HomeMy WebLinkAboutMINUTES - 07252006 - C.69 f0: BOARD OF SUPERVISORS Contra
FROM: JOHN CULLEN, COUNTY ADMINISTRATOR
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Costa
DATE: JULY 25, 2006 ,
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County
SUBJECT: REIMBURSEMENT RESOLUTION, COIL1
2006 SERIES A LEASE REVENUE BONDS
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
ADOPT a Resolution allowing for reimbursement of expenditures for certain capital projects
from proceeds of future lease revenue bonds that may be issued by the County (attached).
FISCAL IMPACT:
None
BACKGROUND
Federal regulations require that issuers of tax-exempt bonds declare in advance their
reasonable expectation to use bond proceeds to reimburse costs incurred for capital projects in
advance of the bond issuance. This action would enable the County to meet this regulatory
requirement in connection with a potential debt issuance that may occur later this year to fund
several pending capital projects. This action does not bind the County to make any
expenditure, incur any indebtedness, or proceed with any projects.
CONTINUED ON ATTACHMENT: _X–YES SIGNATURE:
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RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEN A ION OF BOARD COMMITT
—let-APPROVE OTHER
SIGNATURE(S):
---------------------- -- -- --------------------------------r�-----------0- --R - - ------------ACTION OF
BOARD ON S APPROVE AS RECOMMENDED
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT ����--�" AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED
CONTACT: Jason Crapo, 335-1021 JOHN N,CLERK OF THE BOARD OF
CC: SU SORS AND COUNTY ADMINISTRATOR
CAO,Attn Jason Crapo
BY tom_ EPUTY
RESOLUTION NO. 2006/ Yb o
OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA
RESOLUTION DECLARING THE OFFICIAL INTENT
OF THE COUNTY OF CONTRA COSTA
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS,the County of Contra Costa(the "Issuer") intends to acquire,
construct and improve certain facilities for use by the Issuer as described in Exhibit A hereto (the
"Project");
WHEREAS, the Issuer expects to pay certain expenditures (the "Reimbursement
Expenditures") in connection with the Project prior to the issuance of indebtedness for the
purpose of financing costs associated with the Project on a long-term basis;
WHEREAS, the Issuer reasonably expects that debt obligations in an amount not
expected to exceed $45 million will be issued, in one or more series, and that certain of the
proceeds of such debt obligations will be used to reimburse the Reimbursement Expenditures;
and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the Issuer to
declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds
of a subsequent borrowing;
NOW, THEREFORE, BE IT RESOLVED BY the Board of Supervisors of the
County of Contra Costa as follows:
Section 1. The Board finds and determines that the foregoing recitals are true and
correct.
Section 2. This declaration is made solely for purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations. This
declaration does not bind the Issuer to make any expenditure, incur any indebtedness, or proceed
with the Project.
Section 3. The Issuer hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursement Expenditures.
Section 4. This declaration shall take effect from and after its adoption.
DOCSSF1:591995.1
40511-121 MAC
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PASSED AND ADOPTED on
C air of the Board of Supervisors
C unty of Contra Costa, California
[Seal]
ATTEST: John Cullen Clerk of the
Board of Supervisors and
County Administrator
By .
Deputy Clerk of the Board of
Supervisors of the County of
Contra Costa, California
DOCSSF 1:591995.1
40511-121 MAC 2
EXHIBIT A TO REIMBURSEMENT RESOLUTION
Description of Project
Construction of a new building to house the offices of the County District Attorney at the
intersection of Court St. and Ward St. in Martinez, CA;
Purchase and acquisition of a building to house the offices of the County Clerk-Recorder at 555
Escobar St. in Martinez, CA;
Construction of an addition to the administration building for the County Public Works
Department and 255 Glacier Dr., Martinez, CA;
Construction of additional medical exam rooms for the County Health Department at County-
operated medical clinics at 2311 Loveridge Rd., Pittsburg, CA and 2500 Alhambra Ave.,
Martinez, CA;
Remodel of County-owned office buildings for the County Employment and Human Services
Department at 151 Linus Pauling Dr. in Hercules, CA and 4545 Delta Fair Blvd. in Antioch, CA.
z
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40511-121 iv1AC
CLERK'S CERTIFICATE
Deputy Clerk of the Board of Supervisors of
the County of Contra Costa(the "County"), hereby certify as follows:
The foregoing is a full, true and correct copy of a resolution duly adopted at a
regular meeting of the Board of Supervisors of the County duly, regularly and legally held at the
regular meeting place of the County in Martinez, California, on , of which
meeting all of said directors of the County had due notice and at which a majority thereof were
present and acting throughout;
At said meeting said resolution was adopted by the following vote:
AYES: Uilkema,Piepho,DeSaulnier,Glover and Gioia
NOES: None
ABSENT: None
ABSTAIN: None
I have carefully compared the foregoing with the original minutes of said meeting
on file and of record in my office, and the foregoing is a full, true, and correct copy of the
original resolution adopted at said meeting and entered in said minutes; and
Said original resolution has not been amended,modified or rescinded since the
date of its adoption, and the same is now in full force and effect.
I further certify that an agenda of said meeting was posted at least 72 hours before
said meeting at a location in Martinez, California, freely accessible to the public and a brief
general description of the resolution to be adopted at said meeting appeared on said agenda.
WITNESS my hand and the seal of the County of Contra Costa this VS day of
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[Seal]
e uty C of the Board of Supervisors
o the C of Contra Costa, California
DOCSSF1:591995.1
40511-121 TMAC