HomeMy WebLinkAboutMINUTES - 05251993 - 1.65 'r a
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Costa
TO: BOARD OF SUPERVISORS
County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: May 25, 1993
SUBJECT: Approving Issuance of Multi-Family Mortgage Revenue Refunding Bonds
(Cedar Pointe Apartments, San Ramon) , 1993 Issue A
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT RESOLUTION approving the issuance of County of Contra Costa
Multi-Family Mortgage Revenue Refunding Bonds, 1993 Issue A.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On May 18, 1993 the County approved a bond sale resolution authorizing
the sale of multi-family mortgage revenue refunding bonds to provide
financing for the Cedar Pointe Apartments in San Ramon. Prior to
issuing (closing) the tax exempt multi-family bonds, the County is
required to hold a public hearing on the proposed issuance of bonds,
and take any comments into account in approving the issuance of said
bonds.
A noticed public hearing conducted by the Deputy Director-
Redevelopment was held on Monday, May 24, 1993 . A summary of comments
is attached.
CONTINUED ON ATTACHMENT: YES SIGNATURE: !�
RECOMMENDATION OF COUNTY ADMINISTRATOR REC NDATION O BOARD CO TTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON fAPPROVED AS RECOMMENDED _,2� 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.
Jim Kennedy
646-4076
cc: Community Development >
County Administrator ATTESTED
County Counsel PHIL BA CHELO , CLERK OF
via Community Development THE BOARD OF SUPERVISORS
Orrick Herrington & Sutcliffe AND COUNTY ADMINISTRATOR
JK.Ih
BY v DEPUTY
�
sra9kpbonds.bos
ATTACHMENT A
Summary of Public Hearing on Proposed Issuance of Multi-Family
Mortgage Revenue Refunding Bonds (Cedar Pointe Apartments, San
Ramon) .
Pursuant to Federal Law, the County is required to hold a public
hearing on the proposed issuance of Multi-Family Mortgage Revenue
Refunding Bonds. This noticed public hearing was held on May 24,
1993 . The hearing officer was Jim Kennedy, Deputy Director-
Redevelopment for Contra Costa County. A summary of the hearing
follows:
No comments were received.
t
COUNTY OF CONTRA COSTA
. RESOLUTION NO. 3 a 74
RESOLUTION APPROVING THE ISSUANCE OF MULTIFAMILY MORTGAGE REVENUE
REFUNDING BONDS FOR THE CEDAR POINTE APARTMENTS PROJECT
WHEREAS, the County of Contra Costa (the "County")
intends to sell and issue not to exceed $12,500, 000 of
multifamily mortgage revenue refunding bonds (the "Bonds") in
order to refinance a multifamily rental housing project pursuant
to its program (the "Program") located at 125 Cedar Pointe Loop,
in the City of San Ramon, California, known as Cedar Pointe
Apartments (the "Project") ; and
WHEREAS, the interest on the Bonds may qualify for
exclusion from gross income under Section 103 of the Internal
Revenue Code of 1986 (the "Code") only if the Bonds are approved
by the applicable elected representatives of the governmental
unit issuing such bonds and the governmental unit where the
facilities to be financed are located, after a public hearing
held following reasonable public notice, in accordance with
Section 147 (f) of the Code; and
WHEREAS, the Project is located wholly within the
County of Contra Costa, California; and
WHEREAS, on May 10, 1993 , the County caused a notice
stating that a public hearing with respect to the issuance of
refunding bonds would be held by the Deputy Director-
Redevelopment on May 24, 1993 , to appear in the Contra Costa
Times and the San Ramon Valley Times, which are newspapers of
general circulation in the County, such date of publication being
not less than fourteen days prior to the date of the hearing; and
WHEREAS, the Deputy Director-Redevelopment has held the
public hearing described above, and an opportunity was provided
for interested parties to present arguments for and against the
issuance of the Bonds and the nature and location of the program
to be financed by the issuance of the Bonds; and
WHEREAS; this Board of Supervisors is the elected
legislative body of the County and is the applicable elected
representative required to approve the issuance of the Bonds
within the meaning of Section 147 (f) of the Code; and
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
1. Each of the foregoing recitals is correct and is
certified to be a representation of this Board of Supervisors.
SF2-16136.2
2. This Board of Supervisors hereby approves the
issuance of the Bonds to refinance costs of the Project in an
aggregate amount not to exceed $12,500, 000. It is the purpose
and intent of this Board of Supervisors that this Resolution
constitute approval of the Bonds in accordance with
Section 147 (f) of the Code.
3 . This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED this 25th day of May, 1993, by the following
vote:
AYES: Supervisors Powers, Smith, Bishop, McPeak, Torlakson
NOES: None
ABSTAINING: None
ABSENT: None
Chair of the Board of Supervisors
ATTEST:
Phil Batchelor,
County Administrator and
Clerk of the Board of Supervisors
By; ( - 11�l t
Deputy
SM-16136.2 2