HomeMy WebLinkAboutRESOLUTIONS - 08181987 - 87-511 P
RESOLUTION NO. 87/511
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA
CALIFORNIA
RESOLUTION DETERMINING TO PROCEED WITH CERTIFICATE OF
PARTICIPATION FINANCING OF PREPAYMENT OF CONTRACT PAYMENT TO
PACIFIC BELL FOR COUNTYWIDE INTEGRATED TELECOMMUNICATIONS
NETWORK, AUTHORIZING UNDERWRITER TO DISTRIBUTE PRELIMINARY
OFFICIAL STATEMENT AND AUTHORIZING COUNTY OFFICIALS TO TAKE
NECESSARY ACTIONS PREPARATION OF NECESSARY DOCUMENTS.
WHEREAS, this Board of Supervisors hereby
determines that it would be in the best interest of the
County to enter into a certificate of participation financing
for the prepayment of the contract payment to Pacific Bell
for a Countywide Integrated Telecommunications Network
(herein called the "Service" ) ; and
WHEREAS, it is contemplated that the trustee under
a trust agreement to be executed in connection with the
certificate of participation financing will execute and
deliver certificates of participation (herein called the
"Certificates of Participation" ) in payments to be made by
the County for the Service.
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 prepayment of the contract payment to
Pacific Bell, in an amount of not to exceed $ 9 , 000, 000 or
such different amount as shall be subsequently determined by
this Board of Supervisors.
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 prepare and 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 18th day of August, 1987 .
Chairman 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 CYhrk
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