the new city, and the consent of the County. Furthermore, the proposed financing would obligate less than . 5% of the future Oakley tax increments, leaving 95% of the funds available for "city" determination, if incorporation occurs. Staff believes the value of the proposed improvements, the historically low interest rates, and the ability to achieve economic efficiencies by combining with other project areas outweigh the concern regarding "city" control. OMAC was aware of staff's position on this matter at the time of its action. , Excerpt form 5j4j32 memo to GMAC IV. Response to OMAC Concerns A. Inclusion of Oakley in a Plan of Finance with other County Redevelopment Project Areas Why is this proposed? This is proposed for two reasons, both associated with making the financing more efficient: 1. .Economies of scale in debt issuance Issuing bonds involves certain fixed costs that would be a proportionately higher percent of a small transaction than a pooled and larger transaction. For, example, Table I below presents the anticipated sources and uses of funds for Oakley in these two circumstances. As you can see, the net available Project Funds is larger by almost $60,000 as part of the larger transaction. TABLE 1 COMPARISON OF STAND-ALONE VS' POOLED BOND ISSUE Oakley. Oakley Pooled Stand-Alone . Amount of Bonds $2,970,000 $2,970,000 Expenses 72,640 160,000 Debt Service Reserve 247,360 247,360 Contingency 1,060 1,060 Capitalized Interest 79.000 79.000 Net Project Funds $2,541,000 $2,482,580 2. Enhanced security by cross collateralizing the Oakley Housing Fund with West Pittsburg and North Richmond. 6. The proposed transaction includes cross-collateralization of the above housing funds. This means that should additional revenues be necessary to meet debt service (recall that this is unlikely,due to high Debt Service Coverage ratios) in one project area, housing funds could be loaned to the one Project Area from one or both of the others. Because this increases the security of the bonds, the bond holders will accept a lower interest. Our bankers estimate that this savings is 25-50 basis points, or 1/4-1/2 of 1% in interest costs. The beneficial effect for Oakley is that the same amount of debt service requirement will purchase $150,000- $300,000 in capital when pooled with the other Project Areas, a sizable amount. B. Funds would go to other areas. Only the Oakley housing revenues could ever be diverted, and then only on a loan basis. The bond proceeds must be used in Oakley. The likelihood of.this occurring is small given the Debt Service Coverage ratios in the other Project Areas, their size, and their economic diversity. C. Use of. Proceeds Decision-Making GMAC its the authorized advisory body for the Redevelopment Agency. OMAC represents the community interests. Their advice and recommendations will be heard, although final decision-making authority does rest with the Board of Supervisors sitting as the Agency. Of the net proceeds, approximately only 37% are programmed as of the date of issuance. The remaining 63% of the funds are for discretionary projects that will be evaluated and prioritized by GMAC. The already programmed funds reflect prior direction provided by OMAC, i.e., funds for Highway 4 improvements, and for a first-time homebuyers housing program '*Debt Service Coverage ratios in West Pittsburg are estimated to start at 2.3/1 and climb to 2.6/1; in North Richmond to start at 1 .24/1 and climb to 3.4/1; and in Oakley to start at 2.57/1 and climb to 3.57/1. 7. Discretionary projects could include the following: a,. : Downtown Infrastructure Improvements b. : library c.' Park Acquisition/Development d.. Economic`Development e = Road'Improvemerits f. Drainage Improvements g Other improvements not yet identified, but perhaps emerging from downtown Specific Plan.. 7. D: Effect on-Cityhood Should :the City. incorporate;' "and include the entire Redevelopment Project Area, it,would have.the option to assume the redevelopment function :;It would assume the.assets (revenues) and "liabilities (debts, including bonded indebtedness). The existence of bonded indebtedness does not impair prospects for cityhood. The proposed financing would obligate only 4% of the maximum tax increments allowed to be received by the Project Area. Similarly, only 4% of the Oakley Project Area debt cap. would be used. Effectively, over 95% of the. Oakley Project Area's financing decisions are beyond the date of this financing. Whether the City would. be able to be more efficient in using the funds As- speculative, and limited to the issue of funding design and construction. engineering (the cost of a facility built to same standards would not"vary). The view that the City could save money`by paying less-or contracting for services is offset by certain efficiencies of scale achievable,through a larger organization such as the County. V.. Staff Recommendation Staff is recommending that GMAC concurs with the inclusion of Oakley in the Redevelopment Agency's Plan of Financefor its 7 992"bonds. GMACwould be intimately involved in the allocation of most of the bond proceeds. SRA24rJblamecdebt.mem 8. 1 RESOLUTION NO. �` -3 A RESOLUTION OF THE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO MAKE FOUR LOANS TO THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY IN CONNECTION WITH ITS PLEASANT HILL,NORTH RICHMOND,WEST PITTSBURG AND OAKLEY REDEVELOPMENT PROJECTS,AUTHORIZING AND DIRECTING EXECUTION OF RELATED INDENTURE OF TRUST AND LOAN AGREEMENTS,AUTHORIZING SALE OF BONDS,APPROVING OFFICIAL STATEMENT,AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the County of Contra Costa (the "County") and the Contra Costa County Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the County of Contra Costa Public Financing Authority (the "Authority") for the purpose, among others, of issuing its bonds to be used to provide financial assistance to the Agency; and WHEREAS, the Agency is undertaking to assist the redevelopment of its Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment.Projects (collectively, the "Redevelopment Projects"), and the Agency has previously issued its Pleasant Hill BART Station Area Redevelopment Project 1987 Tax Allocation Notes in the initial aggregate principal amount of$7,500,000 (the "Notes"); and WHEREAS, the Agency has determined that due to prevailing financial market conditions it is in the best interests of the Agency to realize interest rate savings by refunding the Notes at this time, and the Agency has requested the Authority to lend it funds in an amount sufficient for such purpose and also to provide additional financing for the Redevelopment Projects, including low, and moderate income housing programs of the Agency; and WHEREAS, for the purpose of raising funds necessary to provide such financial assistance to the the Agency, the Authority proposes to authorize the issuance of its revenue bonds (the "Bonds") under the provisions of Article 4 (commencing with Section 6584)of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), to be designated as the County of Contra Costa Public Financing Authority 1992 Tax Allocation Revenue Bonds, Series A (Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment Project Areas); and WHEREAS, the proceeds of the Bonds will be applied to make four loans (collectively, the "Loans") to the Agency pursuant to.four separate Loan Agreements, each dated as of May 1, 1992 (collectively, the "Loan Agreements"); and WHEREAS, the firms of Stone & Youngberg and Artemis Capital Group, Inc. (collectively, the "Underwriters") have proposed to purchase and underwrite the Bonds and have presented to the Authority a form of Purchase Agreement for the Bonds, to be entered into among the Authority, the Agency and the Underwriters (the "Purchase Agreement") and have presented the Authority with a proposed form of official statement (the "Official Statement") describing the Bonds, to be used in connection with the marketing thereof by the Underwriters; and WHEREAS, the Board of Directors (the "Board") of the Authority has duly considered such transactions and wishes at this time to approve said transactions in the public interests of the Authority. NOW, THEREFORE, BE IT RESOLVED,by the Board of Directors of the County of Contra Costa Public Financing Authority as follows: Section 1. Findings and Determinations. Pursuant to the Act, the Board hereby finds and determines that the issuance of the Bonds will result in savings in effective interest rates, bond underwriting costs and bond issuance costs and thereby result in significant public benefits to its members within the contemplation of Section 6586 of the Act. Section 2. Issuance of Bonds; Approval of Indenture. The Board hereby authorizes the issuance of. The maximum aggregate principal amount of the Bonds shall not exceed $35,000,000. The Bonds shall be issued pursuant to an Indenture of Trust dated as of May 1, 1992, by and between the Authority and Bank of America National Trust and Savings Association, as trustee (the "Indenture"). The Board hereby approves the Indenture in substantially the form on file with the Secretary, together with such additions thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable or appropriate, the execution of which by the Authority shall be conclusive evidence of the approval of any such additions and changes. The Chair, Executive Director, Assistant Executive Director, and Deputy Executive Director (the "Designated Officers"), each acting alone, are hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Authority to, the final form of the Indenture for and in the name and on behalf of the Authority. The Board hereby authorizes the delivery and performance of the Indenture. Section 3. Approval of Loans to Agency,Loan Agreements. The Board hereby authorizes and approves the loan of the Bond proceeds by the Authority to the Agency pursuant to and in accordance with the provisions of the Loan Agreements. The Board hereby approves the Loan Agreements in substantially the form of the Loan Agreement on file with the Secretary, together with such additions thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable or appropriate, the execution of which by the Authority shall be conclusive evidence of the approval of any such additions and changes. The Designated Officers, each acting alone, are hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Authority to, the final form of each of the Loan Agreements for and in the name and on behalf of the Authority. The Authority hereby authorizes the delivery and performance of the Loan Agreements. Section 4. Sale of Bonds., The Board hereby approves the sale of the Bonds by the Authority by negotiation with the Underwriters, pursuant to the Purchase Agreement in substantially the form on file with the Secretary, together with such additions thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable.or appropriate, the execution of which by the Authority shall be conclusive evidence of the approval of any such additions and changes. The Designated Officers, each acting alone, are hereby authorized and directed to execute the final form of the Purchase Agreement for and in the name and on behalf of the Authority upon the submission of an offer by the Underwriters to purchase the Bonds, which offer is acceptable to the Deputy Executive Director of the Authority and consistent with the requirements of this Resolution. The amount of Underwriters' discount for the Bonds shall be not more than two percent (2%) of the par amount thereof (not taking into -2- account any original issue discount on the sale thereof) and the net effective rate of interest to be represented by each series of the Bonds shall not exceed nine, percent (9%) per annum. Section 5. Official Statement. The Board hereby approves the preparation of, and hereby authorizes the Designated Officers; each acting alone, to deem final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, a preliminary form of the Official Statement describing the Bonds. Distribution of such preliminary Official Statements by the Underwriters is hereby approved. The Designated Officers, each acting alone, are hereby authorized to execute the final form of the Official Statement, including as it may be modified by such additions thereto and changes therein as the Deputy Executive Director of the Authority shall deem necessary, desirable or appropriate, and the execution of the final Official Statement by the Authority shall be conclusive evidence of the approval of any such additions and changes. The Board hereby authorizes the distribution of the final Official Statement by the Underwriters. The final Official Statement shall be executed in the name and on behalf of the Authority by a Designated Officer. Section 6. Official Actions. The Chair, the Executive Director, the Assistant Executive Director, the Deputy Executive Director, the Secretary and any and all other officers of.the Authority 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, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds and the consummation of the transactions as described herein. -3- Section 7. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED this 12 day of May 1992 by the following vote: AYES: Supervisors Fanden, Schroder, Torlakson, McPeak NOES: None ABSENT: Supervisor Powers ABSTAIN:None By: x Chair, County of Contrfi Costa Public Financing Authority ATTEST: Phil Batchelor, Authority Secretary Deputy RESOLUTION NO. 9.2/333 . -4- I HEREBY CERTIFY that the foregoing resolution was duly and regularly passed and adopted by the County of Contra Cost Public Financing Authority at a regular meeting thereof held on the 1 day of22i -, 1992 and that the foregoing is a full, true and correct copy of said Resolution. Phil Batchelor.., Secretary of the County of Contra Costa Public Financing Authority By: Deputy -5- RESOLUTION NO. '�2 33�4 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY FIXING TIME AND PLACE FOR THE REGULAR MEETING AND PROVIDING THE MANNER IN WHICH SPECIAL MEETINGS OF THE AUTHORITY MAY BE CALLED,ESTABLISHING A SEAL FOR THE AUTHORITY,APPROVING A CONFLICT OF INTEREST CODE,DIRECTING THE FILING OF A NOTICE OF FORMATION WITH THE SECRETARY OF STATE, DESIGNATING AN OFFICIAL MEETING ADDRESS,AND ESTABLISHING THE ORDER OF BUSINESS AND RULES FOR ITS PROCEEDINGS WHEREAS, on April 7, 1992, the County of Contra Costa (the "County") and the Contra Costa County Redevelopment Agency (the "Agency") adopted resolutions authorizing the formation of a joint powers authority under Articles 1-4 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of California to be known as the "County of Contra Costa Public Financing Authority" (the "Authority"), and the execution of a joint exercise powers agreement in connection therewith; and WHEREAS, the County and the Agency have executed.said agreement and the Authority, being duly formed, now desires to take certain actions relative to its administration as set forth below. NOW, THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY, AS FOLLOWS: Section 1. Regular Meetings. The regular meetings of the Board of Directors of the Authority shall hereafter be held annually on the second Tuesday of July at the hour of 9:00 o'clock a.m. If any regular meeting falls on a holiday, such regular meeting shall be held on the next Tuesday which is a business day at the same hour. Section 2. Special Meetings. Special meetings of the Board of Directors shall be held upon call of the Chair of the Board of Directors, or by a majority of the members thereof, by delivering personally or by mail written notice to each member, and to each local newspaper of general circulation, radio or television station requesting notice in writing. Such notice shall be delivered personally or by mail and shall be received at least twenty-four (24) hours before the time of such meeting as specified in the notice. Such written notice may be dispensed with as to any member who at or prior to the time the meeting convenes files with the Secretary of the Authority a written waiver of notice. Such waiver may be given by telegram. Such written notice may also be dispensed with as to any member who is actually present at the meeting at the time it convenes. Such call and notice shall specify the time and place of the special meeting and the business to be transacted. No other business shall be considered at such meeting. Section 3. Meeting Place. All meetings of the Board of Directors shall be held at the regular meeting place of the Authority, unless the Board of Directors shall adjourn to or fix another place of meeting in a notice to be given thereof, or unless prevented by flood, fire or other disaster. Said regular meeting place is hereby fixed and established at the Board Chambers, Room 107, 651 Pine Street, Martinez, California. Section 4. Order of Business. The order of business at the regular meetings of the Board of Directors shall be as from time to time determined by the Board of Directors. Section 5. Rules of Proceedin-as. (a) Public Meetings: All legislative sessions of the Board of Directors, whether regular or special, shall be open to the public. , (b)- Quorum: Three (3) of the members of the Board of Directors shall constitute a quorum for the transaction of business. (c) Method of Action: The Board of Directors shall act only by ordinance, resolution or motion, which, to become effective, shall be adopted by the affirmative vote of not less than a majority of the members of the Board of Directors present and voting. (d) Recording Vote; Except where action shall be taken by unanimous vote of all members present and voting, the Ayes and Noes shall be taken on all actions had. (e) Adjournment: The Board of Directors may adjourn any regular, adjourned regular, special or adjourned special meeting to a time and place specified in the order of adjournment. Less than a quorum may so adjourn from time to time. If all.members are absent from any regular or adjourned regular meeting the Secretary may declare the meeting adjourned to a stated time and place and shall cause a written notice of the adjournment to be given in the same manner as provided for special meetings, unless such notice is waived as provided for special meetings. A copy of the order or notice of adjournment shall be conspicuously posted on or near the door of the place where the regular, adjourned regular, special or adjourned special meeting was held within 24 hours after the time of the adjournment. When a regular or adjourned regular meeting is adjourned as herein provided, the resulting adjourned regular meeting is a regular meeting for all purposes. When an order of adjournment of any meeting fails to state the hour at which the adjourned meeting is to be held, it shall be held at the hour specified for regular meetings. (f) Hearings - Continuance: Any hearing being held; or notice or ordered to be held, by the Board of Directors at any meeting may by order or notice of continuance be continued or re-continued to any subsequent meeting of the Board of Directors in the same manner and to the same extent set forth for the adjournment of meetings; provided, that if the hearing is continued to a time less than 24 hours after the time specified in the order of notice of hearing, a copy.of the order or notice of continuance of hearing shall be posted immediately following the meeting at which the order or declaration of continuance. was adopted or made. Section 6. Contracts: Agreements. All contracts or agreements on behalf of the Authority shall be signed by the Chair,Executive Director, Assistant Executive Director or Deputy Executive Director; and countersigned by the Secretary, after having been authorized to do so by action of the Board of Directors, unless otherwise specifically provided by resolution of the Board of Directors. Any contract or agreement involving less than twenty-five thousand dollars ($25,000) may be executed by any of such officers without the need for any approval by the Board of Directors. -2- i; Section 7. Seal. The Authority shall have an Official Seal consisting of two (2) concentric circles with the words "County of Contra Costa Public Financing Authority" within the outer circle and "April 7, 1992", the date of formation of the Authority, within the inner circle. The Secretary shall obtain the Seal at the Authority's expense and shall have custody of the Seal. Section 8. Secretary of State. A notice of the formation of the Authority has been filed with the Secretary of State of the State of California, and such notice is hereby ratified. Section 9. Office and Mailing Address. The office of the Authority and its official mailing address are hereby fixed and established at 651 Pine Street, 4th Floor, North Wing, Martinez, California 94553,Attention: Deputy Director -Redevelopment. Section 10. Effective Date. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED this 12 day of May , 1992 by the following vote: AYES: Supervisors Fanden, Schroder, Torlakson, McPeak NOES: None ABSENT: Supervisor Powers ABSTAIN: None B . F Chair, County of Contra Costa Public Financing Authority ATTEST: Phil Batchelor, Authority Secretary By. Deputy J9511 RESOLUTION NO. 92/334 -3- .,� I HEREBY CERTIFY that the foregoing resolution was duly and regularly passed and adopted by the County of Contra Costa Public Financing Authority at a regular meeting thereof held on the 12 day of May 1992 and that the foregoing is a full, true and correct copy of said Resolution. Phil Batchelor, Secretary of the County of Contra Costa Public Financing Authority By: Deputy t -4- P RESOLUTION NO. 9a 3 35" A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUN'T'Y OF CONTRA COSTA APPROVING THE ISSUANCE OF BONDS BY THE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY,APPROVING THE BORROWING OF BOND PROCEEDS BY THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY, AND THE REFUNDING OF CERTAIN NOTES OF THE AGENCY WHEREAS, the County of Contra Costa (the "County") and the Contra Costa County Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the County of Contra Costa Public Financing Authority (the "Authority") for the purpose, among others, of issuing its bonds to be used to provide financial assistance to the Agency; and WHEREAS, the Agency is undertaking to assist the redevelopment of its Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment Projects (collectively, the "Redevelopment Projects"), and the Agency has previously issued its Pleasant Hill BART Station Area Redevelopment Project 1987 Tax Allocation Notes in the initial aggregate principal amount of$7,500,000 (the "Notes"); and WHEREAS, the Agency has determined that due to prevailing financial market conditions itis in the best. interests of the Agency to realize interest rate savings by refunding the Notes at this time, and the Agency has requested the Authority to lend it funds in an amount sufficient for such purpose and also to provide additional financing for the Redevelopment Projects, including low and moderate income housing programs of the Agency; and WHEREAS, for the purpose of raising funds necessary to provide such financial assistance to the Agency, the Authority proposes to authorize the issuance of its revenue bonds (the "Bonds") under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California, designated as the County of Contra Costa Public Financing Authority 1992 Tax Allocation Revenue Bonds, Series A (Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment Project Areas); and WHEREAS, the proceeds of the Bonds will be applied to make four loans (collectively, the "Loans") to the Agency pursuant to four separate Loan Agreements, each dated as of May 1, 1992 (collectively, the "Loan Agreements"); and WHEREAS, the Board of Supervisors of the County approves of said transactions as being in the public interest of the County, the Agency and the Authority. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the Board of Supervisors of the County, as follows: (1) the issuance of the Bonds by the Authority, the entering into of the Loan Agreements by the Agency and the Loans made to the Agency pursuant thereto, and the.application of a portion of the proceeds of such i� 'v Loans to refund the Notes, be and are hereby approved, and (2) this Resolution shall take effect from and after the date of its passage and 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 12 day of May , 1992, by the following vote of the Board: AYES: Supervisors Fanden, Schroder, Torlakson, McPeak NOES: None ABSENT: Supervisor Powers l ATTEST: Phil Batchelor, Clerk of the Board of Supervisors and County Administrator By: Depuiy J9549 RESOLUTION NO. 92/335 -2-