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Home My WebLink AboutMINUTES - 12111984 - 1.68 YO: BOARD OF SUPERVISORS FROM: Anthony A. Dehaesus Contra Director of Planning ' Costa DATE: , Count December 4, 1984 Y SUBJECT: BOND SALE RESOLUTION FOR FERALLOY WEST COMPANY SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATION: As the Industrial Development Authority of the County of Contra Costa, approve a resolution authorizing the sale of revenue bonds for Feralloy West Company, and approving the terms of an indenture, loan agreement, and other related documents. BACKGROUND I am pleased to forward to the Board of Directors of the Industrial Development Authority of Contra Costa County a bond sale resolution for the issuance of revenue bonds in an amount not to exceed $2,000,000 to finance the acquisition and installation of equipment at the Feralloy West Company's Pittsburg Steel Processing Plant. All required hearings have been held, and approval to issue has been approved by the Board of Supervisors and the California Industrial Development Financing Advisory Committee. The following actions are incorporated in the resolution: 1) Authorize issuance of up to $2,000.000 in revenue bonds for Feralloy West Company; 2) Approve form of Loan Agreement; and 3) Approve form of indenture, and designate First Interstate Bank of California as Trustee. CONTINU ON ATTACHMENT: YES SIGNATURE: E MMENDATION OF COUNTY ADMINISTRATOR RE ME DATIONti BOAR OMMITTEE APPROVE OTHER ! SIGNATURE(S) ACTION OF BOARD ON � APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS --ZUNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A TRUE AYES: NOES: AND CORRECT COPY OF AN ACTION TAKE�(I�I® J ,Q p ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE POAR Y`O OF SUPERVISORS ON THE DATE SHOWN. CC: ATTESTED DEC 11 1984 PHIL BATCHELOR, CLERK OF THE BOARD OF SUPERVISORS AND COUNTY ADMINISTRATOR M382/7•83 BY cl DEPUTY 1 . Feralloy West Co rev bonds auth 2 . Industrial Development auth r �• om a rvd p ec pp � -r 1 I M� RESOLUTION NO. 84/746 INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF CONTRA COSTA APPROVING THE TERMS OF AN INDENTURE OF TRUST, A LOAN AGREEMENT AND OTHER DOCUMENTS AND AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF CONTRA COSTA REVENUE BONDS (FERALLOY WEST COMPANY PROJECT) 1984 SERIES A WHEREAS, the Industrial Development Authority of the County of Contra Costa (the "Authority" ) is a public, corporate instrumentality of the State of California performing essential governmental functions of the County of Contra Costa, organized and existing under the California Industrial Development Financing Act, being Title 10 of the California Government Code, as supplemented and amended (the "Act" ) , and is authorized by the Act to provide financing for certain facilities maintained and operated for industrial purposes; and WHEREAS, the Board of Directors of the Authority has, by Resolution No. 84-678, adopted by the Board.:.of Directors of the Authority on November 6, 1984, given preliminary approval for the issuance of such bonds or other evidences of indebtedness to fund a loan to Feralloy West Company, a california general partnership (the "Company" ) for financial assistance in the acquisition and installation of equipment at its steel processing plant located in the County of Contra Costa, California (herein called the "Project" ) , for the Company, and authorized proper officers of the Authority to proceed to prepare or cause to be prepared the documentation for such purpose; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE AUTHORITY, as follows: Section 1 . Revenue bonds of the Authority,-. . designated "Industrial' Development Authority of the County of Contra Costa Industrial Revenue Bonds (Feralloy West Company Project) 1984 Series A" in an aggregate principal amount not to exceed $2,,000, 000 (herein called the "Series A Bonds" ) , are authorize& to be issued. Section 2 . The proposed form of Loan Agreement (the "Loan Agreement" ) between the Authority and the Company, presented to this meeting, is hereby approved. The Chairperson of the Authority ( the "Chairperson" ) is hereby 00 11,40 RESOLUTION No. 84/746 c authorized, for and in the name and on behalf of the Authority, to execute, acknowledge and deliver a loan agreement in substantially said form, with such changes therein as such officer and Authority Counsel, may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3 . The proposed form of the indenture of trust (the " Indenture" ) between the Authority and First Interstate Bank of California as trustee (the "Trustee" ) , presented to this meeting, is hereby approved. The Chairperson is hereby authorized, for and in the name and on behalf of the Authority, to execute, acknowledge and deliver an indenture of trust in substantially said form, with such changes therein as such officer and Authority Counsel, may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. The date, maturity dates, interest rate or rates, interest payment dates, terms of redemption and other terms of the Series A Bonds thereto shall be as provided in the Indenture as finally executed. The Trustee may be changed to another qualified bank with the approval of the Chairperson and Authority Counsel . Section 4. Forms of the proposed Loan Agreement, and Indenture are on file in the office of the Authority. Section 5 . Series A Bonds in an aggregate principal amount not to exceed $2, 000, 000 are authorized to be executed by the manual or facsimile signature of the Chairperson, the seal of the Authority is authorized to be affixed or imprinted thereon and attested by the manual or facsimile signature of the Secretary of the Authority (the "Secretary" ) , in forms set forth in and otherwise in accordance with said Indenture. The seal of the Authority may be reproduced in facsimile form. Section 6. The Series A Bonds, when so executed, are authorized to be delivered to the Trustee for authentication. The Trustee is hereby requested to authenticate the Series A Bonds by executing the Trustee' s certificate of authentication appearing thereon, and to deliver the Series A Bonds, when duly executed and authenticated, to the Purchaser in accordance with written instructions executed on behalf of the Authority by the Chairperson, which instructions said officer is hereby' authorized, for and in the name and on behalf of the Authority, to exeucte and deliver to the Trustee. Such instructions shall provide for the delivery of the Series A Bonds to the Purchaser upon payment of the purchase price thereof. 2 00 150 RESOLUTION NO. 84/746 Y 5 Section 7 . The Secretary is hereby authorized to attest the signature of the Chairperson and to affix and attest the seal of the Authority as may be requested in connection with the execution and delivery of the Series A Bonds and said Loan Agreement and Indenture in accordance with this resolution. Section 8. The officers and staff of the Authority are hereby authorized, jointly and severally, to do any and all things and to execute and deliver any and all documents or certificates which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Series A Bonds and otherwise to carry out, give effect to and comply with the terms and intent of this resolution, the Series A Bonds and said Loan Agreement and Indenture . Section 9 . This resolution shall take effect immediately upon its approval . I HEREBY CERTIFY that the foregoing Resolution was duly and regularly introduced and adopted by the Board of Directors of the Industrial Development Authority of the County of Contra Costa, State of California, on the 11th day of December, 1984, by the following vote : AYES : Supervisors Powers, Fanden, Schroder, McPeak, Torlakson NOES: None ABSENT: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the Authority this 11th day of December, 1984. bw 'Toe�k Chairperson ATTEST: Phil Batchelor, County Administrator and Clerk of the Board of Supervisors B l L Deputy Cle of the Board of Supervisors of Contra Costa County 3 00 151 RESOLUTION NO. 84/746 1 . Industrial Development Auth RES 84/746 q 2. Feralloy West Co Proj rev bonds series A apprvd