HomeMy WebLinkAboutRESOLUTIONS - 10172007 - CHECKME (111) RESOLUTION NO. 2 8 9 v
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY
OF CONTRA COSTA, STATE OF CALIFORNIA, AS AND CON-
STITUTING THE BOARD OF DIRECTORS OF CONTRA COSTA
COUNTY SANITATION DISTRICT NO. 7-B, PROVIDING FOR
THE ISSUANCE OF $200,000 PRINCIPAL AMOUNT OF
"CONTRA COSTA COUNTY SANITATION DISTRICT NO. 7-B
1964 BONDS" ; PRESCRIBING THE DATE AND FORM OF SAID
BONDS AND OF THE COUPONS TO BE ATTACHED THERETO;
FIXING THE MAXIMUM RATE OF INTEREST ON SAID BONDS,
AND PRESCRIBING THE MATURITIES THEREOF; AUTHORI-
ZING THE EXECUTION OF SAID BONDS AND COUPONS ;
PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL
AND INTEREST THEREOF; AND DIRECTING NOTICE OF SALE
OF SAID BONDS TO BE GIVEN
WHEREAS, all the requirements of law have been
complied with in calling and holding the special bond
election held in Contra Costa County Sanitation District
No. 7-B (hereinafter called the "district") on April 30, 1963o
at which election the measure to issue bonds of the dis-
trict in the principal sum of $200,000 for the objects and
purposes hereinafter stated was submitted to the voters of
the district ; and the Board of Supervisors of the County of
Contra Costa, as and constituting the Board of Directors of
the district, did duly and regularly canvass the returns of
2898
1 ��
said election and did as the result of such canvass deter-
mine and declare, and do hereby certify that said measure
received at said special bond election the affirmative vote
of two-thirds of all of the voters voting on said measure
at said election and was thereby carried and adopted by said
election, and the issuance of said bonds by the district
was duly authorized;
Now, THEREFORE, BE 1T RESOLVED, ORDERED AND DECLARED
by the Board of Supervisors of the County of Contra Costa as
and constituting the Board of Directors of Contra Costa County
Sanitation District No. 7-B, as follows:
Section 1. This Board has reviewed all proceedings
heretofore taken and has found as a result of such review
and does hereby determine that all acts, conditions and things
required by law to exist , happen and be performed precedent
to and in theissuance of said bonds have existed, happened
and been performed in due time, form and manner as required
by law, and the district is now authorized pursuant to each
and every requirement of law to incur indebtedness in the
manner and form as in this resolution provided.
Section 2. Bonds of the district shall issue to
pay the cost of the acquisition, construction and completion
of the improvement set forth in the following proposition, to
wit:
MEASURE: Shall the Contra Costa County
Sanitation District No. 7-B
incur a bonded indebtedness in the princi-
pal amount of $200,000 for the object and
purpose of constructing; a sewage pump
station, interceptor sewer line and
expanded sewage treatment plant facilities?
!t 2898
2 2/
Section 3. Said bonds shall be issued as herein-
after yet forth, and shall be sold in accordance with law at
notless than their par value and accrued interest . Said
bonds shall be $200,000 in aggregate principal amount and
shall be known as "Contra Costa County Sanitation District
No. 7-3 1964 Bonds" . Said bonds shall be negotiable in
form, and of the character known as serial, and shall be
numbered consecutively from 1 upwards in order of maturity.
Said bonds shall all be of the denomination of $1,000 or
$5,000 as determined by the Board of Supervisors at the
time of the sale of the bonds . Said bonds shall be dated
May 11 1964 (which is hereby fixed and determined to be the
date of the issue of said bonds) . All of said bonds shall
bear interest from their date until paid at the rate or
rates designated by the Board of Supervisors of the County
of Contra Costa as and constituting the Board of Directors
of the district, at the time of the sale of said bonds, but
not to exceed six ( 6) per cent per annum, payable annually
the first year and semiannually thereafter. Such interest
shall be evidenced by coupons attached to each bond, and
each of said coupons shall represent six months ' interest
( except the first coupon which shall represent twelve months '
interest) on the bond to which it is attached. Said interest
coupons shall be payable on the 1st day of May and the 1st
day of November in each year until and at the respective dates
of maturity of said bonds (except the first coupon on each
bond which shall be payable on I+;ay i, 1965) , Said bonds
shall mature and be payable in consecutive numerical order,
from lower to higher, as follows :
► 2898
3
3
I�
Principal I�laturity Date Principal i,iaturity Date
Amount (;iay 1) Amount (iIay 1)
$59000 1967 $10,000 1978
5,000 1968 100000 1979
51000 1969 10,000 1980
5,000 1970 100000 1981
5,000 1971 100000 1982
59000 1972 10, 000 1983
5,000 1973 100000 1984
100000 1974 10,000 1985
101000 1975 15,000 1986
10,000 1976 15,oao 1987
10,000 1977 15,000 1988
Both the principal of and interest on said bonds shall be
payable out of the bond Interest and Redemption Fund of the
District at the office of the Treasurer of the County of
Contra Costa, in Ptartinez, California, in lawful money of the
United States of America.
Section 4 . Said bonds and coupons shall each be substan—
tially in the following form, the blanks in said forms to be
filled with appropriate words or figures, namely :
1► 2$ 98
4
ti��l
UNITED STATES OF' AMERICA
STATE OF CALIFORNIA
Contra Costa County
CONTRA COSTA COUNTY SANITATION DISTRICT NO. 7-B 1964 BOND
No. $
CONTRA COSTA COUNTY SANITATION DISTRICT NO. 7-B, in
the County of Contra Costa, State of California, a county
sanitation district organized and existing under the
Constitution and laws of the State of California, hereby
acknowledges itself indebted and for value received promises
to pay to the bearer (or if this bond is registered, to the
registered holder hereof) on the lst day of May, 19_, the
principal sum of
THOUSAND DOLLARS
($ ) together with interest thereon from the date
hereof at the rate of per cent ( % ) per annum
until payment of said principal sum in full—. payable annually
the first year on May 10 1965, and semiannually thereafter on
the lst day of May and the lst day, of November of each year.
Unless this bond is registered such interest, prior to
maturity, shall be payable only on presentation and surrender
of the proper interest coupons hereto attached as they
respectively become due. Both the principal of and interest
on this bond are payable in lawful money of the United States
of America out of the Bond Interest and Redemption Fund of
said District at the office of the Treasurer of the County of
Contra Costa, in Martinez, California.
This bond is one of a duly authorized issue of bonds of
said District aggregating Two Hundred Thousand Dollars
( $200,000) in principal amount , all of like tenor and date
(except for such variations , if any, as may be required to
designate varying numbers, maturities or interest rates) and
is issued under and pursuant to the Constitution and statutes
of the State of California, and under and pursuant to the
proceedings of said District duly taken, and a vote of two-
thirds of all the qualified electors of said District voting
at a special election duly called and held for that purpose.
It is hereby certified, recited and declared that all
acts, conditions and things required by law to exist, happen
and to be performed precedent to and in the issuance of this
bond have existed, happened and been performed in due time,
form and manner as required by law, and that the amount of
this bond, together with all other indebtedness of said Dis-
trict , does not exceed any limit prescribed by law, and that
provision has been made as required by law for the levy and
collection of an annual tax upon the taxable real property
in said District sufficient to pay the principal of and
interest on this bond as the same become due. The full
faith and credit of said District are hereby pledged for the
punctual payment of the principal of and interest on this bond.
W 2898
5 �,i�
This bond may be registered in the manner provided by
law and thereafter the principal hereof and interest hereon
shall be payable only to such registered owner.
IN WITNESS WHEREOF, the District Board has caused this
bond to be signed by its Chairman and countersigned by the
County Auditor of the County of Contra Costa, ex-officio Auditor
of Contra Costa County Sanitation District No. 7-3, with the
seal of said District Board affixed, and has caused the interest
coupons attached hereto to be signed by said Auditor, and this
bond to be dated the lst day of May, 1964.
Chairman of the Board of aupery=ors
of the County of Contra Costa, as
and constituting the Chairmai, of the
Board of Directors of Contra Costa
County Sanitation District No. 7-8
Countersigned:
County Auditor of the County
of Contra Costa, ex-officio
Auditor of Contra Costa
County Sanitation District No, 7-B
(Form of Coupon)
Coupon No.
On the lst day of , 19
The Treasurer of the County of Contra Zosta,
State of California, will (unless the within
mentioned bond be registered) pay to the
bearer out of the bond Interest and Redemp-
tion Fund of Contra Costa County Sanitation
District No. 7-B, at his office in Martinez,
in said County and State, the sum shown hereon $
in lawful money of the United States of
America, being interest then due on 1964 Bond No.
of said District dated May 1, 1964 .
County Auditor of the County of
Contra Costa, ex officio Auditor
of Contra Costa County Sanitation
District No. 7-B
1l 2898
6
G�1
section 5. ane Chairman of the Board of Supervisors
of the County of Contra Costa, as and constituting the Chairman
of the Board of Directors of the district, is hereby authorized
and directed as such officer to sin each of said bonds on be-
half of the district, and the County Auditor of the County of
Contra Costa, as the ex-officio Auditor of the district , is
hereby authorized and directed to countersign each of said
bonds and to affix the seal of said District Board thereto.
Said Chairman is hereby authorized to cause said bonds to be
signed by his printed, lithographed, engraved, or otherwise
mechanically reproduced facsimile signature. Said seal of
said District Board may be printed, engraved, stamped or other-
wise placed in facsimile on said bonds . Said Auditor is hereby
authorized and directed to sign each of the interest coupons
by his printed, lithographed, engraved, or otherwise mechani-
cally reproduced facsimile signature. Such signing, counter-
signing and sealing as herein provided shall be a sufficient
and binding execution of said bonds and coupons by the district .
If any officer whose signature or countersignature appears on
the ponds o r coupons ceases to be an officer before the
delivery of the bonds to the purchaser, his signature or counter-
signature shall be as valid as if he had remained in office until
the delivery of the bonds .
Section 6. For the purpose of paying the principal of and
interest on said bonds , the Board of Supervisors of the County
of Contra Costa, as and constituting the Board of Directors of
the district , shall annually at the time and in the manner for
levying other county taxes, levy and cause to be collected a
0! 2898
7
tax upon the taxable real property in the district , based
upon the last equaliLed assessment roll of the County of
Contra Costa, sufficient to pay the interest on said bonds
for that year and such portion of the principal thereof as is
to become due before the time for making the next general tax
levy. Said tax shall be collected at the time and in the
same manner as the general tax levy for county purposes , and
when collected shall be paid into the treasury of the County
of Contra Costa to the credit of the fund for which the same
was levied and collected and which is hereby created and
established and shall be designated "Bond Interest and
Redemption Fund of Contra Costa County Sanitation District
No. 7-B" , and said tax shall be used for the payment of the
principal of and interest on said bonds and fur no other purpose.
The principal and interest of said bonds shall be paid
by the Treasurer of the County of Contra Costa in the manner
now or hereafter provided by law for the payment of principal
and interest on the bonds of said County of Contra Costa and
from the moneys collected from the levy and collection of the
Lax hereinbefure provided. The Board of Directors of the
district shall furnish to the Board of Supervisors of the
County of Contra Costa annually, at least fifteen days before
the first day of the month in which it is required by law to
levy the amount of taxes required by law for county purposes,
a written statement of the amount necessary to pay the interest
on said bonds for that year and such portion of the principal
thereof as may become due before the time for making the next
annual general tax levy in said County of Contra Costa, and it
shall be the duty of said Board of Supervisors in any event to
2898
B �l�
ascertain the amount necessary to pay the interest on said
bonds and such portion of the principal thereof that is to
become due before the time for making the next general tax levy
and to levy and cause to be collected a tax in any amount clearly
sufficient to pay the principal of and interest on each and all
of said bonds so long as the same shall be outstanding.
Section 7 . Said 'bonds shall be issued and sold at not
less than their par/ value and the proceeds of such sale shall
be placed in the treasury of the County of Contra Costa. All
premiums and accrued interest received upon such sale shall be
paid into the said Bond Interest and Redemption Fund of the
district and shall be used for the payment of the principal
of and interest on said 'ponds, and the remainder of the pro-
coeds of such sale shall be paid into the construction fund
of the district, which is hereby created and established to be
known as "Contra Costa County Sanitation District No. 7-B
Construction Fund" , which shall be kept by the Treasurer of
the County of Contra Costa, and proper records of the trans-
actions shall be placed upon the books of said Treasurer, as
and constituting the Treasurer of the district . The moneys
in said construction fund shall be applied exclusively to the
objects and purposes mentioned in the resolution calling said
special bond election at which the issuance of said bonds was
authorized. Payments from said construction fund shall be
made upon demands allowed by said District Board and prepared,
presented and audited in the same manner as demands upon the
funds of the County of Contra Costa. When said purposes and
objects mentioned in said resolution calling said election shall
have been accomplished, any moneys remaining in said construction
2898
9 �'4�
fund shall be transferred to said Bond Interest and Redemp-
tion Fund and be used for the payment of the principal of
and interest on said bonds .
Section 8. The County Clerk of the County of Contra
Costa as and constituting the Clerk of this Board of Directors
is hereby directed to cause to be printed, lithographed or
engraved a sufficient number of blank bonds and coupons and to
cause the blank spaces thereof to be filled in to comply with
this resolution and order and to procure their execution by
the proper officers, and when so executed to deliver them to
the Treasurer of said County, who shall safely keep the same
until they shall be sold by this Board of Directors, whereupon
he shall deliver them to the purchaser or purchasers thereof
upon receipt of the purchase price. Said Chairman and
Auditor are further authorized and directed to make, execute
and deliver to the purchaser of said bonds a signature and
no-litigation certificate in the form customarily required by
purchasers of bonds of public districts, certifying to the
genuineness and due execution of said bonds and further certify-
ing to all facts within their knowledge relative to any liti-
gation which may or might affect said district, said officers
or said bonds . Said Treasurer of said County is further
authorized and directed to make, execute and deliver to the
purchaser of said bonds a Treasurer's receipt in the form
customarily required by purchasers of bonds of public districts,
evidencing the payment of the purchase price of said bonds,
which receipt shall be conclusive evidence that said purchase
price has been paid and has been received by the district . Any
purchaser or subsequent taker or holder of said bonds is hereby
2898
10 f�
�ti1
authorized to rely upon and shall be justified in relying
upon any such signature and no-litigation certificate and
any such Treasurer's receipt with respect to said bonds exe-
cuted pursuant to the authority of this resolution.
Section 9. Said bonds shall be offered for public
sale by the Board of Supervisors of the County of Contra
Costa, California, as and constituting the Board of Directors
of Contra Costa County Sanitation District No. 7-B, on the
28th day of April, 1964 , and the County Clerk is hereby
authorized and directed to cause notice of the sale of said
bonds to be published once in fikX The Post Dispatch , a
newspaper of general circulation in the district , and such
notice shall be substantially in the following form, to wit:
11 2898
�1
OFFICIAL NOTICE OF SALE
CONTRA COSTA COUNTY SANITATION DISTRICT No. 7-B 1964 BONDS
NOTICE IS HEREBY GIVEN that sealed proposals will be
received by the Board of Supervisors of the County of Contra
Costa, State of California, as and constituting the Board of
Directors of Contra Costa County Sanitation District No. 7-B,
at the chambers of the Board of Supervisors , Hall of Records,
Martinez, California, on
TUESDAY, APRIL 28, 1964
at the hour of 11 : 00 A.M. (Cal. D.S.T. ) for the purchase of
$200,000 principal amount of bonds of said District designated
"Contra Costa County Sanitation District No. 7-B 1964 Bonds" ,
more particularly described below.
numbered from
ISSUE AND $2009000 1 consecutively upwards
DENOMINATION : in order of maturity. The bonds shall all
be of one denomination of $1,000 or $5,000 as
specified in the bid of the successful bidder.
If the bid of the successful bidder fails to specify the denomin-
ation of the bonds they will all be issued in the denomination
of $1,000. Bonds of either denomination will not be convert-
ible into bonds of the other denomination.
REGISTRATION : The bonds are registrable only as to both
principal and interest. After being regis-
tered a bond may be transferred only by registration in the
name of the new owner. Registered bonds are not convertible
into coupon bonds .
DATE : All of said bonds are dated May 1, 1964 .
MATURITIES : Said bonds mature serially in consecutive
numerical order, from lower to higher (without
option of prior payment ) as follows :
Maturity Date
Principal (May 1) Principal Maturity Date
Amount (All years inclusive) Amount (May 1)
$50000 1967 $100000 1978
59000 1968 100000 1979
51000 1969 106000 1980
5,000 1970 100000 1981
5,J00 1971 100000 1982
51000 1972 109000 1983
50000 1973 100000 1984
l0,U00 1974 100000 1985
100000 1975 150000 1986
102000 7.976 159000 1987
'10,000 1977 15,000 1988
12
2898
�2/11
INTEREST RATE: Maximum six ( 6) per cent per annum, payable
annually the first year on May 1, 1465, and
semiannually thereafter on May 1 and
November 1 in each year. Bidders must specify the rate of
interest which the bonds hereby offered for sale shall bear.
Bidders will be permitted to bid different rates of interest
and to split rates irrespective of the maturities of said
bondsexcept that the differential between the highest and
lowest interest rates named in any bid shall not exceed 1%
and that no bond may bear more than one rate of interest or
more than one coupon to evidence any interest payment. The
interest rate stated in each bid must be in multiples of 1/8
or 1/20 of 1% per annum, payable as aforesaid.
PAYMENT: Both principal and interest are payable in
lawful money of the United States of America
at the office of the Treasurer of the County of Contra Costa,
in Martinez, California.
EXECUTION : Coupon bonds will be issued by the District .
Said bonds will be executed by the manual signa-
ture of at least one official authorized to execute the bonds .
PURPOSE OF Said bonds are authorized by vote of two-thirds
ISSUE: of the qualified voters voting at a special
bond election held in said District for the
purpose of authorizing bonds for the construction of a sewage
disposal system for said District.
SECURITY: Said bonds are general obligations of said
District, and the Board of Supervisors of
Contra Costa County, as and constituting the
Board of Directors of said District, has power and is obligated
to levy an annual tax upon the real property in said District
subject to taxation by said District, without limitation of
rate of amount, for the payment of said bonds and the interest
thereon.
TAX EXEMPT In the event that prior to the delivery of
STATUS : the bonds the income received by private holders
from bonds of the same type and character shall
be declared to be taxable under any federal income tax laws,
either by the terms of such laws or by ruling of a federal income
tax authority or official which is followed by the Internal
Revenue Service, or by decision of any federal court, the success-
ful bidder may, at his option, prior to the tender of said bonds
by the District, be relieved of his obligation under the contract
to purchase the bonds and in such case the deposit accompanying
his bid will be returned.
LEGAL OPINION: The legal opinion of Messrs Orrick, Dahlquist,
Herrington & Sutcliffe, of San Francisco,
California, approving the validity of said bonds,
will be furnished to the successful bidder without charge. A
copy of the legal opinion certified by the official in whose
office the original is filed, will be printed on each bond without
charge to the successful bidder.
2898
13 i3
�i
TERMS OF SALE
Highest Bid The bonds will be awarded to the highest
bidder considering the interest rate or rates
specified and the premium offered, if any. The highest bid
will be determined by deducting the amount of the premium bid
( if any) from the total amount of interest which the District
would be required to pay from the date of said bonds to their
respective maturity dates at the coupon rate or rates specified
In the bid, and the award will be made on the basis of the
lowest net interest cost to the District . The purchaser must
pay accrued interest from the date of the bonds to the date of
delivery. Accrued interest will be computed on a 360-day year
basis. The cost of printing the bonds will be borne by the
District .
Right of The Board of Supervisors of Contra Costa
Rejection County, as and constituting the Board of
Directors of said District, reserves the right,
in its discretion, to reject any and all bids and to waive any
irregularity or informality in any bid.
Prompt Said Board of Supervisors , as and constituting
Award said Board of Directors , will take action award-
ing the bonds or rejecting all bids not later
than 24 hours after the expiration of the time herein prescribed
for the receipt of proposals unless such time of award is waived
by the -successful bidder.
Prompt Delivery of said bonds will be made to the
Delivery successful bidder at the office of the Treasurer
of Contra Costa County , at !Martinez, California,
as soon as the bonds can be prepared, which it is estimated will
be within 30 days from the date of sale thereof, but not prior
to the date of said bonds.
Right of The successful bidder shall have the right , at
Cancellation his option, to cancel the contract of purchase
if the District shall fail to tender the bonds
for delivery within sixty ( 60) days from the date of sale thereof,
and in such event the successful bidder shall be entitled to the
return of the deposit accompanying his bid.
Form of Bid All bids must be for not less than all of the
bonds hereby offered for sale, and for not less
than the par value thereof and accrued interest to date of
delivery. Each bid, together with bidder's check, must be en-
closed in a sealed envelope addressed to the Board of Supervisors
of Contra Costa County, as and constituting the Board of Directors
of Contra Costa County Sanitation District No. 7-B and endorsed
"Proposal for Contra Costa County Sanitation District No. 7-B
1964 Bonds" .
14
�tr 2898
Bid Check With each bid must be submitted a certified
check or cashier's check for $1,000 drawn on
a bank or trust company transacting business in the State of
California, payable to the order of the Treasurer of Contra
Costa County , to secure said District from any loss resulting
from the failure of the bidder to comply with the terms of his
bid. In addition, biduers are requested (but not required)
to supply an estimate of the total net interest cost to the
District on the basis of their respectve bids , which shall be
considered as informative only and not binding on either the
bidder or the District . Checks of all bidders (except the
successful bidder) will be returned by the District by mail
promptly following the sale date above specified. 114c inter—
est will be paid upon the deposit made by the successful bidder.
Official An official statement relating to the bonds
Statement and to the financial condition of said District
will be furnished to any bidder upon request
to Schwabacher & Co. , 100 I+lontgomery Street , San Francisco,
California, financial consultants to the District .
There is no controversy or litigation pending
concerning the validity of the above issue, the corporate
existence: of the District, or the title of the officers thereof
to their respective offices, and the District will furnish
to the successful bidder a no—litigation certificate certifying
to the foregoing as of and at the time of the delivery of the
bonds.
Dated: April 7, 1964 .
W. T. PAASC—ff
County Clerk and ex—officio Clerk of
the Board of Supervisors of Contra
Costa County and of the Board of
Directors of Contra Costa Sanitation
District No. 7—B
1 , 2898
�5 15
17
PASSED AND ADOPTED this 7th day of April, 1964 ,
by the following vote :
AYES: Directors James P. Kenny, Thomas John Coll,
Joseph S. Silva, Edmund A. Linscheid.
NOES : None .
ABSENT: Director Mel F. Nielsen .
Edmund A. Linscheid
Chairman of the Board of Supervisors
of Contra Costa County, as and con-
stituting the Chairman of the Board
of Directors of Contra Costa County
Sanitation District No. 7-B
Attest :
W. T. PAASCH
County Clerk and ex-o 0 oer
of the Board of Supervisors of
Contra Costa County and of the
Board of Directors of Contra Costa
County Sanitation
District No. 7-B
lerkBy Lo�row`e,D
28 9 8
16
I��1
CLERK'S CERTIFICATE
I, W. T. FAASCII, County Clerk of Contra Costa County
and ex-officio Clerk of the Board of Directors of Contra
Costa County Sanitation District No. 7-B, do hereby certify
that the foregoing is a full, true and correct copy of a
resolution adopted at a regular meeting of the Board of
Supervisors of said County as and constituting the Board of
Directors of said District , duly and regularly and legally
held at the regular meeting place thereof on the 7th day of
April, 1964, of which meeting all of the members of said Board
had due notice and at which a majority thereof was present ;
that at said meeting said resolution was introduced by Director
Silva , and read in full, and was thereupon, upon
motion of Director Silva , seconded by Director
Coli , adopted by the following vote :
AYES: Directors James P. Kenny, Thomas John Coll,
Joseph S. Silva, Edmund A. Linscheid.
NOES : None.
ABSENT: Director Mel F. Nielsen.
That I have carefully compared the same with the
original minutes of said meeting on file and of record in my
office , that said resolution is duly entered of record in
the minutes, that said resolution is a full, true and correct
copy of the original resolution adopted at said meeting and
entered in said minutes, that said resolution has not been
amended, modified or rescinded since the date of its adoption
and that the same is now in full force and effect.
WITNESS my hand and the seal of said Board this 7th
day of April, 1964 .
W. T. PAASO'
County er an ex-o c o Clerk of the
Board of Supervisors of Contra Costa
r� O n t3 County and of the Boa of Directors of
C7 7 c7 Contra Costa CounVmi�kh,
itat4on District
No. 7-B ! 17
By M. A. Deputy Clerk /