HomeMy WebLinkAboutMINUTES - 08061991 - 1.98 S
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RESOLUTION NO. ! q1
RESOLUTION AUTHORIZING ISSUANCE OF BONDS
1991 GENERAL OBLIGATION BONDS
BRENTWOOD UNION SCHOOL DISTRICT
The Board of Supervisors of the County of Contra Costa,
California, resolves:
Section 1. RECITALS. On November 6, 1990, voters within the
Brentwood Union School District (the "School District") , by the
affirmative vote of more than two-thirds of those voting, approved
the issuance of $9,800, 000.00 of general obligation bonds of the
School District to purchase land and construct buildings for a new
middle school thereon and to make alterations and additions to Edna
Hill Middle School. Pursuant to Section 15140 of the Education
Code the governing board of the School District has now adopted its
resolution prescribing the issuance and sale of $5, 000, 000. 00 of
said bonds, to be sold by negotiated sale at a net interest rate
not to exceed eight' and one-half percent (8.5%) per annum, said
bonds to be retired over a period of twenty-five (25) years.
Section 2 . ISSUANCE OF BONDS. The Board of Supervisors
hereby authorizes the issuance of bonds (the "Bonds") of the School
District under the provisions of Division 1, Part 10, Chapter 2 of
the California Education Code in the amount of $5, 000, 000. 00. Each
Bond shall be designated, "Brentwood Union School District, Contra
Costa County, California, 1991 General Obligation Bond" . Bonds
shall be dated August 1, 1991, and shall be issued in denominations
of $5, 000 or integral multiples thereof. This Board of Supervisors
may hereafter issue one or more additional series of bonds of the
School District up to the full authorized amount of $9 ,800,000.00.
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Additional bonds, if and when issued, shall be a general obligation
of the School District on a parity with the 1991 General Obligation
Bonds for all purposes.
Section 3 . MATURITIES; INTEREST. The Bonds shall mature on
August 1 of each year beginning August 1, 1993 , in the amounts set
forth on the table of maturities as set forth in the bond purchase
agreement. The bond date and interest rates on the bonds shall be
as set forth in the bond purchase agreement. Interest on the Bonds
shall be payable semiannually on February 1 and August 1 of each
year on and before the respective maturity dates of the Bonds, the
first interest payment being payable on February 1, 1992. Each
Bond shall bear interest as set forth in Exhibit A. Interest shall
be computed on the basis of a 360-day year of twelve 30-day months.
Section 4 . APPOINTMENT OF PAYING AGENT, REGISTRAR AND
TRANSFER AGENT. The Board of Supervisors hereby appoints Bankers
Trust Company of California, National Association (the "Registrar")
as paying agent, registrar and transfer agent for the bonds in
accordance with an agreement between the School District and the
Registrar.
Section 5. FORM AND EXECUTION. Bonds shall be issued as
fully registered bonds substantially in the form set forth as
Exhibit A to this resolution. The terms of the Bonds set forth on
the form are incorporated in this resolution to the same effect as
if set forth herein. The Bonds shall be signed by the Chairperson
of the Board of Supervisors and by the County Treasurer,
countersigned by the Clerk of the Board of Supervisors and have the
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seal of the County affixed. 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 as authenticating agent.
The Registrar 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 6. ESTABLISHMENT OF SPECIAL FUNDS. For administering
the proceeds of the sale of the Bonds and payment of interest and
principal on the Bonds, there are hereby established in the office
of the County Treasurer two funds of the School District to be
known as the 111991 Brentwood Union School District Building Fund"
(the "Building Fund") and the 111991 Brentwood Union School District
Bond Interest and Sinking Fund" (the "Debt Service Fund") :
(a) BUILDING FUND. Except as provided in subsection (b) ,
proceeds of sale of the Bonds shall be deposited by the County
Treasurer to the credit of the Building Fund. Disbursements from
the Building Fund shall be made by the County Treasurer in the same
manner as the disbursement of other school moneys and shall be
applied only to the purposes for which the Bonds were issued.
(b) DEBT SERVICE FUND. Any premium or accrued interest
received from the sale of the Bonds shall be deposited by the
County Treasurer to the credit of the Debt Service Fund. The
proceeds of taxes levied to pay principal and interest on the Bonds
shall also be deposited in the Debt Service Fund. Moneys in the
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Debt Service Fund shall be used to pay the Bonds at maturity or at
redemption before maturity and all interest on the Bonds, and for
no other purpose.
Section 7. LEVY OF DEBT SERVICE TAXES. Annually at the time
of making the levy of taxes for county purposes, the Board of
Supervisors shall levy, on property in the School District, a tax
at least sufficient to pay so much of interest and maturing
principal on the Bonds as will become due before the proceeds of
the next annual tax levy become available. The proceeds of the
levy shall be deposited in the Debt Service Fund.
Section 8. PAYMENT ON BONDS. The principal and interest on
the Bonds shall be payable at the principal corporate trust office
of the Registrar in San Francisco, California. Principal of each
Bond shall be paid on presentation and surrender of the Bond;
interest shall be paid by check, draft or warrant mailed on each
interest payment date to the registered owner of each Bond at the
owner's address as it appears on the register maintained by the
Registrar as of the 15th day of the month preceding the date of
payment (the "Record Date") , except that payment will be made by
wire transfer of immediately available funds to an owner of at
least $1, 000, 000 of outstanding Bonds, at the Owner's option in
accordance with written instructions of the owner given to the
Registrar not later than the Record Date.
Section 9 . ADVANCE REDEMPTION OF BONDS. Provisions for the
call and advance redemption of bonds, including but not limited to
redemption dates, redemption premiums and call notice provisions,
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shall be as set forth in Exhibit A. In addition to the redemption
notice to the Bond Owner as set forth in Exhibit A the Registrar
shall send a copy of the notice of redemption by first class mail,
postage prepaid, to the original purchaser of the Bonds, or, if the
original purchaser is a syndicate, to the managing member of the
syndicate, to a municipal registered securities depository, to a
national information service that disseminates securities
redemption notices, to the District and to the County.
Section 10. UNCLAIMED FUNDS.- The Registrar shall return to
the County Treasurer any unclaimed funds held by it not later than
thirty (30) days before those funds would escheat to the State of
California under any statute now or hereafter enacted.
Section 11. 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 $5, 000 or
any integral multiple thereof. Reregistration is subject to the
conditions set forth in Exhibit A.
Section 12 . ARBITRAGE. By resolution the School District has
covenanted that the Bonds are not "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 has further declared that the Bonds are exempt from
the rebate of arbitrage earnings pursuant to said Section 148 in
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that the School District has not issued and will not issue tax-
exempt bonds in excess of $5, 000, 000 during calendar year 1991.
Section 13. OUALIFIED TAX-EXEMPT OBLIGATIONS. The Board of
Supervisors hereby designates the Bonds "Qualified Tax-Exempt
Obligations" for purposes of Section 265 (b) (3) of the Internal
Revenue Code of 1986.
PASSED BY THE BOARD on August 6 , 1991 by the .following, vote :
AYES : Supervisors Fanden, Schroder ; Mcpeak, Torlakson, Dowers
NOES : None
ABSTAIN: None
ABSEj\Im: None
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 regular meeting thereof, held
on the 6th day of August, 1991.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By
RESOLUTION NO. 91/491
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(Form of Face of Bond)
REGISTERED REGISTERED
NO. $
BRENTWOOD UNION SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1991 GENERAL OBLIGATION BOND
INTEREST RATE: MATURITY DATE: DATED AS OF: CUSIP
per annum 1, 1991 August 1, 1991
REGISTERED OWNER:
PRINCIPAL AMOUNT:
The Brentwood Union School District (the "District") in Contra
Costa County, California (the "County") , for value received,
promises to pay to the Registered Owner named above, or registered
assigns, the principal amount on the maturity date, each as stated
above, and interest thereon until the principal amount is paid or
provided for at the Interest Rate stated above, on February 1 and
August 1 of each year (the "Interest Payment Dates") , commencing
February 1, 1992. This bond will bear interest from the Interest
Payment Date next preceding the date of authentication hereof
unless it is authenticated as of a day during the period from the
16th day of the month next preceding any Interest Payment Date to
the Interest Payment Date, inclusive, in which event it shall bear
interest from such Interest Payment Date, or unless it is
authenticated on or before January 15, 1992, in which event it
shall bear interest from August 1, 1991. Principal and interest
are payable in lawful money of the United States of America,
without deduction for the paying agent services, to the person in
whose name this bond (or, if applicable, one or more predecessor
bonds) is registered (the "Registered Owner") on the register
maintained by the Registrar, initially Bankers Trust Company of
California, N.A. , San Francisco, California. Principal is payable
upon presentation and surrender of this bond at the principal
corporate trust office of the Registrar. Interest is payable by
check or draft mailed by the Bond Registrar on each Interest
Payment Date to the owner of this bond (or one or more predecessor
bonds) as shown and at the address appearing on the register at the
close of business on the 15th day of the calendar month next
preceding that Interest Payment Date (the "Record Date") .
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH
ON THE REVERSE SIDE, WHICH SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF SET FORTH HERE.
It is certified and recited that all acts and conditions
required by the Constitution and laws of the State of California to
exist, to occur and to be performed or to have been met precedent
to and in the issuing of the bonds in order to make them legal ,
EXH1 BIT A
valid and binding general obligations of the District, have been
performed and have been met in regular and due form as required by
law; that payment in full for the bonds has been received; that no
statutory or constitutional limitation on indebtedness or taxation
has been exceeded in issuing the bonds; and that due provision has
been made for levying and collecting ad valorem property taxes on
all of the taxable property within the District in an amount
sufficient to pay principal and interest when due, and for levying
and collecting such taxes the full faith and credit of the District
are hereby pledged.
This bond shall not be valid or obligatory for any purpose and
shall not be entitled to any security or benefit under the Bond
Resolution (described on the reverse hereof) until the Certificate
of Authentication below has been signed.
IN WITNESS WHEREOF, the Brentwood Union School District,
Contra Costa County, California, has caused this bond to be
executed on behalf of the District and in their official capacities
by the facsimile signatures of the Chairperson of the Board of
Supervisors of the County and the County Treasurer, and to be
countersigned by the facsimile signature of the Clerk of the Board
of Supervisors of the County, and has caused the seal of the County
to be affixed hereto, all as of the date stated above.
(SEAL] CONTRA COSTA COUNTY, CALIFORNIA
By
Chairperson, Board of Supervisors
COUNTERSIGNED:
Clerk, Board of Supervisors County Treasurer
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CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the Bond
Resolution referred to herein.
Date of Registration and Authentication:
BANKERS TRUST COMPANY OF CALIFORNIA, N.A. , Bond Registrar
By:
Authorized Representative
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(Form of Reverse of Bond)
This bond is one of a series of $5, 000, 000 of bonds issued for
the purpose of raising money to purchase land and construct
buildings for a new middle school, to make alterations and
additions to an existing school and to pay all associated legal,
financial, engineering and contingent costs, pursuant to the laws
of the State of California, the requisite two-thirds vote of the
electors of the District at an election on November 6, 1990, on the
question of issuing bonds in the amount of $9,800, 000, the
resolution of the Board of Education of the District adopted on
July 24, 1991 (the "District Resolution") and the resolution of the
County Board of Supervisors adopted on August 6, 1991 (the "Bond
Resolution") . This bond and the issue of which this bond is one
are payable as to both principal and interest from the proceeds of
the levy of ad valorem taxes, unlimited as to rate or amount, on
all property subject to such taxes in the District.
The bonds of this issue are issuable only as fully registered
bonds in the denominations of $5, 000 or any integral multiple
thereof. This bond is exchangeable and transferable for bonds of
other authorized denominations at the principal corporate trust
office of the Registrar, by the Registered. Owner or by a person
legally empowered to do so, upon presentation and surrender hereof
to the Registrar, together with a request for exchange or an
assignment signed by the Registered Owner or by a person legally
empowered to do so, in a form -satisfactory to the Registrar, all
subject to the terms, limitations and conditions provided in the
Bond Resolution. All fees and costs of transfer shall be paid by
the transferor. The District, the County and the Registrar may
deem and treat the Registered Owner as the absolute owner of this
bond for the purpose of receiving payment of or on account of
principal or interest and for all other purposes, and neither the
District, the County nor the Registrar shall be affected by any
notice to the contrary.
No bond maturing on or before August 1, 1998, may be redeemed
in advance of its stated maturity date. Any bond (or any portion
of a bond in the amount of $5, 000 or any integral multiple thereof)
maturing on or after August 1, 1998, may be redeemed before its
stated maturity date at the option of the District on any Interest
Payment Date on or after February 1, 1998, by paying the principal
of the bond (or portion thereof) and accrued interest to date of
redemption, together with a premium equal to the following
percentage of principal:
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Redemption Date Redemption Premium
February 1, 1999, or August 1, 1999 2%
February 1, 2000, or August 1, 2000 to
February 1, 2001 and thereafter 0%
Bonds shall be called for advance redemption in inverse order
of maturity, and by lot within each maturity; each $5, 000 increment
of each bond shall be treated as a separate bond for purposes of
selection by lot.
The Registrar shall give written notice of the advance
redemption of bonds at the expense of the District. The notice
shall be dated and shall state: (a) the numbers, CUSIP numbers,
dated date, interest rate and stated maturity date of the bonds to
be redeemed; (b) the date and place of redemption; (c) that on the
date of redemption the principal amount of the bonds (or portion
thereof) to be redeemed, together with accrued interest thereon to
the date of redemption and the redemption premium, if any, shall be
due and payable; (d) that on the date of redemption interest on the
bonds (or portion thereof) to be redeemed shall cease to accrue.
Notice of redemption shall be given by registered or certified
mail or personal service to the Registered Owners of the bonds (or
portions thereof) to be redeemed, at their addresses appearing in
the bond register on the date of the notice. The notice shall be
deposited in the U.S. Mail or personally served not less than 30
days nor more than 60 days before the redemption date. Neither
failure to receive the notice nor any defect in the form of notice
shall affect the sufficiency of the proceedings for the redemption
of the bonds.
Neither the District, the County nor the Registrar will be
required (a) to issue or transfer any bond during a period
beginning with the opening of business on the 15th day of the month
next preceding any Interest Payment Date and ending with the close
of business on that Interest Payment Date or (b) to transfer any
bond for which notice of redemption in whole or in part has been
given.
Reference is made to the Bond Resolution for a more complete
description of the nature and extent of the security for the bonds;
the rights, duties and obligations of the District, the County, the
Registrar and the Registered Owners; and the terms and conditions
on which the bonds are issued and secured. By acceptance of this
bond the owner hereof accepts all provisions of the Bond
Resolution.
By resolution duly adopted by the Board of Trustees of the
Brentwood Union School Board and Board of Supervisors of the County
of Contra Costa, this bond has been designated as a "Qualified Tax-
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Exempt Obligation" within the meaning of Section 265 (b) (3) of the
Internal Revenue Code of 1986, as amended.
ASSIGNMENT
For value received, the undersigned sells, assigns and
transfers to (print or typewrite name, address and zip code of
Transferee) : this
bond and irrevocably constitutes and appoints
attorney to transfer this bond on the books for registration
thereof, with full power of substitution in the premises.
Dated:
Signature .Guaranteed:
Commercial bank, trust company
or member of a national securities
exchange.
Notice: The assignor's signature to this assignment must '
correspond with the name as it appears upon the face of
the within bond in every particular, without alteration
or any change whatever.
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LEGAL OPINION
The following is a true copy of the opinion rendered by
Sturgis, Ness, Brunsell & Sperry in connection with the issuance
of, and dated as of the date of the original delivery of, the
bonds. A signed copy is on file in my office.
(Facsimile)
Clerk
Board of Supervisors
(Form Of Legal Opinion)
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CONTRA COSTA COUNTY BOARD OF SUPER17ISORS
91/493
RESOLUTION NO.
RESOLUTION APPROVING OFFICIAL STATEMENT
1991 GENERAL OBLIGATION BONDS OF
BRENTWOOD UNION SCHOOL DISTRICT
The Board of Supervisors of the County of Contra Costa
resolves:
As a part of the proceedings for the sale of 1991 General
Obligation Bonds in the Brentwood Union School District, Contra
Costa County, California, this Board hereby approves the Official
Statement dated July 24, 1991, as approved and submitted by the
Board of Trustees. of the School District, and a Final Official
Statement derived substantially therefrom. Distribution of the
Official Statement and the Final Official Statement is hereby
authorized.
This Official Statement is final except for certain
information which will not be known until the time of sale and is
therefore "deemed final" within the meaning of Rule 15c2-12 of
the Securities and Exchange Commission. The Superintendent of
the School District is authorized to sign the Official Statement
and the final 'Official Statement.
PASSED BY THE BOARD on August 6 , 19.91 by the following vote ;
AYES : Supervisors Fanden, Schroder, McPeak, Torlakson, Powers
NOES :* None
ABSTAIN: None
ABSENT: None
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 regular meeting thereof,
held on the 6th day of August, 1991.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County inistrator
By ,�-
RESOLUTION NO. 91/493
CONTRA COSTA COUNTY BOARD OF SUPERVISORS
RESOLUTION NO. 91/492
RESOLUTION APPROVING BOND PURCHASE AGREEMENT
AND ORDERING SALE OF BONDS
1991 GENERAL OBLIGATION BONDS OF
BRENTWOOD UNION SCHOOL DISTRICT
The Board of Supervisors of the County of Contra Costa
resolves:
The Board of Supervisors accepts the offer to purchase all
of the 1991 General Obligation Bonds to be issued in Brentwood
Union School District in accordance with the purchase agreement
attached hereto as Exhibit A and by reference incorporated herein.
The Superintendent of the Brentwood Union School District
is authorized to approve the maturity schedule, interest rates,
bond date and closing date for the delivery of bonds provided that
the net interest rate on the bonds does not exceed 8.5% per annum.
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, and authorizes the District
Superintendent to approve the bond purchase agreement if the
principal amount of bonds sold does not exceed $5, 000, 000, if the
interest rate of said bonds does not exceed 8.5% per annum and if
the underwriter's discount does not exceed 3%.
PASSED BY THE BOARD on August 6 , 1991 by the following
vote:
AYES : Supervisors Fanden, Schroder, McPeak, Torlakson,
T Powers
NOES : None
ABSTAIN: None
ABSENT: None
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 regular meeting thereof, held
on the 6th day of August, 1991.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
Countys
Administrat r
By
RESOLUTION NO. 91/492