HomeMy WebLinkAboutMINUTES - 06161992 - 1.75 r
TO: BOARD OF SUPERVISORS '- Contra
_ .
FROM: Harvey E. Bragdon _ s Costa
Director of Community Development
County
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DATE: June 9, 1992 `
SUBJECT: County of Contra Costa Public Financing Authority
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
As the Governing Board of the County of Contra Costa Public Financing
Authority, adopt a resolution designating a Deputy Executive Director
and assistant secretaries of the Authority and matters related
thereto.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS'
The County and the Redevelopment Agency established the County of
Contra Costa Public Financing Authority for purposes of issuing its
1992 Tax Allocation Bonds. In establishing the Authority, a Deputy
Executive Director and assistant secretaries were not established.
It has been determined that administrative efficiencies could be
obtained by so designating such additional off' ers.
CONTINUED ON ATTACHMENT: . YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECO DATION F BOARD CO ITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED' AS RECOMMENDED 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: Community Development
cc: County Administrator ATTESTED
County Counsel PTOL BATCHELOR, CLERK OF
Redevelopment Agency THE BOARD OF SUPERVISORS
SRA1/jb/finauth.bos AND COUNTY ADMINISTRATOR
BY . DEPUTY
rA
RESOLUTION NO,
A RESOLUTION OF THE COUNTY OF CONTRA COSTA PUBLIC
FINANCING AUTHORITY DESIGNATING A DEPUTY EXECUTIVE
DIRECTOR AND ASSISTANT SECRETARIES OF THE AUTHORITY AND
AUTHORIZING CERTAIN 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,$00,000(the "Notes"); and
WHEREAS, the Agency has determined that due to prevailing financial market
conditions it is in the beat 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 iii 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 (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 Board of Directors (the "Board") of the Authority has duly
considered such transactions and wishes at this time to appoint a Deputy Executive
Director and Assistant Secretaries of the Authority and authorize, but not require, such
Assistant Secretaries and the Secretary of the Authority to attest to the execution of
documents in connection with the issuance and delivery of the Bonds.
NOW,THEREFORE,BE IT RESOLVED,by the Board of Directors of the County of
Contra Costa Public Financing Authority as follows:
Section 1. Additional Officers of the Authority. The Board hereby designates the
Deputy Director Redevelopment of the County of Contra Costa as the Deputy Executive
Director of the Authority. The Board hereby designates any and all Deputy Clerks of the
Board of Supervisors of the County of Contra Costa as Assistant Secretaries of the
Authority. The Assistant Secretaries of the Authority are hereby authorized to
75
countersign all contracts signed by the Chair, Vice-Chair, the Executive Director,
-; Assistant Executive Director or Deputy Executive Director of the Authority, including but
not limited to, all contracts to be executed in connection with the issuance and delivery of
the Bonds, and to perform such other duties as may be imposed on the Secretary of the
Authority by the Board.
Section 2. Actions of the Secretary and Assistant Secretaries of the Authority.
Pursuant to Resolution No. 92/333 the Secretary of the Authority is required to attest to the
execution of certain documents executed in connection with the issuance and delivery of
the Bonds. The Board hereby determines that attestation by the Secretary or Assistant
Secretaries of the Authority of certain documents executed in connection with the
issuance and delivery of the Bonds shall not be required and the direction by the Board to
the Secretary of the Authority to attest to the execution of such documents is hereby
rescinded.
Section& EffecdveDate. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED,APPROVED AND ADOPTED this 1,6 day of June, 1992 by the following
vote:
,A,yp,g: , Supervisors Powers ,, Fanden, Schroder, Torlakson,
McPeak
NOES: None
ABSENT: None
ABSTAIN: None
Y•
Chair, County of Contra Costa Public
Financing.Authority
ATTEST: Phil Batchelor, Authority
Secretary
By.
Assistant Secretary
•2,
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 8th day of June, 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.
Assistant Secretary.
g Alyea ,