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HomeMy WebLinkAboutMINUTES - 10261993 - 1.7 117 TO: BOARD OF SUPERVISORS FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR DATE: October 26, 1993 SUBJECT: Refund of a Portion of Outstanding Bonds in Assessment District No. 1987-1, Pleasant Hill BART Station Area. SPECIFIC REQUEST(S) OR RECOMMENDATION(S) &BACKGROUND AND JUSTIFICATION I. Recommended Action: AUTHORIZE the Board of Supervisors to initiate proceedings to refund a portion of the outstanding bonds in Assessment District No. 1987-1, Pleasant Hill BART Station area, by the adoption of the following in establishment of Reassessment District No. 1993-5: 1. Resolution approving agreement for financial advisory services; 2. Resolution approving agreement for Engineering Services; 3. File consent and waiver to refunding special assessment; 4. Resolution of Intention to conduct reassessment proceedings; 5. File Reassessment Report; 6. Resolution approving Reassessment Report and confirming reassessments; and 7. Resolution authorizing issuance and sale of refunding bond. II. Financial Impact: There will be no fiscal impact to the County General Fund. Existing bonds to be refunded and new bonds are limited obligation bonds. III. Reasons for Recommendations and Background: These proceedings provide for the refunding of the outstanding obligations with respect to Assessment District 1987-1, Pleasant Hill BART Station area. There are two vacant and undeveloped parcels affected by this refunding. i'� Continued on Attachment: x SIGNATURE: _ RECOMMENDATION OF COUNTY ADMINISTRATOR _ RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON ��j �, /y s3 APPROVED AS RECOMMENDED _ OTHER VOTE OF SUPERVISORS _ UNANIMOUS (ABSENT AYES: N ABSE : ABS SE:pe i hereby certify that this is tt true and correct copy of c:BO Assess.tl0 an action taken and entered on the minutes of the Hoard of Supervisors on the date shown. Contact:Skip Epperly,313-2253 ATTESTED: QCI 2 R--- Ori Div: Public Works E/S PHIL BA CHELOR,Clerk of the Board Orig. ( ) of Supervisors and Co my Administrator cc: Auditor/Controller CAO County Counsel By ,deputy J. Kennedy, Redevelopment Agency Refund of a Portion of Outstanding Bonds in Assessment District No. 1987-1, Pleasant Hill BART Station Area. October 26, 1993 Page Two III. Reasons for Recommendations and Background: The resultant benefit of the refunding is the reduction of interest rates and decrease in the amount of total annual payment obligation. The new assessment district, Assessment District 1993-5, will extend the total obligation for an additional ten years and should place the owners in a better position to initiate development when the economic climate improves. The sale of bonds will be part of an Association,of Bay Area Governments (ABAG) pooled bond issuance resulting in significant savings with respect to underwriting, closing and other related costs. IV. Consequences of Negative Action: Not approving the refunding of Assessment District 1987-1 will make it more difficult for the owners to develop their property and delay meeting goals of the County Redevelopment Agency. RESOLUTION NO. 93/648 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF REFUNDING BOND COUNTY.OF CONTRA COSTA, CALIFORNIA REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BAR AREA The Board of,Supervisors of the County of Contra Costa resolves: Section 1. RECITALS. On October 26,' 1993, the Board of Supervisors of the County of Contra Costa adopted its resolution of intention to conduct reassessment proceedings and issue,a refunding bond pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") in Assessment District No. 1993- 5, Pleasant Hill BART Area, County of Contra Costa, California (the "Reassessment District"). Proceedings taken under the Act led to the levy of reassessments by the Board of Supervisors against parcels of land within this Reassessment District. These reassessments will be recorded in the office of the County Recorder of Contra Costa County, and thereupon will become a lien on each of the reassessment parcels. Section.2. ISSUANCE OF BOND. The Board of Supervisors hereby authorizes the issuance of a refunding bond (the "Bond") under the provisions of the Act to be secured by the reassessments in the Reassessment District. The Bond shall be designated, "Limited Obligation Refunding Bond,.County of Contra Costa, Reassessment District No. 1993-5, Pleasant Hill BART Area, Series No. 1993-5". In all respects not specified in this resolution, the Bond shall be issued in the manner prescribed by the Act. A single registered Bond shall be issued in the Reassessment District, and shall be dated the date of bond delivery. The Bond shall mature in the principal amounts and shall bear interest at rates not exceeding the rates set forth in Exhibit B to that certain Reassessment Report for Reassessment District No.. 1993-5, dated as of October 26, 1993 and heretofore approved by this Board. RESOLUTION NO. 93/648 Section 3. SALE OF BOND. The Auditor-Controller is hereby authorized to execute, on behalf of the County, a Purchase Contract for sale of the Bond to the Association of Bay Area Governments ("ABAG"), debt service on.*he Bond to be used, along with debt service on other similar bonds, to secure the issuance by ABAG of bonds (the "Pool Bonds") under the Marks-Roos Local Bond Pooling Act of 1985 of the State of California. The Purchase Contract shall provide that sale of the Bond to ABAG is conditional on the issuance of the Pool Bonds. Section 4. APPROVAL OF AGREEMENTS. . The Auditor-Controller is hereby authorized to execute such additional agreements, certifications and other documents as may reasonably be requested by ABAG and approved by bond counsel in order to consummate the issuance of the Pool Bonds. Section 5. FORM AND EXECUTION. The Bond shall be issued as a fully registered bond substantially in the form set forth as Exhibit A to this resolution. The Bond shall be signed by the Clerk of the Board of Supervisors and the County Treasurer and the seal of the County shall be affixed. One of the signatures and the seal may be reproduced on the Bond by facsimile. Section 6. PAYMENT ON BOND. The principal and interest on the Bond shall be timely remitted to ABAG or its trustee in accordance with the provisions of the Purchase Contract. Section 7. COVENANTS. In the event.of a default in the payment of the Bond or any installment of interest thereon, ABAG or its trustee shall have the remedies set forth in the Act. In addition, the Board of Supervisors makes the following covenants, which shall constitute a contract with ABAG, its trustee and the owners of the Pool Bonds: Section 7.1. FORECLOSURE OF LIENS. Not later than October 1 in any year, the County shall file an action in the Superior Court to foreclose the lien 2 of each delinquent reassessment if the sum of uncured reassessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the reassessment installments posted to the tax roll. for than fiscal year, and if the amount in the Pool Bond reserve fund attributable to the Bond is less than ninety-five percent (95%) of the Required Reserve. Section 7:2. ARBITRAGE. During the term of the Bond, the County will make no use of bond proceeds which, if such use had been reasonably expected at the date the Bond is issued, could have caused the Bond to be an "arbitrage bond" within the meaning of Section 148 of the United States Internal Revenue Code of 1986, and regulations of the Internal Revenue Service adopted thereunder, and further shall rebate to the United States any amounts actually earned as arbitrage in accordance with the provisions of that Code and those regulations. Section 7.3. MAINTENANCE OF TAX EXEMPTION. The County will take all reasonable actions required to maintain the status of the Bond as a bond exempt from federal income taxes and State of California personal income taxes. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 26th day of October, 1993. ,ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By, 3 EXHIBIT A United States of America State of California County of Contra Costa REGISTERED REGISTERED Number $ LIMITED OBLIGATION REFUNDING BOND COUNTY OF CONTRA COSTA REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BART AREA SERIES NO. 1993-5 INTEREST RATE MATURITY DATE BOND DATE (SEE MATURITY SCHEDULE ATTACHED) REGISTERED OWNER: PRINCIPAL SUM: Under and by virtue of the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the Streets and Highways Code, (the "Act"), the County of Contra Costa, State of California, (the "County"), will, out of the redemption fund for the payment of the bonds issued upon the reassessments made for the refunding of outstanding 1915 Act bonds in Assessment District No. 1987-1, Pleasant Hill BART Station Area Refunding, County of Contra Costa, California more fully described in the Resolution of Intention adopted by the Board of Supervisors of the County of Contra Costa on the 26th day of October, 1993, pay to the registered owner stated above or registered assigns, on the maturity date stated above, the principal sum stated above, in lawful money of the United States of America and in like manner will pay interest from the interest payment date next preceding the date on which this Bond is authenticated, unless this Bond is authenticated and registered as of an interest payment date, in which event it shall bear interest from such interest payment date, or unless this Bond is authenticated and registered prior to September 2, 1994, in which event it shall bear interest from its date, until payment of such principal sum shall have been discharged, at the rate per annum stated above, payable semiannually on March 2 and September 2 in each year commencing on September 2, 1994. Both the principal hereof and redemption premium hereon are payable at the office of County Treasurer of the County of Contra Costa, as Paying Agent, Registrar and Transfer Agent, in Martinez, California, and the interest r hereon is payable by check or draft mailed to the owner hereof at the owner's address as it appears on the registration books of the County, or at such address as may have been filed with the County for that purpose, as of the fifteenth day of the month preceding each interest payment date. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN. This Bond will continue to bear interest after maturity at the rate above stated, provided, it is presented at maturity and payment thereof is refused upon the sole ground that there are not sufficient moneys in said redemption fund with which to pay same. If it is not presented at maturity, interest thereon will run until maturity. This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing Issuance and Sale of Refunding Bonds (the "Resolution of Issuance"), or become valid or obligatory for any purpose, until the certificate of authentication and registration hereon endorsed shall have been dated and signed by the County. IN WITNESS WHEREOF, said County of Contra Costa has caused this Bond to be signed in facsimile by the Treasurer of said County and by its Clerk of the Board of Supervisors, and has caused its corporate seal to be reproduced in facsimile hereon all as of the 16th day of December, 1993. COUNTY OF CONTRA COSTA Clerk of the Board Treasurer of Supervisors (SEAL) Certificate of Authentication and Registration This is one of the Bonds described in the within mentioned Resolution of Issuance, which has been authenticated and registered on COUNTY OF CONTRA COSTA as paying agent, registrar and transfer agent By Authorized Officer 2 l Or ADDITIONAL PROVISIONS OF THE BOND This Bond is issued by the County under the Act and the Resolution of Issuance, for the purpose of refunding bonds described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid portion of said reassessments made for the payment of said improvements, and, including principal and interest, is payable exclusively out of said fund. This Bond is transferable by the registered owner hereof, in person or by the owner's attorney duly authorized in writing, at said office of the County Treasurer, subject to the terms and conditions provided in the Resolution of Issuance, including the payment of certain charges, if any, upon surrender and cancellation of this Bond. Upon such transfer, a new registered Bond or Bonds, of any authorized denomination or denominations, of the same maturity, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Bonds shall be registered only in the name of an individual (including joint owners), a corporation, a partnership or a trust. The County Treasurer shall not be required to make such exchange or registration of transfer of bonds during the period commencing with the fifteenth day of the month preceding any interest payment date and ending on said interest payment date. The County will not obligate itself to advance available funds from the County treasury to cure any deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the County from, in its sole discretion, so advancing funds. The County may treat the registered owner hereof as the absolute owner for all purposes, and the County shall not be affected by any notice to the contrary. This Bond or any portion of it in the amount of $5,000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 30 days' notice by registered or certified mail, or by personal service to the registered owner hereof at such owner's address as it appears on the registration books of the County and by paying principal and accrued interest together with a premium equal to three percentum of the principal. I hereby certify that the following is a correct copy of the signed legal opinion of STURGIS, NESS, BRUNSELL & ASSAF a professional corporation, Emeryville, California, on file in my office. Clerk of the Board of Supervisors 3 • MATURITY SCHEDULE OF BONDS. CONTRA COSTA Refunding Dist. No. 1993-5, Pleasant Hill B.A.R.T. Area Bonds mature on September 2 in the years and amounts, and bear interest at the annual rates, set forth below. YEAR FACE AMOUNT RATE(--.) 1995 0.00 4.814 1996 32, 126.00 5. 104 1997 45, 000. 00 5.394 1998 45, 000.00 5. 684 1999 50, 000. 00 5.974 2000 50, 000. 00 6.264 2001 55, 000. 00 6.496 2002 60, 000. 00 6.728 2003 60,000. 00 6.844 2004 65, 000. 00 6.960 2005 70,000.00 7.076 2006 75, 000. 00 7. 192 2007 80, 000. 00 7.308 2008 90, 000. 00 7.424 2009 95, 000. 00 7.540 2010 100, 000. 00 7. 656 2011 110, 000. 00 7.714 2012 120, 000. 00 . 7.714 2013 130, 000. 00 7.714 2014 140, 000. 00 7.772 TOTAL: 1, 472 , 126. 00 RESOLUTION NO. 93/647 RESOLUTION APPROVING REASSESSMENT REPORT -AND CONFIRMING RE_kSSESSMENTS REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BART AREA COUNTY OF CONTRA COSTA, CALIFORNIA The Board of Supervisors of the County of Contra Costa resolves: The Engineer of Work filed the written report prescribed by Section 9523 of the Streets and Highways Code. The property owners consent to the further refunding of said special reassessments and waive the right to further notice and hearing on the refunding of these reassessments. Said Consent and Waiver to Refunding of Special Assessments is on file with the Clerk of the Board of Supervisors. Accordingly, this Board of Supervisors is authorized to proceed with approval and confirmation of the report and with authorized issuance and sale of the proposed refunding bond without notice to the affected landowners or hearing on the report. This Board hereby approves and confirms the Reassessment Report, including Exhibits A through H thereof. A portion of the reassessments originally levied in Assessment District No. 1987-1, Pleasant Hill BART Station Area Refunding shall be deemed supplanted and superseded by the reassessments proposed hereby. A bond representing unpaid reassessments, and bearing interest at a rate not to exceed twelve percent (12%) per annum, shall be issued in accordance with the terms and conditions of the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act"), and the last installment of the bonds shall mature nineteen (19) years from the 2nd day of September next succeeding twelve (12) months from their date. The reassessments and interest thereon shall be collected in the manner i i RESOLUTION NO. 93/647 prescribed by the Act and are subject to reassessment, amendment, and prepayment, all in accordance with the provisions of the Act and the related provisions of the Improvement Bond Act of 1915. which are incorporated therein. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 26th day of October, 1993. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By, i a RESOLUTION NO. 93/647 RESOLUTION APPROVING REASSESSMENT REPORT -AND CONFIRMING RE_kSSESSMENTS REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BART AREA COUNTY OF CONTRA COSTA, CALIFORNIA The Board of Supervisors of the County of Contra Costa resolves: The Engineer of Work filed the written report prescribed by Section 9523 of the Streets and Highways Code. The property owners consent to the further refunding of said special reassessments and waive the right to further notice and hearing on the refunding of these reassessments. Said Consent and Waiver to Refunding of Special Assessments is on file with the Clerk of the Board of Supervisors. Accordingly, this Board of Supervisors is authorized to proceed with approval and confirmation of the report and with authorized issuance and sale of the proposed refunding bond without notice to the affected landowners or hearing on the report. This Board hereby approves and confirms the Reassessment Report, including Exhibits A through H thereof. A portion of the reassessments originally levied in Assessment District No. 1987-1, Pleasant Hill BART Station Area Refunding shall be deemed supplanted and superseded by the reassessments proposed hereby. A bond representing unpaid reassessments, and bearing interest at a rate not to exceed twelve percent (12%) per annum, shall be issued in accordance with the terms and conditions of the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act"), and the last installment of the bonds shall mature nineteen (19) years from the 2nd day of September next succeeding twelve (12) months from their date. The reassessments and interest thereon shall be collected in the manner i RESOLUTION NO. 93/647 prescribed by the Act and are subject to reassessment, amendment, and prepayment, all in accordance with the provisions of the Act and the related provisions of the Improvement Bond Act of 1.915 which are incorporated therein. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 26th day of October, 1993. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By. a RESOLUTION NO. 93/646 RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BART AREA COUNTY OF CONTRA COSTA, CALIFORNIA The Board of Supervisors of the County of Contra Costa resolves: This Board of Supervisors hereby determines that the public interest or necessity requires the refunding of a portion of the outstanding bonds previously issued as Series No. 1987-1, County of Contra Costa, Assessment District No. 1987-1, Pleasant Hill BART Station Area Refunding, dated April 16, 1987. This Board of Supervisors hereby declares its intention to refund a portion of said outstanding bonds and to levy reassessments pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (the 'Act") as security for said refunding bonds. This Board of Supervisors hereby directs NYSTROM ENGINEERING to prepare and file with the Clerk of the Board of Supervisors of the County of Contra Costa, a written report containing each of the items specified by Section 9523 of the Act. A bond representing unpaid reassessments, and bearing interest at a rate not to exceed twelve percent (12%) per annum, will be issued in the manner provided by the Act, and the last installment of the bond shall mature nineteen (19) years from the 2nd day of September next succeeding twelve (12) months from its date. The County will not obligate itself to advance available funds from the County Treasury to cure any deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the County from, in its sole discretion, so advancing funds. RESOLUTION NO. 93/646 e The procedure for the collection of reassessments and advance retirement of bonds under the Act shall be as provided in Part 11.1, Division 10, of the Streets and Highways Code of the State of California. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 26th day of October, 1993. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By Q 2 RESOLUTION NO. 93/645 RE(S'OLUTION APPROVING AGREEMENT FOR ENGINEERING SERVICES REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BART AREA COUNTY OF CONTRA COSTA, CALIFORNIA The Board of Supervisors of the County of Contra Costa resolves: This Board approves that certain agreement between the County of Contra Costa, and NYSTROM ENGINEERING, for services as Engineer of Work for Reassessment District No. 1993-5, Pleasant Hili BART Area, County of Contra Costa, California, dated the 26th day of October, 1993, and on file with the Clerk of the Board of Supervisors. The Chairman of the Board is authorized to sign the agreement and the Clerk of the Board is authorized to attest its execution. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 26th day of October, 1993. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By PF RESOLUTION NO. 93/645 AGREEMENT FOR ENGINEERING SERVICES REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL B.A.R.T. AREA COUNTY OF CONTRA COSTA, CALIFORNIA This is an agreement for engineering services between the County of Contra Costa, a political subdivision of the State of California, referred to as Client, and NYSTROM ENGINEERING, referred to as Engineer. 1. Client retains Engineer as Engineer of Work.for Reassessment District No. 1993-5, Pleasant Hill B.A.R.T. Area, County of Contra Costa, California, to assist in the preparation of the reassessment report as required by Section 9523 of the Streets and Highways Code (Refunding Act of 1984 for 1915 Improvement Act Bonds). 2. In consideration of the services set forth in paragraph 1, Client shall pay to Engineer the amount of one-third (1/3) of one percent (1%) of the total amount of the bond issue. Payment shall be made within 30 days after delivery of refunding bonds in the reassessment proceedings. In the event no bonds are delivered, Engineer shall be paid no fee. Dated: October 26, 1993 COUNTY OF CONTRA COSTA, a political subdivision of the State of California By Chairman ATTEST: Clerk of the Board of Supervisors and County Administrator B- _ NYSTROM ENGINEERING By &, i RESOLUTION NO. 93/644 RESOLUTION APPfiOVING AGREEMENT FOR FINANCIAL ADVISORY SERVICES REASSESSMENT DISTRICT NO. 1993-5, PLEASANT HILL BART AREA COUNTY OF CONTRA COSTA, CALIFORNIA The Board of Supervisors of the County of Contra Costa resolves: As part of the proceedings for Reassessment District No. 1993-5, Pleasant Hill BART Area, County of Contra Costa, California, this Board approves that certain agreement between the County of Contra Costa, and LIBERTY PUBLIC FINANCIAL ADVISORS, dated October 26, 1993, and on file with the Clerk of the Board of Supervisors. The Board authorizes Liberty Public Financial Advisors to obtain an offer for the purchase of refunding bonds for presentation to the Board of Supervisors. The Chairman of the Board is authorized to sign the agreement and the Clerk of the Board is authorized to attest its execution. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 26th day of October, 1993. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By RESOLUTION NO. 93/644 r s AGREEMENT FOR FINANCIAL ADVISORY SERVICES MARKS-ROOS POOL FINANCING REASSESSMENT DISTRICT No. 1993-5, Pleasant Hill BART Area This is an agreement for financial advisory services between the COUNTY OF CONTRA COSTA, a political subdivision of the State of California, referred to as Client, and LIBERTY PUBLIC FINANCIAL ADVISORS, Pleasanton, California, referred to as Financial Advisor. 1 . Client retains Financial Advisor as financing consultant to perform the following consulting services relating to Ressessment District No. 1993-5, Pleasant Hill BART Area (with anticipated Marks-Roos Pool Financing) , County of Contra Costa, State of California. (a) present the potential alternatives in financing the proposed project . (b) conduct due diligence by reviewing all existing information regarding outstanding debt, bond covenants, prior debt repayment, and appropriate ordinances or resolutions, including the engineering, architectural, planning, legal and financial information regarding the project . (c) assist in the selection of other financing team members as requested, including the trustee, printer, and underwriter (s) . (d) recommend a reserve fund, capitalized interest, and costs of issuance. (e) recommend specific terms for the securities including maturity schedules, call features, refunding protection, and others . (f) prepare a set of financing documents and prepare an official statement for use in the marketing of the bonds . (g) recommend the timing of the marketing of the bond issue based on the conditions in the market . (h) recommend to the issuer which method of sale should be chosen to market the bonds . LJ Q W in a competitive sale, prepare and distribute notice of sale of bonds and official statement to prospective bidders. (j ) review bids and recommend which bid from a qualified bidder produces the lowest net interest costs . (k) or in a negotiated sale, recommend an underwriter (s) , and supervise the underwriters) as bonds are being marketed, getting information as to actual method of sales . (1) review recent and comparable market interest rates and recommend whether interest rates and other terms in the final bond purchase contract are competitive. (m) and in either type of sale, aid in the closing preparations and attend the closing. 2 . The services of Financial Advisor under this amended agreement shall not include the following: (a) Underwriting the bond issue. 3 . In consideration of the services set forth in paragraph 1, Client shall pay to Financial Advisor the following fees and costs : (a) The fee of Financial Advisor shall be a fixed fee as set forth in the engineer' s report as finally approved under Section 10312 of the Streets and Highways Code. The fee of Financial Advisor shall be the amount of : $6, 000 . 00 (b) Costs shall be reimbursed to Financial Advisor as follows : 1) Cost of printing and distribution of the official statement drafts, notice to bidders, and other official documents. 2) Costs of Federal Express or similar delivery service. 3) Other out of pocket expenses related to performance of this contract . 4) Telephone toll charges. (These costs are expected to be less than $500 . 00 total) (c) The cost of other services for which Financial Advisor makes arrangements under this amended agreement (such as Underwriter' s Discount, Official Statement printing costs) shall be billed to the Client and shall be paid by Client directly to the payee. (d) Payment by Client of the financial advisory fee is contingent upon the sale of bonds . If for any reason, bonds are not sold, Financial Advisor shall be paid no fee . Both the fee and costs are payable upon delivery of the bonds. 4 . Financial Advisor certifies that it has no interest, either direct or contingent, in any property or contract arising from or affected by the financing, except as Financial Advisor under this agreement . Financial Advisor does not represent any owner of property within the proposed boundaries of this assessment district, and has not received a fee from any source for services connected with the project . DATED: October 26 1993 CONTRA COSTA COUNTY, a political subdivision of the State of California Chairman of the Board of Supervisors Attest: Phil Batchelor, Clerk of the Board of Supervisors and County Administrator ATTEST: By ___ .,, By De ut Clerk of the Board of Supervisors LIBERTY PUBLIC FINANCIAL ADVISORS r By e C Nadine McKinne Lee