HomeMy WebLinkAboutMINUTES - 10221985 - 1.55 BOARD OF SUPERVISORS
COUNTY OF CONTRA COSTA, CALIFORNIA
RESOLUTION NO. (->O
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA PROVIDING FOR THE BORROWING OF
FUNDS FOR FISCAL YEAR 1985-1986 AND THE ISSUANCE AND
SALE OF 1985 TAX AND REVENUE ANTICIPATION NOTES FOR
THE CONTRA COSTA COMMUNITY COLLEGE DISTRICT
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 1985 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 1985-1986;
and
WHEREAS, the Governing Board of the District has
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 per cent (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 1985-1986 and available for the payment of the
principal of and the interest on said notes; and
WHEREAS, the County intends to borrow, for and in
the name of the District for the purposes set forth above,
Seven Million Dollars ($7,000,000) by the issuance of 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 1985-1986 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
District;
NOW, THEREFORE, the Board of Supervisors of the
County of Contra Costa hereby resolves as follows:
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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 1985-1986, and not
pursuant to any common plan of financing, the County hereby
determines to and shall issue (for and on behalf of the
District) Seven Million Dollars ($7,000,000) principal amount
of temporary notes under Sections 53850 et seq. of the Code,
designated "Contra Costa Community College District 1985 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 or $25,000, 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, 1986,
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 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
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America at the principal office of Bank of 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 1985-1986 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 1985-1986,
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 1985 Tax and Revenue Anticipation
Note Repayment Fund" (herein called 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 Eight Hundred Thousand Dollars
($2, 800,000) of the first installment of secured property
taxes to be received by the District which become due and
payable on November 1, 1985, and become delinquent after
December 10, 1985, and the first Four Million Two Hundred
Thousand Dollars ($4,200, 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, 1986,
and become delinquent after April 10, 1986 (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 January 31, 1986, or by May 31, 1986, as the
case may be, 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, 1986, 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 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 22, 1986, in substantially the form
presented to this meeting with such additions, changes or
corrections as the County Treasurer may approve upon
consultation with 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 the 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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PASSED AND ADOPTED this 22nd day of October, 1985,
by the following vote:
AYES: Supervisors Powers , T--�cPeak , Schroder , Torlakson , Fanden.
NOES: None .
ABSENT: None .
Chairman 16
the Board of Supervisors
ATTEST:
PHIL BATCHFLO^
Clerk of the Board
of Supervisors
BY eputy
RESOLUTION NO . 85/608
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Clerk's Certificate
I, Jeanne 0. Maglio, thief Clerk, Office of the Clerk
of the Board and Deputy Clerk of the County of Contra
Costa, hereby certify that the foregoing is a full, true and
correct copy of a resolution duly adopted at the meeting of
the Board of Supervisors of the County of Contra Costa duly
and regularly held in Martinez, California, on October 22,
1985, of which meeting all of the members of said Board had
due notice.
I further certify that I have carefully compared
the foregoing copy with the original minutes of said meeting
on file and of record in my office; that said copy is a full,
true and correct copy of the original resolution adopted at
said meeting and entered in said minutes; and that said
resolution has not been amended, modified or rescinded in any
manner since the date of its adoption, and the same is now in .
full force and effect.
IN WITNESS WHEREOF, I have executed this
certificate and affixed the seal of the County of Contra
Costa hereto this 22nd day of October, 1985.
Deputy Clerk
October 22 , 1985
[SEAL]
EXHIBIT A
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF CONTRA COSTA
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
1985 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, 1986, 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
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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
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 1985 Tax and Revenue
Anticipation Notes" (the "Notes" ) , in the aggregate principal
amount of Seven Million Dollars ($7,000, 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 22, 1985 (at the request of the District pursuant to
a resolution of the Governing Board of the District duly
passed and adopted on September 11, 1985) 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.
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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 Fiscal Year 1985-1986. 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 1985-1986 (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
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facsimile signature and has caused its official seal to be
printed hereon this 22nd day of October, 1985.
COUNTY OF CONTRA COSTA
By
Treasurer-Tax Collector
(SEAL)
Countersigned:
Clerk of the Board of Supervisors
and County Administrator
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EXHIBIT B
NOTE PURCHASE AGREEMENT
This Note Purchase Agreement (the "Note Purchase
Agreement" ) , dated as of October 22, 1985, and entered into
by and between the County of Contra Costa, a political
subdivision of the State of California (the "County" ) , and
Bank of America National Trust and Savings Association, a
national banking association (the "Underwriter" ) , for the
sale and delivery of $7, 000, 000 principal amount of Contra
Costa Community College District 1985 Tax and Revenue
Anticipation Notes (the "Notes" ) ;
WITNESSETH:
WHEREAS, community college districts organized and
existing under the laws of the State of California are
authorized by Article 7 . 6, Chapter 4, Part 1, Division 2,
Title 5 of the Government Code of the State of California
(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 community college district by the board of
supervisors of the county the county superintendent of which
has jurisdiction over such community college district as soon
as possible following the receipt of a resolution of the
governing board of such community college 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 1985-1986 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 22, 1985, 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
in the Resolution and the Official Statement relating to the
Notes, dated October 22, 1985, including the Appendices
thereto (the "Official Statement" ) .
Section 2 . Purchase Price. The purchase price of
the Notes shall be $ 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
11:00 A.M. , California time, on October 22, 1985, 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, one hundred
(100) 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,
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.
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(3) The issuance of the Notes, the adoption .of the
Resolution and the execution and delivery of the Note t
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 $2,800, 000 of the first installment of property
taxes attributable to the District on the secured roll which
become due and payable on November 1, 1985, and become
delinquent after December 10, 1985, and (b) the first
$4,200, 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, 1986, and
delinquent after April 10, 1986.
(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
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
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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 ( "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.
(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.
(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;
(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
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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. Thomas W.
McQueen. 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
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.
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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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NEW ISSUE
OFFICIAL STATEMENT
' In the opinion of Bond Counsel, under existing statutes, regulations and court decisions,
interest on the Notes is exempt from federal income taxes and from California personal income
taxes.
7,000,000
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1985 TAX AND REVENUE ANTICIPATION NOTES
DATED: October 22, 1985 DUE: September 30, 1986
The Notes will be issued in denominations of $5,000 and X25,000 and will be dated October 22,
1985. Principal and interest on the Notes will be payable upon maturity at the principal office
of the paying agent of the District, Bank of America NT&SA in San Francisco, California. The
Notes will not be subject to redemption prior to maturity. The Notes will be negotiable and
non-registrable.
Principal interesta urs y Yield
Amount Rate Date To Public
$7,000,000 September 30, 1986
The Notes, in accordance with California law, are general obligations of the
District but are payable only out of taxes, income, revenue, cash receipts and other
moneys received by the District during or allocable to Fiscal Year 1985-86 and legally
available for payment thereof. The Notes are secured by the District's pledge of the
first 3.5 million of the first installment of ad valorem property taxes on the secured
roll a tributable to the District which become due and payable on November 1, 1985 and
delinquent on December 10, 1985, and the first $3.5 million (together with an amount
sufficient to pay the interest to become due on the Notes) of the second installment of
ad valorem property taxes on the secured roll attributable to the District which become
due and Payable on February 1, 1986 and delinquent on April 10, 1986 (the "Pledged
Revenues'). In furtherance of this pledge, the Pledged Revenues shall be deposited with
the Contra Costa County Treasurer-Tax Collector in a special trust fund to be
established by the County and designated the Contra Costa Community College District
1985 Tax and Revenue Anticipation Note Repayment Fund (the "Repayment Fund"). The
Pledged Revenues will be held in the Repayment Fund until September 30, 1986, at which
time these funds will be used to repay the Notes and the interest thereon. To the
extent that the Notes cannot be repaid from the Pledged Revenues, the Notes must be
repaid from other legally available funds of the District.
The Notes are direct obligations of the District and are legal investments for
commercial banks in California and are eligible to secure deposits of public moneys in
California.
The Notes will be offered when, as and if issued and received by the Underwriter,
subject to the approval of legality by Orrick, Herrington & Sutcliffe, A Professional
Corporation, San Francisco, California, Bond Counsel. Certain other legal matters will
be passed upon for the District by the County Counsel . The Notes, in temporary or
definitive form, will be available for delivery on or about October 29, 1985.
BANK OF AMERICA CAPITAL MARKETS GROUP
(BANK OF AMERICA NT&SA)
September 30, 1985
03070
No dealer, broker, salesperson or other person has been authorized by
the District to give any information or to make any representations other
than those contained herein and, if given or made, such other information
or representation must not be relied upon as having been authorized by
the District. This Official Statement does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale
of the Notes by a person in any jurisdiction in which it is unlawful for
such person to make such an offer, solicitation or sale.
This Official Statement is not to be construed as a contract with the
purchasers of the Notes. Statements contained in this Official Statement
which involve estimates, forecasts or matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to
be construed as a representation of facts.
The information set forth herein has been obtained from Official
sources which are believed to be reliable but it is not guaranteed as to
accuracy or completeness, and is not to be construed as a representation
by the Underwriter. The information and expressions of opinions herein
are subject to change without notice and neither delivery of this
Official Statement nor any sale made hereunder shall , under any
circumstances, create any implication that there has been no change in
the affairs of the District since the date hereof. This Official
Statement is submitted in connection with the sale of the Notes referred
to herein and may not be reproduced or used, in whole or in part, for any
other purpose, unless authorized in writing by the District.
TABLE OF CONTENTS
Page
1985-86 Financing Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Funding by the State of California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
TheNotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
LegalOpinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Legality for Investment in California . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Rating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Limitation of Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Constitutional Limitations on Taxes and Appropriations . . . . . . . . . 9
Ad Valorem Property Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Tax Levies & Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
District Financial Information . . . . . . . . . . . . . . . . . 14
TheDistrict . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
TheCounty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Appendix A -- Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR
EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE
NOTES AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN
MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY
TIME. THE UNDERWRITER MAY OFFER AND SELL THE NOTES TO CERTAIN DEALERS
AND DEALER BANKS AND BANKS ACTING AS AGENT AT PRICES LOWER THAN THE
PUBLIC OFFERING PRICE STATED ON THE COVER PAGE HEREOF AND SAID PUBLIC
OFFERING PRICE MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER.
oso7o 2
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
Board of Trustees
Term Expires
William P. Moses, President November, 1985
Eugene H. Ross, Vice President November, 1987
Dr. Lee R. Winters November, 1985
Reverend Lloyd Farr, Member Secretary November, 1987
William R. Baldwin, Member November, 1985
District Administrators
John I . Carhart
William H. Brown
Business Manager
CONTRA COSTA COUNTY OFFICIALS
Board of Supervisors
Nancy C. Fanden
District 2
Chair
Tom Powers Sunne Wright McPeak
District 1 District 4
Robert I. Schroder Tom Torlakson
District 3 District 5
Philip J. Batchelor
Clerk of the Board and
County Administrator
COUNTY OFFICIALS
Donald L. Bouchet Alfred P. Lomeli
Auditor-Controller Treasurer-Tax Collector
Ronald L. Stewart
County Superintendent of Schools
0307o 3
INTRODUCTION
The purpose of this Official Statement is to provide certain
information concerning the sale and delivery of the 1985 Tax. and Revenue
Anticipation Notes of Contra Costa Community College District, Contra
Costa County, California (the "District") . The Notes, which are issued
in an aggregate principal amount of $7,000,000, are equally and ratably
secured. The Notes are general obligations of the District, but are
payable only out of the taxes, income, revenues, cash receipts and other
moneys of the District attributable to the fiscal year 1985-86 and
legally available for the payment thereof.
The Notes are being issued to finance the "dry periods" of the
District' s General Fund cash flow during the fiscal year (July 1 through
June 30). Borrowing is necessary because District General Fund
expenditures tend to occur in relatively level amounts throughout the
year while receipts follow an uneven pattern, primarily as a result of an
uneven pattern of state and federal payments and secured property tax
installment payment dates in December and April , the largest sources of
District revenues. As a result, the General Fund cash balance is
negative during parts of the fiscal year. The Notes are intended to
finance such cash deficits and are an alternative to the District' s
borrowing from the County Treasury.
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
1985-86 FINANCING PROGRAM
Contra Costa Community College District (the "District") implemented
its first short-term financing program in October, 1983 to finance the
"dry periods" of its general fund cash flow during the 1983-84 fiscal
year. The District issued and sold $7,000,000 Tax and Revenue
Anticipation Notes dated October 26, 1983, all due September 30, 1984.
The District also issued and sold $6,000,000 1984 Tax and Revenue
Anticipation Notes dated October 16, 1984, all due September 30, 1985.
The Community College District has always paid principal and interest on
its short term notes when due. Prior to 1983-84 such general fund dry
periods were financed by available District reserves, advances from other
District funds or were covered (financed) by a Receivables Credit granted
by the County against the District' s uncollected property tax levy. See
"Tax Levies and Delinquencies" on page 12, and "Short-Term Borrowing" on
page 16. After projecting cash flow requirements for the 1985-86 fiscal
year, the District elected to continue its short-term financing program,
resulting in the current offering of its 1985 Tax and Revenue
Anticipation Notes,
FUNDING BY THE STATE OF CALIFORNIA
Approximately 61 .9% of the District' s fiscal year 1985-86 Adopted
Budget consists of payments from the State of California.
oso7o 4
The State' s financial situation has improved considerably since
fiscal year 1982-83 when the State exhausted its sources of internal
borrowings and was forced to issue revenue anticipation warrants to meet
its cash needs. The State Department of Finance currently projects a 3%
growth in real GNP for 1985, with California expected to outperform the
Nation both this year and next in terms of income and employment gains.,
The 1985-86 Governor' s Budget as introduced January 10, 1985,
proposed General and Special Fund expenditures of $33. 1 billion, an 8.5
percent increase over the 1984-85 fiscal year. The General Fund
expenditures were estimated to be $27.9 billion or 84 percent of the
total . The remaining $5.2 billion of expenditures were from special
funds and represented 16 percent of the total . The Budget estimated
total revenues and transfers of $32.9 billion and included an
appropriation of $1 .04 billion as a General Fund Reserve.
On June 28, 1985, the Governor signed the 1985-86 Budget Act. The
1985-86 Budget Act projects General Fund expenditures of approximately
$28.4 billion. In signing the Budget, the Governor vetoed approximately
$501 million of General Fund appropriations from the Legislatures' s
version of the 1985-86 Budget Act. Based upon current revenue and
expenditure estimates, the State Department of Finance projects an ending
reserve in the General Fund on June 30, 1986 of $1 .051 billion. This
reserve represents 3.7 percent of estimated 1985-86 General Fund revenues
and transfers of $28. 152'billion.
The fiscal condition of the State is expected to remain strong in
1985-86. The State issued $2,300,000 in revenue anticipation notes dated
August 13, 1985. Such notes will all mature on June 30, 1986. The notes
will be payable from available moneys in the General Fund of the State,
including, if necessary, amount borrowable from special funds of the
State.
THE NOTES
Authority for Issuance
The Contra Costa Community College District 1985 Tax and Revenue
Anticipation Notes ("The Notes") are issued under the authority of
Article 7.6, Chapter 4, Part 1 , Division 2, Title 5 (commencing with
Section 53850) of the California Government Code, and pursuant to a
Resolution adopted by the Board of Supervisors of the County of Contra
Costa ("The County") on October 1 , 1985, at the request of the Governing
Board of Contra Costa Community College District pursuant to a Resolution
adopted on September 11 , 1985.
Purpose of Issue
Issuance of the Notes will provide the District with moneys to meet
current (fiscal year 1985-86) general fund and capital expenditures, and
to discharge other obligations or indebtedness of the District.
0307o 5
Description of the Notes
The Notes will be in the aggregate principal amount of $7,000,000 and
will be issued in nonregistrable bearer form without coupons, and in
denominations of $5,000 and $25,000. The Notes will be dated their date
of delivery (expected to be October 22, 1985. ) and will mature on
September 30, 1986. Interest will be payable at maturity, computed on a
30-day month/360-day year basis. Principal and interest will be payable
at the principal office of the paying agent of the District, Bank of
America NT&SA in San Francisco, California.
Security for the Notes
The Notes are secured by the District' s pledge of the first $3.5
million of the first installment of ad valorem property taxes on the
secured roll attributable to the District which become due and payable on
November 1 , 1985 and delinquent on December 10, 1985, and the first $3.5
million (together with an amount sufficient to pay the interest to become
due on the Notes) of the second installment of ad valorem property taxes
on the secured roll attributable to the District which become due and
payable on February 1 , 1986 and delinquent on April 10, 1986 (the
"Pledged Revenues") . In furtherance of this pledge, the Pledged Revenues
shall be deposited with the Contra Costa County Treasurer-Tax Collector
in a trust fund to be established by the County and designated Contra
Costa Community College District 1985 Tax and Revenue Anticipation Note
Repayment Fund. The Pledged Revenues will be held in the Repayment Fund
until September 30, 1986 at which time these funds will be used to repay
the Notes and the interest thereon. In the event that on April 30, 1986
the District has not received sufficient property taxes to permit the
deposits of said respective amounts in the Repayment Fund established to
repay the Notes, then the amount of any deficiency shall be immediately
satisfied and made up from any other moneys of the District lawfully
available for the repayment of the Notes and the interest thereon.
Amounts deposited with the County Treasurer in the Repayment Fund may not
be used for any other purpose, although they may be invested in legal
investments. Any balance in the Repayment Fund on September 30, 1986 in
excess of the amount needed to repay the Notes and the interest thereon
will be transferred to the District General Fund.
Available Sources of Payment
The Notes, in accordance with California law, are general obligations
of the District, but are payable only out of the taxes, income, revenue,
cash receipts and .other moneys of the District attributable to Fiscal
Year 1985-86 and legally available for payment thereof. The ability of
the District to levy ad valorem property taxes was substantially limited
in 1978 by Proposition 13 which amended the California Constitution. See
"Constitutional Limitations on Taxes and Appropriations."
The District may under existing law issue the Notes only if the
principal of and interest on the Notes will not exceed 85 percent of the
estimated moneys available for the payment of .the Notes. The amount
needed to repay the Notes and the interest thereon is estimated to be
$7,400,000. The District estimates that the moneys available for the
payment of the Notes will be approximately $53.6 million as indicated in
the following table.
03070 6
ESTIMATED UNRESTRICTED REVENUE AVAILABLE FOR PAYMENT OF
1985 TAX AND REVENUE ANTICIPATION NOTES" '
Source Amount
Unrestricted available fund balance - July 1 , 1985 . . . . $ 3,519,027
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,017,400
Basic State Apportionment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,530,267
Other local income . . . . . . . . . . . . . . . . . . . .: . . . . . . . . . . . . . . . 4,634,756
Other revenue" ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 962,421
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $53,663,871
Based on the District' s 1985-86 Budget.
`2 ' Includes federal and other State income.
LEGAL OPINION '
The opinion of Orrick, Herrington & Sutcliffe, A Professional
Corporation, San Francisco, California ("Bond Counsel") approving the
validity of the Notes and stating that interest on the Notes is exempt
from income taxes of the United States of America under present federal
income tax laws and that such interest is also exempt from personal
income taxes of the State of California under present State income tax
laws , will be provided free of charge to the Underwriter at the time of
the original delivery of the Notes. A copy of such opinion will be
printed on each definitive Note without charge to the purchasers.
The statements of law and legal conclusions set forth in this
Official Statement under the headings "The Notes" and "Legality For
Investment In California" have been reviewed by Bond Counsel . Bond
Counsel ' s employment is limited to a review of the legal proceedings
required for the authorization of the Notes and to rendering the opinions
set forth above. Such opinion will not consider or extend to any
documents, agreements, representations, offering circulars or other
material of any kind concerning the Notes not mentioned in this
paragraph. Certain legal matters will be passed upon for the District by
the County Counsel .
LEGALITY FOR INVESTMENT IN CALIFORNIA
Under the provisions of the State Financial Code, the Notes are legal
investments for commercial banks in the State to the extent that the
Notes, in the informed opinion of the bank, are prudent for the
investment of funds of its depositors and under provisions of the State
Government Code are eligible to secure deposits of public moneys in the
State.
oso7o 7
RATING
The District received a rating of from Moody' s Investors
Service, Inc. for its notes. Certain information was supplied by the
District to the rating agency to be considered in evaluating the Notes.
Any rating issued will reflect only the views of the rating agency, and.
.any explanation of the significance of such rating should be obtained
from the rating agency. There is no assurance that any rating obtained
will be retained for any given period of time or that the same will not
be revised downward or withdrawn entirely by the rating agency if, in its
judgment, circumstances so warrant. The District undertakes no
responsibility either to bring to the attention of the holders of the
Notes any downward revision or withdrawal of any rating obtained or to
oppose any such revision or withdrawal . Any such downward revision or
withdrawal of the rating obtained may have an adverse effect on the
market price of the Notes.
LIMITATION OF REMEDIES
In addition to the limitations on remedies contained in the
Resolution and the law, the rights and remedies provided in the
Resolution and the law may be limited by and are subject to the
provisions of federal bankruptcy laws, as now or hereafter enacted, and
to other laws or equitable principles that may affect the enforcement of
creditors' rights if equitable remedies are sought.
LITIGATION
No litigation is pending or threatened concerning the validity of the
Notes, and a Certificate of the County Counsel to that effect will be
furnished to the Underwriter at the time of the original delivery of the
Notes. The District is not aware of any litigation pending or threatened
questioning the political existence of the District or contesting the
District' s ability to receive ad valorem taxes or to collect other
pledged revenues or contesting the District's ability to issue and retire
the Notes.
UNDERWRITING
The Notes are being purchased for reoffering by Bank of America
NT&SA. The Underwriter has agreed to purchase the Notes at par less a
discount of $25,000 to cover the cost of issuance, plus accrued interest,
if any, from the dated date of the Notes to the closing date. The
Contract of Purchase provides that the Underwriter will purchase all of
the Notes, if any are purchased. The obligation to make such purchase is
subject to certain terms and conditions set forth in the Contract of
Purchase.
The Underwriter may offer and sell the Notes to certain other. dealers
and others at a yield greater than the offering yield stated on the cover
page hereof. The offering yield may be changed from time to time by the
Underwriter.
oso7o 8
ADDITIONAL INFORMATION
The purpose of this Official Statement is to supply information to
buyers of the Notes. Quotations from and summaries and explanations of
the Notes, the resolution authorizing the Notes and of statutes and
documents contained herein do not purport to be complete, and reference'
is made to said documents and statutes for full and complete statements
of their provisions.
Bank of America Capital Markets Group is acting as the Underwriter of
the Notes and regularly receives a variety of District reports. These
reports include audits and budgets. Any holder of the Notes may obtain
copies of such reports, as available from the District or the Bank.
All data contained herein have been taken or constructed from
District records. Appropriate District officials, acting in their
official capacity, have reviewed this Official Statement and have
determined that as of the date hereof the information contained herein
is, to the best of their knowledge and belief, true and correct in all
material respects and does not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the
statements made, in light of the circumstances under which they were
made, not misleading. An appropriate District official will execute a
certificate to this effect upon delivery of the Notes. This Official
Statement and its distribution have been duly authorized and approved by
the District.
CONSTITUTIONAL LIMITATIONS ON TAXES AND APPROPRIATIONS
Article XIIIA of the California Constitution limits the taxing powers
of California public agencies , Article XIIIA provides that the maximum ad
valorem tax on real property cannot exceed one percent of the full cash
value of the property, and effectively prohibits the levying of any other
ad valorem property tax, even with voter approval . Full cash value is
defined as the County Assessor' s valuation of real property as shown on
the 1975-76 tax bill under "full cash value" or, thereafter, the
appraisal value of real property when purchased, newly constructed, or "a
change in ownership has occurred after the 1975 assessment. The full
cash value is subject to annual adjustment to reflect inflation at a rate
not to exceed two percent or a reduction in the consumer price index or
comparable local data, or declining property value caused by damage,
destruction or other factors.
Article XIIIB of the California Constitution limits the amount of
appropriations of the state and of local governments for "proceeds of
taxes" to the amount of appropriations of.the entity for the prior year,
adjusted for changes in the cost of living, population and services
provided.
Both Article XIIIA and Article XIIIB were adopted by the people of
the State of California pursuant to the state' s initiative constitutional
amendment process. Initiatives adopted in the future might limit the
ability of the County to maintain or increase revenues.
03070 9
AD VALOREM PROPERTY TAXES
Taxes are levied by Contra Costa County for each fiscal year on
taxable real and personal property which is situated in the County as of
the preceding March 1 . For assessment and collection purposes, property
is classified either as "secured" or "unsecured" and is listed
accordingly on separate parts of the assessment roll . The "secured roll "
is that part of the assessment roll containing State assessed property
and real property having a tax lien which is sufficient, in the opinion
of the assessor, to secure payment of the taxes. Other property is
assessed on the "unsecured roll ."
Property taxes on the secured roll are due the County in two
installments, on November 1 and February 1 of the fiscal year. If
unpaid, such taxes become delinquent on December 10 and April 10,
respectively, and a ten percent penalty attaches to any delinquent
payment. In addition, property on the secured roll with respect to which
taxes are delinquent is declared to be defaulted on or about June 30 of
the fiscal year. Such property may thereafter be redeemed by payment of
the delinquent taxes and the delinquency penalty, plus a redemption
penalty of one and one-half percent per month to the time of redemption.
If taxes are unpaid for a period of five years or more, the tax-defaulted
property is declared to be subject to the Tax-Collector' s power of sale
and may be subsequently sold within two years by the County Tax Collector.
After receipt and collection of taxes by the County, the County
apportions the various shares to each of the cities, school districts and
special districts within the County.
Property taxes on the unsecured roll are due as of the March 1 lien
date and become delinquent, if unpaid, on August 31 . A ten percent
penalty attaches to delinquent taxes on property on the unsecured roll ,
and an additional penalty of one and one-half percent per month begins to
accrue beginning November 1 of the fiscal year: The taxing authority has
four ways of collecting unsecured personal property taxes: (1 ) a civil
action against the taxpayer; (2) filing a certificate in the office of
the County Clerk specifying certain facts in order to obtain a judgment
lien on certain property of the taxpayer; (3) filing a certificate of
delinquency for record in the County Recorder' s office in order to obtain
a lien on certain property of the taxpayer; and (4) seizure and sale of
personal property, improvements or possessory interests, belonging or
assessed to the assessee.
TAX LEVIES AND DELINQUENCIES
Contra Costa County and its political subdivisions operate under the
provisions of Sections 4701-4717 of the California Revenue and Taxation
Code. Pursuant to those sections, the accounts of all political
subdivisions which levy taxes on the County tax rolls are credited with
100 percent of their respective tax levies regardless of actual payments
and delinquencies. The County treasury' s cash position (from taxes) is
protected by a special fund (Tax Losses Reserve Fund) into which all
countywide delinquent penalties are deposited. The County has used this
method since fiscal year 1950-51 . A seven year history of Contra Costa
County tax levies, delinquencies and the Tax Losses Reserve Fund cash
balances as of June 30 is shown below.
03070 10
COUNTY OF CONTRA COSTA
LEVIES, DELINQUENCIES AND RESERVE FUNDS
FISCAL YEARS 1978-79 THROUGH 1983-84
Secured Current Tax Losses
Property Levy Reserve Fund
Fiscal Tax Delinquent Balance
Year Levies June 30 June 30
1978-79 . . . . . . . . . $196,482, 131 $ 3,501 ,345 $10,132,029
1979-80 . . . . . . . . . 202,823,519 4,911 ,417 10,206,725
1980-81 . . . . . . . . . 237,630,961 7,195,889 7,213,929
1981-82 . . . . . . . . . 264,897,190 10,557,491 8,700,583
1982-83 . . . . . . . . . 294,757,661 10,281 ,578 11 ,158,615
1983-84 . . . . . . . . . 319,869,578 9,216,399 14,330,673
1984-85 . . . . . . . . . 350,500,000" 1 10,164,5001 " 16,500,000( l )
" ' Estimated by County
Source: County Auditor-Controller.
During fiscal year 1980-81 the County reduced the Tax Losses Reserve
Fund from $10.2 million to $7.2 million and credited the difference to
the County General Fund as provided by Section 4703 of the Revenue and
Taxation Code. Section 4703 allows any county to draw down the Tax
Losses Reserve Fund to a balance equal to three percent of the total of
all taxes and assessments levied on the secured rolls for that year if
the secured tax delinquency has been three percent or less for the
preceding three consecutive years. After utilizing this procedure, if
the County incurs a rate of secured tax delinquency that exceeds three
percent of the total of all taxes and assessments levied on the secured
rolls, the Tax Losses Reserve Fund must accumulate to a balance equal to
five percent of the total of all taxes and assessments levied on the
secured roll that year and remain at that level until the County has
three consecutive years in which the secured tax delinquency rate is
under three percent.
Total delinquent secured property tax charges in each year since
fiscal year 1979-80 have been below 4.00 percent of that year' s total
secured charges.
0307c 11
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
SUMMARY OF FULL CASH VALUE AND AD VALOREM PROPERTY TAXATION
FISCAL YEARS 1979-80 THROUGH 1985-86
Percentage
Tax
Fiscal Full Cash Delinquent
Year Value" ' June 30
1979-80 . . . . . . . . . . . . . 17,490,073,016 2.42%
1980-81 . . . . . . . . . . . . . 18,882,235,444 3.02
1981-82 . . . . . . . . . . . . . 21 ,636,546,100 3.99
1982-83 . . . . . . . . . . . . . 24,440,178,501 3.49
1983-84 . . . . . . . . . . . . . 26,704,442,292 2.88
1984-85 . . . . . . . . . . . . . 29,355,821 ,109 2.90
1985-86 . . . . . . . . . . . . . $32,299,702,842 -
(1 ) Beginning in fiscal year 1980-81 , business inventories were excluded
from the tax base, since the State increased the State property tax
exemption for business inventories from 50 percent to 100 percent.
State legislation, however, requires the State to reimburse local
governments for revenue lost as a result of such exemption, and the
reimbursement in future years will vary based on the Consumer Price
Index and population changes. Amounts previously shown as assessed
values now shown as full cash values. See "Constitutional
Limitations on Taxes."
Largest Taxpayers
The ten largest taxpayers in the County as shown on the 1984-85
secured tax roll and the approximate amounts of their property tax
payments for all taxing jurisdictions within the County are shown below.
These ten largest taxpayers paid a total of $62,581 ,954 in property taxes
or about 17.9 percent of the County' s 1984-85 secured tax collection.
COUNTY OF CONTRA COSTA
LARGEST TAXPAYERS
Total Taxes
Company Paid 1984-85
Chevron USA (Standard Oil Company of California) . . . $22,295,869
Pacific Gas & Electric Company . . . . . . . . . . . . . . . . . . . . . 13,400,870
Shell Oil Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,373,322
Pacific Bell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,224,481
Tosco Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,446,745
Union Oil Company of California . . . . . . . . . . . . . . . . . . . . 2,768,214
Dow Chemical Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,122,461
U.S. Steel Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,840,858
C&H Sugar Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,098,209
Louisiana Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,010,925
03070 12
DISTRICT FINANCIAL INFORMATION
District Budget
The District is required by law to adopt a balanced Tentative Budget
on or before June 30 of each year. The Final Budget is a fiscal
line-item budget setting forth expenditures in priority sequence so that
appropriations during Fiscal Year 1985-86 can, be adjusted if revenues do
not meet the projections. The Final Budget for Fiscal Year 1985-86 was
adopted on August 7, 1985.
Accounting Practices
The accounting policies of the District conform to generally accepted
accounting principles in accordance with policies and procedures of the
California Community Colleges Budget and Accounting Manual . This manual ,
according to Section 84030 of the State of California Education Code, is
to be followed by all California community college districts. Revenue is
recorded on a modified accrual basis. District taxes are considered
revenue in the year collections are made and therefore are fully
reserved. Expenditures are recorded according to receipt of goods and
services on an accrual basis. Differences between estimated and actual
accounts receivable and payable, as of the beginning of the year, are
reflected as adjustments to fund balance.
The District' s outside auditing firm is currently Deloitte Haskins &
Sells Company, Oakland, California. The audited report for Fiscal Year
1983-84 was received in November 1984.
Revenue Limitations
Since 1973-74, California school districts (including community
college districts) have operated under general purpose property tax
revenue limitations established in legislation adopted in 1972. This
legislation mandates annual general purpose tax rates to be applied to a
district' s assessed valuation to be derived from a formula which takes
into account a number of factors, including adjustments for inflation,
limited mandatory contributions to the Teachers ' Retirement System, basic
State aid, State equalization aid, changes in average daily attendance,
and prior years' tax collections. The tax required to raise the general
purpose moneys is the District' s maximum general purpose tax rate. In
Fiscal Year 1984-85, the revenue limit per unit of average daily
attendance was $2,177.
For the 1985-86 Fiscal Year, the revenue limit per unit of average
daily attendance is estimated to be $2,295; however, due to the passage
of Article XIIIA of the California Constitution, the District will be
receiving its proportion of property taxes through the distribution of
the $1 per $100 of full cash value collected by the County. It is
estimated by the District that secured property tax revenue will at least
equal $14.0 million in Fiscal Year 1985-86.
oso7a 13
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND EQUITY
GENERAL FUND - FISCAL YEARS 1983-1984 and 1984-1985
Audited Actual 1985-86
1983-84 1984-85 General
General General Fund
Fund Fund(1 ) Budget
Beginning Fund Balance $ 3,228,336 $ 4,366,246 $ 3,519,027
Revenue:
Federal $ 709,679 $ 985,321 $ 1 ,170,532
State 28,030,268 28,650,588 33,563,653
Local , Including
District Property Taxes 14,061 ,353 18,317;912 18,652,156
County 77,094 71 ,470 ---
Other Sources 596,421 495,126 845,399
Total Revenue $43,474,815 $48,520,417 $54,231 ,740
Total Beginning Balance & and Revenue $46,703,151 $52,886,663 $57,750,767
Expenditures:
Certificated Salaries $21 ,696,632 $24,556,621 $25,952,272
Classified Salaries. 7,485,522 9,013,737 10,435,728
Employee Benefits 4,913,502 5,433,476 5,790,028
Books, Supplies & Equipment
Replacement 1 ,891 ,352 1 ,803,677 2.,053,087
Contracted Services & Other
Operating Expenses 4,849,204 5,440,102 6,407,135
Sites, Buildings, Books & Media &
New Equipment (Capital Outlay) 799,601 1 ,265,530 1 ,762, 163
Other Outgo 88,416 1 ,854,493 1 ,564,467
Reserve for Contingencies -- -- 1 ,225,129(3)
Total Expenditures and Other Outgo $41 ,724,229 $49,367,636 $55,190,009
Other Financing Uses 312,071 -- --
Net Ending Fund Balance $ 4,666,851 (2) $ 3,519,027 $ 2,560,758
(1 ) Unaudited
(2) The difference between the 1983-84 ending fund balance and the 1984-85 beginning
fund balance is due a reclassification of funds in accordance with the new
California Community College Budget and Accounting Manual which were effective
July 1 , 1984. The reclassification shifted the accounting for related capital
projects from the General Fund to the new Capital Projects Fund. This
reclassification amounted to $300,605.
(3) Unexpended funds in this account at the end of the fiscal year, June 30, become part
of the net ending balance for the year.
oao7o 14
�II
I
Short Term Borrowing
Currently the District has $6,000,000 outstanding tax and revenue
anticipation notes due September 30, 1985. Recently the District has
covered general fund cash shortfalls by use of a Receivables Credit _
granted by the County against the District's uncollected property tax
levy which for the fiscal year 1985-86 is estimated to exceed $14
million. Under the County' s alternative taxing method, the accounts of
all political subdivisions, including community college districts, which
levy taxes on the County rolls are credited with 100% of their respective
tax levies regardless of actual payments and delinquencies. See "Tax
Levies and Delinquencies" on page 10.
Financial Statements of the District
Audited financial statements of the District have been prepared by
Deloitte Haskins & Sells, Oakland, California, independent certified
public accountants. Deloitte, Haskins & Sells has not audited any
financial statements for any period subsequent to June 30, 1984. Copies
of the audited financial statements of the District for the fiscal year
ended June 30, 1984 are available upon request to Bank of America, Public
Finance Department #3295, 555 California Street, 9th Floor, San
Francisco, California, 94104.
Cash Flow
The District has prepared the accompanying monthly cash flow
statements covering the past fiscal year, the projected 1985-86 fiscal
year and the first three months of the 1986-87 fiscal year. The
projected 1985-86 cash flow takes into consideration the issuance of the
Notes. Without it, a cash flow deficit of $3,084,500 occurs in November
1985 with total expenditures for the next thirty days of approximately
$4,572,052 to equal a cumulative cash flow deficit (as defined in IRS
Regulations Section 1 .103-14(c)) of $7,656,552. The anticipated deficit
occurs due to the daily timing of expenditures occurring prior to the
receipt of revenues for the month. The projections are based on the
District' s adopted budget.
0307c 15
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CONTRA COSTA COMMUNITY COLLEGE DISTRICT
GENERAL FUND CASH FLOW (PROJECTED)
THREE MONTHS ENDING SEPTEMBER 30, 1986
July, 1986 August, 1986 September, 1986
Beginning Cash Balance $2,698,402 $1 ,033,837 $1 ,005,272
Revenue
Property Taxes $ 00 $ 00 $ 00
Other Local Income 160,000 1 ,460,000 600,000
State Apportionment 2,758,435 2,758,435 2,758,435
Other State Income 00 395,000 00
Federal Income 00 00 00
Transfers To Other Funds 00 00 00
Total Revenue $2,918,435 $4,613,435 $3,358,435
Disbursements:
Salaries & Employee Benefits $3,650,000 $3,650,000 $3,650,000
Supplies & Equipment Replacement 180,000 180,000 180,000
Services and Operational Equipment 586,000 586,000 586,000
Capital Outlay 158,000 158,000 158,000
Other Outgo 9,000 9,000 9,000
Transfers to Other Funds 00 59,000 948,000
Total Disbursements $4,583,000 $4,642,000 $5,531 ,000
Ending Cash Balance $1 ,033,837 $1 ,005,272 ($,1 ,167,293)
oso7o 20
Retirement System
The District participates in the State of California Teachers ' Retirement
System (STRS) . This plan covers substantially all of the District' s
non-student full-time certificated employees. The District's contribution to
STRS for Fiscal Year 1984-85 amounted to $1 ,539,603 and in Fiscal Year -1985-86
is estimated at $1 ,612,279.
The District also participates in the State of California Public
Employees' Retirement System (PERS) . This plan covers all non-student
classified personnel who are employed four or more hours per day. The
District' s contribution to PERS for Fiscal Year 1984-85 was $846,857 and for
Fiscal Year 1985-86 will be $916,254. Both systems are operated on a
statewide basis.
Financial Statements
The District's General Fund finances the legally authorized activities of
the District not provided for in other restricted funds. General Fund
revenues are derived from such sources as taxes, use of money and property,
aid from other governmental agencies, and charges for current services. An
audited Balance Sheet and Statement of Revenues, Expenditures and changes in
Fund Equity for the District for the fiscal year ending June 30, 1984 are
attached as Appendix A.
General Information
Contra Costa Community College District currently operates three college
campuses in Contra Costa County. The largest campus is the Diablo Valley
College Campus in Pleasant Hill with slightly over one-half of the total
student body. The District' s two other campuses are located in San Pablo and
Pittsburgh. Average daily attendance figures are shown in the table
following. The District is governed by a five member Board of Trustees
elected to four-year terms.
The District employs 424 full-time teaching faculty, 56 administrators and
375 classified employees. The certificated employees are represented by the
United Faculty of the Contra Costa Community College District (UFO) , while
classified employees are represented by the Public Employee Union Local No. 1
(Local 1 ) . The District has never experienced a strike or work slowdown.
03070 21
CONTRA COSTA COMMUNITY COLLEGE DISTRICT
AVERAGE DAILY ATTENDANCE "
Diablo Valley Contra Costa Los Medanos Total
Fiscal Year College College College District"
1979-80 10,354 4,952 3,094 18,400
1980-81 10,397 5,114 3,301 19,326
1981-82 10,609 5, 141 3,650 19,677
1982-83 10,621 5,090 3,620 19,331
1983-84 9,705 4,018 3,329 17,052
1984-85 10,473 4,495 3,689 18,657
1985-86(2) 10,615 4,557 3,740 18,912
(2) Estimated.
03070 22
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THE DISTRICT
The Contra Costa Community College District was established as a
separate district and began operating in 1949. Boundaries of the
District are continguous with the boundaries of the County of Contra
Costa, excluding the Amador Valley Joint Union High and Livermore Joint
Union High School District. In total the District covers about 686
square miles and has an estimated population of 682,000. The District
presently operates three community colleges: Diablo Valley College in
Pleasant Hill , Contra Costa College in San Pablo and Los Medanos College
in Pittsburg. The Administrative offices of the District are located in
Martinez. Each college has a president and deans of services and
instruction and their assistants. All colleges are accredited two-year
colleges offering wide ranges of study including vocational and technical
education.
The major population centers in the District include Concord with an
estimated population of 105,194, Richmond 76,879 and Walnut Creek
58,104. Shown below are population estimates for the District, major
cities, and county.
POPULATION OF DISTRICT
MAJOR CITIES AND COUNTY
Contra
City of City of City of Costa
Year District Concord Richmond Walnut Creek County
1985 682,000 105, 194 76,879 58,104 703,405
1984 672,000 105,000 76,900 57,300 693,700,:
1983 660,000 103,664 76,011 56,215 681 ,500.
1980 645,OOO 103,251 74,676 53,643 657,2525
1970 538,000 85,164 79,043 39,844 558,389
1960 390,000 36,208 71 ,548 9,903 409,030
Source: U.S. Census for 1960, 1970, and 1980 - all other totals are. State
Department of •Finance estimates. All figures for District are
estimated.
Since the Community College District includes almost all of -Contra
Costa County the following County information is presented.
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COUNTY OF CONTRA COSTA
LABOR MARKET SURVEY
(in thousands)
1977 1978" ) 1979" ) 1980" ) 1981 '"
Mining and construction. . . . . . . . . . . . . . 11 .0 12.5 13.8 14.1 13.4
Manufacturing. . . . . . . . . . . . . . . . . . . . . . . . 26.5 26.4 27.5 27. 1 28.4
Chemicals. . . . . . . . . . . . . . . . . . . . . . . 4.1 3.9 3.9 3.6 3.8
Petroleum. . . . . . . . . . . . . . . . . . . . . . . 5.0 5.0 5.3 5.4 6.9
Other nondurables. . . . . . :. . . . . . . . 6.2 6.0 5.9 5.8 5.7
Durable goods. . . . . . . . . . . . . . . . . . . 11 .2 11 .5 12.4 12.3 12.0
Transportation and public utilities. . 9.7 10.4 10.9 11 .8 12.0
Wholesale trade. . . . . . . . . . . . . . . . . . . . . . 7. 1 7.6 7.9 8.7 8.9
Retail trade. . . . . . . . . . . . . . . . . . . . . . . . . 38.5 42.0 43.8 44. 1 45.2
Finance, insurance and real estate. . . 8.7 10.2 11 .5 11 .9 12.9
Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.3 36.6 38.3 40.0 42.0
Business services. . . . . . . . . . . . . . . 6.1 7.0 7.9 8.4 8.8
Health services. . . . . . . . . . . . . . . 9.6 10.2 11 .0 11 .4 11 .9
Other services. . . . . . . . . . . . . . . . . . 16.6 19.4 19.4 20.2 21 .3
Government. . . . . . . . . . . . . . . . . . . . . . . . . . . 40.5 40.4 38.9 39.7 39.0
Agriculture. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 1 .9 1 .8 1 .7 1 .7
Total . . . . . . . . . . . . . . . . . . . . . . 176.3 186.8 194.3 199.0 203.5
Total does not add due to independent rounding.
`2 ' Last year data available by County basis. For 1982, 1983 and 1984 data by job
categories not available from State Department of Employment Development.
County now included as part of five San Francisco Bay Area Counties group only.
Source: State Department of Employment Development.
BUILDING AND ECONOMIC OUTLOOK FOR 1985 AND BEYOND
A favorable factor in the economic outlook for Contra Costa County for
1985 and future years is the many major commercial and industrial building
projects taking shape along Interstates 680 and 80 running through the County
and in the Cities of Walnut Creek, Concord and San Ramon. The increase in
office space in Contra Costa County has been substantial . Non-residential
valuation of building permits (primarily commercial office buildings) totaled
over $445 million in 1984 versus $362 million in 1983, $218 million in 1982
and $206 million in 1981 .
03070 26
For the last few years, office construction and leasing has been the
much-publicized center of the County' s economy. It is estimated that over 5
million square feet of office space alone will be constructed in Bishop Ranch,-
during the next seven years. Slated for completion in 1995, Bishop Ranch, a
585-acre business park, anticipates to be the workplace for 20,000 people.
With 2 million square feet currently under construction, Bishop Ranch i's
already sizable. Major tenants in International Harvester, Union Carbide,
Western Electric, Davy McKee, Equifax and Northern Telecom, Chevron, Pacific.
Bell and Beckman Instruments are among the larger owner/users. The County' s
excellent labor force and lower land and leasing costs than nearby
metropolitan areas should continue to make the County an attractive area for
new construction.
The Bank of America' s computer, data processing and office complex in
Concord' s downtown redevelopment area is scheduled to open in September 1985,
,and employ 3,500.
In addition, completion in 1985 of several large office complexes in the
Central and South County should play a significant role in expanding
employment opportunities in Contra Costa County. Expansion of office
employment should create a need for more retail and service businesses in the
County.
Also, the Bay Area, including Contra Costa County and the Port of
Richmond, are in excellent position to increase shipping and cargo handling
because of continued growth in Pacific Basin trade.
Other kinds of "mixed use development" includes planned the Ellinwood
project in Pleasant Hili , the site of housing, offices and restaurant
construction; the Town Centre Complex in Walnut Creek, a planned housing,
hotel , shopping and office complex; and Hilltop in Richmond where housing;
light industry, offices and service businesses are part of a master plan for
the future.
Environmental Control Services
Water Supply: The East Bay Municipal Utilities District (EBMUD) and the
Contra Costa County Water District supply residents with water.
EBMUD, the second largest retail water distributor west of the
Mississippi , supplies water to the western part of the County. Ninety-five
percent of its supply is the Mokelumne River stored at the 68 billion gallon
capacity Pardee Dam. The District is entitled to 325 million gallons per day
under a contract with the State Water Resources Control Board, plus an
additional 325 million gallons per day under a contract with the U.S. Water
and Power Resources Service (formerly the U.S. Bureau of Reclamation). The
District does not plan to draw on its federal entitlement for the foreseeable
future. Currently the District' s water supply is sufficient.
03070 27
The Contra Costa County .Water District obtains its water from the
Sacramento-San Joaquin Delta. It is entitled under a contract with the U.S.
Water and Power Resources Service to 195,000 acre-feet per year. Water sold
has ranged between 80,000 and 110,000 acre-feet annually. In addition, a
number of industrial users and several municipalities draw water directly from
the San Joaquin River under their own riparian rights, so that actual water
usage in the service area averages about 125,000 acre-feet annually. The
District states its water supply is sufficient for the foreseeable future and
has no plans to bring in additional supplies.
Sewerage: Sewer services for the County are provided by approximately 20
sanitation districts and municipalities. Federal and State environmental
requirements plus grant money available from these two sources have resulted
in about 14 agencies upgrading, expanding and/or building new facilities.
Flood Control : The Contra Costa County Flood Control District has been in
operation since 1951 to plan, build, and operate flood control projects in
unincorporated areas of the County except for the Delta area on its eastern
border. The Delta is interspersed with inland waterways which fall under the
jurisdiction of the U.S. Corps of Engineers and the State Department of Water
Resources. The District has one major project under construction--a
$25,000,000 project in the vicinity of Concord. The District' s portion of the
cost is $1 ,850,000; the rest is provided by the Corps of Engineers, the
project builder. The County has experienced no major flooding in urbanized
areas since October 1962.
Population
Population in Contra Costa County reflects the County' s growth as a
manufacturing center in the early 1900' s and as a light manufacturing and
suburban center beginning in the 1950' s. Population rose almost 200 percent
in the 1940' s, due mostly to wartime industry in the City of Richmond. During
the 50' s and 60's population increased 37 percent each decade. The 1970' s had
a slower growth rate of about 17 percent. The following table shows a 45 year
history of the County' s population growth.
Population centers in Contra Costa County first developed in the coastal
cities of Richmond, Martinez, Pittsburg, and Antioch. Heavy manufacturing
provided the major impetus for population growth. Three other unincorporated
towns, Lafayette, Orinda and Moraga, became prime. residential areas when
access to Oakland and San Francisco was improved by the opening of the
Caldecott Tunnel in 1937. Three unincorporated areas, Danville, San Ramon,
and Orinda became new cities in 1982, 1983 and 1985, respectively. Both
Danville and San Ramon are located in the southern part of the County and owe
their growth partly to being located along Interstate 680.
The cities of Walnut Creek and Concord grew rapidly during the 1960' s and
70's. While both cities have an economic base of light manufacturing, their
population growth came about from opening of highways primarily to San
Francisco and in the 70' s from the establishment of rapid transit (BART) .
03070 28
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Construction Activity
The value of building permits issued in Contra Costa County totaled more
than $850 million in 1984, a significant increase from prior years. The
fastest growing component has been nonresidential construction which totaled
$445 million in 1984. Of that total , commercial , valuation accounted for the
major part reflecting a rapid increase in construction of office space as
major companies are expanding facilities or relocating offices to Contra Costa
County.
Residential building permits totaled $408.5 million in 1984. Single
family permits have typically comprised 65-75 percent or more of new dwelling
units authorized. Over the five year period (1980-1984) permits have been
issued for 18,811 single family homes and 6,447 multiple family dwelling units
having a total valuation of $1 ,597,137,000. Approximately one-third to
one-half of the single family permits were issued in the unincorporated areas
of the County.
The following table provides a summary of building permit valuations and
number of new dwelling units authorized in the County since 1980.
COUNTY OF CONTRA COSTA
BUILDING PERMIT VALUATIONS
1980 1981 1982 1983 1984
Valuation (in thousands)
Residential . . . . . . . . . . . . $306,175 $227,924 $201 ,256 $432,288 $408,062
Nonresidential . . . . . . . . . 158,804 205,905 218,496 362,940 445,002
Total . . . . . . . . . . . . . $464,979 $433,829 $419,752 $795,228 $853,064
New Dwelling Units:
Single family. . . . . . . . . . 4,566 2,523 1 ,930 4,588 4,162
Multiple family. . . . . . . . 854 585 858 1 ,968 2,255
Total . . . . . . . . . . . . . 5,420 3,108 2,788 6,556 6,417
Source: "California Construction Trends," Security Pacific National Bank.
Transportation
Availability of a broad transportation network has been one of the major
factors in the County' s economic and population growth. Road transportation on
Interstate 80 connects the western county to San Francisco, Sacramento and points
north to Interstate 5, the major north-south highway from Mexico to Canada.
Interstate 680 connects the central county communities to the rest of the Bay
Area via State Routes 4 and 24, major east-west arteries.
oso7o 31
• AC Transit, a daily commuter bus service based in Oakland, connects Contra
Costa communities to San Francisco and Oakland. Central Contra Costa Transit
Authority (CCCTA) was formed in 1981 to provide local bus service to the
central area of the County. CCCTA is currently providing service in Walnut
Creek, Pleasant Hill and Concord and other central County areas. Since, 1974
Bay Area Rapid Transit System (BART) with two main lines, one to Richmond and
the other to the Concord/Walnut Creek area, connects the County to Alameda
County, San Francisco and Daly City in San Mateo County. Other bus and rail
passenger service is provided by Greyhound, Trailways Bus, and Amtrak. The
Santa Fe and Southern Pacific Railroads' mainlines service Contra Costa
County, both in the industrial coastal areas and the inland farm section.
The port of Richmond on San Pablo Bay and several privately owned
industrial docks on both San Pablo and Suisun Bays serve the heavy industry
located in the area. The Port of Richmond, owned and operated by the City,
now covers 202 acres. The Port handled 1 ,011 ,289 short tons in 1983, down
slightly from 1 ,189,032 in 1980. The majority of the shipments are bulk
liquid with the remainder being scrap metal and autos.
Private terminals near Richmond handled 15,424,073 short tons in 1983.
The largest shipper accounting for most of this tonnage is Chevron. In August
1983 the U.S. Congress approved a $44 million bill to deepen the Port of
Richmond's inner harbor and extend two turning basins.
Major scheduled airline passenger and freight transportation for County
residents is available at either Oakland or San Francisco International
Airports, located about 20 and 30 miles, respectively, from the County. In
addition there are two general aviation fields, one at Antioch and the other
at Concord.
Agriculture
Agriculture is concentrated in the eastern half of the County. Major
individual products in terms of 1984 dollar value are: milk ($7.37 million) ,
tomatoes ($7.37 million) , bedding plants ($5.80 million) , cattle and calves
($5.66 million) , cut roses ($5.20 million), field corn ($2.90 million) and
asparagus ($2.90 million) .
oso7o 32
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1. CC COMMUNITY COLLEGE DIST RES 85/603
j 2 . TAX & REVENUE ANTICIPATION NOTES FY 1985-86