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Home My WebLink AboutMINUTES - 06061995 - 1.8 (2) -c LA Contra : • - , Costa TO: BOARD OF SUPERVISORS County l c Ur" cT FROM: Harvey E. Bragdon Director of Community Development DATE: June 6, 1995 SUBJECT: County of Contra Costa Variable Rate Demand Multi-Family Mortgage Revenue Refunding Bonds (Rivershore Apartments), 1992 Series B SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT resolution authorizing Amendment of the Indenture and Financing Agreement relating to the County of Contra Costa Variable Rate Demand Multi-Family Mortgage Revenue Refunding Bonds (Rivershore Apartments), 1992 Series B. FISCAL IMPACT None. BACKGROUND/REASONS FOR RECOMMENDATIONS In 1985 the County issued its Multi-Family Mortgage Revenue Bonds in the amount of $10,900,000 to finance the 245 unit Rivershore Apartments in Bay Point (West Pittsburg). Those bonds were refunded in 1992. The current owner of the project, Bay Apartment Communities, Inc., is proposing to change the nature of the credit enhanceme t on those CONTINUED ON ATTACHMENT: XX YES SIGNATURE: C?� RECOMMENDATION OF COUNTY ADMINISTRATOR R OMMEND TION OF BO COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON June 6 , 1995 APPROVED AS RECOMMENDED x OTHER IT IS BY THE BOARD ORDERED that Resolution 95/239 is ADOPTED. VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A x 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. Source: Jim Kennedy 646-4076 cc: Community Development ATTESTED June 6 , 1995 County Administrator PHIL BATCHELOR, CLERK OF County Counsel THE BOARD OF SUPERVISORS via Community Development AND COUNTY ADMINISTRATOR Newman & Associates Bay Apartment Communities, Inc. Orrick Herrington & Sutcliffe BY—4 , DEPUTY CGMS, Inc. J K9h sral&rivshore.bos bonds from a bank Letter of Credit to a FNMA mortgage backed guarantee. The resultant ratings on these bonds will be significantly improved. In order to accomplish this change in credit enhancement, the Indenture and Financing Agreements related to the above referenced issue must be amended. fr COUNTY OF CONTRA COSTA r RESOLUTION NO. 95/239 A RESOLUTION AUTHORIZING AMENDMENT OF THE INDENTURE AND THE FINANCING AGREEMENT RELATING TO THE COUNTY OF CONTRA COSTA ,R VARIABLEATE, DEMAND MULTIFAMILY MORTGAGE REVENUE REFUNDING BONDS (RIVERSHORE APARTMENTS) 1992 SERIES B WHEREAS, the County of Contra Costa (the "County") has previously issued its $10,900, 000 Variable Rate Demand Multifamily Mortgage Revenue Refunding Bonds (Rivershore Apartments) 1992 Series .;B (the "Bonds") pursuant to Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the . State of California and pursuant to an Amended and Restated Indenture of Trust dated as of September 1, 1994 (the "Indenture") , between the County and First Trust of California, National Association, as trustee (the "Trustee") ; and WHEREAS, the County and Bay Apartment Communities, Inc. , a California corporation, as successor to Rivershore Apartments, Inc. (the "Developer") , entered into a Financing Agreement dated as of September 1, 1994 (the "Financing Agreement") , providing for the loan of the proceeds of the Bonds to the Developer; and WHEREAS, in order to provide further options with respect to the nature of any credit enhancement for the Bonds, the Developer has requested that the County and the Trustee enter into an amended and restated indenture of trust and an amended and restated financing agreement in substantially the respective forms of the Amended Restated Indenture of Trust and Amended and Restated Financing Agreement before this meeting; and WHEREAS, the County desires to accommodate such request of the Developer; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: - ---- -- - 1. The Amended and Restated Indenture of Trust in the form before this meeting is hereby approved, and any Authorized Officer (as defined in the Amended and Restated Indenture) is hereby authorized and directed, for and in the name and on behalf of this Board and the County, to execute and deliver to the Trustee, for and in the name and on behalf of the County, an amended and restated indenture of trust in substantially such form, with such additions, changes and corrections either of them may approve upon consultation with County Counsel and Bond Counsel to the County, such approval to be conclusively evidenced by the execution by such Authorized Officer of said amended and restated indenture with such additions, changes or corrections. SF2.43678.1 2. The Amended and Restated Financing Agreement in the form before this meeting is hereby approved, and any Authorized Officer is hereby authorized and directed, for and in the name and on behalf of this Board and the County, to execute and deliver to the Trustee, for and in the name and on behalf of the County, an amended and restated financing agreement in substantially such form, with such additions, changes and corrections either of them may approve upon consultation with County Counsel and Bond Counsel to the County, such approval to be conclusively evidenced by the execution by such Authorized Officer of said amended and restated financing agreement with such additions, changes or corrections. 3. The Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants in the form before this meeting is hereby approved, and any Authorized Officer is hereby authorized and directed, for and in the name and on behalf of this Board and the County, to execute and deliver to the Trustee, for and in the name and on behalf of the County, an amended and restated regulatory agreement and declaration of restrictive covenants in substantially such form, with such additions, changes and corrections either of them may approve upon consultation with County Counsel and Bond Counsel to the County, such approval to be conclusively evidenced by the execution by such Authorized Officer said amended and restated regulatory agreement with such additions, changes or corrections. 4. All consents, approvals, notices, orders, requests and other actions permitted or required by any of the documents authorized by this resolution, including without limitation any of the foregoing which may be necessary or desirable in connection with any default under or amendment of such documents, any transfer or other disposition of the Project, any substitution of credit enhancement for the Bonds or any redemption of the Bonds, may be given or taken by any Authorized Officer without further authorization by this Board, and any Authorized Officer is hereby authorized and directed to give any such consent, approval, notice, order or request and to take any such action which such officer may deem necessary or desirable to the purposes of this resolution,.,-the Amended and Restated Indenture of Trust and the Amended and Restated Financing Agreement. 5. All actions heretofore taken by the officers and agents of the County with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the County are hereby authorized and directed, for and in the name and on behalf of the County, to do any and all things and take any and all actions and execute and deliver any and all certificates, agreements and other documents, including but not limited to an escrow orisimilar agreement or instrument and those documents described in the Indenture and the other documents herein approved, which they, or any of them, may deem necessary or advisable in order to consummate the amendment of SM-43679.1 2 H 7 � the Indenture and the Financing Agreement in accordance with this resolution and any resolution heretofore adopted by this Board and in order to carry out the transactions contemplated by the Indenture, the Financing Agreement, the Amended and Restated Indenture of Trust and the Amended and Restated Financing Agreement. 6. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed. 7. This Resolution shall take effect immediately upon its passage and adoption. ADOPTED this 6th day of June 1995, by the following vote: AYES: Supervisors Rogers , Smith, DeSaulnier ,Torlakson, Bishop NOES: None ABSTAINING: None ABSENT: None Chair A the Board of Supervisors ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors By: Deputy SF2.43678.1 3 STATE OF CALIFORNIA COUNTY OF CONTRA COSTA In accordance with the Uniform Facsimile Signature of Public Officials Act (Govt. Code §5500 It seg. ) , I HEREBY CERTIFY under oath my manual signature. Manual Signature: Name and Title of Office: Gayle Bishop - Chair of the Board of Supervisors of Contra Costa County ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors By Deputy