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HomeMy WebLinkAboutRESOLUTIONS - 11151983 - 83-1172 /,q3 0189k BOARD OF SUPERVISORS, COUNTY OF CONTRA COSTA STATE OF CALIFORNIA RESOLUTION NO. 83/1172 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL YEAR 1963-1984 AND THE ISSUANCE AND SALE OF 1983-1984 TAX AND REVENUE ANTICIPATION NOTES FOR THE RICHMOND UNIFIED SCHOOL DISTRICT WHEREAS, pursuant to Section 53850 to 53858, both inclusive, of the Government Code of the State of California (herein called the "Code" ) (being Article 7. 6, Chapter 4, Part 1, Division 2, Title 5 of said Code) , the Board of Education of Richmond Unified School District (herein called the "District" ) has filed with this Board of Supervisors (the "Board" ) a resolution requesting that the Board borrow money for the District by the authorization, issuance and sale of not to exceed Nine Million Five Hundred Thousand Dollars ($9, 500, 000) principal amount of 1983-1984 Tax and Revenue Anticipation Notes of the District in anticipation of the receipt of taxes, income, revenue, cash receipts and other moneys to be received by the District for the general fund of the District during or allocable to Fiscal Year 1983-1984; and WHEREAS, the County intends to borrow, for the purposes set forth above, not to exceed Nine Million Five Hundred Thousand Dollars ($9, 500,000) by the issuance of notes, as hereinafter defined; and RESOLUTION NO. 83/1172 1�7 WHEREAS, the Board of Education of the District has found and determined that said sum of not to exceed Nine Million Five Hundred Thousand Dollars ($9, 500, 000) , when added to the interest payable thereon, does not exceed eighty-five percent (85%) of the estimated amount of the uncollected taxes, income, revenue, cash receipts and other moneys to be received by the District for the general fund of the District during or allocable to Fiscal Year 1983-1984 and available for the payment of said notes and the interest thereon; and WHEREAS, pursuant to Section 53856 of the Code, certain unrestricted revenues which will be received by the District for the general fund of the District during or allocable to Fiscal Year 1983-1984 can be pledged for the payment of said notes and the interest thereon (as hereinafter provided) ; and WHEREAS, Ehrlich-Bober & Co. , Inc. (herein called the "Underwriter" ) intends to submit an offer to purchase said notes and has submitted a form of Contract of Purchase (herein called the "Contract of Purchase" ) to the Board, which has been approved by the District; NOW, THEREFORE, the Board of Supervisors of the County of Contra Costa hereby resolves as follows: Section 1. Solely for the purpose of anticipating taxes, income, revenue, cash receipts and other moneys to be received by the District for the general fund of the District 2 1�8 during or attributable to Fiscal Year 1983-1984, and not pursuant to any common plan of financing, the County hereby determines to and shall issue (for and on behalf of the District) not to exceed Nine Million Five Hundred Thousand Dollars ($9, 500, 000) principal amount of temporary notes under Sections 53850 et seq. of the Code, designated "Richmond Unified School District, County of Contra Costa, State of California, 1983-1984 Tax and Revenue Anticipation Notes" (herein called the "Notes" ) , to be numbered from one consecutively upward in order of issuance, to be in the denomination of $5, 000, $10, 000, $25, 000 or $100,000, or any combination thereof, as specified by the Underwriter, to be dated November 17, 1983 , to mature (without option of prior redemption) November 16, 1984, and to bear interest, payable at maturity and computed on a 360-day year 30-day month basis, at a rate not to exceed 12% per annum as determined by the Treasurer-Tax Collector, with the approval of the District' s Auditor-Controller, in accordance with the Contract of Purchase. Both the principal of and interest on the Notes shall be payable, only upon surrender thereof, in lawful money of the United States of America at the principal office of Marine Midland Bank in New York, New York. Section 2 . The Notes shall be issued without coupons and shall be substantially in the form and substance set forth in Exhibit A attached hereto and by reference 3 109 incorporated herein, the blanks in said form to be filled in with appropriate words or figures. Section 3 . The moneys so borrowed shall be deposited in the general fund of the District. Section 4. The principal amount of the Notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts and other moneys which are received by the District for the general fund of the District during or allocable to Fiscal Year 1983-1984 and which are available for payment thereof. As security for the payment of the principal of and interest on the Notes, the County (for and on behalf of the District) hereby pledges certain unrestricted revenues (as hereinafter provided) which are received by the District for the general fund of the District during or allocable to Fiscal Year 1983-1984, and the principal of the Notes and the interest thereon shall constitute a first lien and charge thereon and shall be payable from the first moneys received by the District from such pledged unrestricted revenues, and, to the extent not so paid, shall be paid from any other taxes, income, revenue, cash receipts and other moneys of the District lawfully available therefor (all as provided for in Sections 53856 and 53857 of the Code) . In order to effect this pledge, the County agrees to cause to be created and established by its Auditor-Controller a special fund, designated the "Richmond 4 170 Unified School District 1983-1984 Tax and Revenue Anticipation Note Account" (the "Special Account" ) , which account will be held by the Treasurer-Tax Collector of the County acting as the responsible agent to maintain such account until the payment of the Notes, and the County agrees to cause to be deposited directly therein Two Million Five Hundred Thousand Dollars ($2, 500, 000) from the first unrestricted revenues of the District to be received in February, 1984, and Seven Million Dollars ($7, 000, 000) , plus an amount sufficient to pay interest on the Notes, from the first unrestricted revenues of the District to be received in April, 1984 ( such pledged amounts being hereinafter called the "Pledged Revenues" ) , and the principal of the Notes and the interest thereon shall constitute a first lien and charge thereon and shall be payable therefrom, and to the extent not so paid shall be paid from any other moneys of the District lawfully available therefor. In the event that on the last business day of each such month, the District has not received sufficient unrestricted revenues to permit the deposit into the Special Account of the full amount of Pledged Revenues to be deposited from said unrestricted revenues in said months, then the amount of any deficiency shall be satisfied and made up from any other moneys of the District lawfully available for the repayment of the Notes and the interest thereon. All moneys on deposit in the Special Account shall be used for the payment of the principal of and interest on the Notes and for no other purpose until the principal of and interest on the Notes has been paid in full, except that such moneys may be invested, as directed by the District, in investment securities by the County Treasurer-Tax Collector, as permitted by applicable California law, as it is now in effect and as it may be amended, modified or supplemented from time to time. The proceeds of such investments shall be deposited as and when received in the Special Account. After such date as the amount of Pledged Revenues deposited in the Special Account shall be sufficient to pay in full the principal of and interest on the Notes, when due, any moneys in excess of such amount remaining in or accruing to the Special Account shall be transferred to the general fund of the District upon the request of the District. Section 5. The County Treasurer-Tax Collector of the County or one or more of his deputies (herein called the "County Treasurer-Tax Collector" ) are hereby authorized to manually execute the Notes and the Clerk-Recorder of this Board is hereby authorized to countersign the Notes by facsimile signature. The Clerk-Recorder of this Board of Supervisors is hereby authorized to affix the seal of this Board of Supervisors to the Notes either by facsimile or manual impression thereof. The said .officers are hereby authorized to cause the blank spaces of the Notes to be filled in as may be appropriate. 6 172 Section 6. It is hereby covenanted that the County, and its appropriate officials, have duly taken all proceedings necessary to be taken by them, and will take any additional proceedings necessary to be taken by them, for the levy, collection and enforcement of the taxes pledged hereunder in accordance with law for carrying out the provisions of this resolution. Section 7 . All the Notes shall be sold to the Underwriter in accordance with the terms of the Contract of Purchase in substantially the form presented to this meeting and by reference incorporated herein (as shall be finally approved by the Treasurer-Tax Collector as hereinbelow provided) and an Official Statement for the Notes to be prepared by the Underwriter and approved by the District, may be used in connection with the sale of the Notes. Section 8. The Contract of Purchase relating to the Notes in substantially the form attached as Exhibit B to the District' s resolution requesting the issuance of the Notes and approved by the Board of Education of the District by the adoption thereof, is hereby approved with such additions, changes or corrections as the County Treasurer-Tax Collector may approve upon consultation with the District' s Auditor-Controller, and the County Treasurer-Tax Collector is hereby authorized to execute the Contract of Purchase. 7 17,3 Section 9. The Underwriter is hereby authorized to prepare an Official Statement relating to the Notes, in substantially the form presented to this meeting, with such additions, changes or corrections as the County Treasurer-Tax Collector may approve upon consultation with the District' s Assistant Superintendent for Business Services, and the Underwriter is hereby authorized to distribute, or to cause to be distributed, copies of said Official Statement, in preliminary and final form, in connection with the offering and sale of the Notes. PASSED AND ADOPTED this 15th day of November, 1983, by the following vote: AYES: Supervisors Powers , Fanden, Torlakson, Schroder. NOES: None. ABSENT: Supervisor McPeak. C it an of the Board of Supervisors ATTEST: J. R. OLSSON, County Clerk and �ex officio clerk of the Board of Supervisors LQ /6l�c,CLl.I��� � (_4 Clerk-Recorder of the Board of Supervisors 8 174 CERTIFICATE OF CLERK OF THE BOARD OF SUPERVISORS COUNTY OF CONTRA COSTA I, James R. Olsson, 'Clerk of the Board of Supervisors of the County of Contra Costa, hereby certify that the foregoing is a full, true and correct copy of a• resolution duly adopted at the meeting of the Board of Supervisors of the County of Contra Costa duly and regularly held in Contra Costa, California, on November 15, 1983, of . which meeting all of the members of said Board had due notice. I further certify that I have carefully compared the foregoing copy with the original minutes of said meeting on file and of record in my office; that said copy is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified or rescinded in any manner since the date of its adoption, and the same are now in full force and effect. IN WITNESS WHEREOF, I have executed this certificate and affixed the seal of the County of Contra Costa hereto this 15th day of November 1983. JAMES R. OLSSON, Clerk of the Rnard of Suvervisors By1 Clerk [SEAL 1'7 5 EXHIBIT A - RICHMOND UNIFIED SCHOOL DISTRICT COUNTY OF CONTRA COSTA 1963-1984 TAX AND REVENUE ANTICIPATION NOTE No. FOR VALUE RECEIVED, the Richmond Unified School District (the "District" ) , County of Contra Costa, State of California, acknowledges itself indebted to and promises to pay to the holder hereof, at the principal office of Marine Midland Bank in New York, New York, the principal sum of DOLLARS ($ ) in lawful money of the United States of America, on November 16, 1984, together with interest thereon at the rate of PERCENT (_%) per annum in like lawful money from the date hereof until payment in full of said principal sum. Both the principal of and interest on this note shall be payable only upon surrender of this note as the same shall fall due; provided, however, no interest shall be payable for any period after 176 maturity during which the holder hereof fails to properly present this note for payment. It is hereby certified, recited and declared that this note is one of an authorized issue of notes in the aggregate principal amount of Nine Million Five Hundred Thousand Dollars ($9,500, 000) , all of like date, tenor and effect, made, executed and given pursuant to and by authority of resolutions of the Board of Supervisors of the County of Contra Costa duly passed and adopted on November _, 1983, under and by authority of Article 7. 6 (commencing with Section 53850) of Chapter 4, Part 1, Division 2, Title 5, California Government Code, and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this note have existed, happened and been performed in regular and due time, form and manner as required by law, and that this note, together with all other indebtedness and obligations of the District, does not exceed any limit prescribed by the Constitution or statutes of the State of California. The principal amount of the notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts and other moneys which are received by the •District during Fiscal Year 1983-1984. As security for the payment of the principal of and interest on the notes the District has pledged Two Million Five Hundred Thousand A-2 177 F77 Dollars ($2, 500, 000) from the first unrestricted revenues of the District to be received in February, 1984, and Seven Million Dollars ($7,000, 000) , plus an amount sufficient to pay interest on the Notes, of the first unrestricted revenues of the District to be received in April, 1984 ( such pledged amounts being hereinafter called the "Pledged Revenues" ) , and the principal of the notes and the interest thereon shall constitute a first lien and charge thereon and shall be payable from the Pledged Revenues, and to the extent not so paid shall be paid from any other moneys of the District lawfully available therefor. IN WITNESS WHEREOF, the County of Contra Costa has caused this note to be executed by its Treasurer-Tax Collector by his manual signature, and countersigned by the Clerk-Recorder of its Board of Supervisors by his facsimile signature and has caused its official seal to be printed hereon this day of 1983 . COUNTY OF CONTRA COSTA By Treasurer-Tax Collector (SEAL) Countersigned By Clerk-Recorder of the Board of Supervisors A-3 -1 '78