HomeMy WebLinkAboutMINUTES - 09101985 - 1.61 RESOLUTION OF THE BOARD OF SUPERVISORS
OF CONTRA COSTA COUNTY, STATE OF CALIFORNIA
RESOLUTION NO. 85/531
In the Matter of the Sale of the )
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Mt. Diablo Unified School District )
1966 School Bonds, Series F )
WHEREAS, the Board of Supervisors of the County of
Contra Costa, State of California (the "County" ) , has duly
authorized the issuance of $7, 160, 000 principal amount of
bonds of the Mt. Diablo Unified School District, designated
"1968 School Bonds, Series F" (the "Bonds" ) , and further duly
authorized the sale of the Bonds at public sale to the
highest bidder therefor; and
WHEREAS, notice of the sale of the Bonds was duly
given and no bids were received for the Bonds; and
WHEREAS, Bank of America National Trust and Savings
Association thereafter offered to purchase the Bonds to be
issued pursuant to Schedule C;
IT IS THEREFORE RESOLVED AND ORDERED BY THE BOARD
OF SUPERVISORS OF CONTRA COSTA COUNTY, AS FOLLOWS:
Section 1 . The Bonds shall be issued pursuant to
Schedule C, and said offer of Bank of America National Trust
and Savings Association for the Bonds to be issued pursuant
to said schedule is hereby accepted and the Treasurer of the
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• County is hereby authorized and directed to deliver the Bonds
to Bank of America National Trust and Savings Association,
San Francisco, California, as Paying Agent of the County for
the Bonds, for authentication and delivery to said purchaser
thereof upon payment to said Treasurer of the purchase price,
to wit: The par value thereof, together with accrued
interest at the following rates:
Principal Maturity Interest
Amount Date Rate
$3 , 500, 000 March 1, 1986 5%
3 , 660, 000 September 1, 1986 5
The Bonds shall mature in the principal amounts and at the
times hereinabove set forth, and shall bear interest at the
rate hereinabove set forth, payable semiannually on March 1
and September 1 in each year.
Section 2 . This Board of Supervisors, as issuer of
the Bonds, hereby covenants with the holders of all the Bonds
at any time outstanding that it will make no use of the
proceeds of the Bonds which would cause the Bonds to be
"arbitrage bonds" ,subject to federal income taxation by
reason of Section 103 (c) of the Internal Revenue Code of
1954. To that end, so long as any of the Bonds are
outstanding, the County shall comply with all requirements of
said Section 103 (c ) and the regulations of the United States
Department of the Treasury thereunder, to the extent that
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such requirements are, at the time, applicable to the Bonds
and in effect.
Section 3 . This resolution shall take effect
immediately after its passage and approval .
The foregoing resolution and order was passed and
adopted by the Board of Supervisors of Contra Costa County,
State of California, at its regular meeting held this 10th
day of September, 1985, by the following vote, to wit:
AYES : Supervisors Powers , McPeak, Torlakson , Fanden.
NOES: None .
ABSENT: Supervisor Schroder .
APPROVED:
T
Chairman othe Board of Supervisors
of C ntra Costa County
Attest: September 1.0, 1985
Phil Batchelor
Clerk of the Board of Supervisors
of Contra Costa County
By: -2-1U6115Z
( Seal ) Deputy' Clerk
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I , Jeanne O . ,Ma lio Deputy Clerk of the Board of
Supervisors of Contra Costa County and Chief Clerk of the
Office of the Clerk of the Board, do hereby certify that the
foregoing -is a full , true and correct copy of the resolution
passed and adopted by the Board of Supervisors of said County
at a regular meeting held on September 10 , 1985 , and that said
resolution is now spread upon the minutes of said Board.
[l;r�
ChXet Clerk of the Boaed 0
Supervisors of Contra Costa
County.
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1 .. MT. DIABLO UNIFIED SCHOOL DIST. RES 85/531
2 . SCHOOL BONDS SERIES F AUTH SALE 1968
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