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HomeMy WebLinkAboutRESOLUTIONS - 03061990 - 90/130290 RESOLUTION 90/130 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, RATIFYING AND CONFIRMING THE ISSUANCE AND SALE AND PROVIDING FOR THE AWARD OF MARTINEZ UNIFIED SCHOOL DISTRICT, COUNTY OF CONTRA COSTA, CALIFORNIA, 1990 GENERAL OBLIGATION BONDS, SERIES C, IN A PRINCIPAL AMOUNT NOT TO EXCEED $5 MILLION FOR THE PURPOSE OF FINANCING THE ACQUISITION AND IMPROVEMENT OF REAL PROPERTY. WHEREAS, a duly called special municipal election was held in the Martinez Unified School District , County of Contra Costa, State of California (hereinafter referred to as the District" ) , on June 7, 1988 and thereafter canvassed pursuant to law; WHEREAS, at such election there was submitted to and approved by the requisite two-thirds vote of the qualified electors of the District a question as to the issuance and sale of general obligation bonds of the District for various purposes set forth in the ballot submitted to the voters, in the maximum amount of $25, 000 , 000 payable from the levy of an ad valorem tax against the taxable property in the District; WHEREAS, pursuant to such authorization by the voters, Martinez Unified School District, Contra Costa County, California, 1988 General Obligation Bonds, Series A, in the principal amount of $5 , 000 , 000 were issued in August, 1988, and 1989 General Obligation Bonds , Series B, in the principal amount of $15, 000 , 000 were. issued in May, 1989; WHEREAS, this Board has received the resolution of the governing board of the District, adopted on January 23 , 1990 the "District Resolution" ) , requesting the issuance of a portion of such bonds in-the aggregate principal amount not to exceed $5 , 000 , 000 (the "Series C Bonds" ) and this Board authorized and directed the issuance and sale of the Series C Bonds and has received bids on the Series C Bonds , which bids have been timely received and considered by this Board, pursuant to a Resolution of this Board adopted February 13 , 1990 (the "Resolution" ) ; WHEREAS , all acts , conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District, and the indebtedness of the District, including this proposed issue of Series C Bonds, is within all limits prescribed by law; 1 3035006/9 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, AS FOLLOWS: SECTION 1 . That for the purpose of raising money for real property acquisition or improvements at Alhambra High School , including the acquisition of land and the construction and reconstruction of school facilities, improvements and on-site and off-site drainage facilities, and to pay all necessary legal , financial , engineering and contingent costs in connection therewith, the issuance and sale of the Series C Bonds at public sale is hereby ratified, confirmed and approved. SECTION 2 . The Series C Bonds were previously ordered sold at public sale with bids to be received until 11 : 00 a.m. on the date and on the terms and in accordance with the Notice Inviting Proposals for Purchase of Bonds attached hereto as Exhibit A (the "Notice" ) . The publishing of the Notice in the Contra Costa Times , " which is a newspaper of general circulation in the County, once a week for two successive weeks, and the publishing of the Notice of Intention to Sell Bonds in "The Bond Buyer , " which is a national trade publication, at least fifteen days prior to March 5 , 1990 is hereby ratified, confirmed and approved. The issuance and sale of the Series C Bonds pursuant to the provisions of the Resolution of the Board of Supervisors of Contra Costa County, California and the Notice are hereby ratified, confirmed and approved. SECTION 3 . In accordance with provisions of the Resolution, this Resolution and the Notice, this Board has caused all bids for the Series C Bonds to be received, opened and presented to it in the manner set forth in the Resolution, this Resolution and the Notice and based on an examination of said bids and a review of the tabulation of bids attached hereto as Exhibit B, this Board determines that the bid of Bank of America National Trust & Savings Association, et al . (the Purchaser" ) , at a purchase price of $5, 000 ,233 . 40 and at an average net interest rate of 7 . 0881% , a copy of which bid is attached hereto as Exhibit C, is in accordance with the Notice and is the highest bid for the Series C Bonds based upon the lowest rate of interest. The Series C Bonds, having the terms and maturities as provided in the Resolution, this Resolution and the Notice, and bearing interest at the rate stated above and as set forth in Exhibit C, are awarded and sold to the Purchaser at the price stated above. SECTION 4 . Officers of the Board and County officials and staff are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or 2 3035006/9 advisable in order to proceed with the issuance of the Series C. Bonds and otherwise carry out, give effect to and comply with the terms and intent of this Resolution. Such actions hereto- fore taken by such officers , officials and staff are hereby ratified, confirmed and approved. SECTION 5 . The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the Auditor-Controller of Contra Costa County. SECTION 6 . This Resolution shall take effect immediately upon its passage . PASSED AND ADOPTED this 6th day of March, 1990 , by the following vote : AYES : Supervisors Powers , Schroder, TorlakFon, Fanden NOES : None ABSENT : Supervisor McPeak ABSTENTIONS : None Chairwoma , Board of Supervisors SEAL] Attest : Clerk, Board of Supervisors 3 CLERK' S CERTIFICATE I , J. 0. Maglio, Det)utv Clerk of the Board of Supervisors of Contra Costa County, California, hereby certify as follows : 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 regularly and legally held at the regular meeting place thereof on March 6, 1990 , of which meeting all of the members of the Board of said County had due notice and at which a quorum was present . I have carefully compared the same with the original minutes of said meeting on file and of record in my office and the foregoing is a full , true and correct copy of the original resolution adopted at said meeting and entered in said minutes . 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 . Dated: March 6, 1990 MeT)ut,v e- Seal] 4 EXHIBIT A NOTICE INVITING PROPOSALS FOR PURCHASE OF BONDS 5, 000 , 000 MARTINEZ UNIFIED SCHOOL DISTRICT CONTRA COSTA COUNTY, CALIFORNIA 1990 GENERAL OBLIGATION BONDS, SERIES C NOTICE IS HEREBY GIVEN that sealed unconditioned proposals will be received to and including the hour of 11 : 00 a.m. , Pacific Standard Time, on March 5, 1990 , at the offices of Kelling, Northcross & Nobriga, Inc . , 595 Market Street, Suite 1350 , San Francisco, CA 94105 for the purchase of all , but not less than all , of $5 ,000 , 000 principal amount of Martinez Unified School District, Contra Costa County, California, 1990 General Obligation Bonds , Series C (the "Bonds" ) . On March 6, 1990 , the Board of Supervisors will meet for the purpose of consider- ing bids received and, if an acceptable bid is received, awarding the contract for the purchase of the Bonds . In the event that the Board of Supervisors does not award a bid on said date, proposals will be received on the following Monday at the same time and place specified above and each Monday thereafter until such time as a bid is awarded. Issue: The Bonds will be dated March 1 , 1990 , will be in the denomina- tion of $5,000 each, or integral multiples thereof , and will bear interest from the date of the Bonds to the maturity of each of the Bonds at the rate or rates such that the interest rate shall not exceed 12% per annum, with interest payable on February 1 , 1991 , and semiannually thereafter on February 1 and August 1 of each year during the term of each of the Bonds . The Bonds mature on August 1 in each of the years 1992 to 2014 , inclusive, as follows : PRINCIPAL PRINCIPAL YEAR AMOUNT YEAR AMOUNT 1992 90 , 000 2004 210, 000 1993 95 , 000 2005 225 , 000 1994 105, 000 2006 ' 240 , 000 1995 110 , 000 2007 260 , 000 1996 120 , 000 2008 275 , 000 1997 130 , 000 2009 300, 000 1998 140 , 000 2010 320 , 000 1999 150 , 000 2011 345 , 000 2000 160 , 000 2012 365, 000 2001 170 , 000 2013 395 ,000 2002 180 , 000 2014 420 , 000 2003 195 , 000 A-1 3035006/9 Redemption: The Bonds maturing on or before August 1 , 1998, are non-callable. The Bonds maturing on August 1 , 1999 , or any time thereafter , are callable for redemption prior to their stated maturity date at the option of the District, in whole on any date, or in part on any interest payment date, on or after August 1 , 1998, in inverse order of maturity and by lot within any such maturity if less than all of the Bonds of such maturity are to be redeemed, and may be redeemed prior to the maturity thereof by payment of all principal , plus accrued interest to date of redemption, plus the payment of a premium expressed as a percentage of the principal amount) , payable from any source lawfully available therefor, as follows : Redemption Date Redemption Price August 1 , 1998 through July 31, 1999 102 % August 1 , 1999 through July 31 , 2000 101% August 1 , 2000 through July 31 , 2001 101 August 1 , 2001 through July 31 , 2002 100% August 1 , 2002 through thereafter 100 Notice of Redemption Notice of redemption of any Bond will be mailed to the Registered Owner of each Bond to be redeemed in whole or in part at the address shown on the registration records maintained by the Bond Registrar designated for this issue of Bonds; such mailing to be not more than 60 nor less than 30 days prior to the date set for redemption. Failure to mail notice to any owner will not affect the validity of the proceedings for the redemption of Bonds . Registration of Bonds as to Principal and Interest and Place of Payment : Principal and premium, if any, are payable at the principal corporate trust office of Bank of America National Trust and Savings Association, San Francisco, California, the Bond Registrar . Interest is payable by check or draft mailed from the Bond Registrar to the person in whose name the Bond was registered at the close of business on the 15th day of the calendar month next preceding that interest payment date (the record date) . A-2 3035006/9 Authority: The Bonds will be issued pursuant to the Constitution and laws of the State of California. The issuance of the Bonds was authorized by a two-thirds vote of the qualified electors of the District voting at a special election held on June 7, 1988 . Security: Both principal of and interest on the Bonds are payable from an unlimited ad valorem tax levied against all of the taxable property in the District . Form of Bid: A prescribed form of bid for the Bonds will be prepared and all bids must be submitted on such form. Copies of the prescribed bid form will be included with the Official Statement for the Bonds . Interest Rates : All bids for the purchase of the Bonds must state the rate or rates of interest to be paid and no bid at a price less than the par value of the Bonds, together with all accrued interest thereon to the date of the delivery of the Bonds, will be considered. All Bonds of the same maturity must bear the same rate of interest and no Bond may bear more than one rate. Bidders may specify any number of different rates to be borne on the Bonds; all interest rates must be in multiples of 1/8 or 1/20 of one percent; and the rate on any maturity shall not be more than three percent (3%) higher than the interest rate on any other maturity. Bid Check: All bids must be accompanied by a certified check or cashier ' s check in a sum equal to one percent ( 1%) of the par value of the Bonds, drawn on a bank or trust company payable to the order of the Auditor-Controller of Contra Costa County. No interest will be paid on the check of any bidder . The check of the successful bidder, will be applied to the purchase price of the Bonds or retained and forfeited as liquidated damages in the event such bidder does not take up and pay for the Bonds immediately upon their issuance. All checks of the unsuccessful bidders will be returned upon the award of the Bonds to the successful bidder . A-3 3035006/9 CUSIP Numbers : CUSIP numbers have been applied for and will be printed on the Bonds and the cost of printing thereof and service bureau assignment will be purchaser ' s responsibility. Any delay, error or omission with respect thereto will not constitute cause for the purchaser to refuse to accept delivery of an pay for the Bonds . Right of Rejection: The County reserves the right in its discretion to reject any and all bids received and to waive any irregularity or informality in the bids , except that the time for receiving bids shall be of the essence. Cost of Bond Forms : The District will bear the cost of the Bond forms and the printing thereof and will furnish fully executed Bonds to the purchaser upon payment therefor . Award and Delivery: Unless all bids are rejected, the Bonds will be awarded to the bidder whose proposal results in the lowest net interest cost to the District . The net interest cost will be determined by computing the aggregate amount of interest payable on the Bonds from their stated date to their respective maturities and by deducting therefrom any premium. Delivery of the Bonds will be made to the purchaser upon payment in federal funds at the offices of Brown & Wood, 555 California Street, Suite 5060 , San Francisco, CA 94104 , or at the purchaser' s request and expense, at any other place mutually agreeable to both the County and the purchaser . Prompt Award: The County will take action awarding the Bonds or rejecting all bids not later than twenty-six (26) hours after the expiration of the time herein prescribed for the receipt of proposals, unless such time of award is waived by the successful bidder . Notice of the award will be given promptly to the successful bidder . Legal Opinion: The Bonds are sold with the understanding that the purchaser will be furnished with the approving opinion of Brown & Wood. A copy of the opinion, but without its date, will be printed on A-4 3035006/9 the Bonds . Said attorneys have been retained by the District as Bond Counsel and in such capacity are to render their opinion only upon the legality of the Bonds under California law and on the exemption of the interest income on such Bonds from federal and State of California income taxes . Fees of Bond Counsel will be paid from Bond proceeds. Tax-Exempt Status : In the opinion of Bond Counsel, under existing laws, interest on the Bonds is exempt from all present State of California personal income taxes , and assuming compliance with certain covenants made by the District and County, interest on the Bonds is not includable in the gross income of the owners of the Bonds for federal income tax purpose, provided that such interest may be included in the calculation for certain taxes , including the corporate alternative minimum tax and the corporate environmental tax. Should changes in the law cause Bond Counsel ' s opinion to change prior to delivery of the Bonds to the purchaser , the purchaser will be relieved of its responsibility to pick up and pay for the Bonds, and in that event his bid check will be returned. Qualification for Insurance: If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, any purchase of such insurance or commitment therefor shall be at the sole option and expense of the bidder and any increased costs shall be paid by such bidder . Any failure of the Bonds to be so insured or of any such policy of insurance to be issued shall not in any way relieve the purchaser of his contractual obligations arising from the acceptance of his proposal to purchase the Bonds . No Litigation and Non-Arbitrage: The District will deliver a certificate stating that no litigation is pending affecting the issuance and sale of the Bond-s . The District will also deliver an arbitrage certificate covering its reasonable expectations concerning the Bonds and the use of proceeds thereof . Additional Information: Copies of the Notice Inviting Proposals for Purchase of Bonds , the form of bid, and the Official Statement relating to the Bonds will be furnished to any bidder upon request made to Kelling, Northcross & Nobriga, Inc. , 595 Market Street, Suite 1350 , San Francisco, CA 94105 , (415) 362-4110 or 5776 Stoneridge Mall Road, Suite 380 , Pleasanton, CA 94588, A-5 3035006/9 415) 734-0755 . Three hundred fifty (350) extra copies of the Official Statement will be made available to the purchaser without charge and additional copies will be made available upon request at the purchaser ' s expense. Dated: F 1990 By: s/ Norma Masters Business Manager A-6 3035006/9 EXHIBIT B Martinez Unified School District Contra Costa County, California) 1990 General Obligation Bonds, Series C TABULATION OF BIDS RECEIVED I certify that the following bids, all in conformity with the Notice Inviting Proposals for Purchase of Bonds , were received by me on or before 11 : 00 a.m. , March 5, 1990 , for the Bonds identified above, authorized by Resolutions of the Martinez Unified School district : Average Net Name of Bidder Interest Rate Premium Bank of America National 7 . 0881% 235 . 40 Trust & Savings Association, et al . Dean Witter and Merrill Lynch 7 . 0980 0 Shearson Lehman Hutton 7 . 1124 - 0 Smith Barny 7 . 1138 0 Sutro & Co. , et al . 7 . 1150 22 . 65 Prudential Bache 7 . 1470 0 Dated: March 5, 1990 s/ Norma Masters Business Manager B-1 3035006/9 EXHIBIT C BIDS FOR THE PURCHASE OF MARTINEZ UNIFIED SCHOOL DISTRICT CONTRA COSTA COUNTY, CALIFORNIA 1990 GENERAL OBLIGATION BONDS, SERIES C 5,000,000 March 5, 1990 Martinez Unified School District Contra Costa County, California On behalf of a group which we have formed consisting of: PLEASE SEE ATTACHED LIST) and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase all of the five million dollars ($5,000,000) principal amount of the Bonds designated as Martinez Unified School District, Contra Costa County, California 1990 General Obligation Bonds, Series C", maturing on August 1 in the years and amounts and bearing interest at the rate or rates set forth in the following schedule: Year Principal Interest Year Principal Interest Au st 1 out Rate August Amount Rate 1992 90,000 7'. .% 2004 210,000 1993 95,000 91L 2005 225,000 7-AL 1994 105,000 2006 240,000 7-o.,) 1995 110,000 p 2007 260,000 iL 1996 120,000 2008 275,000 1997 130,000 2009 300,000 1998 140,000 2010 320,000 1999 150,000 2011 345,000 1t1 2000 160,000 126 2012 365,000 2001 170,000Q 2013 395,000 2002 180,000 2014 420,000 2003 195,000 LU and to pay therefor the aggregate sum of $ S G_[n r '- 3 y 6 , plus interest accrued on such Bonds to the date of delivery thereof. 1 This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and conditions are made a part hereof as fully as though set forth in full in this bid. As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (26) hours after the expiration of the time for the receipt of bids, and the opinion of Brown & Wood approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of the delivery of the Bonds at the expense of the District. There is enclosed herewith a certified check in the amount of fifty thousand dollars 50,000) payable to the order of the Auditor-Controller of Contra Costa County. There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating the total net interest cost in dollars on the bonds during the life of the issue under this bid, and the average net interest rate determined thereby. Respectfully submitted, Name: Bank of America NT & SA Account Manager) By: W. Peck Ferrin, vice President Address:555 California Street 10th Floor City: San Francisco State. California 94104 MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue to 2014 under the above bid is $ 6' bol„ C7 . and the average net interest rate determined thereby is Z =g1ft-- i 2 5,000,000 MARTINEZ UNIFIED SCHOOL DISTRICT 1990 GENERAL OBLIGATION BONDS, SERIES C TO BE SOLD MONDAY, MARCH 5, 1990 MEMBERSHIP Bank of America NT & SA Stone & Youngberg JT. City National Bank of Beverly Hills )MGRS. Grigsby Brandford Powell Inc. The Bank of California, N.A. Alex Brown & Sons, Inc. Gruntal & Co. Incorporated Hutchinson, Shockey, Erley & Co. Prager & Co. First California Capital Markets F Group Inc. Emmett A. Larkin Company, Inc. J.A. Overton & Co. Spelman & Co. Incorporated Wedbush Morgan Securities Inc.