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HomeMy WebLinkAboutMINUTES - 08161988 - 1.57 RESOLUTION NO. 88/543 RESOLUTION DETERMIYTNG ASSESS4ENTS REMRINI dG UNP2%ID ASSESSMENT DISTRICT NO. 1986-1; HIDDEN POND ROAD The Board of Supervisors of the County of Contra Costa resolves: The County Treasurer has filed a list of all payments received on account of assessments levied in Assessment District No. 1986-1, Hidden Pond Road, Contra Costa County, California, and a list of all assessments or portions of assessments unpaid after thirty (30) days following the recordation of the assessments. A copy of the Paid and Unpaid List is attached to this resolution as Exhibit A and included in it. The Board of Supervisors shall issue improvement bonds under the provisions of the Improvement Bond Act of 1915 of the State of California upon the security of the assessments shown as unpaid on the attached list. The Clerk of the Board shall transmit a copy of this resolution to the County Auditor. The County Auditor is requested to comply with the provisions of Section 8682 of the Streets and Highways Code in the collection of installments of these assessments on the assessment roll for taxes. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 16th day of August, 1988 . ATTEST: August 16, 1988 PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By J. 0* 41 i 0 Deputy Clerk cc: Sturgis, Ness, Brunsell & Sperry (2) Auditor-Controller PAID AND UNPAID LIST OF ASSESSMENTS IN ASSESSMENT DISTRICT NO. 1986-1, HIDDEN POND ROAD I HEREBY CERTIFY that the attached list of Paid and Unpaid Assessments correctly reflects (1) all amounts received by me on account of assessments in Assessment District No. 1986-1, Hidden Pond Road, Contra Costa County, California, within thirty (30) days after the assessments became due and payable and (2) all amounts remaining unpaid on each of the assessments in Assessment District No. 1986-1, Hidden Pond Road. Executed at Martinez,' -California, on August 16, 1988 . ALFRED P. LOMELI, County Treasurer, Contra Costa County, California By EXHIBITA PAID AND UNPAID LIST: PAGE 1 ASSESSMENT DISTRICT NO. 1986-1 , HIDDEN POND ROAD CONTRA COSTA COUNTY, CALIFORNIA ------------------------------------------------------------------------------- ASSESSMENT NUMBER AMOUNT PAID CREDITED UNPAID ------------------------------------------------------------------------------- 1 $261 ,972.32 $ . 00 $ . 00 $261 ,972. 32 2 583 ,099.68 . 00 . 00 583 , 099.68 $845 , 072.00 $ . 00 $ . 00 $845 , 072.00 RESOLUTION NO. 88/544 RESOLUTION AUTHORIZING ISSUANCE OF BONDS ASSESSMENT DISTRICT NO. 1986-1, HIDDEN- POND ROAD The Board of Supervisors of the County of Contra Costa resolves: Section 1. RECITALS. On April 12 , 1988, the Board of Supervisors of the County of Contra Costa adopted its resolution of intention to order improvements in Assessment District No. 1986-1, Hidden Pond Road, Contra Costa County, California, under the provisions of the Municipal Improvement Act of 1913 (the "Act") , as amended. Proceedings taken under the Act led to the levy of a special assessment by the Board of Supervisors against parcels of land within the assessment district in the total amount of $845, 072 . 00. These assessments have been recorded in the office of the County Recorder of the County of Contra Costa, and thereupon became a lien on each parcel assessed. The period within which parcel owners might pay their assessments in cash without interest expired on August 1, 1988. Section 2 . ISSUANCE OF BONDS. The Board of Supervisors hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Bond Act of 1915 to represent unpaid assessments in the amount of $845, 072. 00. The bonds shall be designated, "Limited Obligation Improvement Bond, County of Contra Costa, Assessment District No. 1986-1, Hidden Pond Road, Series No. 1986-1. " Bonds shall be issued in denominations of $5000 or integral multiples thereof, except for Bond No. 1, which may be an ' odd amount, and shall be dated September 6, 1988 . Bonds shall mature and shall bear interest at the rates set forth in the table attached as Exhibit A. cc: Bank of America National Trust & Savings Assn. Sturgis, Ness, Brunsell , & Sperry (2) Section 3 . APPOINTMENT OF PAYING AGENT, REGISTRAR AND TRANSFER AGENT. The Board of Supervisors hereby appoints the Bank of America, National Trust and S-Wings Association as paying agent, registrar and transfer agent for the bonds in accordance with an agreement between the County of Contra Costa and Bank of America. Section 4 . FORM AND EXECUTION. Bonds shall be issued as fully registered bonds substantially in the form set forth as Exhibit B to this resolution. The bonds shall be signed by the County Treasurer and the Clerk of the Board of Supervisors and the seal of the County shall be affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar. The paying agent shall assign to each bond authenticated and registered by it a distinctive letter, or number, or letter and number, and shall maintain a record thereof which shall be available to the County for inspection. Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of- bonds and payment of interest and principal on the bonds, there are hereby established five funds to be known as the improvement fund, the redemption fund, the investment earnings fund, the excess investment earnings fund and the special reserve fund, respectively, for Assessment District . No. 1986-1, Hidden Pond Road, Contra Costa County, California. Section 5. 1. IMPROVEMENT FUND. Except as provided in Section 5. 3 , proceeds of sale of the bonds, together with all amounts paid on the assessments prior to bond issuance, shall be deposited in the improvement fund to be maintained by the County Treasurer. Disbursements from the improvement fund shall be made by the County Treasurer in accordance with the budget of estimated 2 costs and expenses set forth in the engineer's report heretofore approved by the Board of Supervisors, which report and budget are subject to modification by the Board from time to -time as', prescribed by the Act. Section 5. 2 . REDEMPTION FUND. The redemption fund shall be maintained by the County Treasurer.. All payments of principal and interest installments on the assessments, together with penalties, if any, shall be deposited in the redemption fund, which shall be a trust fund for the benefit of the bondholders. Payment of the bonds at maturity, or at redemption prior to maturity, and all interest on the bonds .shall be made from the redemption fund. Section 5. 3 . SPECIAL RESERVE FUND. The special reserve fund shall be maintained by the County Treasurer. There shall be deposited into the special reserve fund the amount of $25, 352 . 28 from the proceeds of the sale of bonds. A. During the term of- the bonds, the amount in the special reserve fund shall be available for transfer into the redemption fund in accordance with Section 8808 of the Streets and Highways Code. The amount so advanced shall be reimbursed to the special reserve fund from the proceeds of redemption or sale of the parcel for which payment of delinquent assessment installments was made from the special reserve fund. B. If any assessment is prepaid before final maturity of . the bonds, the amount of principal which the assessee is required to prepay shall' be reduced by an amount which is in the same ratio to the original amount of the special reserve fund as the original amount of the prepaid assessment bears to the total amount of assessments originally levied in Assessment District No. 1986-1, Hidden Pond Road. This reduction in the amount of principal prepaid shall be balanced by a transfer from the special reserve fund to the 3 redemption fund in the same amount. C. The amounts deposited in the reserve fund will never exceed 10% of the proceeds of the bond issue. Proceeds of investment of the special reserve fund shall be deposited in the investment earnings fund. D. When the amount in the special reserve fund equals or exceeds the amount required to retire the remaining unmatured bonds (whether by advance retirement .or otherwise) , the amount of the special reserve fund shall be transferred to the redemption fund, and the remaining installments of principal and interest not yet due from assessed property owners shall. be cancelled without payment. Section 5.4 . INVESTMENT EARNINGS FUND. Proceeds of the investment of amounts in the improvement fund, the special reserve fund and the redemption fund will be deposited in the investment earnings fund. On July 1 of each year during the term of the bonds (or at other times as may be required or permitted by regulations of the United States Internal Revenue Service) , the Treasurer shall determine whether any portion of investment earnings must be rebated to the United States pursuant to Section 148 of the United States Internal Revenue Code and regulations adopted thereunder. Any amounts required to be rebated will be transferred to the excess investment earnings fund, and the balance will be transferred to the improvement fund (or, upon completion of the improvement, to the redemption fund to be applied as credit to the next installment of principal and interest collected from owners of assessed land) . The County Treasurer is authorized to retain independent attorneys, accountants and other consultants to assist in complying with Federal requirements. Section 5. 5. EXCESS INVESTMENT EARNINGS - FUND. Amounts in the excess investment earnings fund shall be invested in the same 4 manner as amounts in the other funds and shall be held in trust for rebate to the United States at the times required by Section 148 of the United States Internal Revenue Code and regulations adopted i thereunder. Section Q. PAYMENT -ON BONDS. The principal and interest on the bonds shall be payable at the office of the Bank of America National Trust and Savings Association, Corporate Agency Division, P.O. Box 37000, San Francisco, California 94137. Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each bond at the owner's address appearing on the register. maintained by the registrar on the 15th day preceding the date of interest payment or maturity of each bond. Section 7. REREGISTRATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond and delivering the bond to the registrar. Upon reregistration, any bond may be replaced by one or more bonds of the same maturity and aggregate amount in denominations of $5000 or any integral multiple thereof. Section 8. COVENANTS. In the event of a default in the payment of any bond or any installment of interest thereon, bondholders shall have the remedies set forth in the Improvement Bond Act of 1915. In addition, the Board of Supervisors makes the following covenants, which shall constitute a contract with the bondholders: Section 8 . 1. FORECLOSURE OF LIENS. If any installment of principal or interest of any assessment levied in Assessment District No 1986-1, Hidden Pond Road, becomes delinquent, the Board of Supervisors shall cause an action to be filed in the Superior Court of the County of Contra Costa to foreclose the lien of the delinquent assessment under the authority of Section 8830 and 5 following of the Streets and Highways Code of the State of California. This action shall be filed not later than one . hundred fifty (150) days after the date of delinquency. Section 8.2 . ARBITRAGE. During the term of the bonds, the County will make no use of bond proceeds which, if such use had been reasonably expected at the date the bonds are issued, could have caused the bonds to be "arbitrage bonds" within the meaning of Section 148 of the United States Internal Revenue Code of 1986,. and regulations of the Internal Revenue Service adopted thereunder, and further shall rebate to the United States any amounts actually earned as arbitrage in accordance with the provisions of that Code and those regulations. Section 8. 3 . MAINTENANCE OF TAX EXEMPTION. The County will take all reasonable actions required to maintain the status of the bonds as bonds exempt from federal income taxes and State of California personal income taxes. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 16th day of August, 1988 . AYES: Supervisors Powers, Fanden, McPeak, Torlakson, Schroder NOES: None ABSENT: None ATTEST: August 16, 1988 PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator • By S( , - � . 0. Maglio Deputy Clerk 6 MATURITY SCHEDULE CONTRA COSTA COUNTY, A.D. 1986-1 , Hidden Pond Road SEPT 2 MATURITY PRINCIPAL INTEREST DATE AMOUNT RATE 1990 $5 ,072.00 6. 50% 1991 20,000.00 6.75 1992 25,000. 00 7.00 1993 25 ,000. 00 7.20 1994 25,000. 00 7.40 1995 30,000.00 7. 50 1996 30,000.00 7.60 1997 30, 000.00 7.70 1998 35 , 000.00 7.80 1999 35 , 000.00 7.90 2000 40, 000.00 8. 00 2001 45, 000.00 8. 00 2002 45, 000. 00 8. 05 2003 50, 000. 00 8. 05 2004 55, 000. 00 8. 10 2005 60,000.00 8. 10 2006 65, 000. 00 8. 15 2007 70, 000. 00 8. 15 2008 75,000. 00 8. 20 2009 80,000. 00 8. 20 TOTAL: $845 ,072. 00 EXE! IBITA United States of America State of California County of Contra Costa REGISTERED REGISTERED Number $ LIMITED OBLIGATION IMPROVEMENT BOND COUNTY OF CONTRA COSTA ASSESSMENT DISTRICT NO. 1986-1, HIDDEN POND ROAD SERIES NO. 1986-1 INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER REGISTERED OWNER: PRINCIPAL SUM: DOLLARS Under and by virtue of the Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) , of the. Streets and Highways Code, (the "Act") , the County of Contra Costa, State of California, (the "County") , will, out of the redemption fund for the payment of the bonds issued upon the unpaid portion of assessments made for the acquisition, work and improvements more fully described in proceedings taken pursuant to Resolution of Intention No. 88/184 , adopted by the Board of Supervisors of the County of Contra Costa on the 12th day of April, 1988, pay to the registered owner stated above or registered assigns, on the maturity date stated above, the principal sum stated above, in 17awful money of the United States of America and in like manner will pay interest from the interest payment date next preceding the date on which this Bond is authenticated, unless this Bond is authenticated and registered as of an interest payment date, in which event it shall bear interest from such interest payment date, or unless this Bond is authenticated and registered prior to March 2 , 1990, in which event it shall bear interest from its date, until payment of such principal sum shall have been discharged, at the rate per annum stated above, payable semiannually on March 2 and September 2 in each year commencing on March 2, 1990. Both the principal hereof and redemption premium hereon are payable at the principal corporate trust office of the Bank of America National Trust and Savings Association-Corporate Agency Division, or its successor, as Transfer Agent, Registrar and Paying Agent, in San Francisco, California, and the interest hereon is payable by check or draft mailed to the owner hereof at the owner' s address as it appears on the registration books of the Bank, or at such address as may have been filed with the Bank for that purpose, as of the fifteenth day immediately preceding each interest payment date. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES ' HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN. This Bond will continue to bear interest after maturity at . the rate above stated, provided, it is presented at maturity and payment thereof is refused upon the sole ground that there are not sufficient moneys in said redemption fund with which to pay same. If , it is not presented at maturity, interest thereon will run until maturity. EDAM B131TB - This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing Issuance of Bonds (the "Resolution of Issuance") , or become valid or obligatory for any purpose, until the ,;certif_:icat^%� of aut .entication and `r6gist:ration,,hereon endorsed. shai_1 have been dated .and signed by the Bank. IN WITNESS WHEREOF, said County of Contra Costa has caused this Bond to be signed in facsimile by the Treasurer of said County and by its Clerk, and has caused its corporate seal to be reproduced in facsimile hereon all as of the 6th day of September, 1988 . COUNTY OF CONTRA COSTA Clerk Treasurer (SEAL) . CERTIFICATE OF AUTHENTICATION AND REGISTRATION This is one of the Bonds described in .the within mentioned Resolution of Issuance, which has been authenticated and registered on BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION as paying agent, transfer agent and registrar By Authorized Officer 2 (REVERSE OF BOND) ASSESSMENT DISTRICT NO. 1986-1, HIDDEN POND ROAD ADDITIONAL PROVISIONS OF THE BOND This Bond is one of several annual series of bonds of like date, tenor and effect, but differing in amounts, maturities and interest rates, issued by the County of Contra Costa under the Act and tha as2esolutior cf` I;:,'sua. ce, for the purpose of providing means for paying for the improvements described in said proceedings, and is secured by the moneys in. said redemptionfund and by the unpaid portion of said assessments made for the payment of said improvements, and, including principal and interest, is payable exclusively out of said fund. This Bond is transferable by the registered owner hereof, in person or by the owner' s attorney duly authorized in writing, at said office of the Bank, subject to the terms and conditions provided in the Resolution of Issuance, including the payment of certain charges, if any, upon surrender and cancellation of this Bond. Upon such transfer, a new registered Bond or Bonds, of any authorized denomination or denominations, of the same maturity, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Bonds shall be registered only in the name of an individual (including joint owners) , a corporation, a partnership or a trust. Neither the County nor the Bank shall be required to make such exchange or registration of transfer of bonds during the fifteen (15) days immediately preceding any interest payment date. The County will not obligate itself to advance available funds from the County treasury to cure any deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the County from, in its sole discretion, so advancing funds. The County and the Bank may treat the registered owner hereof as the absolute owner for all purposes, and the County and the Bank shall not be affected by any notice to the contrary. This Bond or any portion of it in the amount of $5, 000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 30 days' notice by registered mail to the registered owner hereof at such owner's address as it appears on the registration books of the Bank and by paying principal and accrued interest together with a premium equal to three percentum of the principal. I hereby certify that the following is a correct copy of the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a professional corporation, Emeryville, California, on file in my office. Clerk of the Board BESOT-UTION NO. 88/545 RESOLUTION ORDERING SALE OF BONDS ASSESSMENT DISTRICT NO. 1986-1, HIDDEN POND ROAD The Board of Supervisors of the County of Contra Costa resolves: The Board of Supervisors accepts the offer of G1ickenhaus & Co. , (attached to this resolution and by reference incorporated in it) to purchase all of the improvement bonds to be issued in Assessment District No. 1986-1, Hidden Pond Road. The Board of Supervisors directs the sale and delivery of the bonds to the offeror in accordance with the terms and conditions stated in the offer. I HEREBY CERTIFY that the- foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 16th day of August, 1988. ATTEST: Auoust 16, 1988 PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By7�-�- J. D. Maglio Deputy Clerk cc: Sturnis, Mess, Brunsell , & Sperry (2) GLICKENHAUS & CO. Member, New York Stock Exchange, Inc. 500 Washington Street, 8th Floor San Francisco, California 94111 August 15, 1988 Telephone: (415)983-9700 (800)782-2888 Telex: 330164 Facsimile: (415)421-5460 Board of Supervisors Contra Costa County 651 Pine Street, Room 107 Martinez, CA 94553 Attn: Phil Batchelor, County Administrator/Clerk of the Board Dear Member of the Board of Supervisors: Glickenhaus & Co. (the "Underwriter") hereby agrees to purchase from the County of Contra Costa (the "County"), the Hidden Pond Road Assessment District #1986-1 Limited Obligation Bonds (the 'Bonds") in the par amount of$845,072.00 to be issued under the Improvement Bond Act of 1915 subject to the following terms and conditions: 1) The Bonds shall mature and have interest rates as shown below: Date Principal Col.mon 2-Sep-90 $5,072.00 6.50% 2-Sep-91 $20,000.00 6.75% 2-Sep-92 $25,000.00 7.00% 2-Sep-93 $25,000.00 7.20% 2-Sep-94 $25,000.00 7.40% 2-Sep-95 $30,000.00 7.50% 2-Sep-96 $30,000.00 7.60% 2-Sep-97 $30,000.00 7.70% 2-Sep-98 $35,000.00 7.80% 2-Sep-99 $35,000.00 7.90% 2-Sep-00 $40,000.00 8.00% 2-Sep-01 $45,000.00 8.00% 2-Sep-02 $45,000.00 8.05% 2-Sep-03 $50,000.00 8.05% 2-Sep-04 $55,000.00 8.10% 2-Sep-05 $60,000.00 8.10% 2-Sep-06 $65,000.00 . 8.15% 2-Sep-07 $70,000.00 8.15% 2-Sep-08 $75,000.00 8.20% 2-Sep-09 $80.000.00 8.20% $845,072.00 2) The Bonds shall have printed thereon the unqualified approving legal opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, ('Bond Counsel"), and a specimen of such Bonds will be furnished to the Underwriter prior to their delivery. 3) At the time of issuance of the Bonds, a Reserve Fund in the dollar amount of$25,352.28 will be established. 4) The following outlines the sources and uses of funds: NEW YORK•SAN FRANCISCO • I J SOURCES AND USES OF FUNDS SOURCES Issue Par Amount $845,072.00 USES Construction Costs Construction Contract Items $508,459.55 Miscellaneous Const. Items $175,480.89 Miscellany & Contingency $84,409.01 Reserve Fund $25,352.28 Underwriter Discount $14,788.76 Underwriter Expenses (CUSIP, $3,154.51 CDAC, OS Printing, etc.) Costs of Issuance Bond Service Charges $9,000.00 Legal Fees $21,127.00 Out-of-Pocket Expense of Bond Counsel $300.00 Bond Printing $2,000.00 Misc. Cost of Proceedings $1,000.00 TOTAL $845,072.00 5) The Underwriters will pay the total sum of$830,283.24 or 98.25% of the par amount, plus accrued interest, if any, from the dated date of the Bonds until the date of Delivery. 6) This Bond Purchase Contract is valid through August 16, 1988. 7) Sale of the Bonds shall be awarded to the Underwriter on August 16, 1988. It is estimated that the bonds shall be dated on or about September 6, 1988. Very truly yours, Nadine McKinney Lee Vice President GLICKENHAUS & CO.