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Home My WebLink AboutRESOLUTIONS - 06031986 - 86-308 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on June 3 1986 by the following vote: , . AYES: Supervisors Fanden, McPeak , Schroder , Torlakson , Powers . NOES: None . ABSENT: None . ABSTAIN: None . RESOLUTION NO . 86/308 SUBJECT: Resolution of the County of Contra ) Costa Conditionally Providing For The ) Issuance of Revenue Bonds To Finance the Construction of a Multi-Family ) Housing Developments ) WHEREAS, the County of Contra Costa (the "County") is alegal subdivision and body corporate and politic of the State of California, duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, the Board of Supervisors of the County, after careful study and consideration, has determined that there is a shortage of safe and sanitary housing within the' County, and that it is in the best interest of the residents of the County and in furtherance of the health, safety and welfare of the public for the County to assist in the financing of housing developments; and. WHEREAS, pursuant to Division 31 of the Health and Safety Code of the State of Calif6rnia, and particularly Chapter 7 of Part 5 thereof (the "Act"), the County is empowered to issue and sell bonds for the purpose of making mortgage loans or otherwise providing funds to finance the development of multi-family rental housing including units for lower income households and very low income households; and WHEREAS, the Board of Supervisors has now determined to provide financing for the multi-family developments identified in Exhibit A hereto (the "Developments"), and in order.to finance the Developments the County intends to issue, at one time or from time to time, revenue,bonds pursuant to the Act; NOW, THEREFORE, BE IT RESOLVED, by the BoaVd of Supervisors of the County of Contra Costa as follows: 1. The Board of Supervisors hereby determines that. it is necessary and desirable to provide construction and permanent financing for the Developments pursuant to the Act or other appropriate authority, of mortgage revenue bonds (the 'Bonds"), in an . . aggregate principal amounts not to exceed the amounts set forth in Exhibit A, subject .to the conditions that (i) the County by resolution shall have first agreed to acceptable terms and conditions for the bonds (and for the sale and delivery thereof), and for an indenture and all other agreements with respect to any of the foregoing; (ii) all requisite governmental approvals-shall have first been obtained; (iii) the bonds shall be payable solely from revenues received with respect'to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the County shall be pledged to the payment of the principal of or interest on any such bond; (iv) the County and the Owner shall have entered into a preliminary agreement concerning the financing, in substantially the form attached hereto as Exhibit B, with such additions-or deletions as are considered necessary or appropriate by the County Director of Community Development or the County Administrator, and the - Owner, and the Chair of the Board, the County Administrator, and the Director of Community Development are hereby authorized to execute said preliminary agreement for and in the name and on behalf of the County; (v) at least twentq percent (20%) (fifteen percent (15%) in targeted areas) of the Project units are to be occupied by individuals or families orlow or moderate income as defined in Section 103(b) for at least the period required by Internal Revenue Code of 1954, as amended, said section,. and the Project shall otherwise meet any federal requirements for tax exemption of interest on the bonds and any requirements of the County applicable to such financings. RESOLUTION NO . 86/308 Page 2 2. The Chair of the Board of Supervisors, The County Administrator and ex- officio Clerk of the Board, the County Director of Community Development; County Counsel and their deputies and other officers of the County are hereby authorized and directed to participate in the preparation of any resolution, indenture, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. It is the purpose and intent of the County that this Resolution constitute official action toward the issuance of obligations by the County in accordance with Section 1.103-8(a)(5)(iii) of the Regulations _of the United States Department of the Treasury. 4. This Resolution shall take effect immediately upon its passage and adoption. ?y that this is a true and correct copy of cc: Director of Community Development ar. :: :sn and entered on the minutes of the County Counsel Board of Supervisors on the date shown. County Administrator Housin AuthorityATTESTED: g PHIL B CHELOR, Clerk of the roard of Supervisors and County Administrator BV � � �/�./�� Deputy RESOLUTION NO. cu- (1308 Ito rD J. =5 0 J. V) C2 m < 0 (D -D C (D 0 X -sh 0) Ln 0 3 Ln D c CO CL 3 CO CO Ln 3 CO (p 0 CD c c rt NOP.-P. C:) C:) D> 0 Ol (D 0 Cal W C:) C" C) C) 0 C) ro D7 CD J C:)Z*h = I 0) C:) --4 Q.- c:> Ln 0 P. 4�::- C) N) 4:::- � -0 0 0 . I CD- OCL F1 :3 I � m (D C) C) 00 CD :X:. :3 0 Ln -J . W < rt --h 0 - CD (D � � C) 0) C:) I CD =5 C) z COCf ro 0 C= rt Ul i'W 0) 0) • cwt ri- =7 CD C-t = J. = J. (D CD (D Z 0 -S Lo V) V) cr =r C+0)CL — d -0 -0 < C+ CD 0 ;,z- 0 0 0 5 c,+ Di ::I (D V) =- 1 -0 (D (D 0) '"S LO -1 Cl+ -5 Ln 0 Lo =1 (D 0) D Cr (D 0) ta- '-S (D = = (D r+ (D a) 0 . CL -5 LO --h CD la) C+ — CD to C-1J. CD =7 CL (D 0 — ro - (D CD 0) ci -1 En EXHIBIT B Anthony A. Dehaesus Director of Community Development P.O. Box 951 Martinez, CA 94553 Dear Mr. Dehaesus: Re: Preliminary Agreements - Multi-Family Mortgage Revenue Bond Financing The purpose of this Agreement is to set forth certain terms and conditions under which the County of Contra Costa, a legal subdivision and body corporate and politic of the State of California (the "County") , will agree to assist in the financing of a housing project for persons of low income (the "Project") for or (the "Owner") or for a related entity, by issuing bonds (the "Bonds") , subject to the conditions set forth herein and in Resolution No. of the County. In consideration of the County's expression of willingness to provide such financing, the Owner hereby agrees as follows: 1. The Owner agrees to pay, or to make arrangements for persons oth- er than the County to pay, all costs involved in the issuance of the Bonds, in- cluding by way of example and not limitation, fees and disbursements of bond counsel, the County, underwriters, or financing advisors and any other experts engaged by the Owner or by the County in connection with the issuance of the Bonds, bond printing and other printing costs, publication costs and costs in- curred in order to obtain a rating for the Bonds. Such costs may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not issued for any reasons, the Owner agrees to pay all of such costs and assume the County's obligations, if any, for payment of such costs. Pursuant thereto, the Owner agrees to pay a fee upon demand of the County in an amount equal to the lesser of 1/10 of one percent of the amount of the proposed Bond issue or $2,000, as consideration for the County conditionally expressing its intent to issue Bonds for the Project. Any amount so paid is to be credited toward the County's cost of issuance. 2. The Owner agrees to pay the cost of preparation of any studies, reports or other documents necessary to be prepared by or for the County to com- ply with the California Environmental Quality Act. 3. The Owner agrees to pay any and all costs incurred by the County in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof, or challenging proceedings or determina- tions by the County under the California Environmental Quality Act. The County agrees to proceed, and to direct bond counsel to proceed, with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Owner understands that this Agreement does not exempt it from any requirements of the County or any depart- ment or agency thereof or other governmental body that would apply in the ab- sence of the proposed Bond financing, and compliance with such requirements is an express precondition to the issuance of the Bonds by the County. 3 i d I I EXHIBIT B Page 2 The Owner further understands and agrees that the issuance of any Bonds by the County is contingent upon the County being satisfied with all of the terms and conditions of the Bonds and of the issuance thereof and that such issuance is in the best interests of the County, and that the County shall not be liable to the Owner or to any other person if the County shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF, the parties have executed this Agreement on 198 (Owner) By: Date: ACCEPTED: COUNTY OF CONTRA COSTA By: Anthony A. Dehaesus Director of Community Development la a