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HomeMy WebLinkAboutMINUTES - 12041984 - 1.42 BOARD OF SUPERVISORS COUNTY OF CONTRA COSTA, CALIFORNIA RESOLUTION NO. 84/722 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL YEAR 1984-1985 AND THE ISSUANCE AND SALE OF 1984-1985 TAX AND REVENUE ANTICIPATION NOTES FOR THE RICHMOND UNIFIED SCHOOL DISTRICT WHEREAS, pursuant to Section 53850 to 53858, both inclusive, of the Government Code of the State of California (herein called the "Code" ) (being Article 7 . 6, Chapter 4, Part �, Division 2 , Title 5 of said Code) , the Board of Education of Richmond Unified School District (herein called the "District" ) has filed with this Board of Supervisors (herein called the "Board" ) a resolution requesting that the Board borrow money for the District by the authorization, issuance and sale of Nine Million Dollars ($9, 000,000) principal amount of 1984-1985 Tax and Revenue Anticipation Notes of the District in anticipation of the receipt of taxes, income, revenue, cash receipts and other moneys to be received by the District for the general fund of the District during or attributable to fiscal year 1984-1985; and WHEREAS, the County intends to borrow, for and in the name of the District for the purposes set forth above, Nine Million Dollars ($9, 000, 000) by the issuance of Notes, as hereinafter defined; and 00 . 121 RE^OLUTION NO . 84/722 WHEREAS, the Board of Education of the District has found and determined that said sum of Nine Million Dollars ($9, 000, 000) , when added to the interest payable thereon, does not exceed eighty-five percent (85%) of the estimated amount of the uncollected taxes, income, revenue, cash receipts and other moneys to be received by the District for the general fund of the District during or attributable to fiscal year 1984-1985 and available for the payment of the principal of and the interest on said Notes; and WHEREAS, pursuant to Section 53856 of the Code, certain moneys which will be received by the District for the general fund of the District during or attributable to fiscal year 1984-1985 can be pledged for the payment of the principal of and the interest on said Notes (as hereinafter provided) ; and WHEREAS, Rauscher Pierce Refsnes, Inc. (herein called the "Underwriter" ) intends to submit an offer to purchase said Notes and has submitted a form of Contract of Purchase (herein called the "Purchase Contract" ) to the Board, which form has been approved by the District; NOW, THEREFORE, the Board of Supervisors of the County of Contra Costa hereby resolves as follows: Section 1. All the above recitals are true and correct and this Board so finds, determines and represents. Section 2 . Solely for the purpose of anticipating taxes, income, revenue, cash receipts and other moneys to be 2 00 122 received by the District for the general fund of the District during or attributable to fiscal year 1984-1985, and not pursuant to any common plan of financing, the County hereby determines to and shall issue (for and on behalf of the District) Nine Million Dollars ($9, 000., 000) principal amount ' of temporary notes under Sections 53850 et seq. of the Code, designated "Richmond Unified School District, County of Contra Costa, California, 1984-1985 Tax and Revenue Anticipation Notes" (herein called the "Notes" ) , to be numbered from one consecutively upward in order of issuance, to be in the denomination of $5, 000, $25, 000 or $100, 000, or any combination thereof, as specified by the Underwriter, to be dated their date of delivery to the initial purchaser thereof, to mature (without .option of prior redemption) December 12, 1985, and to bear interest, payable at maturity and computed upon the basis of a 360-day year, consisting of twelve 30-day months, at a rate not to exceed 12% per annum as determined by the Treasurer-Tax Collector of the County (herein called the "County Treasurer" ) , with the approval of the Assistant Superintendent for Business Services of the District, in accordance with the Purchase Contract. Both the principal of and interest on the Notes shall be payable, but only upon surrender thereof, in lawful money of the United States of America at the option of the holder, at the principal office of The Bank of California, National 3 00 123 Association, in San Francisco, California, or Bank of California New York Trust Company, in New York, New York. Section 3 . The Notes shall be issued without coupons and shall be substantially in the form and substance set forth in Exhibit A attached hereto and by reference incorporated herein, the blanks in said form to be filled in with appropriate words or figures. Section 4. The moneys so borrowed shall be deposited in the general fund of the District. Section 5 . (A) The principal of the Notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts and o-,,-.her moneys which are received by the District for the general fund of the District during or attributable to fiscal year 1984-1985 and which are available for payment thereof. As security for the payment of the principal of and interest on the Notes, the County (for and on behalf of the District) hereby pledges certain unrestricted revenues (as hereinafter provided) which are received by the District for the general fund of the District during or attributable to fiscal year 1984-1985, and the principal of the Notes and the interest thereon shall .constitute a first lien and charge thereon and shall be payable from the first moneys received by the District from such pledged unrestricted revenues, and, to the extent not so paid, shall be paid from any other taxes, income, revenue, cash receipts and other moneys of the District lawfully 4 00 124 Available therefor (all as provided for in Sections 53856 and 53857 of the Code) . In order to effect this pledge, the County agrees to cause to be created and established by it a special fund, designated the "Richmond Unified School District 1984-1985 Tax and Revenue Anticipation Note Repayment Fund" (herein called the "Repayment Fund" ) , which fund will he held by the County Treasurer acting as the responsible agent to maintain such fund until the payment of the principal of the Notes and the interest thereon, and the County agrees to cause to be deposited directly therein the first Four Million Five Hundred Thousand Dollars ($4, 500, 000) of unrestricted revenues of the District to be received in February, 1985; and the first Four Million Five Hundred Thousand Dollars ($4, 500, 000) , plus an amount sufficient to pay interest on the Notes, of unrestricted revenues of the District to be received in April, 1985 (such pledged amounts being hereinafter called the "Pledged Revenues" ) . In the event that on the last business day of each such month, the District has not received sufficient unrestricted revenues to permit the deposit into the Repayment Fund of the full amount of Pledged Revenues to be deposited in the Repayment Fund from said unrestricted revenues in said months, then the amount of any deficiency shall be satisfied and made up from any other moneys of the District lawfully available for the payment of the principal of the Notes and the interest thereon as and when such other moneys are received. The term 5 .00 125 "unrestricted revenues" shall mean taxes, income, revenue, cash receipts, and other moneys, intended as receipts for the general fund of the District and which are generally available for the payment of current expenses and other obligations of the District. (B) Any moneys placed in the Repayment Fund shall be for the benefit of the holders of the Notes, and until the principal of the Notes and all interest thereon are paid or until provision has been made for the payment of the principal of the Notes at maturity with interest to maturity, the. moneys in the Repayment Fund shall be applied only for the purposes for which the Repayment Fund is created. (C) From the date this Resolution takes effect, all Pledged Revenues shall, when received, be deposited in the Repayment Fund. After such date as the amount of Pledged Revenues deposited in the Repayment Fund shall be sufficient to pay in full the principal of and interest on the Notes, when due, any moneys in excess of such amount remaining in or accruing to the Repayment Fund shall be transferred to the general fund of the District upon the request of the District. On December 12, 1985, the moneys in the Repayment Fund shall be used, to the extent necessary, to pay the principal of and interest on the Notes. (D) Moneys in the Repayment Fund, to the greatest extent possible, shall be invested by the County Treasurer, as permitted by applicable California law, as it is now in 6 00 126 effect and as it may be amended, modified or supplemented from time to time; provided that no such investments shall have a maturity date later than the maturity date of the Notes. The proceeds of such investments shall be deposited when and as received in the Repayment Fund. Section 6 . The County Treasurer or one or more deputies to the County Treasurer are hereby authorized to manually execute the Notes and the Clerk of the Board of Supervisors and County Administrator (herein called the "Clerk" ) is hereby authorized to countersign the Notes by facsimile signature. The Clerk is hereby authorized to affix the seal of the County to the Notes either manually or by facsimile impression thereof. The County Treasurer is hereby authorized to cause the blank spaces of the Notes to be filled in as may be appropriate. Section 7 . It is hereby covenanted that the County, and its appropriate officials, have duly taken all proceedings necessary to be taken by them, and will take any additional proceedings necessary to be taken by them, for the levy, collection and enforcement of the Pledged Revenues in accordance with law for carrying out the provisions of this Resolution and the Notes. Section 8. All the Notes shall be sold to the Underwriter in accordance with the terms of the Purchase Contract in substantially the form presented to this meeting 7 00 127 and by reference incorporated herein (as shall be finally approved by the County Treasurer as hereinbelow provided) . Section 9. The Purchase Contract relating to the Notes in substantially the form attached as Exhibit B ' to the District' s resolution requesting the issuance of the Notes- and approved by the Board of Education of the District by the adoption thereof, is hereby approved with such additions, changes or corrections as the County Treasurer may approve upon consultation with the Assistant Superintendent for Business Services of the District, and the County Treasurer is hereby authorized to execute the Purchase Contract. Section 10. The Bank of California, National Association, in San Francisco, California and Bank of California New York Trust Company in New York, New York are appointed paying agents for the Notes, and the Assistant Superintendent for Business Services of the District and/or the County Treasurer are hereby authorized and directed to execute any and all documents and agreements necessary to effect such appointment. Section 11. The distribution of the Official Statement in connection with the offering and sale of the Notes, dated December 1984, in substantially the form presented to this meeting with such additions, changes or corrections as the County Treasurer may approve upon consultation with the Assistant Superintendent for Business Services of the District is hereby approved. 8 00 128 Section 12 . The Treasurer and the Clerk are hereby authorized and directed to execute and deliver the Notes to the Underwriter, pursuant to the terms and conditions of the Contract of Purchase. All actions heretofore taken by the officers and agents of the County or this Board with respect, ._ to this sale and issuance of the Notes are hereby approved, confirmed and ratified and the officers and agents of the County and this Board are hereby authorized and directed, for and in the name and on behalf of the County, to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Notes in accordance with this resolution. PASSED AND ADOPTED this 4th day of December, 1984, by the following vote: AYES: Supervisors Powers , Fanden , 'McPaak, Schrcder , Torlakson. NOES: None. ABSENT: None . X /4�2 Chairman of the Board of. Supervisors ATTEST: Cl6rk of the Board of Super iso and County Administrator 9 00 129 CLERK' S CERTIFICATE I , PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator of the County of Contra Costa, California, do hereby certify that the foregoing is a ' full, true and correct copy of a Resolution duly adopted at a regular meeting of the Board of Supervisors of said County duly and legally held at the regular meeting place thereof on the 4th day of December, 1984, of which meeting all of the members of said Board of Supervisors had due notice and at which 5 members thereof were present; that at said meeting said Resolution was introduced by Supervisor Toll h-son and read in full, and was thereupon, upon motion of Supervisor Fah.der- , seconded by Supervisor SClZroder , adopted by the following vote: AYES : Supervisors Powers , Fanden, Mc-Peak, Schroder , Torlakson . NOES: None . ABSENT: None . That I have carefully compared the same with the original minutes of said meeting on file and of record in my office and that said Resolution is a full, true and correct copy of the original Resolution adopted at said meeting and entered in said minutes. That said Resolution has not been amended, modified or rescinded since the date of its adoption and the same in now in full force and effect. 00 130 WITNESS my hand and seal of the Board of Supervisors of the County of Contra Costa, State of California, this 4th day of December, 1984. (SEAL) Clerk of the Board of Supervisors and County Administrator of the County of Contra Costa 2 00 131 EXHIBIT A RICHMOND UNIFIED SCHOOL DISTRICT COUNTY OF CONTRA COSTA, CALIFORNIA 1984-1985 TAX AND REVENUE ANTICIPATION NOTE No. FOR VALUE RECEIVED, the Richmond Unified School District (the "District" ) , County of Contra Costa, California, acknowledges itself indebted to and promises t -- pay to the holder hereof, at the option of the holder, at the principal office of The Bank of California, National Association in San Francisco, California, or Bank of California New York Trust Company, in New York, New York, the principal sum of DOLLARS ($ ) in lawful money of the United States of America, on December 12, 1985, together with interest thereon at the rate of PER CENT ( 0/ per annum, upon the basis of a 360-day year, consisting of twelve 30-day months, in like lawful money from the date hereof until payment in full of said principal sum. Both the principal of and interest on this Note shall be payable only 00 132 upon surrender of this Note as the same shall fall due; provided, however, no interest shall be payable for any period after maturity during which the holder hereof fails to properly present this Note for payment. It is hereby certified, recited and declared that this Note is one of an authorized issue of Notes entitled, "Richmond Unified School District, -,County of Contra Costa, ; California, 1984-1985 Tax and Revenue Anticipation Notes" (the "Notes" ) , in the aggregate principal amount of Dollars ($ ) , all of like date, tenor and effect, made, executed and given pursuant to and by authority of a resolution of the Board of Supervisors of the County of Contra Costa duly passed and adopted on December _, 1984 (at the request of the District pursuant to a resolution of the Board of Education of the District duly passed and adopted on November 28, 1984) , under and by authority of Article 7. 6 (commencing with Section 53850) of Chapter 4, Part 1, Division 2, Title 5 of the California Government Code, and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Note have existed, happened and been .performed in regular and due time, form and manner as required by law, and that this Note, together with all other indebtedness and obligations of the District, does not exceed any limit prescribed by the Constitution or statutes of the State of California. A-2 00 133 . A ' The principal of the Notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts and other moneys which are received by the District during fiscal year 1984-1985 . As security for the payment of the principal of and interest on the Notes the District has pledged the first Dollars ($ ) of unrestricted revenues of the District to be received in February, 1985; and the first Dollars ( $ ) , plus an amount sufficient to pay interest on the Notes, of unrestricted revenues of the District to be received in April, 1985 (such pledged amounts being hereinafter -.alled the "Pledged Revenues" ) , and the principal of the Notes and the interest thereon shall constitute a first lien and charge thereon and shall be payable from the Pledged Revenues, and to the extent not so paid shall be paid from any other moneys of the District lawfully available therefor. IN WITNESS WHEREOF, the County of Contra Costa has caused this Note to be executed by its Treasurer-Tax Collector by manual signature, and countersigned by the Clerk A-s 00 134 of its Board of Supervisors .and County Administrator by facsimile signature and has caused its official seal to be printed hereon this day of December, 1984. COUNTY OF CONTRA COSTA By, Treasurer-Tax Collector (SEAL) Countersigned By Clerk of the Board of Supervisors and County Administrator A-4 00 135