HomeMy WebLinkAboutRESOLUTIONS - 11281995 - 95-599 RESOLUTION NO. 9 5/5 9 9
A RESOLUTION OF THE COUNTY OF CONTRA COSTA PUBLIC FINANCING
AUTHORITY AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO MAKE A
LOAN TO THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY IN
CONNECTION WITH ITS BAY POINT REDEVELOPMENT PROJECT,
AUTHORIZING AND DIRECTING EXECUTION OF RELATED INDENTURE OF
TRUST AND FIRST SUPPLEMENT TO LOAN AGREEMENT,AUTHORIZING SALE
OF BONDS AND AUTHORIZING OFFICIAL ACTIONS
WHEREAS, the County of Contra Costa (the "County") and the Contra Costa County
Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the County of Contra Costa Public Financing Authority (the
"Authority")for the purpose, among others, of issuing its bonds to be used to provide financial
assistance to the Agency; and
WHEREAS, the Agency has determined to assist.the redevelopment of its Bay Point
Redevelopment Project (the "Redevelopment Project"), and has requested that the Authority
lend it funds to provide financing for the Redevelopment Project;and
WHEREAS, for the purpose of raising funds necessary to provide such financial
assistance to the Agency, the Authority proposes to authorize the issuance of its revenue bonds
(the "Bonds") under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of
Division 7 of Title 1 of the Government Code of the State of California (the "Act'), to be
designated as the County of Contra Costa Public Financing Authority 1995 Tax Allocation
Revenue Bonds,Series B (Bay Point Redevelopment Project Area);and
WHEREAS, the proceeds of the Bonds will be applied to make a loan (the "Loan") to
the Agency pursuant to a Loan Agreement, dated as of May 1, 1992, as supplemented by a
First Supplement thereto,dated as of December 1, 1995 (the"First Supplement"); and
WHEREAS,Stone&'Youngberg (the"Underwriter")has proposed to purchase the Bonds
and has presented to the Authority a form of Purchase Contract for the Bonds, to.be entered
into among the Authority,the Agency and the Underwriter(the"Purchase Agreement')and has
presented the Authority with a proposed form of official statement (the "Official Statement")
describing the Bonds, to be used in connection with the marketing thereof by the Underwriter;
and
WHEREAS, the Board of Directors (the 'Board") of the Authority has duly considered
such transactions and wishes at this time to approve said transactions in the public interests of
the Authority.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the County of
Contra Costa Public Financing Authority as follows:
Section 1. Findings and Determinations. Pursuant to the Act, the Board hereby finds
and determines that the issuance of the Bonds will result in savings in effective interest rates,
bond underwriting costs and bond issuance costs and thereby result in significant public
benefits to its members within the contemplation of Section 6586 of the Act.
Section 2. Issuance of Bonds;Approval of Indenture. The Board hereby authorizes the
issuance of the Bonds, provided that the maximum aggregate principal amount of the Bonds
shall not exceed $4,000,000. The Bonds shall be issued pursuant to an Indenture of Trust dated
as of December 1, 1995, by and between the Authority and Bank of America National Trust
and Savings,Association,as trustee(the"Indenture"). The Board hereby approves the Indenture
in the form'on file with the Secretary. The Chair, Executive Director, Assistant Executive
Director, and Deputy Executive Director (the "Designated Officers"), each acting alone, are
hereby authorized and directed to execute,and the Secretary is hereby authorized and directed
to attest and affix the seal of the Authority to, the Indenture in such form, together with such
additions thereto and changes therein as the Deputy Executive Director of the Authority shall
deem necessary, desirable or appropriate, the execution of which by the Authority shall be
conclusive evidence of the approval of any such additions and changes. The Board hereby
authorizes the delivery and performance of the Indenture.
Section 3. Approval of Loan to Agency,First Supplement. The Board hereby authorizes
and approves the loan of the Bond proceeds by the Authority to the Agency pursuant to and in
accordance with the provisions of the First Supplement. The Board hereby approves the First
Supplement in the form on file with the Secretary. The Designated Officers, each acting alone,
are hereby authorized and directed to execute, and the Secretary is hereby authorized and
directed to attest and affix the seal of the Authority to, the First Supplement in such form,
together with such additions thereto and changes therein as the Deputy Executive Director of
the Authority shall deem necessary, desirable or appropriate, the execution of which by the
Authority shall be conclusive evidence of the approval of any such additions and changes. The
Authority hereby authorizes the delivery and performance of the First Supplement.
Section 4. Sale of Bonds. The Board hereby approves the sale of the Bonds by the
Authority by negotiation with the Underwriter,pursuant to the Purchase Agreement in the form
on file with the Secretary. The Designated Officers, each acting alone, are hereby authorized
and directed to execute the Purchase Agreement in such form, together with such additions
thereto and changes therein as the Deputy Executive Director of the Authority shall deem
necessary,desirable or appropriate, (the execution of which by the Authority shall be conclusive
evidence of the approval of any ), upon the submission of an offer by the Underwrtier to
purchase the Bonds, which offer is acceptable to the Deputy Executive Director of the
Authority and consistent with the requirements of this Resolution. The amount of purchaser's
discount for the Bonds shall be not more than three percent (3%) of the par amount thereof(not
taking into account any original issue discount on the sale thereof) and the net effective rate of
interest to be represented by the Bonds shall not exceed nine percent (9%)per annum.
Section 5. Official Statement. The Board hereby approves the preparation of, and
hereby authorizes the Designated Officers, each acting alone,to deem final within the meaning
of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, a
preliminary '.form of the Official Statement describing the Bonds. Distribution of such
preliminary Official Statements by the Underwriter is hereby approved. The Designated
Officers, each acting alone, are hereby authorized to execute the final form of the Official
Statement,including as it may be modified by such additions thereto and changes therein as the
Deputy Executive Director of the Authority shall deem necessary,desirable or appropriate,and
the executionof the final Official Statement by the Authority shall be conclusive evidence of the
approval of any such additions and changes. The Board hereby authorizes the distribution of
the final Official Statement by the Underwriter. The final Official Statement shall be executed
in the name and on behalf of the Authority by a Designated Officer.
Section 6. Official Actions. The Chair, the Executive Director, the Assistant Executive
Director, the Deputy Executive Director, the Secretary and any and all other officers of the
Authority are hereby authorized and directed, for and in the name and on behalf of the
Authority, to do any and all things and take any and all actions, including execution and
delivery of any and all assignments, certificates, requisitions, agreements, notices, consents,
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instruments of conveyance, warrants and other documents, which they, or any of them, may
deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds
and the consummation of the transactions as described herein.
Section 7. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED this 28tday of November , 1995 by the
following vote:
AYES; Supervisors Rogers, Smith, DeSaulnier, Torlakson and Bishop
NOES: None
ABSENT: None
ABSTAIN: None
I HEREBY CERTIFY that the foregoing resolution was duly and regularly passed and
adopted by the County of Contra Costa Public Financing Authority at a regular meeting thereof
held on the28thday of November , 1995 and that the foregoing is a full, true and correct
copy of said'Resolution.
Phil Batchelor, Secretary of the County of
Contra Costa Public Financing Authority
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By:
Deputy
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95/599