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Home My WebLink AboutRESOLUTIONS - 01312003 - 99-397 . .2 C_ THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY CALIFORNIA Adopted this Resolution on August 3, 1999, by the following vote: AYES: SUPERVISORS GIOIA, UILKEMA, GERBER, DESAULNIER, AND CANCIAMILLA NOES: NONE ABSENT: NONE ABSTAIN: NONE RESOLUTION NO. 99/ 397 SUBJECT: A Resolution Authorizing the Issuance and Sale of Revenue Bonds in the Aggregate Principal Amount of not to Exceed $8,480,000 for the Purpose of Refinancing 1993A Revenue Bonds and Acquiring Certain Limited Obligation Refunding Bonds of the County, and Approving Related Documents and Actions WHEREAS, the County of Contra Costa Public Financing Authority (the Authority) has previously issued its County of Contra Costa Public Financing Authority 1993A Revenue Bonds in the aggregate principal amount of $11,589,000 (the 1993A Bonds) for the purpose of acquiring four issues of the bonds (collectively, the 1993 Reassessment Bonds) issued by the County of Contra Costa (the County), consisting of (a) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-1, East Bates Avenue, Series 1993-1 (b) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-2 Hidden Pond Road, Series 1993-2 (c) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-3, San Ramon Valley Boulevard at Crown Canyon Road, Series 1993-3 and (d) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-4, Ranch Paraiso, Series 1993-4; and WHEREAS,the County has heretofore issued improvement bonds designated as Limited Obligation Bonds, County of Contra Costa, Assessment District No. 1992-1, Mrack. Road Improvements Camino Tassajara Area, Series 1992-1 (the "1992 Bonds"); and SE:kw I hereby cry that this is a true and correct copy of an action taken and \\PWS i1sHARDATA\CrrpDatu\SpDist\Board orders\1999108August\ entered on the minutes of the Board of Supervisors on the date shown. lynch-PFARes.doe Orig.Dept: Public Works Department(Special Districts) Contact: Skip Epperiy,313-2253 ATTESTED: AUGUST 3, 1999 Cc: County Administrator PHIL BATCHELOR, Cleric of the Board of Supervisors and Auditor-Controller F� County County Assessor Administrator County Counsel PW Accounting By Deputy RESOLUTION NO.)9/ 397 WHEREAS, in order to realize interest rate savings, the County intends to refund the 1992 Bonds by issuing its County of Contra Costa Limited Obligation Refunding Bonds (Mrack Road Improvements Camino Tassajara Area Reassessment District) Series 1999-1 (the "1999 Reassessment Bonds" and, together with the 1993 Reassessment Bonds, the "Reassessment Bonds"); and WHEREAS, in order to realize additional interest rate savings the Authority has determined to issue its County of Contra Costa Public Financing Authority 1999 Revenue Bonds (1993A and Mrack Road Refinancing) in the aggregate principal amount of not to exceed $8,480,000 (the Bonds) for the purpose of providing funds to refinance the 1993A Bonds and to purchase the 1999 Reassessment Bonds; and WHEREAS, the Authority is authorized to issue the Bonds pursuant to Articles 1 through 4 (commencing with Section 6500) of Chapter 5 Division 7, Title 1 of the Government code of the State of California (the "Act") and Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code (the Refunding Law); and WHEREAS, the Board of the Authority wishes at this time to authorize all proceedings relating to the issuance of the Bonds and to approve related documents and actions; NOW, THEREFORE, BE IT RESOLVED by the Board of the County of Contra Costa Public Financing Authority as follows: Section 1. Authorization of Bonds. The Board of Directors hereby authorizes the issuance of Bonds in the maximum aggregate principal amount of$8,480,000 under the Act and the Refunding Law, for the purpose of refinancing the outstanding 1993A Bonds in full and acquiring the 1999 Reassessment Bonds. Section 2. Approval of Financing Documents. The Board hereby approves each of the following documents relating to the Bonds in substantially the respective forms on file with the Secretary together with any changes therein or additions thereto deemed advisable by the Treasurer, and the execution thereof by the Chairman, the Executive Director or the Treasurer (each, an Authorized Officer) shall be conclusive evidence of such approval: (a) Indenture of Trust,by and between the Authority and U.S. Bank Trust National Association, as trustee, authorizing the issuance of the Bonds and prescribing the terms and conditions thereof. (b) Escrow Agreement, by and between the Authority and U.S. Bank .trust National Association, as trustee for the 1993A Bonds, providing for the deposit and application of funds for the purpose of refinancing the 1993A Bonds. RESOLUTION NO.991 397 (c) Bond Purchase Contract, by and between the Authority, and the County,relating to the purchase of the 1999 Reassessment Bonds by the County. The Board of Directors hereby authorizes and directs an Authorized Officer to execute, and the Secretary to attest and affix the seal of the Authority to, the final form of each of the foregoing documents. The Board of Directors hereby authorizes the delivery and performance by the Authority of each of the foregoing documents. Section 3. Sale of Bonds. The Board of Directors hereby approves the sale of the Bonds by negotiation with E. Wagner & Associates, Inc. (the Underwriter), and the selection of E. Wagner&Associates, Inc. as Underwriter is hereby approved by this Board. The Bonds shall be sold pursuant to a Bond Purchase Agreement (the Bond Purchase Agreement) by and between the Authority and the Underwriter in the form on file with the Secretary, together with any changes therein or additions thereto approved by the Treasurer, provided that the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such additions and changes. The Bond Purchase Agreement shall be executed in the name and on behalf of the Authority by the Treasurer upon submission of a proposal by the Underwriter to purchase the Bonds; provided, however, that such proposal is acceptable to the Treasurer and is consistent with the requirements of this Resolution. The amount of Underwriters discount shall be not more than 1.25 percent of the par amount of the Bonds and the true effective rate of interest to be borne by the Bonds (taking into account any original issue discount on the sale thereof) shall not exceed six percent(6%)per annum. Section 4. Official Statement. The Board of Directors hereby approves, and hereby deems nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, the preliminary Official Statement describing the Bonds in substantially the form on file with the Secretary. The Treasurer is hereby authorized to execute an appropriate certificate stating the Board of Directors determination that the Preliminary Official Statement has been deemed nearly final within the meaning of such Rule. Distribution of the preliminary Official Statement in connection with the sale of the Bonds is hereby approved. The Treasurer is hereby authorized and directed to approve any changes in or additions to a final form of said Official Statement, and the execution thereof by the Treasurer shall be conclusive evidence of the approval of any such changes and additions. The Board of Directors hereby authorizes the distribution of the final Official Statement by the purchaser of the Bonds. The final Official Statement shall be executed in the name and on behalf of the Authority by the Treasurer. Section 5. Appointment of Bond Counsel. The firm of Jones Hall, A Professional Law Corporation is hereby appointed as Bond Counsel in connection with the Bonds, and the Board of Directors hereby authorizes the Authorized Officers, each acting alone, to execute, and the Secretary to attest, an Agreement For Legal Services with said firm in the form on file with the Treasurer. Section 6. Official Actions. The Chairman, the Executive Director, the Treasurer, the Secretary, the Authority Attorney 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 RESOLUTION NO.99/ 397 things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the issuance and sale of the Bonds and any of the other transactions contemplated by the documents approved pursuant to this Resolution, including the registration of the Reassessment Bonds in the name of the 'Trustee. Whenever in this resolution any officer of the Authority is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. Vection 7. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. RESOLUTION NO.99/397