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HomeMy WebLinkAboutRESOLUTIONS - 01312003 - 99-394 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY CALIFORNIA Adopted this Resolution on August 3, 1999, by the following vote: . AYES: SUPERVISORS GIOIA, UILREMA, GERBER, DESAULNIER, AND CANCZAAMILI,A NOES: NONE ABSENT: NONE ABSTAIN: NONE RESOLUTION NO.99/ 394 SUBJECT: A Resolution of Intention to Levy Reassessments and to Issue Refunding Bonds Upon the Security Thereof Mrack Road Improvements Camino Tassajara Area Reassessment District WHEREAS, the County of Contra Costa(the "County„)has heretofore conducted special assessment proceedings for Assessment District No. 1992-1 Mrack Road Improvements Camino Tassajara Area (the Assessment District) and issued $2,312,598 initial principal amount of improvement bonds (the Prior Bonds) of the County designated as "Limited Obligation Improvement Bonds, County of Contra Costa, Assessment District No. 1992-1, Mrack Road Improvements Camino Tassajara Area, Series No. 1992.-I"; and WHEREAS, the public interest requires the refunding of the Prior Bonds and this Board intends to accomplish said refunding through the levy of reassessments and the issuance of refunding bonds upon the security thereof, the proceeds of which refunding bonds shall be used to refund the Prior Bonds; and WHEREAS, this Board intends that the unpaid assessments securing the payment of the Prior Bonds be superseded and supplanted by the reassessment; SE:kw I hereby certify that this is a true and correct copy of an action \\PwSI\SHARDATA\GrpData\SpDist\Board Orders\I999\osAugust\ taken and entered on the minutes of the Board of Supervisors lynch-ROltoL.ev.doc Orig.Dept: Public works Department(Special Districts) on the date shown. Contact: Skip Epperly,313-2253 Cc: County Administrator Auditor-Controller ATTESTED: AUGUST 3, 1999 County Assessor County Counsel PHIL BATCHELOR, Clerk of the Board of Supervisors and PW Accounting County Administrator By — Deputy RESOLUTION NO. 99/ 394 NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa as follows: 1. Proceedings Authorized. This Board hereby declares its intention to refund the Prior .Bonds and to levy reassessments as security for refunding bonds are hereinafter provided. The proceedings for the levy and collection of reassessments as security for the issuance and payment of refunding bonds shall be conducted pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 (commencing with Section 9500) of the Streets and Highways Code of California(the Act). 2. Boundga Man. The contemplated reassessments and refunding, in the opinion of this Board, are of more than local or ordinary public benefit, and the costs and expenses thereof are made chargeable upon the District, the exterior boundaries of which are shown on a map thereof heretofore filed in the office of the Clerk of the Board, and in the office of the County Recorder of the County,to which map reference is hereby made for further particulars. Said map indicates by a boundary line the extent of the territory included in the District and shall govern for all details as to the extent thereof. 3. Reassessment Consultant; Report. The reassessment and refunding are hereby referred to MBIA MuniFinancial (the Reassessment Consultant), and the Reassessment Consultant is hereby directed to make and file with said Clerk a report in writing, presenting the following: (a) A schedule setting forth the unpaid principal and interest on the Prior Bonds to be refunded and the total amounts thereof and the unpaid assessment being continued; (b) The total estimated principal amount of the reassessment and of the refunding bonds and the maximum interest thereon, together with an estimate of cost of the reassessment and of issuing the refunding bonds, including all costs of issuing the refunding bonds, as defined by subdivision (a) of Section 9600 of the Act; (c) The auditor's record kept pursuant to Section 8682 of the Streets and Highways Code of California showing the schedule of principal installments and interest on all unpaid original assessments and the total amounts thereof; (d) The estimated amount of each reassessment, identified by reassessment number corresponding to the reassessment number of the reassessment diagram, together with a proposed auditor's record for the reassessment prepared in the manner described in said Section 8682; and (e) A reassessment diagram showing the District and the boundaries and dimensions of the subdivisions of land within the District. Each subdivision, RESOLUTION NO. 99/ 394 including each separate condominium interest as defined in Section 783 of the Civil Code, shall be given a separate number upon the diagram. When any portion or percentage of the costs and expenses of said refunding and reassessment is to be paid from sources other than reassessments, the amount of such portion or percentage shall first be deducted from the total estimated cost and expenses of said refunding and reassessment, and said reassessments shall include only the remainder of the estimated cost and expenses. If any excess shall be realized from the reassessment it shall be used, in such amounts as this Board may determine, in accordance with the provisions of law, in a manner or manners to be provided in these proceedings. 4. Refunding Bonds. Notice is hereby given that serial or term bonds, or both, to represent said reassessments, and bear interest at the rate of not to exceed ten percent (10%) per annum, or such higher rate of interest as may be authorized by applicable law at the time of sale of such bonds, will be issued hereunder in the manner provided by the Act, the last installment of which bonds shall mature not to exceed thirty (30) years from the second day of September next succeeding twelve (12) months from their date. It is the intention of the Board that the Board will not obligate itself to advance available funds from the treasury of the Board to cure any deficiency in the redemption fund to be created with respect to said bonds; provided, however, that a determination not to obligate itself shall not prevent the Board from, in its sole discretion, so advancing the funds. 5. Bond Call Procedures. The provisions of fart 11.1 of Division 10 of the Streets and Highways Code of California, providing for an alternative procedure for the advance payment of reassessments and the calling of bonds, shall apply to refunding bonds issued pursuant to proceedings under this resolution. 6. Division 4. Reference is hereby made to proceedings heretofore had pursuant to Division 4 of the Streets and Highways Code of California with respect to the Prior Bonds which are on file in the office of the Clerk of the Board. 7. Effective Date. This Resolution shall take effect upon the date of its adoption. RESOLUTION NO. 991394 '.TO:', BOARD OF SUPERVISORS i✓"+ �� FROM: J. MICHAEL WALFORD, PUBLIC 'WORKS DIRECTOR DATE: AUGUST 3, 1999 SUBJECT: ADOPTION OF RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF BONDS AND ADOPTION OF LEGAL DOCUMENTS FOR THE REFUNDING (REFINANCING) OF THE 1993A AUTHORITY REVENUE BONDS AND ASSESSMENT DISTRICT NO. 1992-1,MRACK ROAD IMPROVEMENTS, CAMINO TASSAJRA AREA, SERIES 1992-1 BONDS. ('WO # 6x5397) SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION L Recommended Action: 1. ACCEPT the Assessment District Screening Committee's recommendation of April 19, 1999 for refunding of the 1993A Authority Revenue Bonds and Assessment District No. 1992-1 Mrack Road Improvements, series 1992-1 Bonds. 2. ADOPT Resolution Authorizing issuance of bonds. 3. ADOPT Resolution Deeming Official Statement final. 4. ADOPT Resolution Authorizing sale of bonds. Continued on Attachment:X SIGNATURE: l� RECOMMENDATION OF BOARD COMMITTEE _APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON APPROVED AS RECOMMENDED_X_OTHER_ I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. VOTE OF SUPERVISORS UNANIMOUS(ABSENT—_ 1 ATTESTED: AUGUST 3, 1999 AYES: NOES: PHIL BATCHELOR, Clerk of the Board of Supervisors and County ABSENT: ABSTAIN: Administrator SE:kw \\PW S I\SHARDATA\GrpDaw\SpDist\Board 0rden\l999\08August\ 081799.doc Ori;.DI : Public Works(Special Districts) By Deputy Contact: Skip Epperly(313-2253) cc: County Administrator Assessor Auditor-Controller Community Development County Counsel SUBJECT: ADOPTION OF RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF BONDS AND ADOPTION OF LEGAL DOCUMENTS FOR THE REFUNDING (REFINANCING) OF THE 1993A AUTHORITY REVENUE BONDS AND ASSESSMENT DISTRICT NO. 1992-1,MRACK ROAD IMPROVEMENTS, CAMINO TASSAJRA AREA, SERIES 1992-1 BONDS. (WO # 6X5397) DATE: AUGUST 3, 1999 PAGE 2 II. Financial Impact: There is no financial impact to the County General Fund. All costs associated with this transaction are eligible for reimbursement through the issuance of new bonds. III. Reasons for Recommendations and Background: In July 1193, the County of Contra Costa Public Financing Authority (the"Authority) issued$11,589,000 1993A Authority Revenue Bonds(the"Prior Bonds"). The Prior Bonds were issued to fund the acquisition of refunding bonds (the "Refunding Bonds")of the County of Contra Costa (the "County") issued by the County as Limited Obligation Refunding Bonds for each of the following Districts: ♦ Reassessment District No. 1993-1 East Bates Avenue ♦ Reassessment District No. 1993-2 Hidden Pond Road ♦ Reassessment District No. 1993-3 San Ramon Valley Blvd. At Crow Canyon Road ♦ Reassessment District No. 1993-4 Rancho Paraiso The Prior Bonds were issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985. The Refunding Bonds were issued pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds. Due to a recent decrease in interest rates E. Wagner&Associates,Inc.prepared a refunding analysis for the outstanding Prior Bonds($7,590,000 after the 9/2/99 payment). Upon presenting the analysis to staff, staff asked E. Wagner & Associates, Inc. to prepare a refunding analysis for two additional districts, the Kensington Road Assessment District and Mrack Road Assessment District. Based on the results of the analysis it was determined that a refunding would be put forth (for approval) to the Assessment District Screening Committee of the County for the Mrack Road Assessment District and the 1993A Revenue Bonds (collectively the"Prior Bonds"). The Assessment District No. 1992-1,Mrack Road Improvements Camino Tassajara Area bonds(the"Mrack Road Bonds")were originally issued in June 1993. After the September 2, 1999 payment there will be $2,015,000 in bonds outstanding. On April 19, 1999, staff presented the refunding analysis prepared by E. Wagner&Associates, Inc. to the County's Assessment District Screening Committee for their approval. The committee members voted unanimously to recommend that the Board authorize the refunding of the Prior Bonds and the Mrack Road Bonds. SUBJECT: ADOPTION OF RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF BONDS AND ADOPTION OF LEGAL DOCUMENTS FOR THE REFUNDING (REFINANCING) OF THE 1993A AUTHORITY REVENUE BONDS AND ASSESSMENT DISTRICT NO. 1992-1,MRACK ROAD IMPROVEMENTS, CAMINO TASSAJRA AREA, SERIES 1992-1 BONDS. (WO # 6X539?) DATE: AUGUST 3, 1999 PAGE 3 Refunding Structure: The proposed refunding structure entails refunding the Prior Bands for the 1993A Revenue Bonds and adding to the amount of revenue bonds to be issued the necessary amount to purchase the Mrack Road Refunding Bonds. The Refunding Bonds(i.e., East Bates Avenue, Hidden Pond Road, San Ramon Valley Boulevard at Crow Canyon Road and Rancho Paraiso) would not be refunded. By doing this the County would continue to receive the necessary revenues from the property owners in the four districts to fund the annual debt service on the Refunding Bonds,but reduce the County's obligation on the revenue bonds (the "Bonds"). The effect of the refunding would be to create a positive cash flow between the Refunding Bonds and the Bonds. The refunding of both the Prior Bonds and the Mrack Road Bonds would be a current refunding. This means that these bonds can be called on any payment date (March 2 or September 2) by giving the bondholders a notice of not more than sixty days and not less than thirty days. The next payment date is September 2, 1999. The Prior Bonds and the Mrack Road Bonds are callable at 103% of the principal amount of bonds outstanding together with accrued interest to the date fixed for redemption(i.e, September 2, 1999). IV. Canseguences of Negative Action: The refunding will not proceed and property owners will not benefit from the cost savings associated with to ever interest rates currently available in the bond market.