RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION
APPROVING A SUPPLEMENTAL INDENTURE OF TRUST, AND
AUTHORIZING THE EXECUTION AND DELIVERY THEREOF, AND OTHER
ACTIONS IN CONNECTION THEREWITH, ALL WITH RESPECT TO THE
PACIFIC OAKS APARTMENTS

 

RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

 

WHEREAS, the County of San Mateo (the “County”) has previously issued its Variable Rate Demand Multifamily Revenue Bonds 1987 Series A (Pacific Oaks Apartments Project), in the aggregate principal amount of $5,550,000 (the “Bonds”) pursuant to an Indenture of Trust, dated as of July 1, 1987 (the “Indenture”), by and between the County and U.S. Bank Trust National Association, as successor trustee (the “Trustee”); and

 

WHEREAS, the proceeds of the Bonds were used by the County to fund a loan to provide financing with respect to a multifamily rental housing development located in the County of San Mateo and owned by Pacific Oaks Associates, a California limited partnership (the “Borrower”); and

 

WHEREAS, the Bonds are secured by a letter of credit (the “Letter of Credit”) issued by Wells Fargo Bank, National Association (the “Letter of Credit Bank”); and

    WHEREAS, the Borrower and the Letter of Credit Bank have requested that the Indenture be amended to allow for the purchase of Bonds by the Letter of Credit Bank in lieu of the redemption of Bonds pursuant to the Indenture; and

 
 

WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance, a First Supplemental Indenture of Trust between the County of San Mateo and . U.S. Bank Trust National Association to provide for the purchase of Bonds in lieu of redemption (the “Supplemental Indenture”), reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved the same as to form and content and desires to enter into the same; and

 

WHEREAS, all actions to be taken or consents to be given prior to the execution and delivery of the Supplemental Indenture, including the delivery to the County of an opinion of bond counsel to the County regarding the First Supplemental Indenture, will be taken or given as necessary and required prior to the effective date thereof.

 

NOW, THEREFORE, IT IS HEREBY RESOLVED that the Director of the Department of Housing (the “Housing Director”) be, and is hereby authorized and directed to execute said Supplemental Indenture of Trust for and on behalf of the County of San Mateo.

BE IT FURTHER RESOLVED
, that the Housing Director shall be and is hereby directed and authorized, for and on behalf of the County, to do any and all things and take any and all actions, including, without limitation, the execution and delivery of any and all amendments or supplements to the documents executed and delivered by the County in connection with the issuance of the Bonds, necessary to receive a rating on the Bonds, to execute and deliver any and all assignments, certificates, agreements, including, but not limited to an assignment agreement, notices, consents, instruments of conveyance and other documents, which he, on the advice of bond counsel to the County, may deem necessary or advisable in order to effect the provision of the Supplemental Indenture.

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