HomeMy WebLinkAboutMINUTES - 02101987 - 2.2 CERTIFICATE OF DEPUTY CLERK OF THE BOARD OF SUPERVISORS
COUNTY OF CONTRA COSTA
The undersigned Deputy Clerk of the Board of
Supervisors of the County of Contra Costa, hereby certifies
that the foregoing is a full, true and correct copy of a
Resolution duly adopted at a meeting of the Board of
Supervisors of the County of Contra Costa duly and regularly
held in Martinez, California, on February 10, 1987, at which
meeting all of the members of said Board of Supervisors had
due notice.
The undersigned further certifies that he or she
has carefully compared the foregoing copy with the original
minutes of said meeting on file and of record in his or her
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amended, modified, rescinded or revoked in any manner since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 10th day of February, 1987 .
Depu y Clerk o the Board of
Supervisors of the County of
Contra Costa
[SEAL]
1Z SDI_UT10\-v
0342S
CC-1
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RESOLUTION OF THE BOARD OF SUPERVISORS OF
THE COUNTY OF CONTRA COSTA
PROVIDING FOR THE BORROWING OF ADDITIONAL FUNDS FOR FISCAL
YEAR 1986-1987 AND THE ISSUANCE AND SALE OF
1986-1987 TAXABLE SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES THEREFOR
RESOLUTION NO. 87/��
UTlOYV
TABLE OF CONTENTS
Page
f
Section 1 . Board Determination . . . . . . . . . . . . 2
Section 2 . Definitions . . . . . . . . . . . . . . . . 2
Section 3 . Terms of the Notes . . . . . . . . . . . 5
(a) Authorization of Issuance . . . . . . 5
(b) Denominations, Maturity, Payment and
Determination of Interest Rates . . . 5
(c) Tender for Purchase by Noteho'lder 6
(d) Registration, Transfer, and
Replacement of Notes . . . . . . . . . 7
(e) Acceleration of Notes . . . . . . . . 9
(f) Redemption of Notes . . . . . . . . . 10
Section 4. Form of Notes . . . . . . . . . . . . 10
Section 5 . Use of Proceeds . . . . . . . . . . . 11
Section 6.. Repayment Pledge . . . . . . . . . . . . . 11
Section 7. Repayment Fund . . . . . . . . . . . . . . 11
(a) Establishment . . . . . . . . . . . . 11
(b) Investment . . . . . . . . . . . . . . 12
Section 8. Fiscal Agent . . . . . . . . . . . . . . 12
Section 9. Execution of Notes . . . . . . . . . . . . 13
Section 10. Validity of Proceedings . . . . . . . . . 13
Section 11 . Notes Not Exempt from Federal Taxes . . . . 13
Section 12 . Paying Agent and Registrar . . . . . . . . 13
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Section 13 . Purchase and Remarketing Agreement 14
Section 14. Approval of Official Statement . . . . . . 14
Exhibit A Form of Note . . . . . . . . . . . . . . A-1
Exhibit B Form of Election Notice . . . . . . . . . . B-1
[to be printed on Note]
Exhibit C Form of Fiscal Agency Agreement . . . . . . C-1
Exhibit D Form of Contract of Purchase and
Dealer Remarketing Agreement D-1
Exhibit E Form of Official Statement Relating
to the Notes . . . . . . . . . .. . . . . . E-1
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• RESOLUTION OF THE BOARD OF .SUPERVISORS OF THE COUNTY OF CONTRA
COSTA PROVIDING FOR THE BORROWING OF ADDITIONAL FUNDS FOR
FISCAL YEAR 1986-1987 AND THE ISSUANCE AND SALE OF 1986-1987
• TAXABLE SHORT TERM OPTIONAL PUT TAX AND REVENUE ANTICIPATION
NOTES THEREFOR
RESOLUTION NO. 87/ �
WHEREAS, pursuant to Sections 53850 et seq. of the
Government Code of the State of California, this Board of
Supervisors (the "Board" ) has found and determined that the
sum of Ten Million Dollars ($10, 000,000) is needed for the
requirements of the County of Contra Costa (the "County" ) to
satisfy obligations payable from the General Fund of the
County, and that it is necessary that said sum be borrowed for
such purpose at this time by the issuance of temporary notes
therefor in anticipation of the receipt of taxes, income,
revenue, cash receipts and other moneys to be received by the
County for the General Fund of the County during or
attributable to Fiscal Year 1986-1987; and
WHEREAS, the County has heretofore, pursuant to
Resolution No. 86/326 of the Board, borrowed $75, 000, 000 for
such purpose in anticipation of receipt of taxes, income,
revenue, cash receipts and other moneys to be received by the
County for the General Fund of the County during or
attributable to fiscal year 1986-1987; and
WHEREAS, the County intends to borrow, for the
purposes set forth above, as hereinafter defined, an
additional Ten Million Dollars ($10,000, 000) through the
issuance and .sale of the Notes (as hereinafter defined) ; and
WHEREAS, it appears, and the Board hereby finds and
determines, that said sum of Ten Million Dollars
($10, 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 of the County for the General Fund
of the County attributable to Fiscal Year 1986-1987, and
available for the payment of the Notes and the interest
thereon; and
WHEREAS, pursuant to Section 53856 of the Government
Code of the State of California, certain revenues which will
be received by the County for the General Fund of the County
during or attributable to Fiscal Year 1986-1987 can be pledged
for the payment of the Notes and the interest thereon (as
hereinafter provided) ; and
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WHEREAS, Bank .of America National Trust and Savings
Association (herein sometimes referred to as the
"Underwriter" ) has submitted an offer to purchase the Notes
and has . submitted a form of Contract of Purchase and Dealer.
Remarketing Agreement (the "Agreement" ) to the Board; and
WHEREAS, the County has determined that, in order to
provide for the remarketing of the Notes, to reduce interest
costs to the County for such Notes and to provide liquidity
and additional security to the holders of such Notes, it is
appropriate for the County to enter into the Agreement, which
provides for the remarketing by the Underwriter of such Notes
and the purchase of such Notes under certain circumstances as
described therein; and
WHEREAS, the County desires to enter into the
Agreement so as to provide for such remarketing, to reduce
such interest costs and to provide such liquidity and
additional security;
NOW, THEREFORE, the Board of Supervisors of the
County of Contra Costa hereby finds, determines, declares and
resolves as follows:
Section 1. Board Determination. All of the
recitals herein set forth are true and correct, and the Board
so finds and determines.
Section 2 . Definitions. Unless the context
otherwise requires, the terms defined in this Section 2 shall,
for all purposes of this Resolution, as it now exists and as
it may be from time to time amended or supplemented, have the
meanings herein specified, as follows:
"Accounting Period" means any of the twelve ( 12)
accounting periods into which a fiscal year is divided by the
County for budgeting and financial reporting purposes.
"Adjusted Rate" means the interest rate per annum,
with respect to the Notes, equal to the rate calculated in
accordance with Section 3(b) hereof.
"Agreement" means the Contract of Purchase and
Dealer Remarketing Agreement, between the County and the
Underwriter, as executed and delivered.
"Board" means the Board of Supervisors of the County
of Contra Costa.
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•
• "Business Day" means a day on which banks in
California and New York, New York, are not required or
authorized to remain closed.
"County". means the County of Contra Costa, the
issuer of the Notes hereunder.
"Fiscal Agent" means First Interstate Bank of
California, having its principal corporate trust office in San
Francisco, California.
"Initial Rate" or "Initial Interest Rate" means the
rate of interest initially borne by the Notes as set forth in
the Agreement.'
"Interest Index" means the rate of interest equal to
the bond equivalent yield of 91-day United States Treasury
bills on the basis of the average per annum discount rate at
which such 91-day Treasury bills shall have been sold at the
most recent United States Treasury auction.
"Interest Payment Date" means March 11, 1987 and
every fourth Wednesday (or if such a day is not a Business
Day, .the next succeeding Business Day) thereafter.
"Interest Payment Period" means, with respect to the
Notes, the period commencing on (and including) an Interest
Payment Date and ending on (and including) the day immediately
preceding the next' succeeding Interest Payment Date (or, .in
the case of the first Interest Payment Period, the period
commencing on (and including) February 11, 1987 and ending on
(and including) the day immediately preceding the first
Interest Payment Date.
"Interest Period" means the period commencing on
(and including) a Rate Adjustment Date and ending on (and
including) the day immediately preceding the next succeeding
Rate Adjustment Date (or, in the . case of the first Interest
Period, the period commencing on (and including) February 11,
1987 and ending on ( and including) the day immediately
preceding the first Rate Adjustment Date) .
"Munifacts Wire" means the electronic wire service
offered by The Bond Buyer known as "Munifacts" , which provides
information on municipal securities to the subscribers thereof.
"Note" or "Notes" means. the County of Contra Costa,
California, 1986-1987 Taxable Short Term Optional Put Tax and
Revenue Anticipation Notes authorized to be issued hereunder.
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• "Noteholder" or "Holder" means the registered owner
of the Note.
• "Outstanding, " when used as of any particular time
with reference to Notes, means all Notes theretofore, or
thereupon being, authenticated and delivered pursuant to this
Resolution except ( 1 ) Notes theretofore cancelled or
surrendered for cancellation; (2 ) Notes with respect to which
all liability of the County shall have been discharged in
accordance with Section 3 (e) or 3 (f) ; and (3 ) Notes for the
transfer or exchange of or in lieu of or in substitution for
which other Notes shall have been authenticated and delivered
pursuant to this Resolution.
"Paying Agent" means BankAmerica Trust Company of
New York, initially acting as paying agent and registrar
hereunder and having a principal office in New York, New York.
"Purchase Price" means with respect to any Notes
purchased in accordance with Section 3 (c) hereof 100% of the
principal amount thereof.
"Rate Adjustment Date" means the Interest Payment
Dates for. the Notes.
"Repayment Fund" means the 1986-1987 Taxable Short
Term Optional Put Tax and Revenue Anticipation Note Repayment
Fund established .pursuant to Section 7 hereof.
"Treasurer" means the Treasurer-Tax Collector of the
County.
"Underwriter" means Bank of America National Trust
and Savings Association, the purchaser of the Notes issued
hereunder and the remarketing agent for such Notes, or its
successors or assigns.
"Unrestricted Revenues" means taxes, income,
revenue, cash receipts, and other moneys which are received
for the General Fund of the County during or attributable to
Fiscal Year 1986-1987 and which are generally available for
the payment of current expenses and other obligations of the
County, but excluding the taxes, income, revenue, cash
receipts and other moneys pledged to the payment of the County
of Contra Costa, California, 1986-1987 Short Term Optional Put
Tax and Revenue Anticipation Notes issued pursuant to
Resolution No. 86/326, adopted by the Board on June 3, 1986.
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Section 3 . Terms of the Notes.
(a) Authorization of Issuance. Solely for the
purpose of anticipating taxes, income, revenue, cash receipts
and other moneys to be received by the County for the General
Fund of the .County during or attributable to Fiscal Year
1986-1987, and not pursuant to any common plan of financing,
the County hereby authorizes the borrowing of the aggregate
principal amount of Ten Million Dollars ($10, 000,000) by the
issuance of one issue of temporary notes under Sections 53850
et seg. of the Government Code of the .State of California,
generally designated as the "County of Contra Costa,
California, 1986-1987 Taxable Short Term Optional Put Tax and
Revenue Anticipation Notes. "
(b) Denominations, Maturity, Payment and
Determination of Interest Rates. The Notes shall each be in .
the denomination of $100, 000, or any integral multiple
thereof, shall be dated February 11, 1987, shall mature on
July 29, 1987 and shall bear interest from the Interest
Payment Date next preceding the date of authentication
thereof, unless (i ) such date of authentication shall be prior
to the first Interest Payment Date, in which case such Notes
shall bear interest from February 11, 1987 or (ii ) such date
of authentication shall be an Interest Payment Date, in which
case such Notes shall bear interest from such date of
authentication; provided, however, that if, as shown by the
records of the Paying Agent, interest on the Notes shall be in
default, Notes issued in exchange for Notes surrendered for
transfer or exchange shall bear interest from the last date to
which interest has been paid in full on the Notes or, if no
interest has been paid on the Notes, from February 11, 1987 .
Interest on the Notes shall be payable on each Interest
Payment Date at the applicable interest rate or rates for the
Interest Payment Period which terminates on the day
immediately preceding such Interest Payment Date, computed on
a 365-day year basis and actual days elapsed from and
including the preceding Interest Payment Date or other date.
with respect to which interest has been paid. On each
Interest Payment Date, the Paying Agent shall pay accrued and
unpaid interest for each Interest Payment Period by check or
draft mailed to the Holder of each such Note in whose name
such Note is registered on the registration books of the
Paying Agent at 10:00 a.m. (New York City time) on such
Interest Payment Date. The offer and sale or repurchase of
any Note as contemplated by Section 3 (c) hereof shall cause
the purchaser or the Underwriter, as the case may be, to be
recognized as the Holder of record of the Notes so offered and
sold or repurchased as of 10: 01 a.m. (New York City time) on
such Interest Payment Date.
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The principal of the Notes shall be payable at
maturity, only to the Holder thereof upon surrender thereof,
in lawful money of the United States of America, at the
principal office of the Paying Agent.
For the Interest Period commencing on February 11,
1987 and ending on (and including) the day immediately
preceding the first Rate Adjustment Date with respect to the
' Notes, the Notes shall bear interest at the Initial Rate for
the Notes. With respect to each Interest Period thereafter,
the interest rate shall be adjusted, effective each Rate
Adjustment Date, to the Adjusted Rate for the Notes. Such
Adjusted Rate shall be determined as follows: On the Monday
next preceding each Rate Adjustment Date (or if such day is
not a Business Day, the next precedirig Business Day) , the
Underwriter, having due regard to prevailing financial market
conditions, shall determine the rate which, if borne by the
Notes, would, in its judgment, be the interest rate, but would
not exceed the interest rate, which would enable the
Underwriter to remarket the Notes on the next succeeding Rate
Adjustment Date at the Purchase Price, and the interest rate
so determined shall be the interest rate for the Interest
Period commencing on such Interest Payment Date; provided
that, if on the date of such determination, the Underwriter
holds for its own account 15% or more in aggregate principal
amount of the Notes, the Adjusted Rate so determined shall not
be more than one hundred twenty-five per cent ( 125%) of 100%
of the Interest Index, but, in any event, the rate which
would, in its judgment, enable the Underwriter to remarket the
Notes on the next succeeding Rate Adjustment Date at the
Purchase Price. The Underwriter shall disseminate such
Adjusted Rate on the Munifacts Wire on the date it is
determined and shall also give telephonic notice ( subsequently
confirmed by written notice) .to the County, the Paying Agent
and the Fiscal Agent of such Adjusted Rate. If the
Underwriter for any reason fails to determine the Adjusted
Rate, or if a court finds the method of determining the
Adjusted Rate set . forth above to be unenforceable, the
Adjusted Rate for the Notes shall be 100% of the Interest
Index as of each Rate Adjustment Date.
NOTWITHSTANDING THE FOREGOING, THE ADJUSTED RATE
WITH RESPECT TO ANY NOTE SHALL NOT EXCEED THE LESSER OF 12% OR
THE MAXIMUM RATE PERMITTED BY APPLICABLE LAW.
(c) Tender for Purchase by Noteholder. Any
registered owner of a Note shall have the right to tender such
Note, or any $100, 000 portion thereof; for purchase by the
Underwriter in accordance with the terms of the Agreement on
any Rate Adjustment Date by (i) giving telephonic notice to
the Paying Agent prior to 10:00 a.m. (New York City time) on
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the Tuesday next preceding the Rate Adjustment Date (or if
such Tuesday is not a Business Day, on the next preceding
Business Day) , and (ii ) delivering such Note, with the
Election Notice thereon completed and signed by the Noteholder
or his duly authorized representative, to the Paying Agent
prior to 10: 00 a.m. (New York City time) on such Rate
Adjustment Date. Such Election Notice shall be substantially
in the form of Exhibit B attached hereto. The Paying Agent
shall notify, by telephone, the County and the Underwriter
upon receipt of each telephonic notice of tender. Upon the
receipt of such notification, the Underwriter will use its
best efforts to offer for sale and to sell each Note or
portion thereof for which telephonic notice of tender has been
given, at the Purchase Price, for delivery on such Rate
Adjustment Date. If on such Rate Adjustment Date the
Underwriter has not been able to arrange for the resale, at
the Purchase Price, of all Notes or portions thereof for which
Noteholders' Election Notices have been filed .with the Paying
Agent, the Underwriter, pursuant to and subject to the terms
and conditions of the Agreement, shall purchase, at the
Purchase Price, the aggregate principal amount of Notes or
portions thereof which have not been remarketed by 12 : 30 p.m.
(New York City time) on such Rate Adjustment Date. The Paying
Agent shall pay the Purchase Price of such Notes tendered for
purchase by check or draft mailed to each Holder of any Note
or portion thereof for which an Election Notice has been
filed, against delivery of such Note. Funds for the payment
of, such Purchase Price shall be advanced by the Underwriter to
the Paying Agent .at 10:00 a.m. (New York City time) on such
Rate Adjustment Date and shall, if the Underwriter is able to
remarket such Note, be reimbursed to the Underwriter from the
proceeds of such remarketing. Nothing contained herein or in
the Agreement shall obligate the County to repurchase any
. Notes tendered for purchase, such obligation being only that
of the Underwriter and then only in accordance with the terms
of the Agreement.
(d) Registration, Exchange, Transfer, and
Replacement of Notes. Any Note may, in accordance with its
terms, be transferred, or exchanged for a like aggregate
principal amount of authorized denominations, upon the books
required to be kept by the Paying Agent pursuant to the
provisions hereof, by the person in whose name it is
registered, in person or by his duly authorized attorney, upon
surrender of such Note for cancellation, and, in the case of a
transfer, . accompanied by delivery of a written instrument of
transfer, duly executed in a form approved by the Paying
Agent. Transfer of a Note shall not be permitted with respect
to any Note or Notes or portions thereof for which a notice of
tender of purchase has been given in accordance with Section
3(c) .
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Whenever any Note shall be surrendered for transfer
or exchange or tendered for payment in accordance with Section
3(c) , the County shall execute and the Paying Agent shall
authenticate and deliver a new Note or Notes of authorized
denominations for a like aggregate principal amount. The
Paying Agent shall require the Noteholder requesting such
transfer or exchange to pay any tax or other governmental
charge required to be paid with respect to such transfer or
exchange.
The Paying Agent will keep or cause to be kept, at
its principal office in New York, New York, sufficient books
for the registration and transfer of the .Notes, which shall at
all times be open to inspection by the County. Upon
presentation for such purpose, the Paying Agent shall, under
such reasonable regulations as it may prescribe, register or
transfer or cause .to be registered or transferred, on such
books, Notes as hereinbefore provided.
If any Note shall become mutilated, the County, at
the expense of the Holder of said Note, shall execute, and the
Paying Agent shall thereupon authenticate and deliver a new
Note of like tenor and number in exchange and substitution for
the Note so mutilated, but only. upon surrender to the Paying
Agent of the Note so mutilated. Every mutilated Note so
surrendered to the Paying Agent shall be cancelled by it and
delivered to, or upon the order of, the County. If any Note
shall be lost, destroyed or stolen, evidence .of such loss,
destruction or theft may be submitted to the County and the
Paying Agent and, if such evidence be satisfactory to both and
indemnity satisfactory to them shall be given, the County, at
the expense of the Holder, shall execute, and the Paying Agent
shall thereupon authenticate and deliver a new Note of like
tenor and number in lieu of and in substitution for the Note
so lost, destroyed or stolen (or if any such Note shall have
matured or shall be about to mature, instead of issuing a
substitute Note, the Paying Agent may pay the same without
surrender thereof) . The Paying Agent may require payment of a
sum not exceeding the actual cost of preparing each new Note
issued pursuant to this paragraph and of the expenses which
may be incurred by the County and the Paying Agent in the
premises. Any Note issued under these provisions in lieu of
any Note alleged to be lost, destroyed or stolen shall
constitute an original additional contractual obligation on
the part of the County whether or not the Note so alleged to
be lost, destroyed or stolen be at any time enforceable by
anyone, and shall be entitled to the benefits of this
Resolution with all other Notes secured by this Resolution.
The County and the Paying Agent may treat the person
in .whose name any Note is registered as the owner of such Note
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for the purpose of receiving payment of principal of and
interest on such Note and for all other purposes whatsoever,
and neither the County nor the Paying Agent shall be affected
• by notice to the contrary.
All Notes surrendered for payment or registration of
transfer, if surrendered to any person other than the Paying
Agent, shall be delivered to the Paying Agent and shall be
promptly cancelled by it: The County may at any time deliver
to the Paying Agent for cancellation any Notes previously
authenticated and delivered hereunder which the County may
have acquired in any manner whatsoever, and all Notes so '
delivered shall promptly be cancelled by the Paying Agent. No
Note shall be authenticated in lieu of or in exchange for any
Notes cancelled as provided herein, except as expressly
permitted hereunder. All cancelled Notes held by the Paying
Agent shall be disposed of as directed by the County.
(e) Acceleration of Notes. If the County fails to
pay interest on any Note on any Interest Payment Date
occurring prior to the Interest Payment Date on July 29, 1987
and such failure continues for a period of five Business Days,
all Notes shall become due and payable ten Business Days
following the end of such grace period. Notice of such
acceleration of maturity of the Notes shall be given by the
County which notice shall specify the date on which all Notes
shall mature. Notice of acceleration of maturity shall be
deemed given when deposited in the United States mail, first
class postage prepaid, addressed to the Paying Agent and to
each Holder at the address shown on the books of registration
maintained by the Paying Agent for that purpose, or if there
is no such address, in care of the Paying Agent. Any failure
to receive such notice or any defect therein shall not affect
the accelerated maturity date of the Notes. The amount
payable by the County on acceleration of the Notes shall be
the principal amount of the Notes, without any premium or
penalty, plus accrued and unpaid interest to the date
specified in such notice as the date of maturity. The Notes
shall bear interest until' paid at the rate of interest in
effect on the date of such default in the payment of
interest. If on the maturity date specified in the notice the
County deposits or causes to be deposited with the Paying
Agent, in immediately available funds, a sum sufficient to pay
the aggregate principal amount of Notes Outstanding and
interest thereon to the date specified in the notice, then
interest on such Notes shall cease to accrue from and after
such date and the obligation of the County with respect to
such Notes shall be discharged and thereafter such Notes shall
be payable only from the moneys on deposit therefor with the
Paying Agent.
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(f) Redemption of Notes. The Notes shall be
subject to redemption prior to their stated maturity date, at
the option of the County, as a whole, from any source of
available funds, on May 6, June 3 and July 1, 1987, at the
principal amount plus accrued interest to the date fixed for
redemption, without premium.
Notice of redemption shall be mailed, first class
postage prepaid, or delivered to the Underwriter and to the
respective Holders of the Notes at their addresses appearing
on the books required to be kept by the Paying Agent not less
than twenty-eight (28) days prior to the date fixed for
redemption. Each notice of redemption shall state the
redemption date, the redemption place and the redemption
price, and shall require that the Notes be then surrendered
for redemption; and shall also state that the interest on the
Notes shall cease to accrue from and after such redemption
date and that on such redemption date there will become due
and payable on each of the Notes the redemption price thereof.
The Paying Agent shall give notice of redemption of
the Notes upon receipt of a request in writing of the County
(which request shall be given to the Paying Agent at least
thirty (30) days prior to the date fixed for redemption) . The
failure of the Paying Agent to give, or of the Holder to
receive, notice of any redemption as provided in this Section
shall not affect the validity of any such redemption.
If notice of redemption has been duly given as
aforesaid and moneys for the payment of the redemption price
on the Notes are held by the Paying Agent, then on the
redemption date designated in such notice the Notes shall
become payable at the redemption price specified in such
notice; and from and after the date so designated interest on
the Notes shall cease to accrue, the Notes shall cease to be
entitled to any benefit or security hereunder and the Holders
of the Notes shall have no rights in respect thereof except to
receive payment of the redemption price thereof. The Paying
Agent shall, .upon surrender for payment of any of the Notes to
be redeemed, pay such Notes at the redemption price thereof.
All Notes redeemed pursuant to the provisions hereof
shall be ' cancelled by the Trustee and shall not be redelivered.
Section 4. Form of Notes. The Notes shall be
issued only in fully registered form, without coupons, and
shall be substantially in the form and substance set forth in
Exhibit A and Exhibit B, attached hereto and by reference
incorporated herein, the blanks in said form to be filled in
with appropriate words and figures.
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Section 5. Use of Proceeds. The moneys borrowed
under the Notes shall be deposited in the General Fund of the
County and used and expended by the County for any purpose for
which it is authorized to expend funds from the General Fund
of the County.
Section 6. Repayment Pledge. 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 County for the General Fund
of the County during or attributable to Fiscal Year 1986-1987.
As security for the payment of the principal of and
interest on the Notes, the County hereby pledges the first Ten
Million Dollars ($10, 000,000) of unrestricted revenues which
are transferred. to the general fund of the County in the
Accounting Period ending June 11, 1987, together with an
amount sufficient .(net of earnings to the date of such deposit
on moneys in the Repayment Fund) to pay the interest on the
Notes accruing and unpaid after the date of such deposit to
maturity at an assumed interest rate of the lesser of 12% per
annum or the maximum legal rate of interest (to the extent the
actual interest rate cannot be determined) . The moneys
required to be deposited in the Repayment Fund are hereinafter
called the "Pledged Revenues. " In the event that by the next
to last Business Day of any such Accounting Period there are
insufficient unrestricted revenues so transferred to permit
the deposit into the Repayment Fund of the full amount thereof
to be deposited from said unrestricted revenues in such
Accounting Period, then the amount of any deficiency shall be
satisfied and made up on such date from any other moneys of
the County lawfully available for the payment of the principal
of the Notes and the interest thereon. In the event that on
such date the amount of other moneys of the County lawfully
available for ,said payment is insufficient to. fully satisfy
and make up any deficiency in the deposit into the Repayment
Fund required hereunder, then such deficiency shall be
satisfied and made up from the first other moneys of the
County lawfully available for said payment when the same are
received by the County. The principal of the Notes and the
interest thereon shall constitute a first lien and charge
against and shall be payable from the first moneys received by
the County from the Pledged Revenues, and, to the extent not
so paid, shall be paid from any other moneys of the County
lawfully available therefor (all as provided in Sections 53856
and 53857 of the Government Code) .
Section 7 . Repayment Fund. (a) Establishment. In
the Accounting Period in which received, the Pledged Revenues
(in cash or in investments permitted by Section 7(b) hereof
which have a market value on such . Business Day equal to the
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amount required to be deposited on such Business Day) shall be
deposited by the County with, and held in trust by, the Fiscal
Agent, as hereinafter appointed, in a special fund designated
the 1986-1987 Taxable Short Term Optional Put Tax and Revenue
Anticipation Note Repayment Fund and shall be applied as
directed in this Resolution. The principal of and interest on
the Notes shall constitute a first lien and charge on amounts
deposited in the Repayment Fund and any money deposited in the
Repayment Fund shall be for the ratable benefit of the Holders
of the Notes. Until the principal of the Notes and all
interest due thereon are paid in full or until provision has
been made for the payment in full of the principal of and
interest on the Notes, the moneys in the Repayment Fund shall
be applied only for the purposes for which such Repayment Fund
was created. On each Interest Payment Date after June 11,
1987, the Fiscal Agent shall transfer to the Paying Agent the
amount necessary to pay interest on the Notes on such Interest
Payment Date .if .and to the extent the County has not provided
funds to the Paying Agent for such purpose. On the maturity
date of the Notes the amount of money in the Repayment Fund
necessary to pay principal of and interest due at maturity on
the Notes shall be transferred to the Paying Agent.
(b) Investment. Moneys in the Repayment Fund shall
be invested as permitted by Section 53601 of the Government
Code, provided that no moneys shall be invested in investments
permitted by subsection (h) (except that moneys may be
invested in negotiable certificates of deposit of the fifty
largest banks in the United States or domestic subsidiaries of
the largest fifty world banks, so long as such world banks are
domiciled in the following countries: Western Hemisphere -
. United States and Canada; Europe - France, Germany (West) ,
Netherlands, Norway, Sweden, Switzerland and the United
Kingdom; Asia - Australia and Japan, as ranked by size of
deposits) and subsection (i ) (to the extent that subsection
(i ) applies to reverse repurchase agreements) of said
Section 53601 . Investments of moneys on deposit in the
Repayment Fund shall not have maturity dates later than the
maturity date of the Notes. The proceeds of any such
investments shall be retained by the Fiscal Agent in the
Repayment Fund until the principal of all of the Notes and the
unpaid interest thereon shall have been fully paid or until
provision shall have been made for such payment, at which time
any excess amount shall be transferred to the General Fund of
the County.
Section 8. Fiscal Agent. First Interstate Bank of
California in San Francisco, California, is hereby appointed
fiscal agent for the Notes. Funds held by the Fiscal Agent in
the Repayment Fund shall be held and invested as herein
provided. The form of Fiscal Agency Agreement attached hereto
12
03135
as Exhibit C is hereby approved, and the Treasurer .is hereby
authorized to execute and directed to execute the same
substantially in the form attached with such changes as he
deems necessary. .
Section 9. Execution of Notes. The Treasurer is
hereby authorized to sign the Notes by use of his manual or
facsimile signature, and the Clerk of the Board of Supervisors
of the County is hereby authorized to countersign the Notes by
use of his manual or facsimile signature and to affix the seal
of the Board thereto, by manual or facsimile impression
thereof, and said officers are hereby authorized to cause the
blank spaces thereof to be filled in as may be appropriate.
The Notes shall not be valid, however, unless and until the
Paying Agent shall have manually authenticated such Notes.
Section 10. Validity of Proceedings. It is hereby
covenanted and warranted by the County that all representations
and recitals contained in this Resolution are true and correct,
and 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 taxes,
revenue, income, cash receipts and other moneys pledged
hereunder in accordance with law and for carrying out the
provisions of this Resolution.
Section 11 . Notes Not Exempt from Federal Taxes.
The Board, as issuer of the Notes on behalf of the County, has
determined that interest on the Notes will not be excludible
from the gross income of the .recipients thereof pursuant to
Section 103 of the Internal Revenue Code of 1986, as amended
(the "Code" ) .
Section 12 . Paying Agent and Registrar.
BankAmerica Trust Company of New York is hereby designated the
registrar and paying agent of the County for the payment of
principal of and interest on the Notes. The County hereby
directs and authorizes the payment by the Paying Agent of the
interest on and principal of the Notes when such become due
and payable, from an account held by the Paying Agent in the
name of the County in the manner set forth herein. The County
hereby covenants to deposit funds in such account at such
.times and in such amounts to provide sufficient moneys to make
interest payments on each Interest Payment Date and to pay the
principal of and interest on the Notes on the day on which
they mature. Payment of the Notes shall be in accordance with
the terms of the Notes and this Resolution.
This appointment shall not preclude the County from
removing the Paying Agent and appointing one or more
13
0313.S
• successors thereto, or appointing additional financial
institutions to act as paying agent or registrar, all without
notice to or "the consent of the registered owner of any Note.
Any such successor paying agent shall be a bank or trust
company with offices in New York, New York acceptable to the
County and the Underwriter.
Section 13 . Purchase and Remarketing Agreement.
The Agreement will be entered into with the Underwriter,
substantially in the form attached hereto as Exhibit D.
whereby the Underwriter shall purchase the Notes from the
County and purchase or remarket the Notes as more particularly
set forth therein. Such Agreement is hereby approved with
such additions, changes or corrections as the County Treasurer
may approve upon consultation with County Counsel . The County
Treasurer is hereby authorized and directed to negotiate, with
the Underwriter, the Initial Interest Rate, not to exceed
twelve percent ( 12%) per annum, on the Notes and the discount,
if any, on the purchase price of the Notes paid by the
Underwriter. I£ such Initial Interest Rate (not to exceed
twelve percent ( 12%) per annum) and said purchase price are
acceptable to the County Treasurer, the County Treasurer is
hereby further authorized and directed to execute and deliver
the Agreement and such other documents required to be executed
and delivered thereunder, for and in the name . and on behalf of
the County.
Section 14. Approval of Official Statement. The
form of Official Statement relating to the Notes attached
hereto as Exhibit E, substantially in the form presented to
this meeting, is hereby approved with such additions, changes
and corrections as the Treasurer may approve upon consultation
with the County' s Bond Counsel; the distribution of said
Official Statement in said form is hereby ratified; and the
Treasurer and the Underwriter are hereby authorized to
distribute copies :of said Official Statement in final form in
connection with the offering and sale of the Notes.
14
0313S
PASSED AND ADOPTED by the Board of Supervisors of
the County of Contra Costa this 10th day of February, 1987, by
the following vote:
AYES: $„perv�sv ► s �c�. ers /=,z h oler� Tor /.� l< S as? a k
NOES: //o4 e-
ABSENT: eh k-
cl4 0 / C 6LIL
Sunne Wright McPeak
Chair of the Board of
Supervisors of the County of
Contra Costa
(;Seal
Attest
�� p
Philip J. Batchelor
County Administrator and
Clerk of the Board of Supervisors
of the County of Contra Costa
15
0313S
EXHIBIT A
COUNTY OF CONTRA COSTA, CALIFORNIA,
1986-1987 TAXABLE SHORT TERM OPTIONAL PUT TAX AND
REVENUE ANTICIPATION NOTE
REGISTERED REGISTERED
No.
Date: February 11, 1987
Registered Owner:
Principal Amount:
Initial Rate of Interest:
FOR VALUE RECEIVED, the County of Contra Costa (the
"County'.' ) , State of California, acknowledges itself indebted
to and promises to pay to the Registered Owner set forth
above, or registered assigns, the principal sum set forth
above on July 29, 1987, unless payment of this Note shall have
been duly made or provided for upon acceleration of the
maturity hereof or upon the prior redemption hereof, and to
pay interest on the balance of said principal sum from time to
time remaining unpaid from and including the Interest Payment
Date (as hereinafter defined) next preceding the date of
authentication hereof, unless this Note is authenticated prior
to March 11, 1987 or as of a day that is an Interest Payment
Date, in which case it shall bear interest from February 11,
1987 or from such Interest Payment Date, respectively;
provided, however, that if at the time of registration of this
Note, interest is in default on this Note, such Note shall
bear interest from the Interest Payment Date to which interest
has previously been paid, or from February 11, 1987 if no
interest has been paid hereon, until the principal hereof
shall have become due. Interest, computed on a 365-day year
basis and actual days elapsed, is payable on March 11, 1987,
and on each fourth Wednesday thereafter or if such day is not
a Business Day, on the next succeeding Business Day (each
hereinafter referred to as an "Interest Payment Date" ) and at
maturity (and accrued to each such date) , at the Initial Rate
to and including March 11, 1987 and then at an Adjusted Rate
all as more fully described below, in lawful money of the
United States of America until payment in full of said
principal sum. Interest paid on an Interest Payment Date
shall be paid by check .or draft mailed or delivered to the
person in whose name this Note is registered at 10:00 a.m.
(New York City time) on such Interest Payment Date.
A-1
03135
The principal of this Note shall be payable only to
the registered owner hereof upon presentation and surrender of
this Note as the same shall fall due at maturity or upon
acceleration or upon prior redemption at the principal office
of BankAmerica Trust Company of New York, as Paying Agent,
Attention: Corporate Trust Administration, 40 Broad Street,
4th Floor, New York, New York 10004. No interest shall be
payable for any period after maturity during which the holder
hereof fails to properly present this Note for payment.
The Initial Rate shall be the rate of interest per
annum set forth above. On and effective as of March 11, 1987
and on each fourth Wednesday thereafter, the interest rate may
be adjusted (a "Rate Adjustment Date" ) to an Adjusted Rate.
An Adjusted Rate, effective on a Rate Adjustment . Date for the
period commencing on such Rate Adjustment Date to and
including the .day immediately preceding the next Rate
Adjustment Date (an "Interest Period" ) , shall be a rate
determined as follows: on March 9, 1987 and thereafter on the
Monday preceding each Rate Adjustment Date (or, if such day is
not a Business Day, the next .preceding Business Day) , the Bank
(as hereinafter defined) , having due regard to prevailing
financial market conditions, shall determine the rate which,
if borne by the Notes, would, in its judgment, be the interest
rate, but would not exceed the interest rate, which would
enable the Bank to remarket the Notes on the. next succeeding
Rate Adjustment Date with respect to the Notes at the Purchase
Price, and the interest rate so determined shall be the
interest rate for the Interest Period commencing on the next
succeeding Wednesday; provided that, if on the date of such
determination, the Bank holds for its own account 15% or more
in aggregate principal amount of the Notes, the Adjusted Rate
for the Notes so determined shall not be more than 125% of
100% of the Interest Index, but, in any event, the rate which
would, in its judgment, enable the Bank to remarket the Notes
on the next succeeding Rate Adjustment Date at the Purchase
Price. The Bank shall disseminate such Adjusted Rate on the
Munifacts Wire on the date it is -determined and also shall
give telephonic notice (subsequently confirmed by written
notice) to the County, the Paying Agent and the Fiscal Agent
of such Adjusted Rate. If the Bank for any reason fails to
determine the Adjusted Rate, or if a court finds the method of
determining the Adjusted Rate set forth above to be
unenforceable, the Adjusted Rate for the Notes shall be 100%
of the Interest Index as of each Rate Adjustment Date.
.NOTWITHSTANDING THE. FOREGOING, THE ADJUSTED RATE
SHALL NOT EXCEED THE LESSER OF 12% OR THE MAXIMUM RATE
PERMITTED BY APPLICABLE LAW.
A-2
03135
., Notwithstanding the foregoing, if the County fails
to pay interest on the Notes on any Interest Payment Date
prior to July 29, 1987 and such failure continues for a period
of five Business Days, all Notes shall become due and payable
ten Business Days following the end of such grace period.
Notice of such acceleration of maturity of the Notes shall be
given by the County which notice shall specify the date on
which all Notes shall mature. Any failure to receive such
notice or any defect therein shall not affect the accelerated
maturity date of the Notes, all as .more fully provided in
Section 3 (e) of the Resolution.
The Notes are subject to redemption on May 6, June 3
and July 1, 1987, at the option of the County, as a whole,
from any source of available funds, at the principal amount
thereof plus accrued interest thereon to the date fixed for
redemption, without premium.
As provided in the Resolution, notice of redemption
hereof shall be mailed, first class postage prepaid, or
delivered not less than twenty-eight (28) days before the
redemption date, to the registered owner of this Note at its
address as it appears on the registration books maintained by
the Paying Agent. . If this Note is called for redemption and
payment is duly provided herefor as specified in the
Resolution, interest hereon shall cease to accrue from and
after the date fixed for redemption. The failure of the
Paying Agent to give, or of any owner to receive, notice of
redemption as provided herein and in the Resolution shall not
affect the validity of any such redemption.
At the option of the registered owner hereof, this
Note will be purchased according to the terms and subject to
the conditions of that certain Contract of Purchase and Dealer
Remarketing Agreement, dated as of February 10, 1987 (the
"Agreement" ) , between the County and Bank of America National
Trust and Savings Association (the "Bank" ) , on any Rate
Adjustment Date by (i) giving telephonic notice to the Paying
Agent prior to 10:00 a.m. (New York City time) on the Tuesday
(or if such Tuesday is not a Business Day, the next preceding
Business Day) prior to such Rate Adjustment Date and
(ii ) delivery of this Note (with the form of Election Notice
hereon completed) to the Paying Agent prior to 10: 00 a.m. (New
York City time) on such Interest Payment Date. . THE OBLIGATION
TO PURCHASE THIS NOTE AT THE OPTION OF THE REGISTERED OWNER
HEREOF IS NOT AN OBLIGATION OF THE COUNTY BUT IS ONLY AN
OBLIGATION OF THE BANK PURSUANT TO THE AGREEMENT. THE
OBLIGATION OF THE BANK TO SO PURCHASE THIS NOTE IS NOT
UNCONDITIONAL. IN THE EVENT THE BANK IS NOT OBLIGATED TO
PURCHASE THIS NOTE THEN THERE IS NO OPTION OR OTHER RIGHT TO
HAVE THIS NOTE PURCHASED.
A-3
0313S
This Note is transferable by the registered holder
hereof in .person or by his attorney duly authorized in writing
at the office of the Paying Agent in• New York, New York, but
only in the manner, subject to the limitations and upon
payment of the charges provided in the Resolution, and upon
surrender and cancellation of this Note. Upon such transfer a
new Note or Notes of authorized denominations and for the same
aggregate principal amount will be issued to the transferees
in exchange herefor.
The County and the Paying Agent may deem and treat
the registered holder hereof as the absolute owner hereof for
the purpose of receiving payment of or on account of principal
hereof and interest due hereon and for all other purposes and
neither the County nor the Paying Agent shall be affected by
any notice to the contrary.
It is hereby certified, recited and declared that
this Note is one of an authorized issue of County of Contra
Costa, California, 1986-1987 Taxable Short Term Optional Put
Tax and Revenue Anticipation Notes (the "Notes" ) aggregating
Ten Million Dollars ($10,000,000) in aggregate principal
amount; the Notes are all made, executed and given pursuant to
and by authority of a Resolution (the "Resolution" ) of the
Board of Supervisors of the County duly passed and adopted
under and by authority of Article 7. 6 (commencing with
Section 53850) of Chapter 4, Part 1, Division 2, Title 5,
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 County, does not exceed
any limit prescribed by the Constitution or statutes of the
State of California. Every capitalized term used herein which
is not defined herein shall have the same meaning as provided
therefor in the Resolution.
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 for
or accrued to the General Fund of the County during Fiscal
Year 1986-1987. As security for the payment of the principal
of and interest on the Notes, the County has pledged to
deposit in trust in the Repayment Fund (as that term is
defined in the Resolution) : the first $10, 000, 000 of
unrestricted revenues which is transferred to the general fund
of the County in the Accounting Period ending on June 11,
1987, together with an amount sufficient (net of earnings on
moneys in the Repayment Fund) to pay the interest on the Notes
accruing and unpaid after the date of such deposit to maturity
A-4
0313S
at an assumed interest rate of the lesser of 12% per annum or
the maximum legal rate of interest (to the extent the actual
interest rate cannot be determined) . The moneys required to
be deposited in the Repayment Fund are hereinafter called the
"Pledged Revenues. " The principal of the Notes and the
interest thereon shall constitute a first lien and charge
against and shall be payable from the first moneys received by
the County from the Pledged Revenues, and, to the extent not
so paid, shall be paid from any other moneys of the County
lawfully available therefor. .
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon
shall have been signed by the Registrar.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this Note to be executed by the manual or facsimile
signature of its County Treasurer-Tax Collector and
countersigned by the manual or facsimile signature of the
Clerk of the Board of Supervisors of the County, and caused
its official seal or a facsimile thereof to be affixed hereto,
all as of February 11, 1987 .
COUNTY OF CONTRA COSTA
By
Alfred P. Lomeli
County Treasurer-Tax Collector
(Seal)
Countersigned:
Phil Batchelor
County Administrator and
Clerk of the Board of . Supervisors
A-5
03135
CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the
within mentioned Resolution and is one of the 1986-1987
Taxable Short Term Optional Put Tax and Revenue Anticipation
Notes of the County of Contra Costa, California.
Date of Authentication:
BankAmerica Trust Company of
New York, as Registrar
By
Authorized Officer
A-6
03135
t
[FORM OF ASSIGNMENT]
For value received the undersigned do(es) hereby
sell, assign and transfer unto the
within-mentioned registered Note and hereby irrevocably
constitute( s) and appoint(s) attorney, to
transfer the same on the books of the Paying Agent with full
power of substitution in the premises.
Dated:
Signature guaranteed:
A-7
0313S
EXHIBIT B*
To:
ELECTION NOTICE
The undersigned, the registered owner (the "Holder" )
of County of Contra Costa, California, 1986-1987 Taxable Short
Term Optional Put Tax and Revenue Anticipation Note(s) (the
"Notes" ) , hereby notifies (the "Paying
Agent" ) of the Holder' s election to have $ of the
principal amount of this Note purchased on
which is a Rate Adjustment Date (as defined in the hereinafter
mentioned resolution) ; and demands payment of such principal
sum, and interest accrued thereon, all as provided in a
resolution of the Board of Supervisors of the County of Contra
Costa, California authorizing the issuance of the Notes
( "Resolution" ) . The Holder acknowledges that unless this Note
is delivered to the Paying Agent prior to 10:00 a.m. New York
City time, on such date, such principal amount will not be
purchased on such date. The Holder understands that (a) the
obligation to purchase Notes is not an obligation of the
County of Contra Costa, but is only an obligation of Bank of
America National Trust and Savings Association (the "Bank" )
pursuant to the Agreement referred to in the Resolution and
(b) the obligation of the Bank to so purchase Notes is not
unconditional. In the event the Bank is not obligated to
purchase Notes then the Holder has no right to have this Note
or any portion hereof purchased.
Name of Registered Owner**
Dated: By
Authorized Signature
* To be printed on reverse side of Note.
** Type or print name exactly as it appears on the Note being
tendered for purchase.
B-1
0313S-040511-0044-028 02/06/87
y
EXECUTION
COPY
$10, 000, 000
COUNTY OF CONTRA COSTA
1986-87 TAXABLE SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES
CONTRACT OF PURCHASE AND
DEALER REMARKETING AGREEMENT
February 10, 1987
County of Contra Costa, California
County Administration Building
651 Pine Street
Martinez, California 94553
ATTENTION: Alfred P. Lomeli, Treasurer-Tax Collector
Ladies and Gentlemen:
The undersigned (the ."Bank" ) offers to enter into this
Contract of Purchase and Dealer Remarketing Agreement
( "Contract of Purchase" ) with the County of Contra Costa,
California (the "Issuer" ) . This offer is made subject to
written acceptance by the Issuer prior to 11:59 p.m. the
date hereof, and, upon such acceptance, this Contract of
Purchase will be binding upon the Issuer and the Bank.
1. Purchase and Sale of the Notes. Upon the terms
and conditions and in . reliance upon the representations,
warranties and agreements herein set forth, the Bank hereby
agrees to purchase from the Issuer for reoffering to the
public, and the Issuer hereby agrees to sell to the Bank for
such purpose all (but not less than all) of the Issuer' s
1
IZE&DLUT 1on a,1/ L9
f �
1986-87 Taxable Short Term Optional Put Tax and Revenue
Anticipation Notes (the "Notes" ) issued on the Issue Date,
as defined below, in the aggregate principal amount of
$10,000,000. The aggregate purchase price to be paid by the
Bank for the Notes shall be the principal amount thereof
less a discount of $30,000, plus accrued interest, if any.
The obligation of the Bank to purchase Notes as stated in
this Section 1 shall only be applicable to Notes issued on
the Issue Date. "Issue Date" means the date on which the
Issuer issues Notes pursuant to the Resolution, defined
below. The Bank' s obligations with respect to remarketing
and positioning of certain of the Notes are set forth in
Sections 6 and 7 herein, respectively.
2. The Notes. The Notes shall be dated February 11,
1987, shall mature July 29, 1987, and shall otherwise be as
described in and shall be issued and secured pursuant to the
provisions of Resolution of the Issuer adopted on
February 10, 1987 (the "Resolution" ) , and Article 7. 6,
Chapter 4, Part 1, Division 2, Title 5 (commencing with
Section 53850) of the California Government Code (the
"Act") . The Notes shall be issued in registered form. The
registered owners of the Notes shall have the right to
demand repurchase on every fourth Wednesday, unless such day
is not a Business Day, as defined in the Resolution, in
2
which case such day shall be the next succeeding Business
Day, prior to maturity, commencing March 11, 1987 . The
Notes shall bear interest payable every fourth Wednesday,
unless such day is not a Business Day, as defined in the
Resolution, in which case such day shall be the next
succeeding Business Day, commencing March 11, 1987.
Interest for the initial Interest Period (as defined in the
Resolution) shall be4 Q %; for subsequent Interest Periods,
the Notes shall bear interest at rates determined in
accordance. with the Resolution. The principal amount of
Notes shall be $10, 000, 000. The Notes will be issued in
denominations of $100, 000 or integral multiples thereof.
The Notes shall be registered in such names as shall be
designated by . the Bank to the Issuer not less than two
business days before the Issue Date.
3 . Use of Documents. The Issuer hereby authorizes
the Bank to use, in. connection with the offer, sale and
remarketing of the Notes, an official statement and, in
conjunction with remarketing, any subsequent offering
memorandum, all in a form to be jointly approved by the
Issuer and the Bank, this Contract of Purchase, the
Resolution and all information contained herein and therein
and all other documents, certificates or statements
furnished by the Issuer to the Bank in connection with the
3
transactions contemplated by this Contract of Purchase. The
official statement, and all appendices thereto, as the same
may from time to time be amended or supplemented with the
consent of the Bank up to the time of Closing, are referred
to in this Contract of Purchase collectively as the
"Official Statement, " and each offering memorandum, as
amended or supplemented, is referred to in this Contract of
Purchase as the "Offering Memorandum. "
4. Public Offering of the Notes. The Bank agrees to
make a bona fide public offering of the Notes initially. and
for each subsequent remarketing period at the applicable
interest rate determined in accordance with the Resolution.
5. Closing. At 8:OO a.m. , Pacific Standard Time, on
February 11, 1987, or at such other time and on such other
date as shall have been mutually agreed upon by the Issuer
and the Bank (the "Closing" ) , the Issuer will deliver to the
Bank, in New York, New York, certificates representing the
Notes in definitive form executed in accordance with the
terms of the Resolution, together with the other documents
hereinafter mentioned; and the Bank will accept such
delivery and pay the purchase price thereof in immediately
available funds to the order of the Issuer.
4
6. Bank Act as Remarketing Agent. Subject to the
terms and conditions of this Contract of Purchase, the Bank
agrees to act as Remarketing Agent for the Notes and to
fully perform the duties. imposed on it by the Resolution.
For each Rate Adjustment Date, as defined in the Resolution,
the Bank will establish the interest rate applicable to such
Rate Adjustment Date in accordance with the Resolution, and
cause the same to be disseminated on the Munifacts Wire, all
as provided in the Resolution. The Bank will use its best
efforts to sell at par Notes tendered to it in accordance
with the Resolution. The Bank agrees to advance to the
Paying Agent for the Notes not later than 10: 00 . a.m. ,
New York City time, immediately available funds equal to the
principal . of and accrued interest, if any, on the Notes
tendered for repurchase in accordance with the Resolution.
The obligations of the Bank under this Section shall be
subject to the condition applicable to such obligations set .
forth in Section 13 hereof.
7. Purchase of Notes by Bank. If by 12 :30 p.m. on
any Rate Adjustment Date, the Bank has not been able to sell
Notes tendered in accordance with the Resolution, the Bank
shall purchase for its inventory such Notes which have not
been sold at par plus accrued interest, if any. Such Notes
shall bear interest at the applicable interest rate
5
determined in accordance with the Resolution. The Bank' s
obligation to purchase such Notes for its inventory shall be
subject to the condition applicable to such obligation set
forth in Section 13 hereof.
8. Representations, Warranties and Agreements of the
Issuer. The Issuer hereby represents, warrants and agrees
with the Bank that:
(A) The Issuer is a political subdivision of the
State of California (the "State" ) duly organized and validly
existing under the laws thereof, and has all requisite power
and authority to conduct its business and to execute,
deliver and. perform all of its obligations under this.
Contract of Purchase and under the fiscal agency agreement
contemplated by the Resolution (the "Fiscal Agency
Agreement" ) .
(B) (i ) At or prior to the Closing, the Issuer
will have taken all action required to be taken by it to
authorize the issuance and delivery of the Notes; (ii ) the
Issuer has full legal right, power and authority to enter
into this Contract of Purchase and the Fiscal Agency
Agreement and to adopt the Resolution and full legal right,
power and authority to issue and deliver the Notes to the
6
Bank and to perform its obligations under each such document
or instrument, and to carry out and effectuate the
.transactions contemplated by this Contract of Purchase, the
Fiscal Agency Agreement and the Resolution; (iii) the
execution and delivery or adoption of, and the performance
by the Issuer of the obligations contained in, the Notes,
the Resolution, the Fiscal Agency Agreement and this
Contract of Purchase have been duly authorized and such
authorization shall be in full force and effect at the time
of the Closing; (iv) this Contract of Purchase and the
Fiscal Agency Agreement have each been duly executed and
delivered and constitute the valid and legally binding
obligations of the Issuer enforceable against the Issuer in
accordance with their respective terms except that
enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other
laws in effect from time to time affecting the rights of
creditors generally and by application of general principles
of equity; and (v) the . Issuer has duly authorized the
consummation by it of all transactions contemplated by this
Contract of Purchase and the Fiscal Agency Agreement.
(C) No consent, approval, authorization, license,
order, filing, registration, qualification, election or
referendum, of or by any person, organization, court or
7
governmental agency or public body whatsoever is required in
connection with the issuance, delivery or sale of the Notes
or the consummation of the other transactions effected or
contemplated therein or hereby, except for such actions as
may be necessary to be taken to qualify the Notes for offer
and sale under the Blue Sky or other securities laws and
regulations of such states and jurisdictions of the United
States as the Bank may designate.
(D) All Notes will be issued only under and
within the limits of the Act, and, as such, are general
obligations of the Issuer, but payable only out of certain
taxes, income, revenue, cash receipts and other moneys to be
received by the Issuer during, or attributable to, fiscal
year 1986-87 and legally available for the payment thereof
(the "1986-87 Revenues" ) . Under the Resolution certain
moneys are pledged to payment of the Notes (the "Pledged
Revenues" ) and such pledge constitutes a lien on the Pledged
Revenues.
(E) The issuance of the Notes, the execution,
delivery and performance of this Contract of Purchase, the
Fiscal Agency Agreement, the Resolution and the Notes, and
compliance with the provisions hereof and thereof do not
conflict with or constitute on the part of the Issuer a
8
.violation of or default under the Constitution of the State
or any existing law, .charter, ordinance, regulation, decree,
order or resolution and do not conflict with or result in a
violation of .breach of, or constitute a default under, any
agreement, indenture, mortgage, lease or other instrument to
which the Issuer is a party or by which it is bound or to
which it is subject.
(F) There is no action, suit, proceeding, inquiry
or investigation, at law or in equity, before any court or
public body, pending or (to the knowledge of the Issuer)
threatened against the Issuer: (i ) in any way affecting the
existence of the Issuer or in any way challenging the
respective powers of the several offices of the Issuer or
the entitlement of the officials of the Issuer to such
offices; or (ii ) seeking to restrain or enjoin the sale,
issuance or delivery of any of the Notes, the application of
the proceeds of the sale of the Notes, or the collection of
revenues or assets of the Issuer pledged or to be pledged or
available to pay the principal of and interest on the Notes,
or the pledge thereof, or in any way contesting or affecting
the validity or enforceability of the Notes, this Contract
of Purchase, the Fiscal Agency Agreement or the Resolution,
or contesting the powers of the Issuer or its authority with
respect to the Notes, the Resolution, the Fiscal Agency
9
Agreement or this Contract of Purchase; or (iii ) in which a
final adverse decision could (a) materially and adversely
affect the operations of the Issuer or the consummation of
the transactions contemplated by this Contract of Purchase,
the Fiscal Agency Agreement or the Resolution, (b) declare
this Contract of Purchase or the Fiscal Agency Agreement to
be invalid or unenforceable in whole or in material part, or
(c) adversely affect the exemption of the interest paid on
the Notes from applicable State income taxation.
(G) The audited balance sheet of the Issuer as of
June 30, 1986, and the related statements of revenues,
expenditures and changes in financial position for the
fiscal year ended on such date, as set forth in the Official
Statement, are true, complete and correct and fairly present
the financial condition of the Issuer as of such date and
the results of its operations for such fiscal year. There
has been no material adverse change in the financial
condition of the Issuer since June 30, 1986, except as
described in the Official Statement. The Official
Statement, as of its date, does not contain any untrue
statement of material fact or omit to state any material
fact necessary to make the statements therein, in light of
the circumstances under which they are made, not misleading;
provided, however, that this representation does not apply
10
to any information concerning the Bank furnished by the Bank
in writing specifically for inclusion in the Official
Statement.
(H) Between the date hereof and the Closing,
without the prior written consent of the Bank, the Issuer
will not have issued any bonds, notes or other obligations
for borrowed money except for such borrowings as may be
described in or contemplated by the Official Statement.
( I ) Any certificates signed by any official of
the Issuer and delivered to the Bank shall be deemed a
representation and warranty by the Issuer to .the Bank as to
the statements made therein but not of the person signing
the same.
9. Covenants of the Issuer. The Issuer covenants and
agrees with the Bank that:
(A) The Issuer will punctually pay or cause to be
paid the principal of and interest on the Notes in strict
conformity with the terms of the Resolution and the Notes
and it will faithfully observe and perform all of the
conditions, covenants and requirements of the Notes, the
Resolution and this Contract of Purchase. The Issuer shall
11
pay, when due, all principal of and interest on the Notes.
The Issuer will cause the Pledged Revenues to be deposited
with the fiscal agent under the Fiscal Agency Agreement by
the date and in the amounts contemplated by the Resolution.
(B) The Issuer will not incur any additional
indebtedness for money borrowed which may or must be repaid
from the 1986-87 Revenues, except to the extent that the
aggregate amount of the Notes and all such other
indebtedness is within the limits required by law and except
to the extent that such other indebtedness will not be
secured by a pledge of the Pledged Revenues that ranks prior
to or on a parity with the pledge thereof created by
Section 6 of the Resolution.
(C) The Issuer will furnish such information,
execute such instruments and take such other action in
cooperation with the Bank if and as the Bank may reasonably
request in order (i ) to qualify the Notes for offer and sale
under the Blue Sky or other securities laws and regulations
of such states and jurisdictions of the United States as .the
Bank may designate and (ii ) to determine the eligibility of
the Notes for investment under the laws of such states and
other jurisdictions, and will, if requested by the Bank, use
its best efforts to continue such qualifications in effect
12
so long as required for distribution and remarketing of the.
Notes.
(D) The Issuer will promptly give written notice
to the Bank ofthe occurrence of any Event of Default
referred .to in Section 10, or any event which, upon a lapse
of time or notice or both, would become an Event of Default.
Further, the Issuer will promptly give written notice to the
Bank of any information obtained by the Issuer regarding
pending, proposed or completed action by the United States
government or any of its agencies or instrumentalities or by
the government of the State or any of its agencies or
instrumentalities which, in the reasonable judgment of the
Issuer, could result in a reduction in revenues by ten
percent (10%) or more below those shown in the adopted
budget of the Issuer for fiscal year 1986-87 heretofore
delivered to the Bank and further will promptly give notice
to the Bank of any pending or threatened litigation which,
in the reasonable opinion of the Issuer, could materially
and adversely affect the ability of the Issuer to repay the
Notes or any indebtedness permitted under this Contract of
Purchase. The Issuer will consult from time to time with
the Bank when requested by the Bank, and furnish such
additional information as the Bank may reasonably request,
13
in order to keep the Official Statement or Offering
Memorandum current.
(E) The Issuer will maintain adequate books,
accounts and records in accordance with generally accepted
accounting principles and practices consistently applied,.
and permit employees or agents of the Bank at any reasonable
time to examine its books, accounts and records and make
copies and memoranda thereof.
(F) The Issuer will apply the proceeds from the
sale of the Notes for the purposes specified in the
Resolution.
(G) The Issuer will not modify or amend the
Resolution or the Fiscal Agency Agreement without the prior
written consent of the Bank.
10. Events of Default. The following constitute
Events of Default under this Contract of Purchase:
(A) If default shall be made in the due and
punctual payment of principal of the Notes by the County
when and as the same shall become due and payable at
maturity;
14
(B) If default shall be made in the due and.
punctual payment of interest on the Notes by the County when
and as the same shall become due and payable and such
.default shall continue uncured for five Business Days (as
defined in the Resolution) ; or
(C) If the Issuer shall file any petition or
action for relief under. any bankruptcy, reorganization,
insolvency or moratorium law, or any other law or laws for
the relief of, or relating to, debtors;
then, and in any event, the Bank may, by notice to the
Issuer, declare the obligations of the Bank under this
Contract of Purchase to be terminated, whereupon, the
obligations of the Bank shall .immediately terminate. If the
Bank holds any of the outstanding Notes in its inventory at
such time, it may exercise such rights and remedies as are
provided to all other owners of Notes under the Resolution,
it being intended and agreed that the rights and remedies
provided for in the Resolution are cumulative of and in
addition to the provisions of this Section.
11 . Conditions to Obligations of Bank at Closing. The
Bank has entered into this Contract of Purchase in reliance
upon the representations and warranties of the Issuer
15
contained herein and the performance by the Issuer of its
obligations hereunder, as of the date hereof and as of the
Closing. . The obligation of the Bank to purchase the Notes
at. the Closing is and shall be subject, at the option of. the
Bank, to the following further conditions:
(A) The representations and warranties of the
Issuer contained herein shall be true, complete and correct
in all material respects at the date hereof and at and as of
the Closing, as if made at and as of the Closing, and the
statements made in all certificates and other documents
delivered to the Bank at the Closing and otherwise pursuant
hereto shall be true, complete and correct in all material
respects at and as of the Closing; and there shall not have
occurred any Event of Default or any event which, with the
lapse of time or notice or both, would constitute an Event
of Default under this Contract of Purchase;
(B) At and as of the Closing (i ) the Resolution
and the Fiscal Agency Agreement shall be in full force and
effect and shall not have been amended, modified or
supplemented except as may have been agreed to in writing by
the Bank; (ii ) all actions under the Act which, in the
opinion of Bond Counsel, shall be necessary in connection
with the transactions contemplated hereby, shall have been
16
duly taken and shall be in full force and effect; and
(iii) the Issuer shall perform or have performed all of its
obligations required under or specified in the Resolution of
this Contract of Purchase to be performed at or prior to the
Closing;
(C) There is no action, suit, proceeding, inquiry
or investigation, at law or.- in equity, before or by any
court or public body, pending or (to the knowledge of the
Issuer) threatened against the Issuer which has any of the
effects described in paragraph (F) of Section 8 hereof or
contesting in any way the completeness or accuracy of the
Official Statement;
(D) No order, decree or injunction of any court
of competent jurisdiction, nor any order, ruling or
regulation of the Securities and Exchange Commission, shall
have been issued or made with the purpose or effect of
prohibiting the issuance, offering, sale or remarketing of
the Notes as contemplated hereby and no legislation shall
have been enacted, or a bill favorably reported for
adoption, or a decision by a court of competent jurisdiction ..
rendered, or a ruling, regulation, proposed regulation or
official statement by or on behalf of the Securities and
Exchange Commission or other governmental agency having
17
jurisdiction of the subject matter shall be made or issued,
to the effect that the notes or any other securities of the
Issuer or of any similar body of the type contemplated
herein are not exempt from the registration, qualification
or other requirements of the Securities Act. of 1933, as
amended and as . then in effect, or of the Trust Indenture Act
of 1939, as amended and as then in effect; and
(E) At or prior to the Closing, the Bank shall
have received three copies of the following documents in
each case dated at and as of the Closing and satisfactory in
form and substance to the Bank:
(1) An approving opinion of Bond Counsel, as
to the Notes, addressed to the Issuer and the Bank;
(2) A supplemental opinion of Bond Counsel,
addressed to the Bank, to the effect that:
(i ) This Contract of Purchase and the
Fiscal Agency Agreement have been duly authorized, executed
and delivered by the Issuer and constitute the valid and
legally binding obligations of the Issuer enforceable
against the Issuer in accordance with their respective
terms, except that enforceability thereof may be limited by
18
applicable bankruptcy, insolvency, moratorium and other laws
in effect from time to time affecting the rights of
creditors generally and by application of general principles
of equity;
(ii) The statements contained in the
Official Statement under the captions "The STOP Notes, " . "Tax
Exemption, " "Legal Matters, " "Legality for Investment in
California" and "Constitutional Limitations on Taxes and
Appropriations, " insofar as such statements purport to
summarize certain provisions of the Notes, the Resolution,
and California law, present an accurate summary of such
provisions. In addition the statements contained in the
Official Statement under the caption "TAX EXEMPTION" present
an accurate summary of the portions of their legal opinion
relating to the exemption from income taxes of interest on
the Notes.
(3 ) A certificate signed by an appropriate official of
the Issuer to the effect that (i ) the representations,
warranties and agreements of the Issuer herein are true,
complete and correct in all material respects as of the date
made and as of the Closing; (ii ) the Issuer has performed
all its obligations required under or specified in the
Resolution and this Contract of Purchase to be performed at
19
or prior to the Closing; (iii ) there is no action, suit,
proceeding, inquiry or investigation, . at law or in equity,
before or by any court or public body, pending, or to his or
her knowledge, threatened against the Issuer, which has any
of the effects described in paragraph (F) of Section 8
hereof or contesting in any way the completeness or accuracy
of the Official Statement (but in lieu of or in conjunction
with such certification the Bank may, in its sole
discretion, accept certificates or opinions of Counsel to
the Issuer or Bond Counsel that in their opinion the issues
raised in any such pending or threatened litigation are
without substance and that the contentions of all plaintiffs
therein are without merit) ; (iv) 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 necessary
to make the statements therein, in light of the
circumstances under which they were made, not misleading;
and (v) no Event of Default exists, or with the lapse of
time or notice or both, would exist, under this Contract of
Purchase;
(4) Evidence satisfactory to the Bank that at and as
of the Closing the Notes have the same ratings, if any, from
Moody' s Investors Service and Standard & Poor' s Corporation
20
as were used on the date of pricing to determine the
interest rate for the Notes;
(5) A certificate, together with a fully executed copy
of the Resolution, of the Clerk of the Board of Supervisors
of the Issuer to the effect that:
(i) such copy is a true and correct copy of the.
Resolution; and
(ii) the Resolution was duly adopted and has not
been modified, amended, rescinded or revoked and is in full
force and effect at and as of the Closing, except for
amendments, if any, adopted with the consent of the Bank;
(6) A fully executed copy of the Fiscal Agency
Agreement; and
(7) Such additional legal opinions, certificates,
proceedings, instruments and other documents as the Bank,
the Bank' s counsel or Bond Counsel may reasonably request to
evidence compliance by the Issuer with legal requirements,
the truth and accuracy, at and as of the Closing, of the
representations, warranties and agreements of the Issuer
herein contained and the statements contained in the
21
Official Statement, and .the due performance and satisfaction
by the Issuer at or prior to such time of all agreements
then to be performed and all conditions then to be satisfied
by the Issuer, provided that Bond Counsel shall not be
required to render an opinion as to the truth and accuracy
of the representations, warranties and agreements of the
Issuer contained herein or of the statements contained in
the Official Statement except as set forth in
subparagraph (E) (2 ) of this Section.
12 . Termination of Obligations of Bank. If the Issuer
shall be unable to satisfy the conditions set forth in
Section 11 to the obligations of the Bank contained in this
Contract of Purchase, the obligations of the Bank under this
Contract of Purchase may be terminated by the Bank by notice
to the Issuer at, or at any time prior to, the Closing.
Notwithstanding any provision herein to the contrary, the
performance of any and all obligations of the Issuer
hereunder and the performance of any and all conditions
contained herein for the benefit of the Bank may be waived
by the Bank in writing in its sole discretion.
The Bank shall also have the right to terminate, in its
sole discretion, its obligations under this Contract of
Purchase, by notice to the Issuer at, or at any time prior
22
to, the Closing, if between the date hereof and the Closing:
(i ) any event occurs or information becomes known, which, in
the reasonable professional judgment of the Bank, makes
untrue any statement of a material fact set forth in the .
Official Statement or results in an omission to state a
material fact necessary to make -the statements made therein,
in light of the circumstances under which they are made, not
misleading; (ii ) the market for the Notes or the market
price of the Notes or the ability of the Bank to enforce
contracts for the sale of the Notes shall have been
materially and adversely affected, in the reasonable
professional judgment of the Bank, by (a) any new outbreak
of hostilities or other national or international calamity
or crisis, the effect of such outbreak, calamity or crisis
on the financial markets of the United States being such as,
in the reasonable professional judgment of the . Bank, would
affect materially and adversely the ability of the Bank to
market the Notes, or (b) a general suspension of trading on
the New York Stock Exchange, or fixing of minimum or maximum
prices for trading or maximum ranges for prices for
securities on the New York Stock Exchange, whether by virtue
of a determination by that Exchange or by order of the
Securities and Exchange Commission or any other governmental
authority having jurisdiction, or (c) a general banking
moratorium declared by either Federal or State or New York
23
authorities having jurisdiction; 'or ( iii) additional
material restrictions not in force or being enforced as of
the date hereof shall have been imposed upon trading in
securities generally by any governmental authority or by any
national securities exchange which, in the reasonable
professional judgment of the Bank, materially and adversely
affect the market price for the Notes.
The arrangements and agreements contained herein shall
terminate automatically upon the payment in full of the
Notes and may not be sooner terminated except as otherwise
specifically provided in this Contract of Purchase. The
agreements of the Issuer to indemnify the Bank and to pay
expenses and compensate the Bank as . provided elsewhere in
this Contract of Purchase shall survive termination of this
Contract of Purchase.
13 . Conditions to Obligations of Bank under Sections 6
and 7. The obligations of the Bank under Sections 6 and 7
of this Contract of Purchase are and shall be subject, at
the option of the Bank, to the condition as of the
commencement of each new Interest Period that no Event of
Default exists under this Contract of Purchase. If the
Issuer shall be unable to satisfy such condition, the
24
obligations of the Bank under this Contract of Purchase may
be terminated by the Bank in accordance with Section 10.
14. Conditions to Obligations of the Issuer. The
performance by the Issuer of its obligations under this
Contract of Purchase with respect to issuance, sale and
delivery of the Notes to the Bank is conditioned upon
(i ) the performance by the Bank of its obligations
hereunder; and (ii) receipt by the Issuer and the Bank of
opinions and certificates being delivered at or prior to the
Closing by persons and entities other than the Issuer.
15 . Expenses. (A) Unless the obligations of the Bank
under this Contract of Purchase are terminated by the Bank
at or prior to the Closing for any reason permitted by this
Contract of Purchase, the Bank shall pay all expenses
incident to the performance of the Issuer' s obligations
hereunder (other than the fees and expenses of Bond
Counsel) , the purchase price for the Notes to the Bank
having been adjusted accordingly, including but not limited
to the following: (i ) the cost of the preparation, printing
and delivery of the Notes; (ii) the fees for Note ratings;
(iii ) the cost of printing and distribution of the Official
Statement; (iv) any costs or expenses incurred with any
signature company incident to signing the Notes; (v) the
25
fees payable to the California Debt Advisory Commission;
(vi) costs of preparation and reproduction of this Contract
of Purchase; (vii ) initial issuing and payment agent and
fiscal agent costs and fees; and (viii) all other costs
associated with the issuance of the Notes including, but not
limited to, out-of-state travel and related expenses of the
Bank and officials of the Issuer.
(B) If the obligations of the Bank under this
Contract of Purchase are terminated by the Bank at or prior
to the Closing for any reason permitted by this Contract of
Purchase, the Issuer shall pay all the expenses referred to
in paragraph (A) of this Section.
(C) The Bank shall pay all expenses relating to
the remarketing of the Notes.
(D) The Issuer shall pay all legal expenses of
the Bank incurred by reason of any Event of Default or any
subsequent "work out" or by reason of any litigation between
the Bank and the Issuer regarding this Contract of Purchase
in which there is an adverse legal determination against the
Issuer.
26
16. Documentation. The Issuer agrees that the
information furnished to the Bank in accordance with this
Contract of Purchase may be used by the Bank to prepare, and
revise from time to time as it deems necessary, Offering
Memoranda for purposes of remarketing the Notes. For such
purpose, . the Issuer further agrees that the Bank may use any
other information furnished by the Issuer to the Bank from
time to time for such purpose. The ,Bank will provide the
Issuer with a copy of each Offering Memorandum at least
three business days prior to its intended use.
17. Indemnification. To the extent permitted by law,
the Issuer agrees to indemnify the Bank and to hold the Bank
harmless against any loss, damage, claim, liability or
expense (including reasonable cost of defense) arising out
of or based upon any allegation that, in connection with the
sale and remarketing of the Notes, the Official Statement
included any untrue statement of a material fact or omitted
to state a material fact necessary in order to make the
statements herein, in the light of the circumstances under
which they were made, not misleading, except for statements
concerning the Bank based upon information furnished in
writing by the Bank.
27
18. Notices. Any notice or other communication to be
given under this Contract of Purchase (other than the
acceptance hereof as specified in the first paragraph
hereof) shall be given by telephone or telex, confirmed in
writing, or by delivering the same in writing, if to the
Issuer to Alfred P. Lomeli, Treasurer-Tax Collector of
Contra Costa County, and if. to the Bank, to Bank of America
National Trust and Savings Association, 555 California
Street, 9th Floor, San Francisco, California 94104,
Attention: Arnold F. Mazotti .
19. Parties in Interest; Survival of Representations
and Warranties. This Contract of Purchase when accepted by
the Issuer in writing as heretofore specified shall
constitute the entire agreement between the Issuer and the
Bank and is made solely for the benefit of the Issuer and
the Bank (including their respective successors and
assigns) . No other person shall acquire or have any right
hereunder or by virtue hereof. All of the representations
and warranties of the Issuer in this Contract of Purchase
shall survive regardless of ( a) any investigation or any
statement in respect thereof made by or on behalf of the
Bank, (b) delivery of any payment by the Bank for the Notes
hereunder, and (c) any termination of this Contract of
Purchase.
28
20. Execution in Counterparts. This Contract of
Purchase may be executed in counterparts each of which shall
be regarded as an original and all of which shall constitute
one and the same document.
21. Applicable Law. This Contract of Purchase shall
be interpreted under, governed by and enforced in accordance
with the laws of the State.
Very truly yours,
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By
Arnold Mazotti, Vice President
The foregoing is hereby agreed to
and accepted as of the date first
above written:
COUNTY OF CONTRA COSTA, CALIFORNIA
By
Alfred P. Lomeli,
Treasurer-Tax Collector
29
NEW ISSUE OFFICIAL STATEMENT RATING: MOODY'S': MIG1/VMIG2
STANDARD & POOR'S: SP1+/A3
(See "Ratings" herein)
Interest on the STOP Notes is includible in gross income for federal tax purposes. See "Tax Exemption"
herein. In the opinion of Bond Counsel, under existing laws, regulations, rulings and court decisions,
interest on the STOP Notes is exempt from present State of California personal income taxes.
$10,000,000
COUNTY OF CONTRA COSTA, CALIFORNIA.
1986-81 TAXABLE SNORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES
(STOP NOTES)
Dated: February 11, 1987 Due: July 29, 1987
The County of Contra Costa, California 1986-87 Taxable Short 'Term Optional Put Tax and Revenue Anticipation
Notes (the "STOP Notes") are being issued to finance cash flow requirements of Contra Costa County during the
fiscal year ending June 30, 1987. The STOP Notes are issued in registered form in the denomination of $100,000
or any integral multiple thereof.
The STOP Notes are issued in the aggregate principal amount of $10,000,000. The owners of the STOP Notes
will have the right to demand repurchase of the same by Bank of America NT&$A, acting as Remarketing Agent, on
the Option Tender Dates, which are the 28 day cycles beginning Wednesday, March 11, 1987. The STOP Notes will
mature on July 29, 1987. The STOP Notes are subject to redemption prior to maturity, as described herein.
-The initial rate of interest for the STOP Notes is %. Such rate will apply through the day preceding
the first Option Tender Date and thereafter will be variable. On the Monday prior to each Option Tender Date,
the Bank will establish the interest rate at a level sufficient to enable the Bank to remarket the STOP Notes
tendered to it for repurchase on such Option Tender Date at par plus accrued interest, which interest rate will
apply until the day preceding the next Option Tender Date or. until maturity. (See "THE STOP NOTES -
Interest.") The Bank's obligations as Remarketing Agent are subject to certain conditions described in this
Official Statement. The obligation to purchase STOP Notes on an Option Tender Date is solely the obligation of
the Bank. The County is not so obligated. The initial offering price for STOP Notes is par plus accrued
interest, if any.
Principal of and interest on the STOP Notes are payable in lawful money of the United States of America.
Principal is payable at maturity at the principal office of the Paying Agent, BankAmerica Trust Company of New
York, in New York, New York. Interest on the STOP Notes will accrue from February 11, 1987 and will be
computed for the STOP Notes on the basis of a 365-day year and actual days elapsed. Interest will be paid by
check, mailed to the registered owners of the STOP Notes as of 10:00 a.m. , New York City time, on each fourth
Wednesday beginning March 11, 1987. In the event that there is a default in the payment of interest that
continues for five business days, the STOP Notes will become due and payable ten business days following the
end of such grace period. The STOP Notes are subject to Redemption as described herein. (See "Redemption" on
page 6.)
The STOP Notes, in accordance with California law, are general obligations of the County, but are payable
only out of the taxes, income, revenue, cash receipts and other moneys of the County attributable to the fiscal
year 1966-1987 and. legally available for payment thereof. The STOP Notes are equally and ratably secured by a
pledge of certain revenues as described in "THE STOP NOTES--Security for the STOP Notes." The County currently
has $75,000,000 of short term notes outstanding maturing on July 29,1987 which are covered by a prior pledge
of certain property taxes of the County attributable to the fiscal year 1986-1987. See "THE STOP NOTES -
Security for the STOP Notes."
In furtherance of the pledge, the County has appointed First Interstate Bank of California as Fiscal
Agent. The Resolution requires certain revenues to be transferred to the Fiscal Agent (on a certain date) and
held in a special account until July 29, 1987, at which time these funds will be used to repay the STOP Notes
and interest due on such date.
The STOP Notes are direct obligations of the County and, to the extent set forth herein, are legal
investments for commercial banks in California.
The STOP Notes will be offered when, as and if issued and received by the Underwriter, subject to the
approval of legality. by Orrick, Herrington & Sutcliffe, San Francisco, California, Bond Counsel , and the
approval of certain legal matters for the Underwriter by Brown & Wood, San Francisco, California. Certain
other legal matters will be passed upon for Contra Costa County by the County Counsel. The STOP Notes, in
temporary or definitive form,-will be available, for delivery on or about February 11, 1987 in New York, New
York.
BANKAMERICA CAPITAL MARKETS GROUP
Bank of America NT&SA
Dated: February 10, 1987
RESOLLLT16W R' ' I.S'
}
No dealer, broker, salesperson or other person has been authorized by the County or the
Underwriter 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 County or the Underwriter. 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 STOP 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
STOP 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 County of Contra Costa since the date
hereof. This Official Statement is submitted in connection with the sale of the STOP 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 County.
TABLE OF. CONTENTS
Paae Paae
Board of Supervisors................... iii Accounting Policies, Reports and Audits... 14
County Officials....................... iii General County Funds...................... 14
Introduction .......................... 1 Special District Funds Under Control of
County of Contra Costa Board of Supervisors.................... 14
Short-Term Financing Program ........ 1 Special District Funds Under Control of
The STOP Notes......................... 2 Local Boards and School District Funds.. 14
General Provisions................... 2 Trust and Agency Funds.................... 14
Authority for Issuance............... 2 Intrafund Borrowing and Cash Flow......... 15
Optional Demand for Repurchase....... 2 Employees................................. 19
Interest ....... ..................... 3 Retirement Programs....................... 19
Redemption........................... 4 Long Term Obligations..................... 20
Acceleration of STOP Notes........... 4 Overlapping Debt............ .............. 21
Transfer....... . .... ............... 4 Self-Insurance Program.................... 23
Security for the STOP Notes.......... 4 The County................ .................. 23
Available Sources of Payment.. ......... 5 General.................. ...... ........... 23
Tax Exemption....... 6 County Government....... ..... ...... ....... 23
Legal Matters............. ..
.. ... ..:.. 6 Industry and Employment............. ...... 23
Legality for Investment in California.. 6 Major Employers..................... ...... 25
Ratings.......... ...................... 7 Environmental Control Services.......... .. 28
Litigation. ....... ...................... 7 Population................................ 28
Underwriting...... ..................... 7 Commercial Activity..... ............... 30
Additional Information................. 7 Construction Activity..................... 32
Constitutional Limitations on Taxes Transportation............................ 33
and Appropriations... ................. 8 Agriculture................... .......... 34•
County Financial Information........... 8 Education and Community Services.......... 36
Funding by the State of California... 8
Ad Valorem Property Taxes............. 9 Appendix A--Financial Statements of the
Largest Taxpayers.................... 11 County for the Fiscal Year
Redevelopment Agencies............... 11 Ended June 30, 1986 A-1
Current Financial Status............. 12
Budgeting................. ........... 13
IN CONNECTION WITH THIS INITIAL OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT
TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE STOP 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 STOP
NOTES TO CERTAIN .DEALERS AND BANKS 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. .
ii
COUNTY OF CONTRA COSTA, CALIFORNIA
BOARD OF SUPERVISORS
Sunne Wright McPeak
(District 4)
Chair
Tom Powers Robert I . Schroder
(District 1 ) (District 3)
Nancy C.- Fanden Tom Torlakson
(District 2) (District 5)
Philip J. Batchelor
Clerk of the Board and
1
County Administrator
COUNTY OFFICIALS
Donald L. Bouchet Alfred P. Lomeli
Auditor-Controller Treasurer-Tax Collector
Victor J. Westman James R. Olsson
County Counsel County Clerk-Recorder
iii
$10,000,000
1986-1987 TAXABLE SHORT TERM OPTIONAL PUT TAX AND REVENUE ANTICIPATION NOTES
COUNTY OF CONTRA COSTA, CALIFORNIA
INTRODUCTION
This Official Sta-tement, which includes the attached Appendix, provides
certain information concerning the sale and delivery of the 1986-1987 Taxable
Short Term Optional Put Tax and Revenue Anticipation Notes (the "STOP Notes")
of the County of Contra Costa, California (the "County") . The STOP Notes are
general obligations of the County, but are payable only out of taxes ,
income, revenues, cash receipts and other moneys of the County attributable to
the fiscal year 1986-87. and legally available for the payment thereof.
The STOP Notes are being issued to supplement the financing of the
County' s . General Fund cash flow requirements during the 1986-87 fiscal year
(July 1 , 1986 through June 30, 1987) . The STOP Notes are intended to provide
operating cash to the County, and are an alternative to borrowings from
County-held pooled income funds.
COUNTY OF CONTRA COSTA SHORT TERM FINANCING PROGRAM
Listed below is a history of the County' s short term borrowing program.
The STOP Notes currently being offered represent the . first. taxable borrowing
by the County.
COUNTY OF CONTRA COSTA SHORT TERM BORROWINGS
Date of Issuance Par Value Maturity Date
September 11 , 1979 .$20,000,000 June 17, 1980
July 15, 1980 30,000,000 June 18, 1981
July 10, 1981 30,000,000 June 24, 1982
July 1 , 1982 48,000,000 June 28, 1983
July 1, 1983 64,000,000 July 18, 1984
July 18, 1984 65,000,000 July 31 , 1985
July 1 , 1985 70,000,000 July 30, 1986
July 1 , 1986 75,000,000 July 29, 1987
February 11 , 1987 10,000,000 July 29, 1987
The County has .never defaulted on the payment of principal and interest on
either its short-term obligations or long term obligations when due.
036So
THE STOP NOTES
General Provisions
The STOP Notes will be executed and delivered in fully registered form,
without coupons, in denominations of $100,000 or any integral multiple
thereof. Principal of and interest on the STOP Notes are payable in lawful
money of the United States of America. Principal is payable by the County at
maturity at the principal office of the Paying Agent, BankAmerica' Trust
Company of New York in New York, New York. Interest is payable by check,
mailed to the owners of record as of 10:00 a.m. , New York City time, on March
11 , 1987 and each fourth Wednesday thereafter ("Interest Payment Dates") .
Owners of STOP Notes tendered for repurchase will receive on the Option Tender
Date (as defined below) a check for principal and accrued interest. See
"Optional Demand for Repurchase" below. The STOP Notes mature on July 29,.
1987. If there is a default in the payment of interest on the STOP Notes that .
continues for five business days, the STOP Notes will become due and payable
on the tenth business day following the end of such five business day period.
Authority for Issuance
The STOP 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 (the "Resolution") adopted by the
Board of Supervisors of the County (the "Board") on February 10, 1987.
Optional Demand for Repurchase
Owners of STOP Notes will have the right to demand repurchase of their
STOP Notes or any $100,000 portion thereof on each Option Tender Date at par
plus accrued interest calculated from the preceding Interest Payment Date
(except in the case of the first option tender date, in which case interest is
calculated from February 11 , 1987) .
The Option Tender Dates with respect to the STOP Notes are March 11 , 1987
and each fourth Wednesday thereafter or if such day is not a business day, the
next succeeding business :day. Owners of STOP Notes may exercise their right
to demand repurchase by giving telephonic notice to the Paying Agent by 10:00
a.m. , New York City time, on the Tuesday preceding the Option Tender Date (or
if such day is not a business day, the next preceding business day) and by
making physical delivery of such STOP Notes to be repurchased, accompanied by
a signed Election Notice appearing on the reverse side of the STOP Notes , to
the Paying Agent, BankAmerica Trust Company of New York, 40 Broad Street — 4th
Floor, New York, New York 10004, prior- to 10:00 a.m. , New York City time, on
such Option Tender Date. If such Option Tender Date is not a business day,
such delivery shall be made on the following business day. "Business day"
means a day on which banks in New York City and San Francisco are riot required
or permitted to remain closed and on which the New York Stock Exchange is not
closed.
The County has entered into a Contract of Purchase and Dealer Remarketing
Agreement (the "Remarketing Agreement") with Bank of America NT&SA (the
"Remarketing Agent") , dated February 10, 1987, pursuant to which the
Remarketing Agent, undertakes to remarket all STOP Notes which, in accordance
with the terms of the Resolution, may be tendered to it for repurchase,
03690 _ - 2 _ .
subject to certain conditions. In the event the Remarketing Agent is
unsuccessful in remarketing STOP Notes on ' any Option Tender Date, the
Remarketing Agent will position such STOP Notes in its dealer inventory.
THE OBLIGATIONS OF THE REMARKETING AGENT UNDER THE REMARKETING AGREEMENT
MAY BE TERMINATED IF THE COUNTY FAILS TO PAY PRINCIPAL OF THE STOP NOTES WHEN
DUE OR FAILS TO PAY INTEREST ON THE STOP NOTES WHEN DUE AND SUCH FAILURE
CONTINUES FOR FIVE BUSINESS DAYS OR IF THE COUNTY FILES A PETITION IN
BANKRUPTCY. THE OBLIGATION TO REPURCHASE THE STOP NOTES IS SOLELY THE
OBLIGATION OF THE REMARKETING AGENT AND IS NOT AN OBLIGATION OF THE COUNTY.
Interest
Interest on ' the Stop Notes is initially payabl a at the rate set forth on
the cover page of this Official .Statement. On each Monday preceding an Option
Tender Date for STOP Notes (or, if such day is not a business day, on the next
preceding business day) , the Remarketing Agent will establish the interest
rate applicable to STOP Notes for the period commencing on such Option Tender
Date to and including the day preceding the next Option Tender Date for the
STOP Notes. The new interest rate will be published on the Munifacts Wire.
The rate established by the Remarketing Agent will be a rate which, in the
judgment of the Remarketing ,Agent, is sufficient to enable the Remarketing
Agent to remarket the STOP Notes at par plus accrued .interest, if any, on the
applicable Option Tender Date. However, the interest rate established may not
be greater than the formula rate in the following section. If the maturity of
the STOP Notes should 'be accelerated because of a default in payment of
interest, they will bear interest until paid at the. rate in effect on the date
of default.
If the Bank at any time should hold STOP Notes for its own account
totalling 15% or more of the aggregate principal amount of STOP Notes then
outstanding, the , rate of interest for such STOP Notes determined as of any
Option Tender Date shall not be more than 125% of the bond equivalent yield of
'91-day United States Treasury bills on the basis of the average per annum
discount at which such 91-day Treasury bills shall have been sold at the most
recent United States Treasury auction prior to such Option Tender Date (the
"Index Rate") .
If for any reason the Remarketing Agent fails to establish an interest
rate in respect of any STOP Notes for the period commencing on any Option
Tender Date, the interest rate for such period will be 100% of the Index Rate.
With respect to the STOP Notes, the maximum legal rate of interest on the
STOP Notes currently is 12%. Interest accrues on the STOP Notes from February
11 , 1987 to and including the day preceding the first Interest Payment Date,%
and thereafter from each Interest Payment Date to and including the day
preceding the, next Interest Payment Date. Interest on STOP Notes is payable
by check mailed on each Interest Payment Date to owners of record of STOP
Notes as of 10:00 a.m. , New York City time, on such date. Owners of STOP
Notes tendered for repurchase will receive from the Bank, as remarketing
agent, a check for principal and accrued interest against tender of such STOP
Notes. Such owners of record wi11 be deemed to be owners as of 10:00 a.m. ,
New York City 'Time, on the Option Tender Date with respect to which their STOP
Notes have been tendered and will be entitled to receive interest accrued to,
but not including, such Option Tender Date.
0 3 6 9 o — 3 i
Redemption
The STOP Notes shall be subject to redemption prior to their stated
maturity date, at the option of the County, as a whole, from any source of
available funds, on May 6, June 3 and July 1 , 1987, at the principal amount
plus accrued interest to the date fixed for redemption, without premium.
Acceleration of STOP Notes
If the County should fail to pay interest on any STOP Note on any
applicable Interest Payment Date and such failure should continue for a period
of five business days, all STOP Notes will become due and payable (10)
Business Days thereafter. The County in such case would be required to give
notice by mail. to each registered owner of STOP Notes specifying the
accelerated maturity date of the STOP Notes. If on the accelerated maturity
date the County deposits with the Paying Agent a sum sufficient to pay the
principal of the STOP Notes and interest accrued thereon to such date, no
interest will accrue after such date.
Transfer
Any STOP Note may be transferred on the registration books to be kept by
the Paying Agent by the registered owner in person or by his duly authorized
attorney upon surrender of such STOP Note for cancellation, accompanied by a
duly executed written instrument of transfer in form approved by the Paying
Agent. No charge will be made for such a transfer, 'but the owner will be
required to pay any tax or other governmental charge imposed with respect ' to
such transfer. Transfer is not permitted with respect to any STOP Note for
which a notice demanding repurchase has been given.
Security for the STOP Notes
The principal amount of the STOP Notes, together with the interest
thereon, shall be payable from taxes, income, revenue, cash receipts and other
moneys which are received by the County for the General Fund of the County
during or attributable to fiscal year 1986-87.
As security for the payment of the principal of and interest on the STOP
Notes , the County has pledged the first Ten Million Dollars ($10,000,000 plus
interest) of all unrestricted revenues received during the accounting period
commencing May 13, 1987 and ending June 11 , 1987.
In the event that by the next-to-last business day of such accounting
period there are insufficient unrestricted revenues so transferred to permit
the deposit into the Repayment Fund to be maintained by the Fiscal Agent of
the full amount thereof to be deposited from said revenues in such accounting
period, then the amount of any deficiency shall be satisfied and made up on
such date from any other moneys of the County lawfully available for the
payment of the principal of the STOP Notes and the interest thereon. In the
event that on such date the amount of other moneys of the County lawfully
available for said payment is insufficient to fully satisfy and make up any
deficiency in the deposit into the Repayment Fund required hereunder, then
such deficiency shall be satisfied and made up from the first other moneys of
the County lawfully available for said payment when the same are received by
the County. The moneys required to be deposited in the Repayment Fund are
hereinafter called the "Pledged Revenues . " The principal of the STOP Notes
03690 — 4
—
and the interest thereon shall constitute a first lien and charge against and
shall be payable from the first moneys received by the County from the Pledged
Revenues, and, to the extent not so paid,. shall be paid from any other moneys
of the County lawfully available therefor (all as provided An Sections 53856
and 53857 of the Government Code) .
On July 1 , 1986 the County issued an aggregate $75,000,000 Short Term
Optional PutTax and Revenue Anticiapation Notes, Series A and E (the "1986
Notes") which 1986 Notes shall mature on July 29, 1987 . The 1986 Notes are
secured by a pledge of certain property tax revenues , received by the County
during December 1986 and April 1987. To the extent that such revenues are
insufficient to pay principal and interest owed on the 1986 Notes , the 1986
Notes shall be paid from any other moneys of the County lawfully available
therefor. In the opinion of Bond Counsel , moneys lawfully available to secure
the STOP Notes are only available to the extent they are not required to
satisfy the requirements of the 1986 Notes, and to that extent, repayment of
the STOP Notes is subordinated to the payment of the 1986 Notes. During the
month of December 1986 the County placed with the Fiscal Agent the pledged $40
million of the first installment of property taxes received. The second
installment of property taxes become due and payable on April 10, 1987 and
secure the balance ($35 million plus interest) of the pledged security for the
1986 Notes.
The County has appointed First Interstate Bank of California as Fiscal
Agent for this additional series of Notes. The Resolution requires the
Pledged Revenues to be transferred to the Fiscal Agent to be held in the
Repayment Fund until July 29, 1987, at which time these funds will be used to
repay the STOP Notes.
The County is also required by the Resolution to provide to the Paying
Agent sufficient funds to pay interest on the STOP Notes when due prior to
maturity.
AVAILABLE SOURCES OF PAYMENT
The STOP Notes , in accordance with California law, are general obligations
of the County, but are payable only out of the taxes, income, revenue, cash
receipts and other moneys of the County attributable to the fiscal year
1986-87 and legally available for payment thereof. See "THE STOP NOTES -
Security for the STOP Notes" above. A 1978 change in the Constitution of the
State of California substantially limited the County' s ability to levy ad
valorem taxes. See "CONSTITUTIONAL LIMITATIONS ON TAXES AND APPROPRIATIONS."
Additionally, California counties , unlike cities, are not permitted by State
law to' impose fees to raise general revenue, but only to recover costs of
regulation or provision of services . The County may, under existing law,
issue securities, such as the STOP Notes , only if the principal thereof and
interest thereon will not exceed 85 percent of the estimated uncollected
moneys available for the payment of such securities. The estimated amount.
needed to repay the 1986 Notes and the STOP Notes and the interest thereon is
approximately $90.3 million. The County estimates that the moneys available
during the 1986-87 fiscal year for payment of both series of STOP Notes will
be in excess of $219 million as indicated in the following table.
03690 _ 5 —
ESTIMATED UNRESTRICTED REVENUE AVAILABLE
FOR PAYMENT OF 1986-87 SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES
(In Thousands)
Source Amount
Estimated-Unrestricted available fund balance at June 30, 1986. . $15,616
Property taxes . . . . . ... . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . ... . . . 99,369
Taxes other than current property:
Sales tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,550
Other taxes" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,611
'Licenses, permits and franchises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,351
Fines , forfeitures and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,383
Use of money and property . . . . . . . . 9,657
Aid from other governmental agencies:
Federal revenue sharing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775
State reimbursed homeowner exemptions . . . . . . . . . . . . . . . . . . . . . . . . 3,172
Motor vehicle in-lieu tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,735
Charges for current services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,479
Total 21
Includes delinquent property taxes and County's portion of certain
shared State taxes.
Source: County Auditor-Controller.
TAX EXEMPTION
Interest on the STOP Notes is includible in gross income .for federal tax
purposes. In the opinion of Orrick, Herrington & Sutcliffe, San Francisco,
California, Bond Counsel , under existing laws, regulations, rulings and court
decisions, interest on the STOP Notes is exempt from present State of
California personal income taxes.
LEGAL MATTERS
The statements of law and legal conclusions set forth in this Official
Statement under the headings "THE STOP NOTES," "TAX EXEMPTION, "LEGAL MATTERS"
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 STOP Notes and to rendering
the opinion set forth above. Such opinion will not consider or extend to any
documents , agreements, representations, offering circulars or other materials
of any kind concerning the STOP Notes not mentioned in this paragraph.
Certain legal matters will be passed upon for the County by the County Counsel
and for the Underwriter by Brown & Wood, San Francisco, California.
LEGALITY FOR INVESTMENT IN CALIFORNIA
Under provisions of the Financial Code of the State of California, the
STOP Notes are legal investments for commercial banks in the State to the
03690 _ - 6 -
extent that the STOP Notes, in the informed opinion of the investor bank, are
prudent for the investment of funds of its depositors and under provisions of
the Government code of the State of California, are eligible to secure
deposits of public moneys in the State.
RATINGS
The County has obtained a rating of MIG1 /VMIG2 on the STOP Notes from
Moody' s Investors . Service and a rating of SP1+/A3 on the STOP Notes from
Standard & Poor' s Corporation. Certain information was supplied by the County
to the rating agencies to be considered in evaluating the STOP Notes. The
ratings issued reflect only the views of the rating agencies, and any
explanation of the significance of such ratings should be obtained from the
rating agencies. There is no assurance that any rating will be obtained or
will be retained for any given period of time or that the same - will not be
revised downward or withdrawn entirely by the rating agencies if in their
judgment, circumstances so warrant. The County undertakes no responsibility
either to bring to the attention of the owners of STOP 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 ratings
obtained may have an adverse effect on the market price of the STOP Notes .
LITIGATION
No litigation is pending or threatened concerning the validity of the STOP
Notes, and a certificate of the County Counsel to that effect will be
furnished to the purchaser at the time of the original delivery of the STOP
Notes. The County is not aware, of any litigation pending or threatened
questioning the political existence of .the County or contesting the County' s
ability to levy and collect ad valorem taxes or contesting the County' s
ability to issue and retire the STOP Notes.
There are a number of lawsuits and claims pending against the County. The
aggregate amount of the uninsured liabilities of the County and the timing of
any anticipated payments of judgments which may result from suits and claims
will ' not, in the opinion of the County Counsel and the County
Auditor-Controller, materially affect the, County' s finances or impair its
ability to repay the STOP Notes.
UNDERWRITING
The STOP Notes are being purchased for offering by BankAmerica Capital
Markets Group (Bank of America NT&SA) , the "Underwriter." The. Underwriter has
agreed to purchase the STOP Notes for an aggregate price of $9,970,000. The
Underwriter will purchase all of the STOP 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.
ADDITIONAL INFORMATION
The purpose of this Official Statement is to supply' information to
prospective buyers of the STOP Notes . Quotations from and summaries and
explanations of the STOP Notes, the Resolution 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 statement of their provisions .
BankAmerica Capital Markets Group is acting as Underwriter. of the STOP
Notes and regularly receives a variety of County reports . These reports
include audits and budgets as well as certain monthly activity reports such as
03690 — 7 —
the status of the fiscal year 1986-87 STOP Note Repayment Accounts held by
First Interstate Bank of California. Any holder of the STOP Notes may obtain
copies of such reports, as available, from the County.
All data contained herein have been taken or constructed from County
records and other sources. Appropriate County 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
County official will execute a certificate to this effect upon delivery of. the
STOP Notes. This Official Statement and its distribution have been duly
authorized and approved by the County Board of Supervisors.
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, except to pay certain voter approved general obligation bonds.
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
appraised_ 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. The County' s
appropriation limit for the 1986-87 fiscal year is $175,792,151 . The 1986-87
Final Budget appropriations for proceeds of taxes is $164,371 ,632 which is
substantially below the allowable limit.
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.
COUNTY FINANCIAL INFORMATION
Funding By The State of California
Approximately 62% of the County' s fiscal year 1986-87 Final Budget
consists of payments from the State of California.
On June 25, 1986, the Governor signed the 1986-87 Budget Act (the "Act") .
The Act projects General Fund expenditures of approximately $30.7 billion and
Special Fund expenditures of approximately $5.4 billion: In signing the Act,
03690 - 8 -
the Governor vetoed specific appropriations from the State Legislature' s
version totaling approximately, $423.5 million from both the General Fund and
various Special Funds.
Based upon current revenue and expenditure estimates, the State Department
of Finance presently projects a balance in the Special fund for Economic
Uncertainties by June 30, 1987 of $1 .041 billion, which represents 3.3 percent
of estimated 1986-87 Fiscal Year General Fund reserves and transfers of $31 . 1
billion. The County is unable to ascertain what effect, if any, budget items
vetoed by the Governor will have on the County' s operation during the current
fiscal year. In future years, should the State' s budget and/or expenditures
exceed the State' s expenditure limit, certain refunds of revenues or tax
reductions may -be required which could affect amounts received from the State
by the County. See "CONSTITUTIONAL LIMITATIONS ON TAXES AND APPROPRIATIONS. "
The fiscal 'condition of the State is expected to remain strong in
1986-87. Borrowing in this fiscal year is expected to be limited to the
normal cash flow needs of the State.
Ad Valorem Property Taxes
Taxes are levied 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 property secured by a lien on real property 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 in two installments, on
November 1 and February 1 of each 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 in
default 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.
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
recordation 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 interest, belonging or assessed � to the
assessee.
0369a
The 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 1000 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- recent history of County tax
levies , delinquencies and the Tax Losses Reserve Fund cash balances as of June
30 is shown below.
During fiscal year 1980-81 the County reduced the Tax Losses Reserve Fund
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 roll. 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 roll , 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 for that fiscal 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 1950-51 have been below four percent of that year' s total secured
property tax charges.
COUNTY OF CONTRA COSTA
SUMMARY OF FULL CASH VALUE AND AD VALOREM PROPERTY TAXATION
FISCAL YEARS 1981-82 THROUGH 1986-87
Secured Current Percentage Tax Losses
Full Property Levy Current Levy Reserve Fund
Fiscal Cash Tax Delinquent Delinquent Balance
Year Value Levies June 30 June 30 June 30
1981-82 21 ,648,197,423 264,897,190 10,557,491 3.99 8,700,583
1982-83 24,453,455,979 294,757,661 10,281 ,578. 3.49 11 , 158,615
1983-84 26,719,685,704 319,869,578 9,216,399 2.88 14,330,673
1984-85 29,373,354,335 356,956, 194 10,646,452 2.98 18, 166,548
1985-86 32,341 ,255,369 405,053,585 1:1 ,865,967 2.94 23,885,971
1986-87 35,941 ,605,782
Source: County Auditor-Controller.
036So _ — 10 —
Largest Taxpayers
The ten (10) largest taxpayers in the County, as shown on the fiscal year
1985-86 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 $69,757,518 in taxes, or about
17.8' percent of the County' s 1985-86 secured tax collection.
COUNTY OF CONTRA COSTA
LARGEST' TAXPAYERS
Total Taxes
Company Paid 1985-86
Chevron USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,208,023
Pacific Gas & Electric Company. . . . . . . . . . . . . . . . . . . . . . 14,457,667
Pacific Bell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,826,582
Shell Oil Company . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,134,987
Tosco Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . 4,703,386
Union Oil Company of California . . . . . . . . . . . . . . . . . . . . 3,674,326
Dow Chemical Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,277,791
Louisiana Pacific . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,921 ,630
Sun Valley Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,803,598
U.S. Steel Corporation . . . . . . . . . . . $ 1 ,749,528
`$69,757,518
Source: County Treasurer.
Redevelopment Agencies
The California Community Redevelopment Law authorizes the redevelopment
agency of any city to issue bonds payable from the allocation of tax revenues
resulting from increases in . full cash values of properties within designated
project areas . In effect, local taxing authorities other than the
redevelopment agency realize tax revenues only on the "frozen" tax base. The
following table shows redevelopment agency full cash value increments and tax
allocations for cities within the County.
03990
r
COMMUNITY REDEVELOPMENT AGENCY PROJECTS
OF CITIES IN THE COUNTY OF CONTRA COSTA
FULL CASH VALUE INCREMENTS AND TAX ALLOCATIONS
FISCAL YEARS 1981-82 THROUGH 1985-86
Fiscal Base'Year Full Cash Value Total Tax
Year Value Increment" ' Allocations`Z '
1981-82 . . . . . . . . . 783,522,580 937,500,047 11 ,202,319
1982-83 . . . . . . . . . 816,666,491 1 ,294,850,196 15,308,390
1983-84 834,968,224 1.,382,950,214 15,949,939
1984-85 . . . . . . . . . 860,524,411 1 ,406,614,952 16,213,428
1985-86 . . . . . . . . . 896,827,692 1 ,660,846,273 19,399, 159
Full cash values for all redevelopment projects above the
"frozen" base year valuations. These data represent growth in
full cash values generating tax revenues for use by the
community redevelopment agencies.
Actual tax revenues collected by the County and subsequently paid
to the community redevelopment agencies.
Source: County Auditor-Controller.
Current Financial Status
In order to ensure the budget remains in balance throughout the fiscal
year, periodic reviews are made covering actual receipts and expenditures. On
a quarterly basis, the County Administrator' s staff prepares a report which
details the activity within each budget and provides summary information on
the status of the budget. Actions which are necessary to ensure a healthy
budget status at the end of the fiscal year are recommended in the quarterly
budget status reports. Other items which have major fiscal impacts are also
reviewed as part of the quarterly reviews.
The County' s Health Services Department was completely reorganized
following an Audit Report for the 1982-83 fiscal year which revealed a
deficit. New management was put in place during 1984 as well as new financial
controls and internal auditing procedures . The Health Services Department
continues to reflect improvement in its financial operation and the County
Administrator' s Office continues to monitor the operating budget of the Health
Services Department on an ongoing basis to maintain adherence to authorized
expenditures and collection of eligible reimbursements.
03690
- 12 -
Budgeting
The County is required 'by State law to adopt a final balanced budget each
year by the end of August. The fiscal year 1986-87 Final Budget was adopted
by the County on August 5, 1986.
COUNTY OF CONTRA COSTA
BUDGETS FOR FISCAL YEARS 1985-86 AND 1986-87
(In Thousands)
Final Final
1985-86 1986-87
Budget Budget
REQUIREMENTS:
General government. $ 48,544 $ 65,787
Public protection. . . . . . . . . . . . . . . . . . . . . 92,019 102,895
Health and sanitation. . . . . . . . . . . . . . . . . 50,130 57,626
Public assistance. . . . . . . . . . . . . . . . . . . . . 127,751 138,799
Education. . . . . . . . . . . . . . . . . . . . . . . . . 6,395 7,050
Public ways and facilities. . . . . . . . . . . . 16,790 24,645
Recreation and culture. .. . . . . . . . . . . . . 139 113
Reserves and debt service . . . . . . . . . . . . 15,035 14,949
Total Requirements. . . . . . . . . . . $356,803 $411 ,864
AVAILABLE FUNDS:
Property taxes. . . . . . . . . . . . . . . . .. . . . . . . $ 89,673 $ 99,556
Funds balance available. . . . . . . . . . . . . . . 15,039 16,798
Taxes other than current property. . . . . 10,325 21 ,721
Licenses , permits and franchises. . . . . . 4,731 5,802
Fines, forfeitures and penalties. . . . . . 5,360 5,983
Use of money and property. . . . . . . . . . . . . 11 ,716 9,946
Aid from other governmental agencies. . 178,262 198,359
Charges for current services. . . . . . . . .. . 40,693 44,97.1
Other revenue. . . . .. . . . . . . . . . . . . . . . . . . . 1 ,004 8,728
Total Available Funds . . . . . . . . $356,803 .$411 ,864
Source: County Auditor-Controller.
03690 - 13 -
Accounting Policies, Reports and Audits
The County' s accounting policies conform to principles and reporting
standards set forth by the State Controller in "Accounting Standards and
Procedures for Counties--State of California. " The County' s basis of
accounting is a modified accrual system in which revenues are recorded as cash
is received, except for property taxes which are recorded when levied and for
certain year-end accruals. Expenditures are recorded when paid, . but all
unpaid expenditures must be accrued by year-end. All of the financial
statements contained in this Official Statement, other than the General Fund
Cash Flow Analyses, have been prepared on this modified accrual basis. The
County Treasurer also holds certain funds not under the control of the Board
of Supervisors, such as those of school districts , which are accounted for on
a cash basis.
The California Government Code requires every county to .prepare an annual
report. The Auditor-Controller prepares the Comprehensive Annual Financial
Report for the County. This annual report covers financial operations of the
County, county districts and service areas, local autonomous districts and of
various trust transactions of the County Treasury. Under Federal Revenue
Sharing Audit Regulations, independent . audits are required of all operating
funds under control of the Board of Supervisors. the County has had
independent audits for more than 20 years. The County hospitals were
accounted for on an Enterprise Fund basis for the first time for fiscal
1978-79. Additionally, the County Grand Jury may also conduct management
audits of certain offices of the County. Funds accounted for by the County
are categorized as follows:
General County Funds
The general County funds consist of the General Fund and other operating
funds. The General Fund is used to account for the revenues and expenditures
of the County which are not accounted for by other funds . The other operating
funds are used to account for the proceeds from specific revenue sources
(other than special assessments) or to account for the financing of specific .
activities as required by law or administrative regulations.
Special District Funds Under Control of Board of Supervisors
Special district funds under the control of the Board of Supervisors are
usedto account for the transactions of fire protection districts, flood
control and storm drainage districts, sanitation districts and county service
areas.
Special District Funds Under Control of Local Boards and School District Funds
These funds are used to account for cash received and disbursed and cash
and investments held by the County for these districts. These districts
maintain their own accounting records supporting their separate financial
statements which are subject to separate audit under California statutes.
Trust and Agency Funds
Trust and Agency funds are used to account for money and other assets
received and held in the capacity of trustee, custodian or agent for
individuals and governmental agencies.
03690 - 14 _
Intrafund Borrowing and Cash Flow
The current offering represents the eighth public sale of short-term
notes by the County. During the years before such sales, the County utilized
intrafund borrowing. to cover the County' s General Fund cash shortfalls.
County General Fund expenditures tend to occur in relatively level
amounts throughout the fiscal year. Conversely, receipts have followed an
uneven pattern primarily as a result of secured property tax installment
payment dates in December .and April and as a result . of delays and uneven
payments from other government agencies, the two largest sources of County
revenues.
The State Constitution allows interfund borrowing, from County-held
funds of other agencies, by counties until the last Monday in April of each
fiscal year in amounts that do not exceed 85 percent of taxes accrued.
The Auditor-Controller has prepared the accompanying General Fund Cash
Flow Analysis for the fiscal year 1985-86 and actual combined with projected'
cash flow for fiscal year 1986-87. To the extent. necessary the County intends
to continue to use intrafund borrowing to cover cash flow_ needs, not met by
borrowing.
Under the County' s established accounting procedures , the first
accounting period commences on July 1 and ends on or about August 10. Each of
subsequent 10 periods covers approximately 30 days. Accordingly, each of the
first 11 months shown in the following table reflects an actual closing cash
.balance as of approximately the 11th day of the subsequent month; the final
period is from June 11 to June 30 only.
03690 -- 15 — -
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CONTRA COSTA COUNTY
GENERAL AND RELATED FUNDS = CASH FLOW ANALYSIS 1987-1988
JULY 1987 PROJECTED
(IN THOUSANDS)
JULY
BEGINNING BALANCE $ 28,001 (1 )
RECEIPTS
PROPERTY TAXES 0
OTHER TAXES 210
LICENSES 680
FINES & FORFEITURES 430
USE OF MONEY 550
AID OTHER GOVTS 15,660
ENTERPRISE 3,660
CHARGES CURR SERVICES 4,850
OTHER REVENUE 170
ACCRUED REVENUE 17,000
NOTES SOLD 30,000
INTRA FUND BORROW 0
TOTAL $73,310
DISBURSEMENTS
GENERAL GOVT 4,940
PUBLIC PROTECTION 9,050
HEALTH & SANIT 8,100
PUBLIC ASSISTANCE 19,620
EDUCATION 650
PUBLIC WAYS 830
REC & CULTURE 10
ACCRUED EXPENSE 16,500
I F BORROW REPAY 0
NOTES INTEREST EXPENSE (2) 360
NOTE TRANSFERS 0
TOTAL $60,040
ENDING BALANCE $41 ,271
SHORT TERM OPTIONAL PUT
NOTES REPAYMENT ACCOUNT
(IN THOUSANDS) $77,726
RECEIPTS 0
DISBURSEMENTS 77,726
ENDING BALANCE $ 0
TAXABLE SHORT TERM OPTIONAL PUT
NOTES REPAYMENT ACCOUNT
(IN THOUSANDS) $10,210
RECEIPTS 0
DISBURSEMENTS 10,210.
ENDING BALANCE $ 0
-------------------------------------------------------------------------------
(1 ) ESTIMATED CASH BALANCE AT BEGINNING OF FISCAL YEAR.
(2) ONE MONTH INTEREST ESTIMATED AT 8%.
036$o — 18 —
Employees
A summary of County employee levels follows:
COUNTY OF CONTRA COSTA
COUNTY EMPLOYEES" )
As of As of
June 30 Employees June 30 Employees
1978 . . . . . . . . . . . . . . 6,351 1983 . . . . . . . . . . . 5,915
1979 . . . . . . . . . . . . . . 5,933 1984 . . . . . . . . . . . . . 5,743
1980 5,960 1985 . . . . . . . . . . . . . 5,791
1981 . . . . . . . . . . . . . . 6,052 . 1986 . . . . . . . . . . . . . 5,968
1982 . . . . 6,063
Excludes temporary and seasonal employees.
Source: County Auditor—Controller.
County employees are represented by 25 bargaining units 'of 17 labor
organizations, the principal ones being Local 1 of the County. Employees
Association and Clerical Employees Union which, combined, represent
approximately 43 percent of all County employees in a variety of
classifications.
The County has had a successful and positive employee relations program,
including successful negotiations of cost effective agreements over the
years. The current labor agreements covering the majority of county employees
expire on July 1 , 1987.
Retirement Programs-
The County has a retirement plan administered by the Employees ' Retirement
System of the County which covers substantially all employees and to which
contributions are made by both the County and the employees. The plan
provides basic death, disability and service retirement benefits based on
specified percentages of monthly final average salary and, in addition,
provides annual cost—of-living adjustments after retirement. As of December
31 , 1985, there were 5,167 active general members and 1 ,038 active safety
members (police and fire) including employees of certain other governmental
agencies. Retired members total 3,089.
Employer contributions are based on percentages of salaries as determined
by an actuary and adopted by the Board. The County' s policy is to fund
expected basic benefits over the average working lifetime of present members ,
except that unfunded prior service costs arising from plan amendments ,
actuarial gains and losses , or other factors are funded .over 24.5 years .
Beginning August 1 , 1980 the County Retirement System implemented legislation
whereby new general employees participate in a reduced program, paying roughly
half the premium and receiving half the benefits at retirement. Existing
general employees were permitted to transfer to the new program for future
credit only.
03690 - 19 -
Pursuant to the County Employees' Retirement Law of 1937, actuarial
valuations of the retirement system are required at least every three years.
The County Retirement System' s actuaries estimated the minimum contribution
provision under generally accepted accounting principles for the fiscal year
ended June 30, 1985 to be approximately $21 ,535,000. Contributions made by
the County and by county employees for the year ended June 30, 1985
approximated $16,467,000 and $4,151 ,000, respectively.
For the year ended December 31 , '1985 total contributions and earnings to
the Retirement Fund were $74 million with payment to current retired employees
of $25.6 million. The County' s Retirement Fund is approximately 92% funded.
Long Term Obligations
General Obligation Debt. The County has never defaulted on the payment of
principal or interest on any of its indebtedness. As of February 11 , 1987,
the County has no direct general obligation bonded indebtedness, the last
issue having been redeemed in fiscal year 1977-78. The County has no
authorized and unissued debt.
Lease Obligations: The County has made use of various lease arrangements
with joint powers authorities, nonprofit corporations, and the County
Employees' Retirement Association for the development of capital projects.
The projects are then leased to the County for a period of 15-30 years. The
last capital lease ends in 2008. As of July 1 , 1986, total base ..rentals
payable as pledged security over the remaining life of these issues was
estimated to be $95,000,000. A summary of base rental payments for the next
five fiscal years, is as. follows. During the months of June and August of 1986
the County sold approximately $40 million in lease obligations to finance
three new buildings and to purchase certain equipment. The total debt for
these transaction is included. in the data below. The overall County Debt
Statement is shown on page 22.
. . COUNTY OF CONTRA COSTA
SUMMARY OF LEASE RENTAL OBLIGATIONS
Fiscal Principal Interest Total
Year Due Due Debt Service
1986-87 $ 1 ,110,000 $ 2,086,635 $ 3,899,327
1987-88 1 ,190,000 2,014,330 4,808,694
1988-89 1 ,805,000 3,759,042 7,419, 181
1989-90 1 ,940,000 3,622,017 7,936,812
1990-91 2,110,000 3,470,948 8,507,074
The County ' has an option to purchase certain properties under
lease/purchase agreements with the Employees ' Retirement Association at any
time during the term of each lease for the remaining amount of the capital
lease obligation, subject in some cases to a premium ranging from 5% to 9.5%.
In the event the County does not exercise its option to purchase a building,
the Retirement Association has the option to purchase the County land on which
the. building is located at the fair market value at the time. the lease
terminates. The total of these leases amounts to less than $1 .7 million. The
other major building leases and the leases from the Corporation also contain
purchase options .
ossso - 20 -
Overlapping Debt
While the County has no direct general obligation bonds outstanding, the
County does have lease revenue obligations . In addition, the County contains
numerous municipalities, school districts and special purpose districts as
well as the overlapping Bay Area Rapid Transit District and East Bay Municipal
Utility District which have issued general obligation bonded indebtedness. A
statement of overlapping debt is presented below. Some of the issues may be
payable from self-supporting enterprises or revenue sources other than
property taxation.
03690
21
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Self-Insurance Program
The County is self-insured for claims relating to public liability
(excluding the airport) , automobile accidents, and medical malpractice. It is
the County' s policy to appropriate annually sufficient funds to cover the
estimated liability of the County for self-insurance claims to be made during
the upcoming fiscal year. Whenever a claim is made, the claim is evaluated
and a portion of the appropriated funds is reserved to satisfy the County' s
estimated liability for such claim. Although the County believes that its
past . experience enables it to evaluate reasonably its liability for
self-insurance claims, no assurance can be made that the amount reserved for
such purpose will be adequate, nor can there be any assurance that the funds
appropriated to satisfy claims arising during any fiscal year will be
sufficient.
THE .COUNTY
General
Contra Costa County was incorporated in 1850 as one of the original 27
counties of the State with the City of Martinez as the County Seat. It is one
of the nine counties in the San Francisco-Oakland Bay Area. The County covers
about 733 square miles and extends from the northeastern shore of San
Francisco Bay easterly about 20 miles to San Joaquin County. Contra Costa is
bordered on the south and west.by Alameda County and on the north by Suisun
and San Pablo , Bays. The western and northern shorelines are highly
industrialized while the interior sections ' are suburban/residential ,
commercial and light industrial .
A large part of the interior of the, County is served by the Bay Area Rapid
Transit District ,. ("BART") which has encouraged expansion of residential and
commercial development. Valuation of non-residential building permits
increased from $206 million in .1981 to $511 million in 1985, while building
permits for an additional 4,650 single family residential units and 4,672
multiple family residential units were issued during the same period. Major
office projects has been completed recently include the Chevron Park and
Pacific Telesis office center in the Bishop Ranch project in San Ramon, and
the Bank of America data processing and office complex in Concord' s downtown
redevelopment area.
County Government
The County has a general law form of government. A five-member Board of
Supervisors, each of whom is elected to four-year term, serves as the
legislative body. Also elected are the Assessor, Auditor-Controller,
Clerk-Recorder, District Attorney-Public Administrator, Sheriff-Coroner, and
Treasurer-Tax Collector. A County Administrator Officer appointed by the
Board of Supervisors runs the day--:to-day business of the County.
Industry and Employment
Contra Costa County has the fastest-growing workforce in the Bay Area -
7.8 percent for 1986 alone. The county is expected to hold the lead through
the rest of the decade, according to _the Association of Bay Area Governments .
Communities from Concord in the north to San Ramon in the south - have
absorbed most of the "pink collar" clerical and white-collar jobs that have
036 90 — 23 —
been transferred from San Francisco in the past few years. Based upon state
income tax returns filed in. 1984, Contra Costa County ranked first in
California counties with median family income of $22,255.
The following table summarizes employment of nonagricultural wage and
salary workers in Contra Costa County for the past two years. The figures
presented are annual averages which are estimated by the State Department of
Employment Development.
COUNTY OF CONTRA COSTA
ESTIMATED AVERAGE ANNUAL EMPLOYMENT BY INDUSTRY
NONAGRICULTURAL WAGE AND SALARY WORKERS
(in thousands)
1984 1985
Mining . . . . . . .. . . 1 .5 1 .5
Construction 16.6 18.3
Manufacturing
Durable goods . . . . . . . . 10.4 9.8
Nondurable goods . . . . . 18.2 19.3
Transportation and
public utilities . . . . . 12. 1 15.5
Trade
Wholesale . . . . . . . . . . . . 9.7 10.8
Retail. . . . . . . . 53.8 57.1
Finance, insurance and
real estate . . . . . . . . ... 16.3 19.0
Services . . . . . . . . . . . . . . . 51 .4 - 55.8
Government . . . . . . . . . . 38.5 39.4
Total Employment" ) 228.5 246.5
" Details may not add to total due to independent rounding; data not
available for the City.
Source: State Department of Employment Development
The major employment categories in Contra Costa County as of 1985 consist
of retail sales (23.2 percent) , services (22.6 percent) and government (16.0
percent) . Since 1984 total employment for nonagricultural wage and salary
workers has risen by 7.9 percent.
The average number of employed and unemployed residents of the County,
together with the average annual unemployment rate, is summarized in the
following table. The difference in the total employment by industry shown in
the preceding table from the total number of employed shown in the 'following
table is that the former includes nonresidents who commute to- work in the
County, while the latter includes residents who commute to work in other
counties. Average 1985 unemployment statistics are as follows: Contra Costa
County 5.90, California 7.2%, U.S. 7. 1%. These figures are not seasonally
adjusted.
03590 - 24 -
COUNTY OF CONTRA COSTA
ESTIMATED AVERAGE ANNUAL EMPLOYMENT AND
UNEMPLOYMENT OF RESIDENT LABOR FORCE
(in thousands)
1983 1984 1985
Employment . ... . . . . . . . . . . . . . . 315;100 330,200 339,900
Unemployment 27;500 23,200 , 21 ,200
Civilian Labor Force . . . . . 342,600 353,400 361 ,100
Unemployment . . . . . . . . . . . . . 8.0% 6.6% 5.9%
State unemployment rate . . . . 9.7% 7.8% 7.2%
Source: State Department of Employment Development.
Major Employers
Most of the heavy manufacturing is located along the north shore of the
County fronting on the Suisun and San Pablo Bays leading to San Francisco Bay
and the Pacific Ocean. Major industries are petroleum refining, steel
manufacture, prefabricated metals, chemical , electronic equipment, paper
products and food processing. Descriptions of major industries and companies
follow.
Petroleum products manufacturing formed the initial basis of industrial
development in the County. Currently four companies manufacture products from
crude oil . The largest in terms of capacity is Chevron Corporation (Standard
Oil Company of California)--Richmond Refinery which began operations in 1901 .
The Chevron refinery, located on 3,000 acres, has - a capacity of 365,000
barrels per day and manufactures a complete line of petroleum products. The
bulk of the crude oil is from Alaska. Shipping facilities include the
company' s own wharf which is capable of handling four tankers at a time,
making it the largest .in the Bay area in terms of tonnage. Chevron operates
a fleet of 53 tankers of which nine are for intrastate business. Petroleum
products are also shipped by truck and by two railroad carriers . Standard Oil
recently completed over $400 million of modernization improvements to its
facilities at the Richmond Refinery.
Chevron Corporation operates the Ortho Division of Chevron Chemical
Company in Richmond, which manufactures pesticides, fertilizers and chemicals
for agricultural and nonagricultural. purposes. Chevron Research Company is
also located in Richmond and is the only non-geological research arm of the
company. Four new buildings in the research center were completed in 1982 at
a cost of approximately $80 million. This facility is used by Chevron
Research in its continuing program to improve the efficiency of conventional
auto, aircraft and marine fuels. Chevron Accounting Division is located in
Concord. It serves as the finance and computer facility for Chevron' s entire
domestic operations . The Accounting Division is quartered in a new 400,000
square foot building which was completed in early 1982. The San Ramon
facility will house some 5,000-6,000 employees involved in computer,
marketing, consumer services and other functions when completed. Total
employment for the Chevron Corporation in the County is 10,855.
03690 - 25 -
Shell Oil Company ("Shell ") began operating in Martinez in 1915. The
Shell Oil and Chemical Martinez Manufacturing Complex, located on 1 ,100 acres,
is a combination oil refinery and industrial chemical manufacturing unit. It
is one of . three Shell facilities on the West Coast which supplies all Shell
products to the Western states . The complex has the capacity to process
120,000 barrels of crude oil per day. About one-half the crude oil is
transferred via the 'company' s pipeline from . California oil fields while the
other half is shipped from Alaska. Shell 's docking facilities can handle two
tankers and two barges simultaneously. Finished petroleum products are
shipped via a company owned pipeline, Southern Pacific Railroad' s pipeline and'
railcars and trucks.
Shell employees in the County total about 1 ,100, of whom about 950 work at
the Martinez complex and a small Pittsburg operation. In addition Shell Oil
and Chemical operates a business office in San Ramon employing 135.
Union Oil Company("Union") operates an oil refinery at Rodeo between the
cities of Richmond and Martinez and distribution terminal for Northern
California at Richmond. The oil refinery, which began operations in 1896,
occupies 1 , 100 acres and processes up to 100,000 barrels of raw materials per
day. Union' s docking facilities can handle tankers up to nine million
gallons. There are 520 full-time employees at the refinery and 80 at the
distribution terminal .
Tosco Corp. operates the 126,000 barrels per day capacity refinery at
Avon. The refinery, which has been in operation since 1910, uses crude oil
from the North Slope of Alaska and the heaviest crude oil from California oil
fields and refines it into high grade light fuel products. It is located on a
2,200-acre site and employs 713 people.
U.S. Steel-Pittsburg Works began operations in 1910 in Pittsburg. It
currently operates a finishing mill , sheet mill and tin mill . The company
ships its products by three railroad lines, ocean going vessels or via
trucks. Its employees total 1 ,100.
In the 1960' s the County developed as a center of light manufacturing,
primarily in the electronics industry. The largest of these companies is
Systron-Donner.. The company began operations in Concord in the early 1960' s
and is now located in four buildings on 23 acres and employs 830. In
addition, a number of the heavy industry companies have located research or
office divisions in the suburban centers of San Ramon, Concord, and Walnut
Creek. The table below lists certain major employers in the County.
0 3 6 9 o
- 26 -
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-27-
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. EBMUD 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.
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
million project in the vicinity of Concord. The District' s portion of the
cost is $1 .9 million; 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 the County reflects the County' s growth as a manufacturing
center in the early 19OO' s and as a light manufacturing and suburban center
beginning in the 195O' s. Population rose almost 200% in the 194O' s , due
mostly to wartime industry in the City of Richmond. During the 195O' s and
196O' s population increased 37% each decade. The 197O' s had a slower growth
rate of about 17%. 'Since 1980, Contra Costa County' s population has grown 10%
and is currently 724,020. The following table shows a 46 year history of the
County' s population growth.
03690 _ - 28 -
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-29-
Commercial Activity
Commercial activity forms an important part of Contra Costa County' s
economy. Between 1981 and 1985,. the total dollars generated by taxable
transactions rose_ s 33%. The table below showthe. County' s taxable
transactions for 1981 through 1985.
Much of the County' s commercial activity is concentrated in central
business districts of the cities and unincorporated towns. In addition four
regional shopping centers and numerous smaller centers serve County
residents. The regional centers . located in the cities of Richmond, Concord,
Walnut Creek, and Antioch each are anchored by at least three major stores .
The largest is Sun Valley Shopping Center which opened in 1967. Macy' s ,
Sears, Penney' s, Mervyn' s and Emporium--Capwell serve as anchors; total number
of stores is 130.
The County is served by all major banks. They include (number of branches
in parentheses) Bank of America NT&SA (24) , Security Pacific National Bank
(7) , , Wells Fargo Bank (28) , First Interstate Bank. (6) , and. Hibernia Bank (8) .
In addition there are numerous smaller banks and branches of smaller
California and foreign banks. There are over 30 savings and loan. associations
in the County including Home Savings, Great Western, San Francisco Federal and
California Federal .
03690 - 30 -
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-31-
Construction Activity
The value, of building permits issued in the County totaled more than $1..09
billion in 1985, a significant increase from prior years . The fastest growing
component has been nonresidential construction which totaled $511 million in
1985. 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 $579.9 million in 1985. Single
family permits have historically comprised 65-75 percent or more of new
dwelling units authorized; however, in 1985 multifamily permits ' surpassed
single family permits for the first time. Over the five year period
(1981-1985) permits have been issued for 17,853 single family homes and 10,338
multiple family dwelling units. 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 i.n the County since 1981 . While data
for the year 1986 is not available preliminary data indicates another year of
higher levels of activies.
COUNTY OF CONTRA COSTA
BUILDING PERMIT VALUATIONS
1981 1982 1983 1984 1985
Valuation (in thousands)
Residential . . . . . . . . . . . . $227,924 $201 ,256 $432,291 $408,562 $ 579,867
Nonresidential . . . . . . . . . 205,905 218,496 362,939 445,003 5.11 , 120
Total . . . . . . . . ... . . . $433,829 $419,752 $795,230 $853,565 $1 ,090,987
New Dwelling Units:
Single family. . . . . . . . . . 2,523 1 ,930 4,588 4,162 4,650
Multiple family. . . . . . . . 585 858 1 ,968 2,255 4,672
Total. . ... . . . . . . . 3,108 2,788 6,556 6,417 9,322
Source: Data Resources, Inc.
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
five 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 two million square feet currently under construction:, Bishop
Ranch is 'already sizable. Major tenants include International Harvester,
Union Carbide, Western Electric, Davy McKee, Equifax and Northern Telecom,
Chevron, Pacific Bell . and Beckman Instruments. 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.
03690 — 32 -
R The Bank of America' s computer, data 'processing and office complex in
Concord' s downtown redevelopment area opened in September 1985, and employs
3,500.
Im 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 the 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 an 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 Hill , the site of housing, offices and restaurant
construction; the Town Centre Complex in Wal.nut 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.
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.
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
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 the 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 18,031 ,790 short tons in 1985, up
considerably from 15,853,883 in 1984. The majority of the shipments are bulk
liquid with the remainder being scrap metal and autos.
Private terminals near Richmond handle additional shipping traffic. 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 i.s available at either Oakland or San Francisco International
Airports, located about 20 and 30 miles, respectively, from the County.
Limited passenger service to southern California is available at the County
general aviation field in the City of Concord.
Agriculture
Agriculture is concentrated in the eastern half of the County. Major
individual products in terms of 1985 dollar value are:
03690 _ _ 34
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-35-
Education and Community Services
Public school education is available through ten elementary schools , two
high schools and seven unified school districts. In addition there are a
number of private schools in the County. School enrollment in the Fall 1986
was about 132,742 in public schools.
The Contra Costa County Community College District has three campuses, one
at Richmond, one at Pleasant Hill and one at Pittsburg. California State
University at Hayward opened a branch campus, called Contra Costa Center, in
the City of Pleasant Hill in the Fall of 1981 . The Center currently offers
late afternoon and evening classes in business, education and liberal arts .
St. Mary' s College of California, a four-year private institution, is located
on a 100-acre campus in Moraga. Also located within the County, in Orinda, is
John F. Kennedy University. In . addition County residents are within easy
commuting distance of the University. of California at Berkeley.
There are nine privately operated hospitals and two public hospital
districts in Contra Costa County with a total of 1 ,900 beds. Three of the
private hospitals are run by Kaiser Permanente, the largest health maintenance
organization in the United States . The Veterans Administration operates a
443-bed facility in the City of Martinez.
/s/ Alfred P. Lomeli
Treasurer - Tax Collector
03690 - 36 -
APPENDIX
(AUDIT REPORT)
63690 37 ..
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