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HomeMy WebLinkAboutMINUTES - 08021988 - 1.52 5w 7Z_ P RESOLUTION NO. y� A RESOLUTION OF THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, RATIFYING AND CONFIRMING THE ISSUANCE AND SALE AND PROVIDING FOR THE AWARD OF MARTINEZ UNIFIED SCHOOL DISTRICT, CONTRA COSTA COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A, IN THE PRINCIPAL AMOUNT OF $5, 000 , 000 FOR THE PURPOSE OF FINANCING REAL PROPERTY ACQUISITION OR IMPROVEMENTS TO EXISTING SCHOOL SITES . WHEREAS, a duly called special municipal election was held in the Martinez Unified School District, Contra Costa County, State of California (hereinafter referred to as the "District" ) , on June 7 , 1988 and thereafter canvassed pursuant to law; WHEREAS, at such election there was submitted to and approved by the requisite two-thirds vote of the qualified electors of the District a cruestion as to the issuance and sale of general obligation bonds of the District for various purposes set forth in the ballot submitted to the voters , in the maximum amount of $25 ,000 , 000 payable from the levy of an ad valorem tax against the taxable property in the District; WHEREAS, this Board has received the July 12 , 1988 Resolution of the governing board of the District requesting the issuance of such bonds in the aggregate principal amount not to exceed $5, 000 , 000 (the "Series A Bonds" ) and this Board authorized and directed the issuance and sale of the Series A Bonds and has received bids on the Series A Bonds , which bids have been timely received and considered by this Board, pursuant to Resolution No . 88/445 of this Board; WHEREAS, all acts , conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District , and the indebtedness of the District , including this proposed issue of Series A Bonds , is within all limits prescribed by law; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, AS FOLLOWS : SECTION 1 : That for the purpose of raising money for real property acquisition or improvements at Alhambra High School , including the acquisition of land and the construction and reconstruction of school facilities , improvements and on-site and off-site drainage facilities , and to pay all necessary legal , financial, engineering and contingent costs in connection therewith, the issuance and sale of the Series A Bonds at public sale is hereby ratified, confirmed and approved. 1 3035002/5 SECTION 2 . The Series A Bonds were previously ordered sold at public sale with bids to be received until "9 : 00 a.m. on the date and on the terms and in accordance with the Notice Inviting Proposals for Purchase. of Bonds attached hereto as Exhibit A (the "Notice Inviting Proposals" ) . . The publishing of the Notice of Intention to Sell Bonds (the "Notice of Intention" ) , attached hereto as Exhibit B, in the "Contra Costa Times" , which is a newspaper of general circulation in the County, once a week for two successive weeks, and in "The Bond Buyer" , which is a national trade publication, at 'least fifteen days prior to August 1 , 1988 is hereby ratified, confirmed and approved. The issuance and sale of the Series A Bonds pursuant to the provisions of Resolution No . 88/445 of the Board of Supervisors of Contra Costa County, California and the Notice are hereby ratified, confirmed and approved. SECTION 3 . The proceeds from the sale of the Series A Bonds , to the extent of the principal amount thereof , shall be paid to the County to the credit of the fund hereby created and established and to be known as the "1988 Series A Martinez Unified School District General Obligation Bond Building Fund" (the "Building Fund" ) of the District , shall be kept separate and distinct from all other District and County funds , and those proceeds shall be used solely for the purpose for which the Series A Bonds are being issued and provided further that such proceeds shall be applied solely to authorized purposes which relate to the acquisition or improvement of real property. The accrued interest and any premium received by the County from the sale of the Series A Bonds shall be kept separate and apart in the. fund hereby created and established and to be designated as the " 1988 Series A Martinez Unified School District General Obligation Bond Interest and Sinking Fund" (the "Debt Service Fund" ) for the Series A Bonds and used only for payments of principal and interest on the Series A Bonds. Interest earned on the investment of monies held in the Building Fund shalc l be retained therein. Any excess proceeds of the Series A Bonds not needed for the authorized purposes set forth herein for which the Series A Bonds are being issued shall be transferred to the Debt Service Fund and applied to the payment of principal and interest on the Series A Bonds . If, after payment in full of the Series A Bonds, there remains excess proceeds, any such excess amounts shall be transferred to the general fund of the District . 2 3035002/5 SECTION 4 . In accordance with provisions of Resolution No . 88/445 , this Resolution and the Notice this Board has caused all bids for the Series A Bonds to be received, opened and presented to it in the manner set forth in Resolution No. 88/445 , this Resolution and the Notice and based on an examination of said bids and a review of the tabulation of bids attached hereto as Exhibit C, this Board determines that the bid of Merrill Lynch Capital Markets (the "Purchaser" ) , at a purchase price of $5 , 000 ,000 . 00 and at an average net interest rate of 7 . 63947'x , a copy of which bid is attached hereto as Exhibit D, is in accordance with the Notice and is the highest bid for the Series A Bonds based upon the lowest rate of interest. The Series A Bonds , having the terms and maturities as provided in Resolution No . 88/445 , this Resolution and the Notice and bearing interest at the rate stated above and as set forth in Exhibit D, are awarded and sold to the Purchaser at the price stated above. SECTION 5 . Officers of the Board and County officials and staff are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may- deem necessary or advisable in order to proceed with the issuance of the Series A Bonds and otherwise carry out, give effect to and comply with the terms and intent of this Resolution. Such actions heretofore taken by such officers, officials and staff are hereby ratified, confirmed and approved. SECTION 6 . The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the Auditor—Controller of Contra Costa County. SECTION 7 . This Resolution shall take effect immediately upon its passage . 3 3035002/5 PASSED AND ADOPTED this 2nd day of August, 1988, by the following vote: AYES: Powers, Fanden, McPeak, Torlakson and Schroder NOES: ABSENT: None ABSTENTIONS: hairman, Boar f Supervisors [SEAL] Attest : Phil Batchelor, Gert; of the Board of Super visors and County AdmirkArator Clerk, Board of Supervisor 4 3035002/5 State of California Contra Costa County I, Jeanne O. Maglio, Deputy Clerk and Chief Clerk, Office of the Clerk of the Board of Supervisors, do hereby certify the foregoing Resolution No. gg/tq6 and minutes to be a full, true, and correct copy of the resolution and minutes made and entered by said Board on August 2, 1988, as the same appears of record and on file in my office. WITNESS my hand and seal of said Board of Supervisors, this 2nd day of August, 1988. Jeanne O. Maglio Deputy Clerk and Chief Clerk Office of the Clerk of the Board of Supervisors 3035002 EXHIBIT A NOTICE INVITING PROPOSALS FOR PURCHASE OF BONDS $5 , 000 , 000 MARTINEZ UNIFIED SCHOOL DISTRICT CONTRA- COSTA COUNTY, CALIFORNIA -1988 GENERAL OBLIGATION BONDS, SERIES A (Bank .Qualified) NOTICE IS HEREBY GIVEN that sealed unconditioned proposals will be received to and including the hour of 11 a . .m. , . Pacific Daylight Time, on August 1 , 1988 , at the offices of Kelling, Northcross & Nobriga, Inc . , 595 Market Street , Suite 1350 , San Francisco, CA 94105 for the purchase of all , but not less than all , of $5 , 000 , 000 principal amount of Martinez Unified School District, Contra Costa County, California, 1988 General Obligation Bonds , Series A (the "Bonds" ) . On August 2, 1988, the Board of Supervisors will meet for the purpose of considering bids received and, if an acceptable bid is received, awarding the contract for the purchase of the Bonds . Issue: The Bonds will be dated August 1 , 1988, will be in the denomination of $5 ,000 each, or integral multiples thereof , and will bear interest from the date of the Bonds to the maturity of each of the Bonds at the rate or rates such that the interest rate shall not exceed 12% per annum, with interest payable on February 1 , 1989, and semiannually thereafter on February' l and August 1 of each year during the term of each of the Bonds . . The Bonds mature on August 1 in each of the years 1989 to 2.013 , inclusive, 'as follows PRINCIPAL YEAR AMOUNT YEAR AMOUNT 1989 $ 65 ,000 2001 $170 , 000 1990 70 ,000 2002 185, 000 1991 75 , 000 2003 200 , 000 1992 85 ,000 2004 215 , 000 1993 90,000 2005 235 , 000 1994 100,000 2006 255 , 000 1995 105 , 000 2007 275, 000 1996 115,000 2008 300 , 000 1997 125 ,000 2009 320 , 000 1998 135 , 000 2010 350 , 000 1999 145,000 2011 375 , 000' 2000 160 ,000 2012 410 , 000 2013 440 , 000 A-1 Redemption: The Bonds maturing on or before August 1 , 1996, are non-callable. The Bonds maturing on August 1 , 1997 , or any time thereafter, are callable for redemption prior to their stated maturity date at the option of the District, in whole on any date, or in part on any interest payment date, on or after August 1 , 1996, in inverse order of maturity and by lot within any such maturity if less than all of the Bonds of such maturity are to be redeemed, and may be redeemed prior to the maturity thereof by payment of all principal , plus accrued interest to date of redemption, plus the payment of a premium (expressed as a percentage of the principal amount) , payable from any source lawfully available therefor , as follows : Redemption Date Redemption Premium . August 1 , 1996 through July 31 , 1997 102 % August 1 , 1997 through July 31 , 1998 1011/2 August 1 , 1998 through July 31 , 1999 101 August 1 , 1999 through July 31 , 2000 1001/2 August 1 , 2000 through thereafter 100 Notice of Redemption Notice of redemption of any . Bond will' be mailed to the Registered Owner of each Bond to be redeemed in whole or in part at the address shown on the registration records maintained by the Bond Registrar designated for this issue of Bonds; such mailing to be not more than 60 not less than 30 . days prior to the date set for redemption. Failure to mail notice to any owner will not affect the validity of the proceedings for the redemption of Bonds . Registration of Bonds as to Principal and Interest and Place of Pa ment Principal and premium, if any, are payable at the principal corporate trust office of The Bank of America National Trust ' and Savings Association, San Francisco, California, the Bond Registrar . Interest is payable by check or draft mailed from the Bond Registrar to the person in whose name the Bond was registered at the close of business on the 15th day of the calendar month next preceding that interest payment date (the record date) . A-2 Authority,: The Bonds will be issued pursuant to the Constitution and laws of the State of California . The issuance of the Bonds was authorized by a two-thirds vote of the qualified electors of the District voting at a special election held on June 7, 1988 . Security: Both principal of and interest .on the Bonds are payable from an unlimited ad valorem tax levied against all of the taxable property in the District . Form of Bid: A prescribed form of bid for the ' Bonds will be prepared and all bids must be submitted 'on such form. Copies of the prescribed bid form will be included with the Official Statement for the Bonds . Interest Rates : All - bids for the purchase of the Bonds must state the rate or rates of- interest to be paid and no bid at a price less than the par value of the Bonds , together with all accrued interest thereon to the date of the delivery of the Bonds , will be considered. All Bonds of the same maturity must bear the same rate of interest and no Bond may bear- more than one rate. Bidders may specify any number of different rates to be borne on the Bonds ; all interest rates must be in multiples of 1/8 or 1/20 of one percent; and the rate of interest borne by . Bonds maturing by their terms in any one year must be higher than or equal to the rate of interest borne by Bonds maturing by their terms in the immediately preceding year . Bid Check : All bids must be accompanied by a certified check in a sum equal to one percent ( 1%) of the par value of the Bonds , drawn on a bank doing business in the State of California, payable to the order of the Auditor-Controller of Contra Costa County. No interest will be paid on the check of any bidder . The check of the successful bidder will be applied to the purchase price of the Bonds or retained and forfeited as liquidated damages in the event such bidder does not take up and pay for the Bonds immediately upon their issuance. All checks of the unsuccessful bidders will be returned upon the award of the Bonds to the successful bidder . A-3 CUSIP Numbers : CUSIP numbers have been applied for and will be printed on the Bonds and the cost. of printing thereof and service bureau assignment will be purchaser ' s responsibility. Any delay, error or omission with respect thereto will not constitute cause for the purchaser to refuse to accept delivery of an pay for the Bonds . Right of Rejection: The County reserves the right in its discretion to reject any and� all bids received and to waive any irregularity or informality in the bids , except that the time for receiving bids shall be of the essence. Cost of Bond Forms : The District will bear the cost of the Bond forms and the printing thereof and will furnish fully executed Bonds to the purchaser upon payment therefor . Award and Delivery: . Unless all bids are rejected, the Bonds will be awarded to the bidder whose proposal results in the lowest net interest cost to the District . The net interest cost will be determined by computing the aggregate amount of interest payable on the Bonds from their stated date to their respective maturities and by deducting therefrom any premium. Delivery of the Bonds will be made to the purchaser upon payment in federal funds at the offices of Brown & Wood, 555 California Street , Suite 5060 , San Francisco, CA 94104 , or at the purchaser '.s request and expense, at any other place mutually agreeable to both the County andthe purchaser . Prompt Award: The County will take action awarding the Bonds or rejecting all bids not later than twenty-six (26) hours after the expiration of the time herein prescribed for the receipt of proposals , unless such time award is waived by the successful bidder . Notice of the .award will be given promptly to the successful bidder . Legal Opinion: The Bonds are sold with the understanding that the purchaser will be furnished .with the approving opinion of Brown & Wood. A copy of the opinion, but without its date, will be printed on A-4 the Bonds. Said attorneys have been retained by the District as Bond Counsel and in such capacity are to render their opinion only upon the legality of the Bonds under California law and .on the exemption of the interest income on such Bonds from federal and State of California income taxes . Fees of Bond Counsel will be paid from Bond proceeds . Tax-Exempt Status : In the opinion of Bond Counsel , under existing laws , interest on the Bonds is exempt from all, present State of California personal income taxes , and assuming compliance with certain covenants made by the District and County, interest on .the Bonds is not includable in the gross income of the owners of .the Bonds for federal income tax purpose, provided that such interest may be included in the calculation for certain taxes , includina the corporate alternative minimum tax and the corporate environmental tax. Should changes in the law cause Bond Counsel ' s opinion to change prior to delivery of the Bonds to the purchaser, the purchaser will be relieved of its responsibility to pick up and pay for the Bonds , and in that event his bid check will be returned. Qualified Tax=Exempt Obligations : The Board of Supervisors of the County -has designated the Bonds "qualified tax-exempt obligations" under Section 265(b) (3) of the Internal Revenue. Code of- 1986, as amended. Qualification for Insurance: If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder , _any purchase of such insurance or commitment therefor shall be at the sole option and expense of the bidder and any increased costs shall be paid by such bidder . Any failure of the Bonds to be so insured or of any such policy of insurance to be issued shall not in any way relieve. the purchaser of his contractual obligations arising from the acceptance of his proposal. to purchase the Bonds . No Litigation and Non-Arbitrage: The District will deliver a certificate stating that no litigation is pending affecting the issuance and sale of the Bonds . The District will also deliver an arbitrage certificate covering its reasonable expectations concerning the Bonds and the use of. proceeds thereof . A-5 Additional Information: Copies of the Notice Inviting Proposals for Purchase of Bonds , the form of bid, and the Official Statement relating to the Bonds will be furnished to any bidder upon request made to Kelling, Northcross & Nobriga, Inc . , 595 Market Street, Suite 1350 , San Francisco , CA 94105 , (415) 36.2-4110 , financial consultant to the District . Two hundred (200) extra copies of the Official Statement will be made available to the pdrehaser without charge and additional copies will be made available upon request at the purchaser ' s expense . Dated: July 14 , 1988 MARTINEZ UNIFIED SCHOOL DISTRICT By: /s/ Norma Masters Business Manager A-6 EXHIBIT B NOTICE OF INTENTION TO SELL BONDS $5 , 000 , 000 MARTINEZ UNIFIED SCHOOL DISTRICT Contra Costa County, California 1988, General Obligation Bonds , Series A (Bank. Qualified) NOTICE IS HEREBY GIVEN that the Martinez Unified School District (the "District" ) , in Contra Costa County, California, intends to` offer- for public .sale on August 1 , 1988 , `at- the hour , of 11 a.m: at the office of Kelling, Northcross & Nobriga, Inc . , 595 Market Street, Suite 1350 , San Francisco, California 94105 $5,000 , 000 principal amount of general obligation bonds of the District designated "Martinez Unified School District, Contra Costa County, California 1,988 General Obligation Bonds , Series A" (the "Bonds.",) NOTICE IS HEREBY FURTHER GIVEN that the Bonds will be offered for Ipublic sale. subject to the terms and conditions of the Notice Inviting Bids for the Bonds , dated July 14 , 1988 . An Official Statement ---and a -Notice Inviting Bids relating to the. Bonds will be furnished upon request. mailed to Kelling, Northcross , & Nobriga, Inc . , 595 Market Street, Suite . 1350 , San , Francisco, California 94105 , (415) 362-4110 , the financial consultant to the District for .the Bonds . Dated; July 14 , 1988 By: /s/ Norma Masters Business Manager Martinez Unified School ?3-1 EXHIBIT C MARTINEZ UNIFIED SCHOOL DISTRICT CONTRA COSTA COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A $5, 000., 000 TABULATION OF BIDS RECEIVED I certify that the following bids , all in conformity with the. Notice of Intention to Sell Bonds ,. were received by me on .or before 11 : 00 a .m. , August 1 , 1988 , for the Bonds identified above authorized by Resolutions of the Martinez Unified School District : Average Net Name of Bidder Interest Rate Purchase Price Merrill-Lynch 7 . 63947% $5, 000 , 000 Smith:Barney 7 . 647876 5 , 000 , 000 Bateman Eichler 7 . 6623 5, 000 , 000 Dean- Witter 7 . 70028 5 ,000 ,.000 Shearson Lehman Hutton 7 . 7224 5, 000 , 000 Bank of America 7 . 7293 5, 000 , 198 . 65 Prudential Bache - 7 . 7852 5, 000 , 000 Dated: (Title) C-1 08101111336, 16:24 KELL I VIG, HC1R.i Ht_HU'---b t EXHIBIT D .. BIDS FOR THE PURCHASE OF MARTINEZ UNIFIED SCHOOL DISTRICT CONTRA COSTA COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A $5, 000, 000` August 1, 1988 Martinez Unified School. District Contra Costa County. 'California On behalf of 'a group which we have formed consisting of: MEItRILL LYNCH CAPITAL.MARKETS and 'Associates and pursuant to . the Notice Inviting _Bids hereinafter mentioned, we :offer to purchase all of the five million dollars ($5,000, 000) principal amount of the Bonds -designated- as "Martinez Unified School District, Contra Costa County, California 1988 General Obligation Bonds , Series A" , maturing On August 1 in the years and amounts and bearing interest at the -rate or rates set forth in the following schedule: YEAR PRINCIPAL INTEREST YEAR PRINCIPAL INTEREST (August-1l AMOUNT RATE s_Auzust 1) AMOCO _ RATS 1989 6s,000 ;b a z 2001 417010'00 x 1990 70,000 _�_�_0_ 2002 185,000 . _ "j -L(1 2991 75,000 bD 2003 200,000 _ -7.60 1992 85,000 7.b0 2004 215,000 4 1-hi) 1993 90,000 2.60 2005 235,000 0 1994 100,000 UO 2006 255,000 1995 105,000 2007 215,000 _ 0 1996 115,000 2008 300,000 _ -7-bio 1997 125,000 -�60 '2009 320,000 • 0 1998 135,000 -7.�, 2010 350,000 _ 1999 145,000 . J"�'_- 2011 3750000 '. _ 7 2000 ' 160,000:' . .b0 2012 41.0,000 2013 440,000 _ n . • G�gip1%'19 8 16:25, KELLI AGt NORTHC ROSS S.F. 4159-572610 14727248 P.03. r D D� and to pay therefor, the aggregate sum of $ .ODDi plus interest accrued on such Bonds; to the date of: delivery thereof . .This bid is made subjectto all the terms and 'conditions of the Notice Invi.ting, -Bids heretofore published, all of which terms and conditions are made a part; hereof as fully as though set forth in full in this bid. As specified in the Notice Inviting Bids , this bid is subject to acceptance not later than twenty-six. (26) hours after the expiration of the time for the receipt of bids, and the opinion of Brown &. Wood approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of the delivery of the Bonds at the expense of the Distract. . There is enclosed herewith a (ce'rt'ified/cashier' s) chock in the amount. of fifty thousand doll<<rs ($50,000) payable to the order of the Auditor-Controller of Contra Costa County. There is submitted herewith a memorandum (which shall not constitute apart of this .bid) stating the total net :interest cost in dollars on the Bonds during the life of the issue under this bid, and the average net; interest rate determined thereby. Respectfully, submitted, Name: MERRILL LYNCH CAPITAL MARKETS (Account Manager) By: ohn resch, JiZe Pres. b Regional Address . 400 So. Hope Street Manager J.9th Floor City: Los Angeles State• California 90071-9737 Please return. check to: AT"I'N; Connie: Kessinger MEMORANDUM OF INTEREST CCJs'C The total net �i1nl1tgest cost ort the Bonds during the life of the issue to a under the above bid is $ _ \i�J �pV � and the average net interest rate determined thereby :is • 2 , Tr1Tra1_ P.M RESOLUTION NO. A RESOLUTION OF THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, RATIFYING AND CONFIRMING THE ISSUANCE AND SALE AND PROVIDING FOR THE AWARD OF LIBERTY UNION HIGH SCHOOL DISTRICT, CONTRA COSTA COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A, IN THE PRINCIPAL AMOUNT OF $5, 000, 000 FOR THE PURPOSE OF FINANCING REAL PROPERTY ACQUISITION OR IMPROVEMENTS TO EXISTING SCHOOL SITES. WHEREAS, a duly called special municipal election was held in the Liberty Union High School District, Contra Costa County, State of California (hereinafter referred to. as the "District") , on June 7, 1988 and thereafter canvassed pursuant to law; WHEREAS, at such election there was submitted to and approved by the requisite two-thirds vote of the qualified electors of the District a question as to the issuance and sale of general obligation bonds of the District for various purposes set forth in the ballot submitted to the voters, in the maximum amount of $10,000,000 payable from the levy of an ad valorem tax against the taxable property in the District; WHEREAS, this Board has received Resolution No. 88-25 of the governing board of the District requesting the issuance of such bonds in the aggregate principal amount not to exceed $5., 000, 000 (the "Series A Bonds") and this Board authorized and directed the issuance and sale of the Series A Bonds and has received bids on the Series A Bonds, which bids have been timely received and considered by this Board, pursuant to Resolution No. 88/444 of this Board; WHEREAS, all acts, conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District, and the indebtedness of the District, including this proposed issue of Series A Bonds, is within all limits prescribed by law; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, AS FOLLOWS: SECTION 1. That for the purpose of raising money for real property acquisition or improvements including (a) the purchasing of school lots; (b) the building of school buildings; (c) the making of alterations or additions to the school buildings; (d) the supplying of school buildings -and grounds with furniture and equipment of a permanent nature, and to pay all necessary legal, financial, engineering and 1 3196001/4 contingent costs in connection therewith, the issuance and sale of the Series A Bonds at public sale. is hereby ratified, confirmed and approved. SECTION 2. The =Series A Bonds were previously ordered sold at. public sale with bids to be .received until 9 :00 a.m. on the . date and on the terms and in accordance with the Notice Inviting Proposals for Purchase .of Bonds attached hereto as Exhibit A (the "Notice Inviting Proposals") . The publishing, of , the Notice of Intention to Sell Bonds (the "-Notice of Intention") , attached hereto as Exhibit .B, in the "Contra Costa Times" , which is a newspaper of general circulation in the County, .once a .week for two successive weeks, and in "The Bond Buyer" , which is .a national trade publication, at least fifteen . days prior. to August 2; 1988 is hereby ratified, confirmed- and approved. The issuance and sale of the Series A Bonds pursuant to the provisions of Resolution No. 88/444of the -Board of Supervisors of Contra ' Costa County, California and the Notice are hereby ratified, confirmed and 'approved. SECTION .3.. The proceeds from the sale °of the Series A Bonds, to the extent of ' the principal amount 'thereof, .shall be paid to .the County to the credit of the fund hereby created and established and to be known as the "1988 Series A. Liberty Union High School District General. Obligation Bond Building Fund" (the "Building Fund") of the District, shall be kept .separate and distinct from all other District and County funds; and those .proceeds shall be used solely for the purpose for which the Series A Bonds are being issued and provided further that such proceeds shall be' applied solely to authorized purposes which relate to the acquisition or improvement of real property.-. The- accrued interest- and any :premium received by the County from .the sale of the Series A Bonds shall be .kept separate and '-apart in the fund hereby created and established and to be. designated as the "1988 Series A Liberty Union High School District General Obligation Bond Interest and' Sinking Fund" (the "Debt Service' Fund") for the Series A Bonds and used only for payments of principal. and interest on the Series A Bonds . 'Interest earned on the investment of monies held in the Building Fund shall be retained therein. Any excess_ proceeds of the Series A Bonds not needed for: the authorized purposes set forth herein for .which the Series A Bonds are being -issued shall be transferred to the Debt Service Fund and applied to the payment of principaland interest on the Series A Bonds . If, after payment .in .full of the Series A Bonds, there remains ~ excess proceeds, any such excess amounts shall be transferred to the general fund of .the. District. . 2 . .. 319.6001/4 SECTION 4 . In. accordance with provisions .of Resolution No..88/444, this Resolution and the Notice this Board has caused all bids for the Series A Bonds to be received., .opened and presented to it in the manner set forth in Resolution No. . 88/444, this Resolution and the Notice and based .on an examination of said bids and a review of the tabulation of. bids attached hereto as Exhibit C, this Board determines that the , bid of Merrill Lynch ,Capital Markets (the "Purchaser") , at . a purchase price of $5:,000,000 and at an average net interest rate-of 7. 63915%, a copy. of .which bid is attached hereto as Exhibit D, is in accordance with the Notice and is the highest „ bid for the Series A Bonds based upon the lowest rate of, interest. The Series A Bonds, having the terms and maturities as provided in Resolution No-. 88/444, this Resolution and the Notice and bearing interest at the rate stated above and as set forth 'in Exhibit ,D, are awarded and sold to the Purchaser at the- price stated above. SECTION 5. Officers of the Board and County officials and . staff are hereby authorized and directed, jointly and severally, to do any and all things and to .execute and deliver any and all documents which they may deem necessary or advisable in order to `proceed with the. issuance of the Series A Bonds and otherwise carry out, give effect oto and comply with _ the terms and intent of this Resolution. Such actions - heretofore taken by such officers, officials and staff are hereby ratified, confirmed and approved. : SECTION 6. The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the Auditor-Controller of Contra Costa County. SECTION .7. This Resolution shall take effect immediately upon its passage: - 3 3196001%4 PASSED AND ADOPTED this 2nd day of August, 1988, by the following vote: AYES: Supervisors Powers, Fanden, McPeak, Torlak"son, Schroder. NOES: None. ABSENT: None.. ABSTENTIONS: None. �C Chairman, Board of Supervisors [SEAL] r Attest Phil Batchelor, CteA of the Board of SuPervixrs and County Adm6.strator Clerk, Board of Supervis s 4 3196001/4 State of California Contra Costa County I, Jeanne O. Maglio,, Deputy Clerk and Chief Clerk, Office of the Clerk of the Board of Supervisors, do hereby certify the foregoing Resolution No. 88/49 ) and minutes to be a full, true, and correct copy of the resolution and minutes made and entered by said Board on August 2, 1988, as the same .appears of record and on file in my office. WITNESS'' my hand and seal of said Board of Supervisors, this 2nd day of August, 1988. Jeanne O. Maglio Deputy Clerk and Chief Clerk Office of the Clerk, of the Board of Supervisors 3196001 ., EXHIBIT A NOTICE INVITING PROPOSALS FOR PURCHASE OF BONDS $5,000,000 LIBERTY UNION HIGH SCHOOL .DISTRICT CONTRA COSTA COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A (Bank Qualified) NOTICE IS HEREBY GIVEN. that sealed. unconditioned proposals. will be received to and including the hour of 9 a.m. , Pacific Daylight Time, on August 2, 1988 at the offices of 'Kellirig, . Northcross & Nobriga, Inc. , 595 Market Street, Suite 1350, San . Francisco, CA 94105 for the purchase of all, but not less than all, of $5,000,000 principal amount of Liberty Union High School District, Contra Costa County, California, 1988 General Obligation Bonds, Series A (the "Bonds") . On August 2, 1988, the Board of Supervisors will meet for 'the purpose of considering bids received•-and, if an acceptable bid is received, awarding the contract for the purchase of the Bonds. Issue•, The Bonds will---be dated August 1, 1988, will be in the denomination of $5, 000 each, or integral multiples • thereof, and will bear interest from the. date of the Bonds to •the maturity of each of the Bonds at the rate or rates such that the interest rate shall not exceed 12% per annum, with interest payable on February 1, 1989, and semiannually thereafter on- February - 1 and August 1 of each-year during the term of each of the .Bonds . The Bonds mature on. August 1 ,in each-, of the .years 1990 to 2013, inclusive, as-follows : PRINCIPAL YEAR AMOUNT' YEAR AMOUNT 1990 $ 70,000 2002 $185,000 1991 ' 80,000 2003 205, 000 1992 85,000 2004 220,000 ; 1993 90, 000 2005 . 240, 000 1994. 100,000 2006 2,55,_000 1995 105, 000 2007 280, 000 19,96 1151, 000 2008 300, 000 199.7 125,000 2009 325,000 1998 135, 000, 2010 355, 000 1999. 150, 000 2011• 380, 000. 2000 160, 000 2012 415, 000 2001, 175, 600 2013 , 4501000 Redemption• The Bonds maturing on or before August 1,` 1996, are . non-callable. The Bonds maturing on August 1, 1997, or. any time thereafter, are .callable for redemption prior to their stated maturity date at the option of the District, in whole on any date, or in part on any interest payment date, -on or after August 1, 1996, in inverse order of maturity and by lot within any such maturity if less than all of the Bonds of such maturity are to be redeemed, and may be redeemed prior to the maturity thereof by payment of all principal, plus accrued interest to date of redemption, plus the payment of .a premium .. (expressed as a percentage of the principal amount) , payable from anysource lawfully available therefor, as follows :. Redemption Date Redemption Premium August 1, 1996 through July 31, 1997 102 % August 1, 1997 through July 31, 1998 101h .August 1, 1998 through July 31, 1999 101 August 1, 1999 through July 31, 2000 100% August 1, 2000 through thereafter 100 Notice of Redemption Notice of redemption of any Bond will be mailed to the Registered Owner of each Bond to be redeemed in whole or in part at the address shown on the registration records maintained by the Bond Registrar designated for this issue of Bonds; such mailing to be not more than 60 nor less than 30 days prior to the date set for redemption. Failure to mail notice to any owner will not affect the validity of the proceedings for the redemption of Bonds. Registration of Bonds as to Principal and Interest and Place of Payment Principal and premium, if any, are payable at the principal corporate trust office of The Bank of America National Trust and Savings Association, San Francisco, California, the Bond Registrar. Interest is payable by check or draft mailed from the Bond Registrar to the person in whose name the Bond was registered at the close of business on the 15th day of the calendar month next preceding that interest payment date (the record date) . A-2 Authority: The Bonds will be issued pursuant to the Constitution and laws of- the State of California. The issuance of the Bonds was authorized by a two-thirds vote' of the qualified electors of the District voting at a special election held on June 7, 1988 . Security. Both principal of and interest on the Bonds are payable from an unlimited. ad valorem tax levied against all of the taxable property in the District . Form of- Bid: A prescribed form of bid for the Bonds will be prepared and all bids must be submitted on -such- form. Copies of the prescribed bid form will be included with the . Official Statement for the Bonds . Interest Rates : All bids for the 'purchase of the Bonds" must state the rate or rates of interest 'to be paid and no bid at a price less than the par value of the Bonds, together with all accrued interest thereon to the date of the delivery of the.Bonds, will be considered. -, All Bonds of the same maturity must bear. the same rate of interest and no Bond may bear more than one rate. " Bidders may specify any number of different rates to be borne on the Bonds; all interest rates must be in multiples of 1/8 or " 1/20 of= one percent; and the rate of interest borne by Bonds maturing ,by their terms in any one year must be higher than or equal to the rate of interest borne by Bonds maturing by their terms in the immediately preceding year. Bid Check: All bids must be accompanied by a certified check ina sum equal to one. percent (1%) of the par value .of. the Bonds, drawn on a_ bank doing business ;in the State of California, payable to the order of the -Auditor-Controller' of Contra Costa County. No in will be paid on the check of any bidder. The check of the successful bidder will be applied to the purchase price of the Bonds or retained and forfeited as liquidated damages in the event such bidder 'does not take up and pay for the Bonds immediately upon their issuance. All checks of the unsuccessful bidders will be returned upon the award of the Bonds to the successful bidder. A-3 CUSIP' Numbers : CUSIP numbers have been applied for and will be printed on- the Bonds and° the cost of printing thereof and service: bureau assignment will be purchaser ' s. responsibility. Any delay, error. or omission with respect thereto will not constitute cause for' the purchaser .to refuse to acceptdelivery of an pay for the Bonds . , Right 'of Rejection,: .. The County reserves the right in its discretion to reject any and al'l- bids received and to waive any irregularity or informality in the bids, except that.` the time for receiving bids shall beof the essence. Cost of .Bond Forms: The District will bear the cost of the Bond forms and the , printing thereof and. will furnish fully executed Bonds to the purchaser upon payment therefor. Award and Delivery: Unless all bids are .rejected, the Bonds 'will be awarded to the bidder whose proposal results in the lowest net interest cost to the District. The net ' interest cost will be determined by .computing the aggregate amount of interest payable on the Bonds from their stated date to their respective maturities and by deducting .therefrom any premium. Delivery of the Bonds will be made to the purchaser upon payment in federal funds at the offices of' Brown & Wood", 555 California Street, Suite 5060, San Francisco, .CA 94104, . or at the purchaser ' s request and expense, at any other place mutually agreeable to both the County and the purchaser. . Prompt Awarda The County will take action awarding the Bonds or' rejecting all bids not later than twenty-six (26) hours after the expiration of the time herein prescribed for the receipt of proposals, unless such time award" is waived, by .the successful bidder. Notice of the award will be given promptly to the successful bidder." Le"dal Opinion'. The Bonds are sold with the understanding that the purchaser will be. furnished with the approving opinion of Brown &Wood. A. copy of the opinion, but without its date, will be printed on A-4 the Bonds.. Said attorneys have been retained by the District as Bond Counsel and in such capacity are. to render their opinion only upon the legality of the Bonds under California , law and on the exemption of the interest income on such Bonds from .federal and State of California income taxes. Fees of Bond Counsel will be paid from Bond proceeds. Tax-Exempt , Status: In the opinion of Bond Counsel, under existing laws, interest' on the Bonds is exempt from all .,present State of - California personal income taxes, and assuming compliance with certain :covenants made by the District '. and County, interest on the Bonds isnot includable in the gross "incomeof the owners of the Bonds for federal income tax purpose, provided that such interest may be included .in the calculation for certain takes, including the corporate alternative minimum tax and the corporate, environmental tax. Should changes in the law cause Bond Counsel's opinion to change prior to delivery . of the Bonds to the purchaser, the purchaser will - be relieved of its responsibility to pick up and pay for the Bonds, and .in that event his bid check will be returned. '_Oualified Tax-Exempt Obligations: The Board of Supervisors of the County has designated the Bonds "qualified tax-exempt obligations". •under Section •265.(b) (3) of the Internal Revenue Code. of 1986, .as amended. Oualification for. Insurance: If ,the Bonds qualify for issuance of any policy of municipal bond insurance, or commitment therefor at the option of the bidder, any purchase of such insurance or commitment therefor shall be at .the sole option and expense of the bidder and any increased costs shall be -paid by such bidder. Any . failure of the Bonds to be so insured or of any such policy of insurance to be issued shall not in any way relieve the purchaser of his contractual obligations arising from the Acceptance- of his proposal to purchase the Bonds . No Litigation and Non-Arbitrage: The - District will deliver a certificate stating that no litigation As pending affecting the issuance and sale of the Bonds . The District will also deliveranarbitrage certificate covering it-s reasonable expectations concerning the Bonds and the use of� proceeds thereof. A=5 Additional Information: Copies of the Notice Inviting Proposals for Purchase of Bonds, the form of bid, and the Official Statement relating to the- Bonds will be furnished .to any bidder upon request made to Kelling, Northcross & Nobriga, Inc. ,' 595 Market Street, Suite 1350, San Francisco, .CA 94105,, (415) 362-4110, . financial . consultant to the District. Two hundred (200) extra copies of the. Official Statement will be made available to the purchaser without charge and additional copies. will be made available upon request at the purchaser ' s expense. Dated: July 151, 1988 LIBERTY UNION HIGH SCHOOL DISTRICT By: /s/ Philip White Superintendent 'A-6 EXHIBIT B NOTICE OF INTENTION TO SELL BONDS $5, 000, 000 LIBERTY UNION HIGH SCHOOL DISTRICT Contra Costa County, California 1988 General Obligation Bonds, Series A (Bank Qualified) NOTICE IS HEREBY GIVEN that the .Liberty Union High School District. (the "District") , in Contra Costa County, California, intends to offer for public sale on August 2, .1988, at the hour of 9 a.m. at the office of Kelling, Northcross & Nobriga, Inc. , 595 Market Street, Suite 1350, San Francisco, California 94105 $5,000,000 principal amount of general obligation bonds of the District designated "Liberty Union High School District, Contra Costa County 'California 1988 General Obligat.ion 'Bonds, Series A" (the "Bonds") NOTICE IS HEREBY .FURTHER GIVEN that the Bonds will .be offered for public sale subject to "the terms and conditions of " the Notice Inviting Bids for the Bonds, dated July 15, 1988 . An Official Statement .and a Notice Inviting Bids relating. to the Bonds will be furnished upon request mailed to Kelling, Northcross & Nobriga, Inc. , 595 Market Street, Suite 1350 San Francisco, California 94105, (415) 362-4110, the financial consultant to the District for the Bonds . Dated: July 15, 1988 By: /s/ Philip White Superintendent Liberty Union High School., District B-1 EXHIBIT C - LIBERTY UNION HIGH SCHOOL DISTRICT CONTRA COSTA COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES .A $5, 000, 000. TABULATION OF BIDS RECEIVED I certify that the following bids, all in conformity with the Notice of Intention to Sell Bonds, were received by me on or before 9 :00 a.m. , August -2, 198.8, for• the Bonds identified above authorized by Resolutions , of the Liberty Union High . School District: Average Net Name of Bidder Interest Rate Premium/Discount Merrill Lynch 7. 63915% $5, 000, 000 Shearson Lehman Hutton 7. 6931 5,000, 00.0 Smith Barney 7. 647275 5, 000,000 Bank of America 7. 6628 5,000,311. 85 Bateman Eichler 7. 6889 5, 0001, 000 ' First Interstate 7. 6742 5, 000, 000 Dean Witter 7. 65214 . 5,000, 000 Dated: avid G. asnocha Brown & Wood Bond Counsel ' C-1 i EXHIBIT D C BIDS FOR THE PURCHASE OF -LIBERTY UNION HIGH SCHOOL DISTRICT CONTRA COSTA COUNTY, CALIFORNIA ; 1988. GENERAL OBLIGATION BONDS, SERIES. A $5, 000,000 : August 2, 1988 Liberty Union High School District` Centra Costa County, California On` behalf of a group which we have formed consisting of: ' MERRILL LYNCH CAPITAL MARKETS and Associates . and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase all of the five million dollars ($5, 000, 000) principal amount of .the Bonds designated as "Liberty. Union- High School District, Contra Costa County, California 1988 General Obligation Bonds, Series A" , maturing on August -1 in the years and amounts and bearing interest at the rate or rates set forth in the. following schedule: YEAR PRINCIPAL INTEREST YEAR PRINCIPAL INTEREST (August .l). AMOUNT RATE (August l) AMOUNT RATE 1990 -$10,006* 7 •5o% 2002 $185,000 •6, -i 1991 80,000 2003 205,000 7,bo 1992 85,000 2004 220,000 0 b 1993 90,000 V 2005 2401000 �.by 1994 100,000 7.60 2006 255,000 1995 105,000 -b 0 2007 280,000 b d 1996. 115,000 :2.6u 2008 300,0010 O 1997 125,000 b0 _ 2009 325,000 1998 135,000 x•60 2010 355,000 7.61 1999 150,000 .-7,60 - 2011 380,000 :7 -�o .2000 160,000 b0 2012 415,000 1 2-001 175,000 - -Izo 2013 450,000 - u 1 /c 0o and to pay therefor the aggregate sum of $ 0 plus interest accrued on such Bonds to . the. date of delivery thereof•. This bid is made subject to all the terms � arid conditions of the Notice ' Inviting Bids heretofore published, all of which terms and -conditions are made a part hereof as' fully as. though set forth in full in this bid. As specified in the Notice. Inviti.ng Bids, this bid is subject to acceptance not later than twenty-six (26) hours after the expiration. of the ,time for the receipt of bids, and the opinion of Brown &f-Wood approving the validity of, the. Bonds will be furnished us ("if .we are the successful bidder) at the time of the- delivery, of the Bonds at ,the expense of the District. There is -enclosed herewith a (certified/cashier ' s) check' in the ' amount .of fifty .thousand dollars ($50,000) payable . to the order_ of the Auditor-Controller of Contra Costa County. There is submitted herewith a memorandum (which shall not constitute apart of this bid) stating the total net interest cost in dollars on the Bonds during the life of the issue under this bid, and the average net interest rate determined thereby. r Respectfully submitted, Name:• MERRILL LYNCH CAPITAL MARKETS (Account Manager) 1 By: ohn resch, Vice Pres. & Reg'l Mgr. Address : 400 So. Hope Street 19th Floor City: Los Angeles State: California Please return check to: ATTN: Connie Kessinger MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds . during the life ofot�he issue to . a�oJ under the above b'id is $_A x,3_, and the average net interest rate determined thereby is 7�63g1 �r . 2