HomeMy WebLinkAboutMINUTES - 10161984 - X.1 X,c ,
BOARD OF SUPERVISORS
COUNTY OF CONTRA COSTA, CALIFORNIA
RESOLUTION NO. 84/625
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 TAX AND REVENUE ANTICIPATION NOTES FOR
THE CONTRA COSTA COMMUNITY COLLEGE DISTRICT,
AND RESCINDING RESOLUTION NO. 84/611
WHEREAS, pursuant to Sections 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 1, Division 2, Title 5 of said Code) , the Governing
Board of Contra Costa Community College 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 up to Eight Million
Dollars ($8, 000, 000) principal amount of 1984 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
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WHEREAS, the Board duly adopted Resolution
No. 84/611 on October 9, 1984, which Resolution No . 84/611
provided for the issuance of Seven Million Five Hundred
Thousand Dollars ($7, 500, 000) principal amount of 1984 Tax
and Revenue Anticipation Notes for and on behalf of the
District; and
WHEREAS, the Board of Supervisors has been advised
that revised cash flow statements of the District indicate
that a greater amount of revenues have been and are now
anticipated to be received by the District during and
attributable to Fiscal Year 1984-1985 than had been
previously estimated; and
WHEREAS, said revised cash flow statements in the
opinion of Orrick, Herrington & Sutcliffe, A Professional
Corporation, acting as Bond Counsel in connection with the
sale and issuance of the Notes, necessitate a reduction in
the previously determined principal amount of temporary notes
to be issued for and on behalf of the District; and in
connection therewith it is necessary and desirable to repeal
said Resolution No. 84/611 and to adopt this resolution to
provide for the issuance of said 1984 Tax and Revenue
Anticipation Notes of the District; and
WHEREAS, the County intends to borrow, for and in
the name of the District for the purposes set forth above,
Six Million Dollars ( $6, 000, 000) by the issuance of Notes, as
hereinafter defined; and
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WHEREAS, the Governing Board of the District has
previously found and determined that the sum of Eight Million
Dollars ($8., 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, Bank of America National Trust and Savings
Association (herein called the "Underwriter" ) intends to
submit an offer to purchase said Notes and has submitted a
form of Note Purchase Agreement (herein called the "Purchase
Agreement" ) to the Board, which form has been approved by the
Assistant Secretary of the Governing Board of 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
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) Six Million Dollars ($6, 000, 000) principal amount
of temporary notes under Sections 53850 et seq. of the Code,
designated "Contra Costa Community College District 1984 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, $10, 000,
$25, 000 or $100, 000, or any combination thereof, as provided
in the Purchase Agreement, to be dated their date of
delivery, to mature (without option of prior redemption) on
September 30, 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 Secretary of the Governing Board of the
District, in accordance with the Purchase Agreement. 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 principal office of Bank of
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America National Trust and Savings Association in San
Francisco, California.
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 amount 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 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 secured property taxes (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 secured property taxes, 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
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available therefor ( all as provided for in Sections 53856 and
53857 of the Government Code) . In order to effect this
pledge, the County agrees to cause to be created and
established a special fund, designated the "Contra Costa
Community College District 1984 Tax and Revenue Anticipation
Note Repayment Fund" (the "Repayment Fund" ) , which fund will
be 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 Two Million Four Hundred Thousand Dollars ($2, 400, 000)
of the first installment of secured property taxes to be
received by the District which become due and payable on
November 1, 1984 and become delinquent after December 10,
1984, and the first Three Million Six Hundred Thousand
Dollars ($3, 600, 000) , together with an amount sufficient to
pay the interest on the Notes, of the second installment of
secured property taxes to be received by the District which
become due and payable on February 1, 1985 and become
delinquent after April 10, 1985 (such pledged amounts being
hereinafter called the "Pledged Revenues" ) . In the event
that there are insufficient secured property taxes received
by the District to permit the deposit into the Repayment
Fund, of the full amount of the Pledged Revenues to be
deposited, by March 29, 1985 and April 30, 1985,
respectively, then the amount of any deficiency shall be
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satisfied and made. up on such dates from any other moneys of
the District lawfully available for the repayment of the
Notes and interest thereon.
(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. On September 30, 1985 the moneys in the
Repayment Fund shall be used, to the extent necessary, to pay
the principal of and interest on the Notes. Any moneys
remaining in or accruing to the Repayment Fund after the
principal of the Notes and the interest thereon have been
paid, or provision for such payment has been made, shall be
transferred to the general fund of the District.
(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
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.
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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 this Board and
County Administrator is hereby authorized to countersign the
Notes by facsimile signature . The Clerk of this Board and
County Administrator 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
Agreement in substantially the form presented to this meeting
and by reference incorporated herein (as shall be finally
approved by the County Treasurer as hereinbelow provided) .
Section 9 . The Purchase Agreement relating to the
Notes, in substantially the form attached hereto as Exhibit
B, is hereby approved with such additions, changes or
corrections as the County Treasurer may approve upon
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consultation with the Assistant Secretary of the Governing
Board of the District, and the County Treasurer is hereby
authorized to execute the Purchase Contract.
Section 10. The distribution of the Official
Statement in connection with the offering and sale of the
Notes, dated October 16, -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 Secretary of the Governing
Board of the District is hereby approved.
Section 11 . The County Treasurer and the Clerk of
this Board of Supervisors and County Administrator are hereby
authorized and directed to execute and deliver the Notes to
the Underwriter, pursuant to the terms and conditions of the
Purchase Agreement. 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.
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Section 12. Resolution No. 84/611, adopted by the
Board of Supervisors on October 9 , 1984, is hereby repealed
and rescinded. Any resolution of the Board of Supervisors,
and any- part of any resolution, inconsistent with this
resolution , is hereby repealed to the extent of such
inconsistency.
PASSED AND ADOPTED this 16th day of October 1984 ,
by the following vote:
AYES : !7urervi.sors Fah-len , Fchrodcr , McFeal: , Torlakson .
NOES : None .
ABSENT `'unervisor Powers .
Chairman of the Board of Supervisors
ATTEST: Phil Batchelor, Clerk of the Board of
Supervisors and County Administrator
of the County of Contra Costa
Deputy- Clerk of the
Board of Supervisors
i
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CLERK'S CERTIFICATE
I, J . 0. Maglio, Deputy Clerk of the Board of
Supervisors of the County of Contra Costa , California, do
hereby 6ertify 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 16th day of October,
1984 , of which meeting all of the members of said Board of
Supervisors had due notice and at which four members thereof
were present ; that at said meeting said Resolution was intro-
duced by Supervisor Schroder , and was thereupon,
upon motion of Supervisor Schroder . seconded by
Supervisor Torlakson. adopted by the following
vote:
AYES: Supervi.cors Fanden , Schroder , McPeak,
Torlakson .
NOES : None .
ABSENT: Supervisor Powers .
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 is now in full force and effect.
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WITNESS my hand and seal of the Board of
Supervisorsof the County of Contra Costa, State of
California, this 16th day of October, 1984.
(SEAL)
J . 0. Maglio, Deputy Clerk
of the Board of Supervisors
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00173
EXHIBIT A
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
1984 TAX AND REVENUE ANTICIPATION NOTE
No.
FOR VALUE RECEIVED, the Contra Costa Community
College District (the "District" ) , County of Contra Costa,
California, acknowledges itself indebted to and promises to
pay to the holder hereof, at the principal office of Bank of
America National Trust and Savings Association in San
Francisco, California, the principal sum of
DOLLARS ( $ )
in lawful money of the United States of America, on
September 30, 1985, together with interest thereon at the
rate of
PER CENT (_%)
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
upon surrender of this Note as the same shall fall due;
provided, however, no interest shall be payable for any
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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,
"Contra Costa Community College District 1984 Tax and Revenue
Anticipation Notes" (the "Notes" ) , in the aggregate principal
amount .of Six Million Dollars ($6, 000, 000) , 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 October 16,
1984 (at the request of the District pursuant to a resolution
of the Governing Board of the District duly passed and
adopted on September 12, 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.
The principal amount of the Notes, together with
the interest thereon, shall be payable from taxes, income,
revenue, cash receipts and other moneys which are received by
A-2 001705
the District for the Fiscal Year 1984-1985. As security for
the payment of the principal of and interest on this Note and
all Notes of said authorized issue, the District has pledged
certain secured property taxes to be received by the District
for the general fund of the District during or attributable
to Fiscal Year 1984-1985 (as provided in said resolutions) ,
and the principal of and the interest on this Note and all
Notes of said authorized issue shall constitute a first lien
and charge thereon and shall be payable therefrom, 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
of its Board of Supervisors and County Administrator by
facsimile signature and has caused its official seal to be
printed hereon this 1.6th day of October, 1984.
COUNTY OF CONTRA COSTA
By
Treasurer-Tax Collector
(SEAL,)
Countersigned
By iG� i�� nP�)uty
Clerk of the Board of Supervisors
A-3 0'0176
r
a
EXHIBIT B
NOTE PURCHASE AGREEMENT
This NOTE PURCHASE AGREEMENT (the "Note Purchase
Agreement" ) , dated as of October 16, 1984 and entered into by
and between the County of Contra Costa, California, a
. political subdivision of the State of California (the
"County" ) , and the Bank of America National Trust and Savings
Association, a national banking association (the
"Underwriter" ) , for the sale and delivery of $6, 000, 000
principal amount of Contra Costa Community College District,
1984 Tax and Revenue Anticipation Notes (the "Notes" ) ;
WITNESSETH:
WHEREAS, school districts organized and existing
under the laws of the State of California are authorized by
Sections 53850 et seq. of the California Government Code (the
"Temporary Borrowing Law" ) to borrow money by the issuance of
temporary notes; and
WHEREAS, pursuant to the Temporary Borrowing Law,
such temporary notes shall be issued in the name and on
behalf of such school. district by the board of supervisors of
the county, the county superintendent of which has
jurisdiction over such school district, as soon as possible
following the receipt of a resolution of the governing board
of such school district requesting such borrowing; and
WHEREAS, the Governing Board of Contra Costa
Community College District (the "District" ) has heretofore
adopted its resolution finding that the District needs to
borrow funds in Fiscal Year 1984-1985 and requesting the
Board of Supervisors (the "Board" ) of the County to authorize
the issuance and sale of the Notes under the Temporary
Borrowing Law in the name and on behalf of the District; and
WHEREAS, on October 16, 1984 the Board adopted a
resolution (the "Resolution" ) authorizing the issuance and
sale of the Notes in the name and on behalf of the District;
NOW, THEREFORE, the parties hereto agree as follows:
Section 1 . Obligation to Purchase. Upon the terms
and conditions and in reliance upon the representations,
warranties and agreements set forth herein, the Underwriter
hereby agrees to purchase for offering to the public, and the
County hereby agrees to sell the Underwriter on behalf of the
District, all (but not less than all ) the Notes as described
00177
in the Resolution and the Official Statement relating to the
Notes, dated October 16, 1984, including the Appendices
thereto (the "Official Statement" ) .
Section 2 . Purchase Price. The purchase price of
the Notes shall be $5, 975, 000. 00 plus accrued interest to the
date of delivery thereof. Each Note shall bear interest at a
rate of per cent (_%) per annum.
Section 3 . Delivery of and Payment for the Notes.
The delivery of the Notes (the "Closing" ) shall take place at
10: 00 A.M. , California time, on October 16, 1984, or at such
other time as may be mutually agreeable to the County and the
Underwriter, at such place as the County and the Underwriter
shall mutually agree upon. At the Closing, the County shall
deliver the Notes to the Underwriter in definitive form, . duly
executed, together with the other documents hereinafter
mentioned, against delivery of a check drawn on the Federal
Reserve Bank of San Francisco, California to the order of the
County (or other immediately available funds) in the amount
of the purchase price as set forth in Section 2 hereof.
Section 4. The Notes. The Notes shall be issued
in non-registrable; bearer form, without coupons, (_)
of which shall be in the denomination of Five Thousand
Dollars ($5, 000) and the balance of which shall be in the
denomination of Twenty-Five Thousand Dollars ($25, 000) .
Section 5 . Representations and Warranties of the
County. The County represents and warrants to the
Underwriter that:
( 1 ) The County is a political subdivision duly
organized and existing under and by virtue of the laws of the
State of California and has all necessary power and authority
to ( i ) adopt the Resolution and (ii ) enter into and perform
its obligations under the Note Purchase Agreement, and, when
executed and delivered by the respective parties thereto, the
Note Purchase Agreement will constitute a legal, valid and
binding obligation of the County in accordance with its
respective terms.
(2 ) (a) At or prior to the Closing, the County
will have taken all action required to be taken by it to
authorize the issuance and delivery of the Notes and the
performance of its obligations thereunder, and (b) the County
has, and at the date of Closing will have, full legal right,
2 00178
power and authority to issue and deliver the Notes to the
Underwriter in the name and on behalf of the District and to
perform its obligations as provided herein and therein.
(3 ) The issuance of the Notes, the adoption of the
Resolution and the execution and delivery of the Note
Purchase Agreement and compliance with the provisions hereof
will not conflict with or violate any law, administrative
regulation, court decree, resolution, charter, by-laws or
other agreement to which the County is subject or by which it
is bound.
(4) Except as may be required under blue sky or
other securities laws of any state, there is no consent,
approval, authorization or other order of, or filing with, or
certification by, any regulatory authority having
jurisdiction over the County required for the issuance and
sale of the Notes or the consummation by the County of the
other transactions contemplated by the Note Purchase
Agreement.
(5 ) As more fully provided for in the Resolution,
the Notes, together with interest thereon, are payable from
( a) the first $2, 400, 000 of the first installment of property
taxes attributable to the District on the secured roll which
become due and payable on November 1, 1984 and become
delinquent after December 10, 1984 and (b) the first
$3 , 600, 000 (together with an amount sufficient to .pay
interest on the .Notes at maturity) of the second installment
of property taxes attributable to the District on the secured
roll which become due and payable on February 1, 1985 and
delinquent after April 10, 1985 .
(6) A copy of the Resolution has been delivered to
the Underwriter, and the Resolution will not be amended
without the consent of the Underwriter, which consent will
not be unreasonably withheld.
(7) To the best knowledge of the County, there is
no action, suit, proceeding or investigation at law or in
equity before or by any court or governmental agency or body
pending or threatened against the County to restrain or
enjoin the sale, issuance or delivery of the Notes, or in any
way contesting or affecting the validity of the Note Purchase
Agreement, the Resolution or the Notes or the payment of the
Notes' or contesting the powers of the County to enter into or
perform its obligations under any of the foregoing.
(8) The County agrees to cooperate with the
Underwriter in endeavoring to qualify the Notes for offering
and sale under the securities or blue sky laws of such
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jurisdictions of the United States as the Underwriter may
request; provided, however, that the County will not be
required to execute a special or general consent to service
of process or qualify as a foreign corporation in connection
with any such qualification in any jurisdiction.
Section 6. Conditions Precedent to the Closing.
Conditions precedent to the Closing are as follows:
( 1) The execution and delivery of the Notes
consistent with the Resolution, in form and substance
acceptable to Orrick, Herrington & Sutcliffe, A Professional
Corporation ( "Bond Counsel" ) .
(2) A legal opinion, dated the date of Closing, of
Bond Counsel with respect to the validity and tax-exempt
status of the Notes in form and substance acceptable to the
Underwriter and its counsel .
(3 ) A certificate of an appropriate District .
official, dated the date of Closing, to the effect that such
official has reviewed the Official Statement and on such
basis certifies that the Official Statement does not contain
any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances
under which they were made, not misleading, in form and
substance acceptable to Bond Counsel and the Underwriter or
its counsel.
(4) Such other certificates, instruments or
opinions as Bond Counsel may deem necessary or desirable to
evidence the due authorization, execution and delivery of
documents pertaining to this transaction and the legal, valid
and binding nature thereof, as well as compliance of all
parties with the terms and conditions hereof.
Section 7. Events Permitting the Underwriter to
Terminate. The Underwriter may terminate its obligation to
purchase the Notes at any time before the Closing if any of
the following occurs:
(a) Any legislative, executive or regulatory
action or any court decision which, in the judgment of
the Underwriter, casts sufficient doubt on the legality
of or the tax-exempt status of interest on obligations
such as the Notes so as materially to impair the
marketability or to materially reduce the market price
of such obligations;
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(b) Any action by the Securities and Exchange
Commission or a court which would require registration
of the Notes or any instrument securing the Notes under
the Securities Act of 1933, as amended, in connection
with the public offering thereof, or qualification of
the Resolution under the Trust Indenture Act of 1939, as
amended;
(c) Any restriction on trading in securities, or
any banking moratorium, or the inception or escalation
of any war or major military hostilities which, in the
judgment of the Underwriter, substantially impairs the
ability of the Underwriter to market the Notes; or
(d) Any event or condition which, in the judgment
of the Underwriter, renders untrue or incorrect, in any
material respect as of the time to which the same
purports to relate, the information, including the
financial statements, contained in the Official
Statement, or which requires that information not
contained in the Official Statement should be reflected
therein in order to make the statements and information
contained therein not misleading in any material respect
as of such time .
Section 8. Fees and Expenses. The Underwriter
shall pay all the costs and expenses incurred in connection
with this financing, including advertising and selling
expenses, the cost of printing or reproducing the Official
Statement and the Notes and rating agency fees, and any other
related expense .
Section 9 . Notices. Any notices to be given to
the Underwriter under the Note Purchase Agreement shall be
given in writing to the Bank of America National Trust and
Savings Association, Public Finance Department, at P.O. Box
37003, San Francisco, California 94137, Attn: Mr. Arnold F.
Mazotti . Any notices to be given to the County shall be
given in writing to the County at the office of the
Treasurer-Tax Collector of the County of Contra Costa,
625 Court Street, Martinez, California, 94553 , Attn:
Treasurer-Tax Collector. Any notices to be given to the
District shall be given in writing to the District at
500 Court Street, Martinez, California 94553, Attn: Director
of Accounting Services.
Section 10. No Assignment. The Note Purchase
Agreement has been made by the County and the Underwriter,
and no person other than the County and the Underwriter or
their successors or assigns shall acquire or have any right
under or by virtue of the Note Purchase Agreement. All of
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the representations, warranties and agreements contained in
the Note Purchase Agreement shall survive the delivery of and
payment by the Underwriter for the Notes and any termination
of the Note Purchase Agreement.
Section 11. Applicable Law. The Note Purchase
Agreement shall be interpreted, governed and enforced in
accordance with the laws of the State of California.
Section 12 . Effectiveness. The Note Purchase
Agreement shall become effective upon the execution of the
acceptance hereof by the County and shall be valid and
enforceable from and after the time of such effectiveness .
Section 13 . Severability. In the event any
provision of the Note Purchase Agreement shall be held
invalid or unenforceable by any court of competent
jurisdiction, such holding shall not invalidate or render
unenforceable any other provision hereof.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By
Authorized Officer
Accepted by:
CONTRA COSTA COMMUNITY COUNTY OF CONTRA COSTA
COLLEGE DISTRICT
By By
Assistant Secretary Treasurer-Tax Collector
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