Loading...
HomeMy WebLinkAboutRESOLUTIONS - 03241987 - 87-161 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on March 24 , 1987 , by the following vote: AYES: Supervisors Powers , Schroder, Torlakson, Fanden, McPeak. NOES: None . ABSENT: None . ABSTAIN: None. SUBJECT: Resolution of the County of Contra ) Costa Conditionally Providing For The ) Issuance of Revenue Bonds To Finance ) the Construction of a Multi-Family ) RESOLUTION NO. 87/161 Housing Developments ) WHEREAS; the County of Contra Costa (the "County") is a legal 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 California, 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 Board 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 twenty percent (20%) (fifteen percent (15%) in targeted areas) of the Project units are to be occupied by individuals or families of low 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 . 87/161 .: . 7 r 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. cc: Director of Community Development County Counsel County Administrator I heresy certify that this Is a true andeorrectcopy of an aciton taken and entered on the minutes of the Board of Supervisors on the date shown. q ATTESTEM PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator., p t By _ � ePV Y RESOLUTION N0 . 87/:161. RESOLUTION NO.