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HomeMy WebLinkAboutRESOLUTIONS - 10181983 - 83-1118 RESOLUTION NO. RESOLUTION AUTHORIZING ISSUANCE OF BONDS ASSESSMENT DISTRICT NO. 1981-1 San Ramon Valley Boulevard The Board of Supervisors of the County of Contra Costa resolves: Section 1. RECITALS . On May 17 , 1983 , the Board. of Supervisors of the County of Contra Costa adopted its resolution Of intention to order improvements in Assessment District No. 1981-1, San Ramon Valley Boulevard, Contra Costa County, California, under the provisions of the Municipal Improvement Act of 1913 (the "Act" ) . Proceedings taken under the Act led to the levy of a special assessment by the Board of Supervisors against parcels of land within the assessment district in the total amount of $2 ,000 ,000 .00 . These assessments were recorded in the office of the County Recorder of the County of Contra Costa, on August 5, 1983, under Recorder ' s Serial No. 83-104821, and thereupon became a lien on each parcel assessed. The period within which parcel owners might pay their assessments in cash without interest has now expired, and there remain unpaid assessments in the total amount of $1,155 ,803.32. Section 2 . ISSUANCE OF BONDS. The Board of Supervisors hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Bond Act of 1915 to represent unpaid assessments. The bonds shall- be designated, "Improvement Bonds, Assessment-District No. 1981-1, San Ramon Boulevard, Contra Costa County, California." Bonds shall be issued in denominations of $5 ,000.00 , or integral multiples thereof, and shall be dated October 17 , 1983. Bonds shall be numbered and shall mature as stated in the following table: COPY 261 DATE OF BOND DENOM- ANNUAL INTEREST MATURITY NUMBERS INATION AMOUNT RATE-% 1985 Al $803 . 32 $803 . 32 1986 B1- B2 51000 . 00 10 ,000 . 00 1987 Cl- C5 , 51000 .00 25 ,000 . 00 1988 D1- D5 5 ,000 . 00 25 ,000 .00 1989 El- E6 51000 . 00 30 ,000 . 00 1990 F1- F6 5 ,000 . 00 30 ,000.00 1991 Gl- G7 5,000 . 00 35,000 . 00 1992. H1- H8 5,000 . 00 40 ,000 .00 1993 J1- J9 5,000 . 00 45,000 . 00 1994 Kl- K10 5,000. 00 50 ,000 .00 1995 Ll- Lll 51000. 00 55 ,000 . 00 1996 Ml- M12 51000. 00 60 ,000 .00 1997 . N1- N13 5,000 . 00 65 ,000 .00 1998 P1- P14 51000 . 00 70 ,000 . 00 1999 Q1- Q16 5,000 . 00 80 ,000 .00 2000 Rl- R18 5,000 .00 90 ,000 . 00 2001 Sl S20 5,000 .00 100 ,000 . 00 2002 T1- T21 5,000 . 00 105 ,000. 00 2003 U1- U23 5,000 . 00 115,000 . 00 2004 V1- V25 5,000 . 00 125 ,000 . 00 $1,155,803 . 32 Section 3 . APPOINTMENT OF PAYING AGENT, REGISTRAR AND TRANSFER AGENT. The Board of Supervisors hereby appoints the Bank of America NT & SA as paying agent, registrar and transfer agent for the bonds. Section 4 . FORM AND EXECUTION. Bonds shall be issued as 'fully registered bonds in the form set forth as Exhibit A to this resolution. The bonds shall be signed by the County Treasurer and the County Clerk and the seal of the County shall be .affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar. Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of bonds and payment of interest and principal on the bonds, there are hereby established three funds to be known as the improvement fund, the redemption 262 2 fund and the special reserve fund, respectively, for Assessment District No. 1981-1, San Ramon Valley Boulevard. Section 5.1. IMPROVEMENT FUND. Except as provided in Section 5 . 3 , proceeds of sale of the bonds, together with all amounts paid on the assessments prior to bond issuance, shall be deposited in the improvement fund to be maintained by the County Treasurer . Disbursements from the improvement fund shall be made by the County Treasurer in accordance with the budget of estimated costs and expenses set forth in the engineer ' s report heretofore approved by the Board of Supervisors, which report and budget are subject to modification by the Board of Supervisors of the County of Contra Costa from time to time as prescribed by the Act. Section 5 . 2. REDEMPTION FUND. The redemption fund shall be maintained by the County Treasurer . All payments of principal and interest installments on the assessments, together with penalties , if any, shall be deposited in the redemption fund, which shall be a trust fund for the benefit of the bondholders. Payment of the bonds at maturity, or at redemption prior to maturity, and all interest on the bonds shall be made from the redemption fund. Section 5 . 3 . SPECIAL RESERVE FUND. The special reserve fund shall be maintained by the Treasurer. There shall be deposited into the special reserve fund the amount of $57 , 790 . 17from the proceeds of the sale of bonds. The special reserve fund shall be administered as follows: A. During the term of the bonds, the amount in the special reserve fund shall be available for transfer into the redemption fund in accordance with Section 8808 of the Streets and Highways Code. The amount so advanced shall be reimbursed to the 263 3 special reserve fund from the proceeds of redemption or sale of the parcel for which payment of delinquent assessment installments was made from the special reserve fund. B. If any assessment is prepaid before final maturity of the bonds, the amount of principal which the assessee is required to prepay shall be reduced by an amount which is in the same ratio to the original amount of the special reserve fund, together with accrued interest, as the original amount of the prepaid assessment bears. to the total amount of assessments originally levied in Assessment District No. 1981-1, San Ramon Valley Boulevard. This reduction in the amount of principal prepaid shall be balanced by a transfer from the special reserve fund to the redemption fund in the same amount. C. Whenever required to prevent the reserve fund from exceeding the reserve limitations set by federal statute and regulation, the County Treasurer is directed to transfer accrued interest from the special reserve fund to the redemption fund from time to time , and to establish pro rata credits against annual installments of assessment principal and interest in the same amount in the year following the year of transfer. D. When the amount in the special reserve fund equals or exceeds the amount required to retire the remaining unmatured bonds (whether by .advance retirement or otherwise) , the amount of the special reserve fund shall be transferred to the redemption fund, and the remaining installments of principal and interest not yet due from assessed property owners shall be cancelled without payment. Section 6 . PAYMENT ON BONDS. The principal and interest on the bonds shall be payable at the Bank of America, NT& SA, San 4 264 Francisco, California. Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each bond at the owner ' s address appearing on the register maintained by the registrar on the 15th day preceding the date of interest payment or maturity of each bond. Section 7 . REREGISTRATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond and delivering the bond to the registrar. Upon reregistration, any bond may be replaced by one or more bonds, of the same maturity and aggregate amount in denominations of $5 ,000 or any integral multiple thereof. Section 8 . COVENANTS . In the event of a default in the payment of any bond or any installment of interest thereon, bondholders shall have the remedies set forth in the Improvement Bond Act of 1915. In addition, the Board of Supervisors makes the following covenants, which shall constitute a contract with the bondholders: Section 8 .1. FORECLOSURE OF LIENS . If any installment of - the principal or interest of any assessment levied in Assessment District No. 1981-1 , San Ramon Valley Boulevard, becomesdelinquent, the Board of Supervisors shall cause an action to be filed in the Superior Court of the County of Contra Costa to foreclose the lien of the delinquent assessment under the authority of Section 8830 and following of the Streets and Highways Code of the State of California. This action shall be filed not later than one hundred fifty (150) days after the date of delinquency. Section 8 . 2. ARBITRAGE. During the term of the bonds, the County will make no use of bond proceeds which, if such use 265 5 had been reasonably expected at the date the bonds are issued, would have caused the bonds to be "arbitrage bonds" within the meaning of Section 103 (c) of the United States Internal Revenue Code of 1954 , as amended, and regulations of the Internal Revenue Service authorized thereby. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 18th day of October , 1983 . ATTEST: OCT 181983 JAMES R. OLSSON, Clerk BY 266 6 Number $ IMPROVEMENT BOND COUNTY OF CONTRA COSTA ASSESSMENT DISTRICT NO. 1981-1 SAN RAMON VALLEY BOULEVARD SERIES NO. 1981-1 REGISTERED REGISTERED INTEREST RATE MATURITY DATE DATED AS OF CUSIP Under and by virtue of the Improvement Bond Act of 1915, Division 10 , of the Streets and Highways Code, the County of Contra Costa, State of California, will, out of the redemption fund for the payment of the bonds issued upon the assessments made for the improvements in Assessment District No. 1981-1, San Ramon Valley Boulevard, more fully described in the Resolution of Intention No. 83/770 , passed by the Board of Supervisors of the County of Contra Costa, on the 17th day of May, 1983 , pay to or registered assigns, the principal sum of $5 ,000.00 , with interest_ thereon at the rate of % per annum, all as hereinafter specified, and at Bank of America National Trust and Savings Association, the transfer agent, registrar and paying agent ("the Bank" ) in San Francisco, California. THIS BOND SHALL NOT BECOME VALID FOR ANY PURPOSE UNTIL THE CERTIFICATE OF AUTHENTICATION AND REGISTRATION HEREON SHALL HAVE BEEN DATED AND SIGNED BY THE BANK. The interest is payable semiannually, to wit: on the second day of January and July in each year hereafter , by check or draft mailed to the owner hereof at his address as it appears on the registration books of the bank (or at such address as may have been filed with the bank for that purpose) as of the 15th day preceding each interest payment date; provided that the first interest payment EXHIBIT A 267 date shall be January 2 , 1985 , and thereafter interest shall be paid semiannually. If this bond is authenticated and registered before January 2 , 1985 , it shall bear interest from its date. Otherwise, this bond shall bear interest from the interest payment date on or next preceding the date of its authentication and registration. ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE REVERSE HEREOF. IN WITNESS WHEREOF, said County of Contra Costa has caused this bond to be signed in facsimile by the Treasurer of said County and by its Clerk, and has caused its Clerk to affix hereto in facsimile its corporate seal, all on the day of , 1983. COUNTY OF CONTRA COSTA County Clerk County Treasurer (SEAL) Certificate of Authentication and Registration This bond has been registered on 19_ Bank of America National Trust and Savings Association By Authorized Officer 268 2 owner for all purposes notwithstanding any notice to the contrary. This bond will continue to bear interest after maturity at the rate herein stated; provided, it is presented at maturity and payment thereof is refused upon the sole grounds that there isnot sufficient money in said redemption fund with which to pay the bond. If the bond is not presented on maturity, interest thereon will run to maturity. This bond or any portion of it in the amount of $5 ,000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of January or July in any year by the giving of notice provided under said law and by paying principal and accrued interest together with a premium equal to five percent of the principal. 269 2