HomeMy WebLinkAboutRESOLUTIONS - 09012004 - 70-700 ''I'll-..''...... ......... ......... ......... ......... ......... ..._. .._. __
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COUNTY OF CONTRA COSTA
RESOLUTION NO,, ' Op
RESOLUTION PROVIDING FOR THE BORROWING
OF FUNDS AND THE ISSUANCE AND SALE OF
TEMPORARY NOTES THEREFOR - FISCAL YEAR 1970-1971
WHEREAS, the Board of Supervisors of Centra 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 $6,000,000 are needed by the County in the
fiscal year 1970-1971 for purposes for which the County is
authorized to expend funds (which funds are needed before
the receipt by the County of taxes, income and revenue for
said fiscal year) , to wit: For meeting current expenses;
and
WHEREAS, the County is authorized by Sections
53850 to 53858, both inclusive, of the California Government
Code (being Article 7.6, Chapter 4, Part 1, Division 2,
Title 5 of said Cone) 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 Code 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 in the fiscal year 1970-1971 for the payment of said
70/ 700
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notes and the interest thereon amounts to $,X��,j carr. , q.-L; 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 1970-1971.
and
WHEREAS, the amount herein provided to be borrowed,
when added to the interest payable thereon, does not exceed
85% of the estimated amount cif 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, Crocker-Citizens National Bank has offered
to and is willing to .loan the County said amount of $6,000,000
to be evidenced by temporary notes of the County as herein-
after described in this resolution;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa as 'followss
1. 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 pur-
pose of obtaining said funds needed by the County in said fiscal
year 1970-1971., hereby determines to and shall borrow of and
from Crocker-Citizens National Bank the principal amount of not
to exceed $6, 000,040 by the issuance of not to exceed six tempo-
rary notes therefor, said notes to be in the denomination of
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$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 Novem-
ber 4, 1970 and prior to December 10, 1970) and all notes
to mature and to bear interest (payable at maturity unless
redeemed prior thereto) , as follows:
Interest Rate
Maturity to (per_annum)
December 16, 1970 3. 84%
Both the- principal of and interest on said notes shall be
payable in lawful money of the United States of America, 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 pro-
vided 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 be repaid from taxes during or
allocable to the fiscal year 1970-1971 and all other income,
revenue; cash receipts and monies of the County lawfully
available therefor.
3. For the payment of the principal of and inter-
est on said notes the County hereby pledges all of the in-
come and revenue of the County received from taxes for the
fiscal year 1970-w1971 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 lien 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 form, the
blanks in said form to be filled in with appropriate words
or figures, to wits
4 70 / 700
COUNTY OF CONTRA COSTA TEMPORARY NOTE
FISCAL YEAR 1970-1971
Number $i3Ot10,000 , 1970
On the 16th day of December, 1970 {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 Con-
stitution and laws of the State of California, for value re-
ceived, 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 3. 84% 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. Bath
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.
It is hereby certified, recited and declared that
this note is issued in strict conformity with the Constitution
and Laws of the State of California and with the provisions
of Article 7.6, Chapter 4, Dart 1, Division 2 of Title 5
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(Sections 53850-53858, both inclusive) of the California Govern-
ment Code, and the proceedings of the Board of Supervisors of
said County, including a resolution duly and regularly passed
and adopted by said Hoard of Supervisors on October 27, 1970,
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 nate have existed, happened and been
performed in regular and due time, form and manner as required
by law, and that this nate, together with all ether indebtedness
and obligations of said County, - does not exceed any limit pre-
scribed by the Constitution or statutes of the State of Cali-
fornia.
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 1970--1971 and all other income, revenue# cash re-
ceipts 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 nate to be executed by the Chairman of its Beard
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
.__.r�.. day of , 1970.
COUNTY OF CONTRA COSTA
ISM]
By
rman o> e Sim of Bilpi7v"Nors
Countersigned:
Treasurer
XG-3 tor- contro Mr
County 'C er
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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 nates for and on behalf of the County.
The County Clerk or a Deputy County Clerk shall affix the
seal of the County to said notes. Said signing, countersign-
ing and sealing shall constitute a valid and sufficient exe-
cution of said notes.
6. Said notes when and as issued shall be and are
hereby sold to Crocker--Citizens National Bank for the principal
amount thereof, together with a premium of $10, all in accord-
ance with the provisions of said Article of said Government
Code and as hereinabove provided, and shall be repaid from in-
come and revenues of the County received by the County from taxes
received during or allocable to the fiscal year 1970-«1971 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 cor-
rect, and that the 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, collection
and enforcement of the taxes pledged hereunder in accordance
7 70 700
with law for carrying out the provisions of this resolution
and any pledge hereunder and said notes.
PASSED AND ADOPTED this 27th day of October, 1970,
by the fallowing vote:
AYES: Supervisors J. P. Kenny., A. No Dias,
J. J3. Mar"x:tq, 8. A. Linscheit , T. J. Call.
NOES: None.
ABSENT: None.
�l
C airman o the oard of Supervisors
ATTEST;
W. To PAAS CN, cLSH
�eputy County Clerk
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CLERK'S CERTIFICATE
I, W. T. PAASCH, County Clerk of the County of
Contra Costa, California, do hereby certify as follows:
The foregoing is a full, true and correct copy of
a resolution duly adopted by the Board of Supervisors of
said County, at a regular meeting of said Board duly and
regularly and legally held at the regular meeting place
thereof on October 27, 1970, of which meeting all of the
members of said .Board of Supervisors had due notice and at
which a majority thereof was present.
At said meeting said resolution was introduced by
Supervisor T. J. Coli and read in full, and was
thereupon, upon motion of Supervisor S. A. Linseheid ,
seconded by Supervisor J. R. Moriar:01 adopted by
the following vote:,
AXES: Supervisors J. P. Kemy, A. M. Dias,
J. R. Xbriarty, R. A. Linscheid, T. J Coll.
NOES: None.
ABSENT None.
I have carefully compared the same with the origi-
nal minutes of said meeting on file and of record in my
office and said resolution is a full, true and correct copy
of the original resolution adopted at said meeting and
entered in said minutes.
The original resolution has not been amended,
modified or rescinded since the date of its adoption and
the same is now in full force and effect.
Dated: October , 1970.
[SEAL) County Clerk of the County or Contra Costa
701700