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HomeMy WebLinkAboutRESOLUTIONS - 08021988 - 88-496 ' f RESOLUTION NO. A RESOLUTION OF THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, RATIFYING AND CONFIRMING THE'' ISSUANCE AND SALE AND PROVIDING FOR THE AWARD OF MARTINEZ :UNIFIED SCHOOL DISTRICT, CONTRA COSTA COUNTY, CALIFORNIA1988 GENERAL OBLIGATION BONDS, SERIES A, IN THE PRINCIPAL AMOUNT OF $5, 000, 000 FOR THE PURPOSE OF FINANCING REAL PROPERTY ACQUISITION OR IMPROVEMENTS TO EXISTING SCHOOL SITES . WHEREAS, a duly called special municipal election was held in the Martinez Unified School District, Contra Costa County, State of California (hereinafter referred to as the "District" ) , on June 7, 1988 and thereafter canvassed pursuant to law; WHEREAS , at such election there was submitted to and approved by the requisite two-thirds vote of the qualified electors of the District a ctuestion as to the issuance and sale of general obligation bonds of the District for various purposes set forth in the ballot submitted to the voters , in the maximum amount of $25 , 000 ,00.0 payable from the levy of an ad valorem tax against the taxable property in the District; WHEREAS, this Board has received the July 12 , 1988 Resolution of the governing board of the District requesting the issuance of such bonds in the aggregate principal amount not to exceed $5, 000 , 00.0 (the "Ser,ies A Bonds" ) and 'this Board authorized and directed the issuance and. sale of the Series A Bonds and has received bids on the Series A Bonds , which bids have been timely received and considered by this Board, pursuant to Resolution No . 88/445 of this Board; WHEREAS, all acts , conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District , and the indebtedness of the District , including this proposed issue of Series A ,Bonds, is within all limits prescribed by law; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, .AS FOLLOWS : SECTION 1 :. That for the purpose of raising money for real property acquisition or improvements at Alhambra High School , including the acquisition of land and the construction and reconstruction of school facilities , improvements and' on-site and off-site drainage facilities , and to pay all necessary legal, financial, engineering and contingent costs in connection therewith, the issuance and sale of the Series A Bonds. at public sale is hereby ratified, confirmed and approved. 1 3035002/5 t^ SECTION 2 . The Series A Bonds were previous.ly .ordered' sold at public sale with bids. to be received until 9 : 00 a,m. on the date and on the terms and in accordance with the Notice Inviting Proposals for Purchase: of Bonds attached hereto as Exhibit A (the "Notice Inviting Proposals") . . The publishing 'of the Notice of Intention to Sell Bonds (the "Notice of Intention" ) , attached hereto as Exhibit B, in the '.'Contra Costa Times" , which is a .newspaper of general circulation in the County, once a week for two successive weeks , and in '"'The Bond Buyer" , whish is a :national trade publication, at :least fifteen days prior to, August 1 ,, 1'988 is hereby ratified, confirmed and approved. The issuance and sale of. the Series A Bonds pursuant to the provisions of Resolution No'. 88/445 of the Board of Supervisors of Contra Costa County, California and the Notice are hereby ratified, confirmed and approved. SECTION 3 . The proceeds from the. sale of the ,Series A Bonds , to the .extent of the principal amount thereof shall be paid to the County to the credit of the fund. hereby created and established and to be known as the " 1988 Series A Martinez Unified School District General Obligation Bond Building Fund" (the "Building Fund" ) of the District , shall be. kept separate and distinct from .all other District and County funds , and those proceeds shall be used solely for the purpose for which the Series A Bonds are being„ issued and provided further that such proceeds shall- be applied: solely to authorized purposes which relate to the acquisition or improvement of real property. The accrued interest and -any premium received by the County from the sale of the Series A Bonds shall be kept separate and apart in the. fund .hereby created and established and to be designated as the "1988 Series A Martinez Unified . School District General Obligation Bond Interest and', Sinking Fund” (the "Debt ,Service Fund" ) for the Series A' Bonds and used only for payments of principal and .interest on the Series 'A Bonds. Interest earned on the investment of monies -held in the Building Fund shall be retained therein. Any. excess" proceeds of the Series A Bonds not needed for the authorized purposes set forth herein for which the Series A Bonds are being issued shall be transferredto the Debt Service Fund and applied to the payment 'of principal. and interest on the Series :'A Bonds . If, after payment in full of the Series A Bonds, there remains excess proceeds, any such excess amounts shall be transferred to the general fund of the_ District . 2 3035002/5 - SECTION 4 . In accordance with provisions of Resolution No. .88/445 , this Resolution and the Notice this Board, has' - caused all bids for the Series A Bonds to be received, opened and presented to it in the manner set forth in Resolution No. 88/445 , this Resolution and the Notice and based`Ilon an examination of said bids and. a review of the tabulation of bids attached hereto as Exhibit C, this Board determines that the bid .of Merrill Lynch Capital Markets (the "Purchaser•';' ) , at a purchase price of $5,,000 , 000 . 00 and at an average net interest rate of 7 . 63947°x , a copy of which bid is attached hereto as Exhibit D, '- is in accordance with the Notice and is the highest bid for the Series A Bonds based upon the lowest rate of interest. The Series A Bonds , having the terms and maturities as provided in <Resolution No . 88/445, this Resolution and the Notice and bearing interest at the rate stated above, and. as set forth in Exhibit D, are awarded and sold to the Purchaser at the price stated above. SECTION 5 . Officers of the Board and County off!!icials and , staff are hereby authorized and directed, jointly and severally, to do any and all things and ,to execute and deliver any and all documents which they may- deem necessary 'lor advisable .in order to proceed with the issuance of the Series A Bonds and otherwise carry out, give effect to and comply with the terms and intent. of -this Resolution. Such actions heretofore taken by such officers , officials and staff are hereby ratified, confirmed and approved. SECTION 6 . The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the ` -Auditor-Controller of Contra Costa. County. t SECTION 7 . , This Resolution shall take effect immediately upon its passage . 3 . 3035002/5 PASSED AND ADOPTED this 2nd day of August, 1988, by the following vote: AYES: Powers, Fanden, McPeak, Torlakson and Schroder NOES: ABSENT: None ABSTENTIONS: hairman, Boar f Supervisors [SEAL] �. Attest : . Phil flatohelor, Clerk of the Board of Su eruisors and County Administratar Clerk, Board of Supervisor 4 3035002/5 State of California Contra Costa County I, Jeanne O. Maglio, Deputy Clerk and Chief Clerk', Office of the Clerk of the Board of Supervisors, do hereby certify the foregoing Resolution No. RR/4q and minutes to be a full, true, and correct copy of the resolution and minutes made and entered by said Board on August 2, 1988, as the. same appears of record and on file in my office. WITNESS my hand and seal of said Board of Supervisors, this 2nd day of August, 1988. 1011, Jeanne O. Maglio Deputy Clerk and Chief Clerk Office of the' Clerk' of the Board of Supervisors 3035002.