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HomeMy WebLinkAboutMINUTES - 06092009 - C.72RECOMMENDATION(S): ADOPT Resolution 2009/232 authorizing, on behalf of Liberty Union High School District, the sale and issuance of Tax and Revenue Anticipation Notes (TRANs) in an amount not to exceed $15,000,000. FISCAL IMPACT: There is no fiscal impact to the County. BACKGROUND: Under state law, the Contra Costa County Board of Supervisors is required to authorize the sale and issuance of TRANs for school districts within the County. No financial obligation is assumed with these authorizations. The County’s Treasurer/Tax Collector is the paying agent for these notes. The School District is issuing these TRANs to meet financial needs of the District for fiscal year 2009-2010. APPROVE OTHER RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE Action of Board On: 06/09/2009 APPROVED AS RECOMMENDED OTHER Clerks Notes: VOTE OF SUPERVISORS AYE:John Gioia, District I Supervisor Gayle B. Uilkema, District II Supervisor Mary N. Piepho, District III Supervisor Susan A. Bonilla, District IV Supervisor Federal D. Glover, District V Supervisor Contact: Lisa Driscoll, County Finance Director, 335-1023 I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. ATTESTED: June 9, 2009 David J. Twa, County Administrator and Clerk of the Board of Supervisors By: Jane Pennington, Deputy cc: Alison Benge, Jones Hall, Brice Bins, Lisa Driscoll C.72 To:Board of Supervisors From:David Twa, County Administrator Date:June 9, 2009 Contra Costa County Subject:LIBERTY UNION HIGH SCHOOL DISTRICT $15,000,000 FY 2009-2010 TAX AND REVENUE ANTICIPATION NOTES CONSEQUENCE OF NEGATIVE ACTION: Without the Contra Costa County Board of Supervisors authorization, the School District would not be able to issue the TRANs, thereby delaying or prohibiting payment of necessary school expenses. ATTACHMENTS Resolution No. 2009/232 Liberty Union High School District Resolution 2009-07 Exhibit A - Form of Note Exhibit A Page 1 EXHIBIT A FORM OF NOTE R-1 ***$________________*** Board of Supervisors of Contra Costa County, California in the Name of the LIBERTY UNION HIGH SCHOOL DISTRICT (Contra Costa County, California) 2009 TAX AND REVENUE ANTICIPATION NOTE INTEREST RATE: MATURITY DATE: ISSUE DATE: CUSIP: _____% _____, 2010 _______, 2009 _______ REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: ___________________________ DOLLARS The LIBERTY UNION HIGH SCHOOL DISTRICT, Contra Costa County, State of California (the “District”), acknowledges itself indebted, and promises to pay, to the Registered Owner stated above, or registered assigns (the “Owner”), on the Maturity Date stated above, the Principal Sum stated above, in lawful money of the United States of America, and to pay interest thereon in like lawful money at the rate per annum stated above, payable on the Maturity Date stated above, calculated on the basis of 360-day year comprised of twelve 30-day months. Both the principal of and interest on this Note shall be payable at maturity to the Owner. It is hereby certified, recited and declared that this Note is one of an authorized issue of notes in the aggregate principal amount of ______________ dollars ($___________), all of like tenor, issued pursuant to the provisions of a resolution of the Board of Supervisors (the “Board”) of Contra Costa County (the “County”) duly passed and adopted on _________ __, 2009 (the “Resolution”), and pursuant to Article 7.6 (commencing with section 53850) of Chapter 4, Part 1, Division 2, Title 5, of the California Government Code, and that all conditions, things and acts required to exist, happen and be performed precedent to and in the issuance of this Note exist, have happened and have 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, revenue and other moneys which are received by the County on behalf of the District for Repayment Fund of the District (as defined in the Resolution) for the Fiscal Year 2009-2010. As security for the payment of the principal of and interest on the Notes, the Board, Exhibit A Page 2 in the name of the District, has pledged the first “unrestricted moneys”, as hereinafter defined (a) in an amount equal to ____ percent (__%) of the principal amount of the Notes to be received by the County on behalf of the District in _________, 2010, (b) in an amount equal to ______ percent (___%) of the principal amount of the Notes to be received by the County on behalf of the District in _________, 2010, and (c) in an amount equal to _________ percent (___%) of the principal amount of the Notes, plus all interest due on the Notes at maturity to be received by the County on behalf of the District in _________, 2010 (such pledged amounts being hereinafter called the “Pledged Revenues”). The principal of the Notes and the interest thereon shall constitute a first lien and charge thereon and shall be paid from the Pledged Revenues. To the extent not so paid from the Pledged Revenues, the Notes shall be paid from any other moneys of the District lawfully available therefor. The term “unrestricted moneys” shall mean taxes, income, revenue 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. The Notes are issuable as fully registered notes, without coupons, in denominations of $1,000 each or any integral multiple thereof. Subject to the limitations and conditions as provided in the Resolution, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations and of the same maturity. The Notes are not subject to redemption prior to maturity. This Note is transferable by the Owner hereof, but only under the circumstances, in the manner and subject to the limitations provided in the Resolution. Upon registration of such transfer a new Note or Notes, of authorized denomination or denominations, for the same aggregate principal amount and of the same maturity will be issued to the transferee in exchange for this Note. The Board may treat the Owner hereof as the absolute owner hereof for all purposes and the Board shall not be affected by any notice to the contrary. Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”) to the District or the County for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL in as much as the registered owner hereof, Cede & Co., has an interest herein. Exhibit A Page 3 IN WITNESS WHEREOF, the Board of Supervisors of Contra Costa County, California has caused this Note to be issued in the name of the District and to be executed by the manual signature of the Treasurer and countersigned by the facsimile signature of the Clerk of the Board, all as of the Issue Date stated above. BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY By Treasurer (S E A L) Countersigned: Clerk of the Board ASSIGNMENT For value received the undersigned hereby sells, assigns and transfers unto (Name, Address and Tax Identification or Social Security Number of Assignee) the within registered Note and hereby irrevocably constitute(s) and appoints(s) attorney, to transfer the same on the Note register of the Treasurer with full power of substitution in the premises. Dated: Signature: Note: The signature(s) on this Assignment must correspond with the name(s) as written on the face of the within Note in every particular without alteration or enlargement or any change whatsoever. Signature Guaranteed: Note: Signature(s) must be guaranteed by a qualified guarantor.