HomeMy WebLinkAboutRESOLUTIONS - 03281989 - 89-203 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on March 28 , 1089 by the following vote:
AYES: Supervisors Powers,' Fanden, Schroder, McPeak, Torlakson.
a
NOES: None.
ABSENT: None .
ABSTAIN: None.
SUBJECT:
Resolution of the County of Contra ) RESOLUTION NO. 89/203
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 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, by the issuance of mortgage revenue bonds
(the "Bonds" ) , in an aggregate principal amount 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
RESOLUTION NO , 89/203
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Page 2
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,
.a4d_ the Chair of the Board, the County Administrator, and the
Director of Community Development are hereby authorized to execute
said preliminary agreement for in the name and on behalf of the
Ce ty;-{�v3—e t e -f - -at--1- twenty-twenty_percent _��o")- f--t e-Pr�gct
units are to be occupied by individuals whose income is fifty
percent ( 50%) or less of area median gross income or (b) at least
forty percent ( 400) of the Project units are to be occupied by
individuals whose income is sixty percent ( 600) or less of area
median gross income, as defined in Section 142(d) of the Internal
Revenue. Code of 1986, as amended (the "Code" ) for at least the
period required by Section 142(d) and the Project shall otherwise
meet. any. federal requirements for exclusion of interest on the
bonds from gross income for the. purposes of federal income taxes;
least twenty percent ( 20%) (fifteen percent ( 15%) in
targeted areas) of the Project units are to be occupied by lower
income households (as defined in the Act) and not less than ten
percent .( 10%) of the Project units are to be occupied by very low
income. tenants as -required .by the - Act; and (vii) any occupancy
requirements of the� County applicable to such financings are met.
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 take whatever further action consistent with this
resolution: - may be deemed, reasonable .- and desirable, including
participating 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, or any successor regulation promulgated
under the Code,.
4: -This Resolution shall take effect immediately upon
its. passage and adoption.
nereby certify that this Is a true and correct copy of
an action taken and entered On the m111098 Of me
Board of Supen"an to dW dwa
cc: Director of . Community .Development ATTESTED:
County Counsel_-._._ PHitr.8A1 OR.t�eAcoftl�e. k..
= County Administrator 408u onmWQwntyAdminlstrator
_ by (' _L!� Deputy
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