HomeMy WebLinkAboutRESOLUTIONS - 09132004 - 71-691 COUNTY OF CONTRA COSTA
RESOLUTION NO. 71./69
RESOLUTION PROVIDING FOR THE BORROWING
OF FUNDS AND>THE >.ISSUANCE AND SALE
TEMPORARY NOTES THEREFOR y- FISCAL. YEAR 1971-1972
WHEREAS# the Board of Supervisors of Contra
Costa County, a county duly organized and existing under
the Constitution and laws of the State of California
(which County is hereinafter sometimes called the "County") ,
has found and does hereby find and determine that funds
in the maximum amount'.of $5,000,000 are needed by the
County in the fiscal year 197.1-1972 1972 for purposes for
which the County is authorized'' to expend funds (which funds
are needed before the 'receipt by the County of takes, ince
and revenue for said fiscal year) to wit*. For meeting
current expenses; and
WHEREAS, the County is authorized by Sections
53850 to 53558, bath inclusive, of the California Govern-
ment Code (being Article 7.6f Chapter 4 Part 1, Division 2 ,
Title 5 of said Cade) to borrow money for such purposes by
the issuance of temporary notes, and desires to avail it-
self of the provisions of said Article of said Cade for
the purpose of borrowing said amount of :needed funds, and
WHEREAS, the estimated amount of the uncollected
taxes .income and 'revenue of the County which will be avail-
able
va►i1-able in the fiscal year 1971-1.972 for the payment of said
notes and, the interest thereon amounts to $223p631s091•83'; and
WHEREAS, no money has heretofore been borrowed' ,
by or on behalf of the County on tax anticipation notes or
temporary notes in anticipation of the receipt of, or payable
from or ,secured by, taxes', income, revenue, cash receipts
or other monies for or during the fiscal year 1971-1372
and
WHEREAS, the amount herein provided to be borrowed,
when added to the interest payable thereon, does not exceed
85% of the estimated amount of the now uncollected taxes,
income, revenue, cash receipts and other monies of the
County which will. be 'available in said fiscal year for the
payment of said notes and the interest thereon; and
WHEREAS, Bank of America National Trust and
Savings Association has offered to and is willing to loan
the County said amount of $5,000t000 to be evidenced by
temporary notes of the County as hereinafter described in
this resolution;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa as follows
I. All of the above recitals are true and cor-
rect? and this Board, of Supervisors so finds, determines
and represents.
2. The County, pursuant to the provisions of
said Article of the California Government Code and for
the purpose of obtaining said fund's needed by the County
in said fiscal year 1971-1972, hereby determines to and shall
borrow of and from Bank of America National Trust and
Savings Association the principal amount of not to
exceed $5,000,000' by the issuance of not to exceed five
temporary notes therefor, said notes to be in the denomination
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of $1,000,000 each, to be numbered from 1 upwards in
consecutive numerical order# in order of issuance, each
note to be dated the respective date of delivery thereof
(on or after November 1, 1,.971 and prior to December 8, 197'1)
and all notes to mature and to bear interest (payable :at
maturity unless redeemed prior thereto) , as follows:
Interest Rate
Maturity Date (per annum)
December 17# 1971 2.74%
Both the principal of and interest on said notes shall be
payable in lawful money of the United states of Americap
only upon presentation and surrender thereof to the Treasurer
of the County at his office in Martinez, Contra Costa
County, California. Each of said notes shall be subject to
call and redemption, at the option of the County, at any time
prior to its fixed maturity date at the principal amount
thereof and accrued interest thereon to date of redemption
upon two days' written notice thereof to the holder of the
note. After the date fixed for such redemption, if the
County shall have duly given notice of such redemption and
shall have provided funds available for the payment of the
principal of and interest on the note so called for redemption,
interest on such note shall thereafter cease. Said notes
when and as severally or collectively issued shall be and
each of said notes hereby is sold to said bank at the
principal amount thereof and shall he repaid from taxes
during or allocable to the fiscal year 1971.1972 and all
other income, revenuer cash receipts and monies of the
County lawfully available therefor.
3. For the payment of the principal of and
interest on said notes the County hereby pledges all of
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the income and revenue of the County received from taxes
for the fiscal year 1971-1972 and all other income, revenue,
cash receipts and monies of the County lawfully available in
said fiscal year for the payment of said notes and the
interest thereon and said notes shall constitute a first
Tien and charge thereon and shall be paid from the first
such income, revenue, cash receipts and monies received by
the County.
4. Said notes shall be issued without coupons
and shall each be substantially in the following formt
the blanks in said form to be filled in with appropriate
words or figures, to wit;
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COUNTY OF CONTRA COSTA TEMPORARY NOTE
FISCAL YEAR 1971-1972
Number $1,000 ,000 1971
On the 17th day of December, 1971 (subject to any
right of prior redemption hereinafter in this note expressly
reserved) , the County of Contra Costa, State of California,
a county organized and existing under and by virtue of the
Constitution and laws of the State of California, for value
received, acknowledges itself indebted to and promises to
pay to the bearer hereof, at the office of the Treasurer
of said County, in Martinez, Contra Costa County, California,
the principal sum of
ONE MILLION DOLLARS ($1,000,000)
in lawful money of the United States of America, with
interest thereon at the rate of 2.74% per annum from the
date hereof until payment in full of said principal sum.
Interest shall cease to accrue on said date unless this note
is presented for payment on said date and is not paid on
said date. Both the principal of and interest on this note
shall be payable only upon surrender of this note as the
same shall become due.
This note shall be subject to call and redemption,
at the option of said County, at any time prior to its
fixed maturity date at the principal amount thereof and
accrued interest thereon to date of redemption upon two days'
written notice thereof to the holder hereof.
This note is one of a duly authorized issue of
notes of said County aggregating Five Million Dollars
($5,000,000) in principal amount, all of like security and
tenor (except for varying numbers and dates) . It is
hereby certified, recited and declared that this note is
issued in Strict conformity with the Constituion and laws
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of the State of California and with the provisions of
Article 7.61 Chapter 4, Part 1, Division 2 of Title 5
(Sections 53850-53858, both inclusive) of the California
Government Code, and the proceedings of the Board of
Supervisors of said County, including a resolution duly and
regularly passed and adopted by said Board of Supervisors on
October 26, 1971, authorizing the same, 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 said
County, does not exceed any limit prescribed by the Constitution
or statutes of the State of California.
For the payment of the principal of and interest
on this note and all notes of said authorized issue, all of
the income and revenue of said County received from taxes
for the fiscal year 1971-1972 and all other income, revenue,
cash receipts and monies of said County lawfully available
therefor are hereby pledged, and this note shall constitute a
first lien and charge thereon.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this note to be executed by the Chairman of its Board
of Supervisors and to be countersigned by its Treasurer and
its Auditor-Controller, and the County Clerk or a Deputy County
Clerk, and its official seal to be affixed hereto this
day of 1971.
[SEAL] COUNTY OF CONTRA COSTA
By
Chairman of the Board of Supervisors
Countersigned:
Treasurer
AuKtor-Contro:M;i
County Clerk
5. The Chairman of the Board' of Supervisors is
hereby authorized and directed to execute said notes for
and on behalf of the County, and the County 'treasurer and
the County Auditor-Controller and the County Clerk or a
Deputy County, Clerk of the County are hereby authorized and
directed to countersign said notes for and on behalf of the
County. The County Clerk or a> Deputy County Clerk shall affix
the seal of the County to said nates. Said signing, counter-
signing and sealing shall constitute a valid and sufficient
execution of said notes.
6. Said notes when and as issued shall be and are
hereby sold to Bank of America National Trust and Savings
Association for the principal amount thereof, together with
a premium of $89, all in accordance with the provisions of
said Article of said Government Code and as hereinabove
provided, and shall be repaid from income and revenues of
the County received by the County from 'taxes received during
or allocable to the fiscal year 1971-1972 and all other
income, revenue, cash receipts and monies of the County
lawfully available in said fiscal year for the payment of
said notes and the interest thereon; and the proceeds of
sale of said notes shall be applied exclusively for the
purposes specified in the first recital of this resolution.
7. it is hereby covenanted and warranted by the
Board of Supervisors of the County that all representations
and recitals contained in this resolution are true and
correct, and that that County, and its appropriate officials,
and any and all other appropriate officials for and on its
behalf, have 'duly taken all proceedings and action necessary
to be taken by them, and will take any additional proceedings
and action necessary to be taken by them, for the levy,
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collection and enforcement of the taxes pledged hereunder
in accordance with law for carrying out the provisions
of this resolution and any pledge hereunder and said notes.
PASSED AND ADOPTED this 26th day of October, 1971,
by the following vote:
AYES: Supervisors .A. M. Dias$ J. E. Moriarty, W.- N. Boggess,
E. A. Linsche id, J. P. Kenny.
NOES: None.
ASSENT: None.
al an of e Bo a*d 0 ervisors
ATTEST:
-9. T. PAASC-H CLERK
Deputy County Clerk
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