HomeMy WebLinkAboutRESOLUTIONS - 08051986 - 86-480 CCj-22a A
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RESOLUTION NO. 86/480
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA
CALIFORNIA
RESOLUTION DETERMINING TO PROCEED WITH LEASE FINANCING OF
EQUIPMENT, AUTHORIZING UNDERWRITER TO PREPARE AND DISTRIBUTE
PRELIMINARY OFFICIAL STATMENT AND AUTHORIZING PREPARATION OF
NECESSARY DOCUMENTS.
WHEREAS, Contra Costa County Public Facilities
Corporation, a California nonprofit public benefit
corporation (herein called the "Corporation" ) , has been
incorporated by a group of public spirited citizens of the
County of Contra Costa (herein called the "County" ) for the
specific and primary purpose of providing financial
assistance to the County of Contra Costa by financing the
acquisition, construction, improvement and remodeling of
public buildings and facilities; and
WHEREAS, by .its Articles of Incorporation and by
its Bylaws no part of the net earnings, funds or assets of
the Corporation shall inure to the benefit of any director
thereof or any other person, firm or corporation, except the
County; and
WHEREAS, this Board of Supervisors hereby
determines that it would be in the best interest of the
County and the residents of the County for the Corporation
and the County to enter into a lease of equipment, vehicles
and other items of personal property (herein called the
"Equipment" ) ; and
WHEREAS, under this equipment lease, the County
would be obligated to make base rental payments to the
Corporation for the lease of the Equipment; and
WHEREAS, it is proposed that all rights to receive
such base rental payments (together with the additional
rental payments provided for in the equipment lease) will be
assigned without recourse by the Corporation to a trustee; and
WHEREAS, it is further proposed that the trustee
will execute and deliver certificates of .participation
(herein called the "Certificates of Participation" ) in an
amount equal to the aggregate principal components of such
base rental payments, each evidencing and representing a
fractional undivided interest in such base rental payments,
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and will use the proceeds to finance the acquisition of the
Equipment;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
Section 1 . All of the recitals herein contained
are true and correct and this Board of Supervisors so finds.
Section 2 . This Board of Supervisors hereby
determines to proceed with a Certificates of Participation
financing for the Equipment.
Section 3 . Bank of America National Trust and
Savings Association be and it is hereby selected to act as
underwriter for the issuance of the Certificates of
Participation, and said underwriter is further authorized and
directed to prepareand distribute to prospective purchasers
of the Certificates of Participation copies of a preliminary
official statement describing the Certificates of
Participation, such official statement to be in such form as
is acceptable to the County Administrator.
Section 4. Bank of America National Trust and
Savings Association, Orrick, Herrington & Sutcliffe, as
special counsel in connection with the issuance of the
Certificates of Participation, and the appropriate County
officials are -hereby authorized and directed to prepare the
necessary legal documents to accomplish said financing.
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Section 5 . This resolution shall take effect from
and after its date of adoption.
PASSED AND ADOPTED this 5t day of August, 1986.
Chai/rman of the Board of Supervisors
of the County of Contra Costa,
State of California
[ Seal ]
ATTEST:
Phil Batchelor, Clerk of
The Board of Supervisors and
County Administrator
By -
Deputy Clerk
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CLERK' S CERTIFICATE
I � Jeanne (). '?aglio Deputy Clerk of
the Board of Supervisors of the County of Contra Costa,
hereby certify that the foregoing is a Rall, true and correct
copy of a resolution duly adopted at a regular meeting of
the Board of Supervisors of said County duly and regularly
held at the regular meeting place thereof on the 5ti, day of
August, 1986, of which meeting all of the members of said
Board of Supervisors had due notice and at which a majority
thereof were present; and that at said meeting said
resolution was adopted by the following vote:
AYES: `'uni�:rviscrs Fa'r'e::, , McPea'- , �c',.r.c e?- , orlal-s^r. , Powers .
NOES: .:Orin.
ABSENT: .. on,c .
I further certify that I have carefully compared
the same with the original minutes of said meeting on file
and of record in my office; that the foregoing resolution is
a full, true and correct copy of the original resolution
adopted at said meeting and entered in said minutes; and that
said resolution has not been amended, modified or rescinded
since the date of its adoption, and the same is now in full
force and effect.
_ WITNESS my hand and the seal of the County of
Contra Costa this 5t" day of Ault"t 1986.
Deputy C rk
of the Board of Supervisors
of the County of Contra Costa,
State o'f California
[ Seal ]
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