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Home My WebLink AboutRESOLUTIONS - 08021988 - 88-497 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 LIBERTY UNION HIGH SCHOOL DISTRICT, CONTRA COSTA COUNTY, CALIFORNIA 1988 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 SCHOOLISITES. WHEREAS, a duly called special municipal election was held in the Liberty Union High 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 question 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 $10, 000,000 payable from thellevy of an ad valorem tax against the taxable property in the, District; WHEREAS, this Board has received Resolution No. 88-25 of the governing board of the District requesting they, issuance of such bonds in the aggregate principal amount not to exceed $5, 000, 000 (the "Series 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. 88/444 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 OFISUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA, AS FOLLOWS: SECTION 1. That for the purpose of raising money for real property acquisition or improvements including (a)" the purchasing of school lots; (b) the building of school buildings; (c) the making of alterations or additions to the school buildings; (d) the supplying of school buildings .and grounds with furniture and equipment of a permanent nature, and to pay all necessary legal, financial, engineering and 1 'ti 3196001/4 i i contingent costs in connection therewith, the issuance and sale of the Series A Bonds at public sale is hereby ratified, confirmed and approved. SECTION 2. The Series A Bonds were previously'jordered sold at public sale with bids to be received until 9 : OOa.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" , which is a national trade publication, at least fifteen days prior to August 2, 1988 is hereby ratified, confirmed and approved. The issuance and sale of the Series A Bonds pursuant to the provisions of Resolution No. 88/444 of the Hoard of Supervisors of Contra Costa County, California andi[ 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 'there:bf, 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 Liberty Union High 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 ofreal property. The accrued interest and any premium received by the County from the sale of the Series A Bonds shall b'e kept separate and apart in the fund hereby created and ;established and to be designated as the "1988 Series A Liberty Union High 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 ,ljbeing issued shall be transferred to 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 beltransferred to the general fund of the District. f I i 2 3196001/4 j r SECTION 4 . In accordance with provisions of Resolution No.88/444, 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. 88/444, this Resolution and the Notice and based on 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 and at an average netlinterest rate of 7. 63915%, 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. 88/444, 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 officials 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 or 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. SECTION .7. This Resolution shall take effect immediately upon its passage. r , 3 3196001/4 PASSED AND ADOPTED this 2nd day of August, 1988, by the following vote: AYES: Supervisors Powers, Fanden, McPeak, Torlakson, Schroder. NOES: None. ABSENT: None. ABSTENTIONS: None. Chairman, Board ,of Supervisors [SEAL] Attest: Phil Batchelor, Clerk of the Board o! Supervisors and County Admift stratgr Clerk, Board of Supervisars :r 4 3196001/4 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. 88/49 ) 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. Jeanne O. Maglio Deputy Clerk and Chief Clerk Office of the Clerk of the Board of Supervisors 3196001 EXHIBIT A NOTICE INVITING PROPOSALS FOR PURCHASE OF BONDS $5,000, 000 LIBERTY UNION HIGH SCHOOL .DISTRICT CONTRA COSTA' COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A (Bank Qualified) NOTICE IS HEREBY GIVEN that sealed unconditioned proposals, will be received to and including the hour of 9 a.m. , Pacific . Daylight Time, on August 2, 1988, at the offices of Kelling, . Northcross & Nobriga, Inc. , 595 .Market Street, Suite 1350, San Francisco,. CA 94105 for the purchase of all, but not less than all, of $5, 000,000 principal amount of Liberty Union High School District, Contra Costa County, California, 1988 General Obligation Bonds, Series A (the "Bonds") . On August 2, 1988,. the Board, of Supervisors will meet for the purpose of considering bids received .and, if an acceptable bid is received, awarding the contract for the purchase of the Bonds. Issue• The Bonds will be dated August 1, 1988, will be in the denomination of $5, 000 each, or integral multiples thereof, and will bear interest from the. date of the Bonds to ,the maturity of each of the Bonds at -'the rate or rates such that the interest rate shall not exceed 12% per annum, with "interest payable on February 1, 1989, and semiannually thereafter on February 1 and August 1 of each year during the term of each of the .Bonds . The Bonds mature on, August 1 in each. ofthe years _.1990 to 2013, inclusive, as follows : PRINCIPAL YEAR AMOUNT YEAR AMOUNT 1990 $ 70, 000 2002 $185,000 1991 . 80,000 2003 x;205, 000 1992 850,000 2004 220, 000 1993 90, 000 2005 240, 000 1994 . 100,000 2006 ,255, 000 1995. 105, 000 2007 280, 000 1996 1150.000 2008 '300, 000 199.7 125,.000 2009 325, 000 1.998 135,000 2010 355, 000 1999 150, 000 2011 380, 000, 2000 160,000 2012 415, 000 2001 175, 000 2013 '',4501000