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Home My WebLink AboutMINUTES - 05061997 - SD3 SD.3a BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY Adopted this order on May 6 , 1997 by the following vote: AYES : Supervisors Rogers, Uilkema, Gerber, and DeSaulnier NOES : None ABSENT: Supervisor Canciamilla ABSTAIN: None -------------------------------------------------------------- -------------------------------------------------------------- SUBJECT: Hearing on Approval on Behalf of ABAG Finance Authority for Non-Profit Corp (ABAG) of the Execution and Delivery of Certificates of Participation for the Financing of the Home for Jewish Parents to Be Located at Camino Tassajara at Parkhaven Drive, Danville . This is the time noticed for hearing on the approval on behalf of ABAG Finance Authority for Non-Profit Corp (ABAG) of the execution and delivery of Certificates of Participation for the financing of the Home for Jewish Parents to be located at Camino Tassajara at Parkhaven Drive, Danville . Clarke J. Howatt, ABAG Financial Services Manager, presented a written statement and commented on the purpose of the hearing. No person presented testimony. IT IS BY THE BOARD ORDERED that Resolution No. 97/233 is ADOPTED relative to the matter stated above . N hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supe ors on the data shown. ATTESTED: PHIL DAT H_ OR,Clerk Of the Board of Supero sor nd County Administrator a By Deputy cc : County Administrator DeRoyce Bell ABAG RESOLUTION NO. 97/233 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, REGARDING THE HOLDING OF A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE AND DELIVERY OF INSURED REVENUE CERTIFICATES OF PARTICIPATION EVIDENCING AN OBLIGATION OF THE ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS TO FINANCE THE ACQUISITION AND CONSTRUCTION OF A MULTILEVEL RETIREMENT FACILITY BY HOME FOR JEWISH PARENTS WHEREAS, to finance the acquisition and construction of a multilevel retirement facility by Home for Jewish Parents, located in an unincorporated area of Contra Costa County (the "Project"), the ABAG Finance Authority for Nonprofit Corporations (the "Authority") has expressed its intent to enter into an Installment Purchase Agreement, obligating itself to make certain payments which will be evidenced by certificates of participation the aggregate principal amount not to exceed $13,000,000 (the "COPS"); and WHEREAS, this Board of Supervisors is the elected legislative body of the County of Contra Costa (the "County"); and WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Clerk of the Board provided for the timely publication of a Notice of Public Hearing, to the effect that a public hearing would be held by this Board of Supervisors on May 6, 1997, regarding the execution and delivery of the COPs and the nature and the location of the Project, a copy of which is attached hereto; NOW THEREFORE, THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA DOES RESOLVE AS FOLLOWS: Section 1. This Board of Supervisors does hereby find and declare that the above referenced recitals are true and correct. Section 2 . Pursuant to Section 147(f) of the Code, this Board of Supervisors held a public hearing on this day and provided an opportunity to present arguments both for and against the execution and delivery of the COPS and the nature and location of the Project. This Board of Supervisors has further considered all testimony and comments submitted in connection with the execution and delivery of the COPS and the nature and location of the Project at the public hearing. 372158.1 1 ,4 Section 3. After consideration of comments received at the public hearing, the Board of Supervisors of the County hereby approves the execution and delivery of the COPS and the operation of the Authority within the County to provide financing for the acquisition and construction of the Project. Section 4. It is the purpose and intent of the County that this Resolution constitute approval by the applicable elected representative in accordance with the terms of Section 147(f) of the Code. Section 5. This Resolution shall take effect from and after the date of its passage and adoption. Section 6. The Clerk of the Board of Supervisors shall certify to the adoption of this Resolution. PASSED and ADOPTED this 6th day of May by the following vote: AYES: Supervisors Rogers, Uilkema, Gerber and DeSaulnier NOES: Mone ABSENT: Supervisor Canciamilla ABSTAIN: None I hereby certify that this Is a true and correct copy of an action taken and entered on the minutes of the Board of Ssots o the e,St�wn. ATTEST 0: �n, `f PHIL B T &OR, ,lett h--Board ervisors d County . rstrator "' J .Deputy ASSOCIATION OF BAY AREA GOVERNMENTS �Iola% e� Representing City and County Governments of the San Francisco Bay Area ABAG TEFRA HEARING FOR HOME FOR JEWISH PARENTS CONTRA COSTA COUNTY The Home for Jewish Parents has requested that the ABAG Finance Authority for Nonprofit Corporations issue conduit tax-exempt debt in an amount not to exceed 13 Million Dollars, in order to assist the Home in financing the acquisition and construction of a new senior living facility to be located in what is now unincorporated Contra Costa County on the Danville border. Section 147(f)(2) of the Internal Revenue Code of 1986 requires that, in order for the interest on such debt to be excluded from gross income to investors for federal income tax purposes, an "applicable elected representative" of the host governmental unit must approve the issuance of the debt. Such approval must follow a public hearing which has been preceded by reasonable public notice. Since the facilities to be financed with the proceeds of the ABAG Authority's debt will be located within the jurisdiction of the County, and the County is a member of the ABAG Authority, the Board of Supervisors has been asked to conduct this public hearing and to approve the debt as the host governmental unit. Proper notice has been made concerning this hearing. As mentioned, this debt will be issued to assist the Home for Jewish Parents in the financing of a new senior living facility near Danville. In accordance with Federal regulation, the facility will be maintain an open admission policy. The debt will be payable solely from amounts received pursuant to the terms and provisions of financing agreements to be executed by the Home. Furthermore payment of principal and interest on this debt will be unconditionally guaranteed through insurance issued through the State of California's Cal-Mortgage Loan Guarantee Program. The debt will not be secured by any form of taxation or any obligation of either the County, the City of Danville, or the ABAG Authority. The debt shall Mailing Address: P.O.Box 2050 Oakland,California 94604-2050 (510)464-7900 Fax:(510)464-7970 info@abag.ca.gov Location:, Joseph P.Bort MetroCenter tot Eighth Street Oakland,California 94607-4756 never represent or constitute a general obligation of the County, the City or the ABAG Authority. As announced in the published notice,this hearing is simply an opportunity for all interested persons to speak or to submit written comments concerning the proposal to issue the debt and the nature or location of the facility to be financed, however; there is no obligation on the part of the .Home or the Board of Supervisors to respond to any specific comments made here or submitted today. We urge approval of the Resolution before you following adjournment of the hearing. Clarke J. Howatt ABAG Financial Services Manager IAfanlandocsVefra hearing script.doc HANSON BRIDGETT SD-13 Q 0 (15/01/97 13:17 '04155419366 02 0 0 I-AW OFFICES <)s & SOW,Dja=ap _TT' US,VmA- 3.33 Mj,,RKET 5TIRCIZI-1 SUITE 2300 SAN FRANCISCO, CALIFORNIA 3)x105-2173 RAYMOND L. HANSON ArZrfiUR-t. aPHIOGETT(RFTJ TELr-PJIOP4E 1-415) ?21-32001 1012-10061, OCRALM 0. MARGI),-, FACSIMILE 14)5) 541-OnSe JnkK J.VLAHOS 345m9f RUDY WILLIAM J. OLMH RONAL.0 C. PL7Ens6m RICHARD N' RAPOPOITr DOWIIt J, MILLER *MARIN omcL I-AURENCE;Vi KESBEHIOX RA-f-M MODEVITT WOOD ISLAND 00I.H;LLAS H. HARM" WCKPILOLD C. SCnALFER JAMES 0. MOLDER WAY,.A. GORDON, ao E. zm I-RAmcm DRAKE BLVD. NtCHAQ.& DUSOHR04 WILLIAM Q. 'P%YWH svrm aE FRED 0, WEIL TED G. KRUMLANO LARKSPUR. CA 144030 -FI CRAIG J CANN17ZO STEVEN V. OCHNIC IUCODORS A, titL144AN KEVIY4 m U-DONNES", TEL 091*2 S295-5400 irrrr"EN I. TA13CR JOAN L. CASSMAN FAX (4131 925-8400 .—MpKEx B. rCOK ALLAN U. JEROMEN KIM T. trCHOKNiWK7 HUMEJTr L. RUSKC BONNIE KkTI-16G" GIBSON HOWARD W.ASHCRAF1 Oh UOIJKSEL JOr-L& 0OUDHAM Rmrt J. CAMI-sE" JACK F. WONG 11ACOVE(lym J. IIARMAN DAVID W. RAEA O&HILL W OAKCR MADELIMC CHIJK LORA J.THICLOARMay 1, 1997 RQBERT t— BIMMS tamDA C. KL^mM PAUL F. aOLoSmffm PCMR L. 0MY"A JAKE WOODmar JOHN W. BROAD :OUSM G. 0.14OLL PATRICK M. GLENN SARAtl O. MCqT W. tW&NIF-L OLINVON DAVID C. LUNGINOTTI PMR FRANCK PAMELA G. KAUFMANN DIANE MARIE O'MAUre JEFFREY K CHU MICHAEL N. OONNtRAN -GARY T 6mr-C*41M MATTHEW J. DULKA JONATHAN 5. SMAPEF1 I"ANN M. LA FRANCE WILLIAM A. HICKEY LYNN IWACY 149RLAND ANDFMW 0, 1riVWCOMiNt DrOR^ L. wArAMUKI JAt4K$ A. NAPOLI VIA FACS)MLE vmniuK-F. m1YAKI DANA OL WOLF 51 / -04ARLES L, 7HOMPSON. W LAvRA L. "AUCK 03351098 LJ-%A m. RoOLFY MICHAEL 8- mrmAUC-NYOt4 ANY L� t1ROWt4 MFREDM4 E. SROwN SANDRA L. RAPPAPORT USA K. PUI'MO 0 15CMNA 6, HOOM Me V.M40 ALLISON M. WOODALL GLENDA M ZARBOCK AMT"R. PLAINER ncesy H tuo LEAH s, GOLDBERG WADER R. SCHNEJDER VAROLE R. ROSSI JENNIFER 5CROSTROM GILS014 g, RIECXt-k. JANET LEE W. DeROYCe Beff County of Contra Costa 651 MCI Strut, 11th FRW Martinez, CA 94553 Re: Ham for jewhh Parents Dear Mr. m: Enclosed for your use is a draft resolution which we wcmld PrOPOSIB that the Board Of Supervisors adopt at the conclusion of the TEFRA hearing. pit-,ase let me know if you have any comments or questions mgarding it. You indicated you wanted a brief description of this action to provide to the board in advance of the meeting. I would suggest the,fb1lowing: Home for Jewish Patents, a Ceffornia nmproflt public benefit oorporation prnposm to ccm"=a meati-Imel retirement 6611ty in an unincoxqiorated�rea of I)anville which will contain 60 skilled nursing beds and 120 residential care facility for the elderly beds. It proposes to borrow up to$13,000,000 of pmomds of tax-rxempt s=mlties ftmgb the ADAG Fmanm Authmity for Nonprofit corpmtians, a joint exercise of POWUS authority Of which the County of Contra Costa is st mmber. This fimcing mvolves no obligation on the part of either the au*fority or the county and is fully-instred by an agemy of the State of California. Under federal tax law, it is necessary for 372194.1 05/01/97 13:18 '$`4155419366 HANSOM BRIDGETT R003 Mr. DeRoyc a Bell May 1, 1997 Page 2. the exacted officials in the area in wMch the project is to be loomed W hold a Public hearing and approve the financing. The hearing to be held and the rwolution progo3ed to be adopted on May 6 are intended to comply with this legal requacment. I would imagine that it will not be necessary for some one from our office to attend the hearing, but if you wish, we could send some rune,. Please let me Imew if I can be of further assistance. Very truly yours, A— ;� 4/---, Stephen LTaber SLT:ls Enclosure 372144.9