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HomeMy WebLinkAboutRESOLUTIONS - 08061991 - 91-491 RESOLUTION NO. RESOLUTION AUTHORIZING ISSUANCE OF BONDS 1991 GENERAL OBLIGATION BONDS BRENTWOOD UNION SCHOOL DISTRICT The Board of Supervisors of the County of Contra Costa, California, resolves: Section 1. RECITALS. On November 6, 1990, voters within the Brentwood Union School District (the "School District") , by the affirmative vote of more than two-thirds of those voting, approved the issuance of $9, 800, 000. 00 of general obligation bonds of the School District to purchase land and construct buildings for a new middle school thereon and to make alterations and additions to Edna Hill Middle School. Pursuant to Section 15140 of the Education Code the governing board of the School District has now adopted its resolution prescribing the issuance and sale of $5, 000, 000.00 of said bonds, to be sold by negotiated sale at a net interest rate not to exceed eight' and one-half percent (8.5%) per annum, said bonds to be retired over a period of twenty-five (25) years. Section 2 . ISSUANCE OF BONDS. The Board of Supervisors hereby .authorizes the issuance of bonds (the "Bonds") of the School District under the provisions of Division 1, Part 10, Chapter 2 of the California Education Code in the amount of $5, 000, 000. 00. Each Bond shall be designated, "Brentwood Union School District, Contra Costa County, California, 1991 General Obligation Bond" . Bonds shall be dated August 1, 1991, and shall be issued in denominations of $5, 000 or integral multiples thereof. This Board of Supervisors may hereafter issue one or more additional series of bonds of the School District up to the full authorized amount of" $9 ,800, 000. 00. Additional bonds, if and when issued, shall be a general obligation of the School District on a parity with the 1991 General Obligation Bonds for all purposes. . Section 3 . MATURITIES; INTEREST. The Bonds shall mature on August 1 of each year beginning August 1, 1993 , in the amounts set forth on the table of maturities as set forth in the bond purchase agreement. The bond date and interest rates on the bonds shall be as set forth in the bond purchase agreement. Interest on the Bonds shall be payable semiannually on February 1 and August 1 of each year on and before the respective maturity dates of the Bonds, the first interest payment being payable on February 1, 1992 . Each Bond shall bear interest as set forth in Exhibit A. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. Section 4. APPOINTMENT OF PAYING AGENT, REGISTRAR AND TRANSFER AGENT. The Board of Supervisors hereby appoints Bankers Trust Company of California, National Association (the "Registrar") as paying agent, registrar and transfer agent for the bonds in accordance with an agreement between the School District and the Registrar. Section 5. FORM AND EXECUTION. Bonds shall be issued as fully registered bonds substantially in the form set forth as Exhibit A to this resolution. The terms of the Bonds set forth on the form are incorporated in this resolution to the same effect as if set forth herein. The Bonds shall be signed by the Chairperson of the Board of Supervisors and by the County Treasurer, countersigned by the Clerk of the Board of Supervisors and have the 2 seal of the County affixed. 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 as authenticating agent. The Registrar 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 6. ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of the Bonds and payment of interest and principal on the Bonds, there are hereby established in the office of the County Treasurer two funds of the School District to be known as the 111991 Brentwood Union School District Building Fund" (the "Building Fund") and the 111991 Brentwood Union School District Bond Interest and Sinking Fund" (the "Debt Service Fund") : (a) BUILDING FUND. Except as provided in subsection (b) , proceeds of sale of the Bonds shall be deposited by the County Treasurer to the credit of the Building Fund.. Disbursements from the Building Fund shall be made by the County Treasurer in the same manner as the disbursement of other school moneys and shall be applied only to the purposes for which the Bonds were issued. (b) DEBT SERVICE FUND. Any premium or accrued interest received from the sale of the Bonds shall be deposited by the County Treasurer to the credit of the Debt Service Fund. The proceeds of taxes levied to pay principal and interest on the Bonds shall also be deposited in the Debt Service Fund. Moneys in the 3 Debt Service Fund shall be used to pay the Bonds at maturity or at redemption before maturity and all interest on the Bonds, and for no other purpose. Section 7. LEVY OF DEBT SERVICE TAXES. Annually at the time of making the levy of taxes for county purposes, the Board of Supervisors shall levy, on property in the School District, a tax at least sufficient to pay so much of interest and maturing principal on the Bonds as will become due before the proceeds of the next annual tax levy become available. The proceeds of the levy shall be deposited in the Debt Service Fund. Section 8. PAYMENT ON BONDS. The principal and interest on the Bonds shall be payable at the principal corporate trust office of the Registrar in San Francisco, California. Principal of each Bond shall be paid on presentation and surrender of the Bond; interest shall be paid by check, draft or warrant mailed on each interest payment date to the registered owner of each Bond at the owner's address as it appears on the register maintained by the Registrar as of the 15th day of the month preceding the date of payment (the "Record Date") , except that payment will be made by wire transfer of immediately available funds to an owner of at least $1, 000, 000 of outstanding Bonds, at the Owner's option in accordance with written instructions of the owner given to the Registrar not later than the Record Date. Section 9 . ADVANCE REDEMPTION OF BONDS. Provisions for the call and advance redemption of bonds, including but not limited to redemption dates, redemption premiums and call notice provisions, 4 shall be as set forth in Exhibit A. In addition to the redemption notice to the Bond Owner as set forth in Exhibit A the Registrar shall send a copy of the notice of redemption by first class mail, postage prepaid, to the original purchaser of the Bonds, or, if the original purchaser is a syndicate, to the managing member of the syndicate, to a municipal registered securities depository, to a national information service that disseminates securities redemption notices, to the District and to the County. Section 10. UNCLAIMED FUNDS. - The Registrar shall return to the County Treasurer any unclaimed funds held by it not later than thirty (30) days before those funds would escheat to the State of California under any statute now or hereafter enacted. Section 11. 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 in denominations of $5, 000 or any integral multiple thereof. Reregistration is subject to the conditions set forth in Exhibit A. Section 12 . ARBITRAGE. By resolution the School District has covenanted that the Bonds are not "arbitrage bonds" within the meaning of Section 148 of the United States Internal Revenue Code of 1986, and regulations of the Internal Revenue Service adopted thereunder, and has further declared that the Bonds are exempt from the rebate of arbitrage earnings pursuant to said Section 148 in 5 that the School District has not issued and will not issue tax- exempt bonds in excess of $5,000, 000 during calendar year 1991. Section 13 . OUALIFIED TAX-EXEMPT OBLIGATIONS. The Board of Supervisors hereby designates the Bonds "Qualified Tax-Exempt Obligations" for purposes of Section 265(b) (3) of the Internal Revenue Code of 1986. PASSED BY THE BOARD on August 6 , 1991 by the following: vote : AYES : Supervisors randen, Schroder; Mcpeak, Torlakson; powers NOES : None ABSTAIN: None ABSENT: None 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 regular meeting thereof, held on the 6th day of August, 1991. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By RESOLUTION NO. 91/491 6