Loading...
HomeMy WebLinkAboutRESOLUTIONS - 08261986 - 86-507 RESOLUTION NO. 86/S07 RESOLUTION APPROVING REASSESSMENT REPORT AND CONFIRMING REASSESSMENTS REFUNDING ASSESSMENT DISTRICT NO. 1986-2 The Board of Supervisors of the County of Contra Costa resolves: The Engineer of Work filed the written report prescribed by Section 9523 of the 'Streets and Highways Code. A hearing on this Report has been properly noticed and held. This 'Board of Supervisors hereby approves and confirms the Reassessment Report, including Exhibits A through H thereof. Serial bonds representing unpaid reassessments, and bearing interest at a rate not to exceed twelve percent (128) per annum, shall be issued in accordance with the terms and conditions of the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") , and the last installment of the bonds shall mature on September 20 2001. The reassessments and interest thereon shall be collected in the manner prescribed by the Act and are subject to reassessment, amendment, and prepayment, all in accordance with the provisions of the Act and the related provisions of the Improvement Bond Act of 1915 whicky are incorporated therein. 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 26th day of August, 1986 ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By_ '' - cc: Public Works Director Community Development County Counsel County Auditor-Controller Bond Counsel Engineer of Work RESOLUTION NO. 86/S07 7-75-6 RESOLUTION AUTHORIZING ISSUANCE OF REFUNDING BONDS REFUNDING ASSESSMENT DISTRICT NO. 1986-2 The Board of Supervisors of the County of Contra Costa resolves: Section 1. RECITALS . On August 5, 1986 , the Board of Supervisors of the County of Contra Costa adopted its resolution of intention to conduct reassessment proceedings and issue refunding bonds under the provisions of the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") . Proceedings taken under the Act led to the levy of reassessments by the Board of Supervisors against parcels of land within the reassessment district in the total amount of $3 ,580,000.00. These reassessments will be recorded in the office of the County Recorder of the County of Contra Costa and thereupon will become a lien upon each of the reassessment parcels. The refunding bonds are being issued in the amount of the total reassessment. Section 2. ISSUANCE OF BONDS. The Board of Supervisors hereby authorizes the issuance of refunding bonds under the provisions of the Act to be secured by the reassessments. The bonds shall be designated, "Refunding Bonds, Refunding Assessment District No. 1986-2, Contra Costa County, California, Series No. 1986-2. " In all respects not specified in this resolution, the bonds shall be issued in the manner prescribed by the Act. Bonds shall be issued in denominations of $5000 or integral multiples thereof, and shall be dated August 28, 1986 . Bonds shall mature and shall bear interest at the rates set forth in the table attached as fzkh.i.b. t-A? Section 3 . APPOINT14ENT OF PAYING AGENT, FISCAL AGENT, REGISTRAR AND TRANSFER AGENT. The"Board of Supervisors hereby 1 appoints Bank of America National Trust and-Savings Association as paying agent, registrar and transfer agent for the bonds in accordance with an agreement between the County and the Bank heretofore approved .by the Board of Supervisors. 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 Chairman of the Board, the Treasurer and the Clerk of the Board and the seal of the County shall be affixed. All 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 three funds to be known as the refunding fund, the redemption fund and the special reserve fund, respectively, for Refunding Assessment District No. 1986-2. Section 5. 1. REFUNDING FUND. Except as provided in Section 5. 3 , . proceeds of sale of the bonds, together with the redemption fund and special-reserve fund for the outstanding bonds for Refunding Assessment District No. 1986-2, and shall be deposited with the County Treasurer of the County. Disbursements from the refunding fund shall be made in accordance with the Reassessment Report for these proceedings. Section 5 . 2. REDEMPTION FUND. The redemption fund 2 shall be maintained by the County Treasurer . All payments of principal and interest installments on the reassessments, 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 $107, 400. 00 from the proceeds of the sale of refunding bonds. The special reserve fund shall be administered as follows: 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 reassessment installments was made from the special reserve fund. B. If any reassessment 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, together with accrued interest, as the original amount of the prepaid reassessment bears to the total amount of reassessments originally levied in Refunding Assessment District No. 1986-2. This reduction in the amount of principal prepaid shall be balanced by a transfer from the special reserve fund to the redemption fund in the same amount. 3 C. Whenever required to prevent the reserve fund from exceeding the reserve limitations set by federal statute and regulation, the County Treasurer is directed to transfer accrued interest from the special reserve fund to the redemption fund from time to time, and to establish pro rata credits against annual installments of reassessment principal and interest in the same amount in the year following the year of transfer. 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 6. PAYMENT ON BONDS. The principal and interest on the bonds shall be payable at Bank of America National Trust and Savings Association, Corporate Agency Division, P.O. Box 37000 , San Francisco, CA 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 4 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 Act. 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 the principal or interest of any reassessment levied in Refunding Assessment District No. 1986-2 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 reassessment under the authority of Section 8830 and 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, would have caused the bonds to be "arbitrage bonds" within the meaning of Section 103 (c) of the United States Internal Revenue Code of 1954, as amended, and regulations of the Internal Revenue Service authorized thereby. 5 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 26th day of August, 1986 ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By_ cc: Public Works Director Community Development County Counsel County Auditor-Controller Bond Counsel Engineer of Work Bank of America 6 MATURITY SCHEDULE Refunding AD 1986-2, Contra Costa County SEPT 2 MATURITY PRINCIPAL INTEREST DATE AMOUNT RATE 1987 $145,000.00 5 . 50% 1988 150,000.00 6.00 1989 160,000.00 6. 50 1990 170,000.00 6.75 1991 180,000.00 7.00 1992 195,000.00 7.20 1993 210, 000.00 7.40 1994 225,000.00 7.60 1995 245,000.00 7.75 1996 260,000.00 7.90 1997 280,000.00 8.00 1998 300,000.00 8.00 1999 325,000.00 8. 10 2000 350,000.00 8. 10 2001 385,000.00 8. 10 TOTAL: $3, 580,000.00 fz United States of America State of California County of Contra Costa REGISTERED REGISTERED Number $ REFUNDING BOND COUNTY OF CONTRA COSTA REFUNDING ASSESSMENT DISTRICT NO. 1986-2 SERIES NO. 1986-2 INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER Under and by virtue of the Refunding Act of 1984 for 1915 Improvement Act Bonds; Division 11.5 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 reassessments made for the refunding of all outstanding 1915 Act bonds in- Assessment District No. 1980-4 , San Ramon Valley Blvd. at Crow Canyon Road, Contra Costa County, California, more fully described in the Resolution of Intention adopted by the Board of Supervisors of the County of Contra Costa on the 5th day of August, 1986 , pay to or registered assigns, on the maturity date stated above, the principal sum of , in lawful 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 �s 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 , 1987 , 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 , 1987 . Both the principal hereof and redemption premium hereon are payable at the principal corporate trust office of Bank of America-National Trust and, Savings Association-Corporate Agency Division, or its successor, as Transfer Agent, Registrar and Paying Agent, iri"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. 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 certificate of authentication and registration hereon endorsed shall have been dated and signed by the Bank. cE.XH-IBIS'::B7 IN WITNESS WHEREOF, said County of Contra Costa has caused this bond to be signed in facsimile by the Chairman of the Board of Supervisors of said County, by the County Treasurer and by its Clerk, and has caused its corporate seal to be reproduced in facsimile hereon all as *.of thee" day of , 1986. COUNTY OF CONTRA COSTA Clerk Chairman, Board of Treasurer Supervisors (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 �✓ L T SG RESOLUTION NO. 86/526 RESOLUTION ORDERING SALE OF BONDS �j REI'UND.ING ASSESSMENT DISTRICT" N0. 1986-2 The Board of Supervisors- of the County of Contra Costa resolves: The Board of Supervisors accepts the offer of STONE & YOUNGBERG (attached to this resolution and by reference incorporated in it) , to. purchase all of the refunding bonds to be issued in Refunding Assessment District No. 1986-2. 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 26th day of August, 1986 ATTEST: PHIL BATCHELOR,, Clerk of the - Board of Supervisors and County Administrator B y Aa cc: Public Works Director - Community Development County Counsel County Auditor-Controller Bond Counsel Engineer of Work RESOLUTION NO . 86/526 STONE & YOUNGBERG MEMBERS: PACIFIC STOCK EXCHANGE August 22, 1986 Members of the Board of Supervisors of the County of Contra Costa Administration Building, N. Wing Pine & Escobar Streets P.O. Box 951 Martinez, CA 94553 Re: Offer to Purchase Bonds in the Sum of $3,580,000 par value County of Contra Costa Improvement Bonds Refunding Assessment District No. 1986-2 Members of the Board: Pursuant to our discussions with bond counsel , County staff and our investigation and analysis of the captioned bond issue, Stone & Youngberg and Birr Wilson and Co. , Inc. ("the Underwriters") hereby offer to purchase all of said bonds subject to the following conditions: 1 . The bonds shall be issued pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds. 2. The bonds shall mature serially and with the interest rates as indicated on Schedule 1 attached. 3. The bonds shall be issued in denominations of $5,000, or in { integral multiples thereof as 'may be requested by the Underwriters. 4. All bonds shall be issued in registered form in accordance with instructions to be determined by the Underwriters prior to closing. The City shall retain Bank of America N.T. & S.A. as Transfer Agent, Registrar and Paying Agent. 5. The bonds shall be dated August 28, 1986 and be delivered on or about August 28 ("the Closing Date") . 6. The City shall establish from the proceeds of the bonds a reserve fund equal to not less than three percent (3%) of the principal amount of bonds. The reserve fund shall be administered pursuant to the Resolution of Issuance for the bonds, as well as pursuant to applicable federal laws and regulations. The reserve fund balance shall be shown as a separately stated item in the County' s annual financial report. ONE CALIFORNIA STREET•SAN FRANCISCO,CALIFORNIA 94111 -(415)981-1314 Members of the Board of Supervisors August 22, 1986 of the County of Contra Costa Page 2 7. The County shall covenant to commence judicial foreclosure of delinquent assessments within 150 days after any delinquency. B. The County shall award the sale of the bonds to us at their meeting on August 26, 1986. 9. The purchase price shall be 97.25 percent of par (a discount of 2.75%) , plus accrued interest, if applicable. 10. The purchase price of the bonds shall be paid in full upon delivery to us of the bonds accompanied by: (a) The unqualified approving legal opinion of Sturgis, Ness, Brunsell & Sperry, Bond Counsel . The legal opinion shall be printed on the bonds at no charge to us. (b) A no-litigation certificate of the County 11 . The obligations of the Underwriters to accept delivery of and pay for the bonds on the Closing Date shall be subject, at the option of the Underwriters to the following additional conditions: (a) At the Closing Date, the Resolution and any other applicable agreements shall be in full force and effect, and shall not have been amended, modified or supplemented except as may have been agreed in writing by the Underwriters, and there shall have been taken in connection therewith, with the issuance of the bonds and with the transactions contemplated thereby and by this purchase contract, all such actions as, in the opinion of Sturgis, Ness, Brunsell & Sperry, Bond Counsel shall be necessary and appropriate; r, (b) Between the date hereof and the Closing Date, the marketability of the bonds shall not have been materially adversely affected, in the judgment of the Underwriters (evidenced by a written notice to the County terminating the obligation of the Underwriters to accept delivery of and pay for the Bonds) by reason of any of the following: (1) Legislation enacted (or resolution passed) by the Congress of the United States of America or a decision rendered by a court established under Article III of the Constitution of the United States of America or by the Tax Court of the United States of America, or, an order, ruling, regulation (final , temporary or proposed), press release or other form of notice issued or made by or on behalf of the Treasury Department or the Internal Revenue Service of the United States of America, with the purpose or effect, directly or indirectly, of imposing federal income taxation upon the interest as would be received by the owners of the bonds; Members of the Board of Supervisors August 22, 1986 of the County of Contra Costa Page 3 (2) Legislation enacted (or resolution passed) by the Congress of the United States of America, or an order, decree or injunction issued by any court of competent jurisdiction, or an order, ruling, regulation (final , temporary or proposed) , press release or other form of notice issued or made by or on behalf of the Securities and Exchange Commission, or any other governmental agency having jurisdiction of the subject matter, to the effect that obligations of the general character of the bonds, or the bonds, including any or all underlying arrangements, are not exempt from registration under or other requirements of the Securities Act of 1933, as amended, or that the Resolution is not exempt from qualification under or other requirements of the Trust Indenture Act of 1939, as amended, or that the issuance, offering or sale of obligations of the general character of the bonds, or of the bonds, including any or all underwriting arrangements, as contemplated hereby or otherwise is or would be in violation of the federal securities laws as amended and then in effect; (3) Any amendment to the Federal or California Constitution or action by any Federal or California court, legislative body, regulatory body or other authority materially adversely affecting the tax status of the County, its property, income, securities (or interest thereon) , validity or enforceability of the reassessments . 12. The County agrees to take all steps within its powers to maintain the tax exempt status of the Bonds. '. Respectfully submitted, STONE & YOUNGBERG Co-manager and BIRR WILSON & CO. , INC. Co-manager ,qvl-m /1 , By: t C inton Partner, Stone & Youngberg C ` By: -,SFS, ti Birr Wilson & Co. , Inc. SC:crq /2008A SCHEDULE 1 $3,580,000 County of Contra Costa Improvement Bonds Refunding Assessment District No. 1986-3 Maturity Date Principal Interest (September 2) Amount Rate 1987 $145,000.00 5.50% 1988 150,000.00 6.00% 1989 160,000.00 6.50% 1990 170,000.00 6.75% 1991 180,000.00 7.00% 1992 195,000.00 7.20% 1993 210,000.00 7.40% 1994 225,000.00 7.60% 1995 245,000.00 7.75% 1996 260,000.00 7.90% 1997 280,000.00 8.00% 1998 300,000 00 8.00% 1999 325,000-T 8. 10% 2000 350,000.00 8.10% 2001 385,000.00 8. 10% The net interest cost of the bonds based on the above maturity schedule and a discount of 2.75% is 8.1359%. The average interest rate is 7.841%. f' + Y r (REVERSE OF BOND) COUNTY OF CONTRA COSTA REFUNDING ASSESSMENT DISTRICT NO. 1986-2 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 the Resolution of Issuance, for the purpose of refunding bonds described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid .portion of said reassessments made for the payment of said bonds, 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 and the Bank may treat the 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 60 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