HomeMy WebLinkAboutMINUTES - 06171986 - 2.8 �.D
TO:w BOARD OF SUPERVISORS
FROM: Phil Batchelor Contra
County Administrator C
DATE: June 16, 1986 0.*
SUBJECT: County' s Long-Term and Short-Term
Borrowing Programs
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION•
Acknowledge receipt of this report from the County Administrator
commenting on the rating given by Standard & Poors to the
County' s 1986-87 long-term and . short-term borrowing programs, the
result of which will be a savings of $5,000,000 in interest
costs.
BAKCGROUND•
The Treasurer-Tax Collector, Auditor-Controller, and County
Administrator met in New York June 5 and June 6 with Moody' s and
Standard & Poors' to provide them a fiscal status report on the
County and answer questions from the rating agencies. Our
objective was to help them get the most complete and accurate
picture of the County' s current financial situation.
At one point, the head of the rating committee commented that she
couldn' t believe this was the same county as two years ago.
The truth of this comment is, of course, due to the fiscally
prudent course set by the Board of Supervisors. As a result of
decisions made by the Board, the County' s fund balance has
improved, as has the County' s cash flow. The close attention the
Board has given to monitoring expenditures and revenue on a
regular basis has contributed to the positive impression received
by the rating agencies.
Short-Term Borrowing:
The County plans a $75 million short-term borrowing program in
1986-87 . These funds provide continuing cash flow until property
taxes, along with other major revenue sources, are received
during the fiscal year. Standard & Poors has awarded the County
an S.P. 1 + rating. This is the highest rating given and will
have a positive impact on the interest the County must pay on
these notes.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
XAPPROVE OTHER
SIGNATURE S : 7 c
ACTION OF BOARD ON dine 177. 1 1g86 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED7
County Auditor P L BATCHELOR, CLERK OF THE BOARD OF
Treasurer-Tax Collector SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 BY ,DEPUTY
Page 2
Long-Term Borrowing:
As the Board is aware, the County is financing the Superior Court
Annex and East County Social Services building through our
long-term borrowing program. This issue will total $ 22 . 5
million for the two buildings over. a period of 20 years. For
the long-term borrowing program, Standard & Poors has awarded the
County an "A" rating. This is a substantial improvement from the
"BBB" rating received from Standard & Poors for the last three
years. The difference between these ratings should result in an
interest rate about . 2% lower than with the BBB rating. As a
result, we anticipate a savings of $5,000,000 in interest
payments over the term of the borrowing program from what the
County would have had' to pay with last year' s lower ratings.
These savings are a direct result of the Board' s insistence on
putting the County back on a sound financial footing. This
careful attitude, continued over the next several years, should
result in further improvements in the County' s long-term rating,
and maintenance of the highest short-term rating.
,TO-. BOARD OF SUPERVISORS
FROM: Phil Batchelor, County Administrator Cwtr
C,)sta
DATE: June 17 , 1986 C ^
. @
SUBJECT: Long-term Project Financing
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize the County Administrator to substitute a lower amortization
schedule for the deferred financing of the Superior Court Annex and East
County Social Service Projects if lower interest rates are obtained within
24 hours.
BACKGROUND:
The resolution approving the deferred financing schedule and other actions
for the Superior Court Annex and East County Social Service Project
included the Certificate of Participation Amortization Schedule based upon
market data for June 17, 1986 . More favorable interest rates may be
obtained within 24 hours based upon the latest available information. In
order to proceed with the project in an expeditious manner and still avail
the County of the lower interest rate potential, it is recommended that the
County Administrator be authorized to substitute a lower amortization
schedule in the approving resolution within 24 hours if such lower schedule
becomes available.
CONTINUED ON ATTACHMENT: _ YES SIGNATURE:
RECOMMENDATION OF COUNTY ADM;1WI:STR'A,TOR' RECOMMEND'A7'1iONi OF' BOARD COMM4 TTEE'.
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON APPROVED AS's RECOMMENDED' � OTHER'
VOTE OF SUPERVISORS
Ii HEREBY CERTIFY THAT` T.H.6S� IIS: A, TRUE:
UNANIMOUS (ABSENT AND CORRECT' COPY OF AN'
ACT'[ON, TAKEN,
AYES: NOES*., AND' ENTERED ONt TES: MINUTES OF' THE: BOARD
ABSENT: ABSTAIN':' OF SUPERVIiSORS; ON' THE: DATE: SHOWN_
CC: Clerk of the Board ATTESTED ��i�e-�
Bank of America -- -- --
Orrick, Herrinqton & Sutcliffe PHJL. BATCHELOR;, CL+ERK: OF THE BOARD) OF'
County Administrator SUPERVISORS AND COUNTYADMI,NISTRA,TiOR'
Public Facilities Corporation
M382/7-83 By ,;DEPU,Tr
CCh-22d
8739s
RESOLUTION NO.
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA,
CALIFORNIA
RESOLUTION ACCEPTING THE BID OF CONTRA COSTA COUNTY PUBLIC
FACILITIES CORPORATION TO LEASE A SITE FROM THE COUNTY,
CONSTRUCT THEREON A SUPERIOR COURT ANNEX AND LEASE BACK SAID
SITE AND SAID ANNEX TO THE COUNTY, APPROVING FORMS OF AND
AUTHORIZING EXECUTION OF A SITE LEASE (CAPITAL PROJECT IV) , A
DEED OF GIFT (CAPITAL PROJECT V) , A FACILITY LEASE (CAPITAL
PROJECTS IV AND V) , A TRUST AGREEMENT, A CERTIFICATE PURCHASE
AGREEMENT AND AN AGENCY AGREEMENT, APPROVING ISSUANCE OF 1986
CERTIFICATES OF PARTICIPATION FOR CAPITAL PROJECTS IV AND V,
APPROVING CONSTRUCTION BIDS FOR CONSTRUCTION OF SUPERIOR COURT
ANNEX AND EAST COUNTY SOCIAL SERVICE BUILDING, APPROVING SALE
OF AND FINAL OFFICIAL STATEMENT FOR SAID CERTIFICATES OF
PARTICIPATION AND AUTHORIZING EXECUTION OF NECESSARY
CERTIFICATES.
WHEREAS, the County of Contra Costa is a political
subdivision of the State of California (herein called the
"County" ) ;
WHEREAS, the County desires to reduce the costs of
construction, acquisition and financing of certain property for
various governmental purposes and such acquisition,
construction and financing constitute governmental affairs of
the County;
WHEREAS, this Board of Supervisors has full legal
right, power and authority under Section 25371 of the
Government Code of the State of California to lease real
property belonging to the County for a term not to exceed forty
(40) years provided that (i ) the use to which such property
will be put after construction thereon is consistent with the
use or purposes contemplated upon the original acquisition of
such property, ( ii ) any instrument by which such property is
let shall require the lessee to construct on such property a
building for the use of the County during the term of such
instrument and (iii ) title to such building shall vest in the
County at the expiration of said term;
WHEREAS, Contra Costa County Public Facilities
Corporation (herein called the 'Corporation" ) is a nonprofit
corporation formed to render financial assistance to the County
by financing the acquisition, construction, improvement and
remodeling of public buildings and facilities for the County;
WHEREAS, by its Articles of Incorporation and by its
Bylaws no part of the net earnings, funds or assets of said
Corporation shall inure to the benefit of any director thereof
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or any other person, firm or corporation, except the County of
Contra Costa;
WHEREAS, under Ordinance No. 86-33, adopted on May 6,
1986 and effective June 5, 1986, the County is authorized to
enter into a lease with the successful lease bidder of certain
real property located in Martinez, California and for the
construction thereon of a Superior Court Annex (herein called
"Capital Project IV" ) and the leaseback thereof to the County;
WHEREAS, under Ordinance No. 86-34, adopted on May 6,
1986 and effective June 5, 1986, the County is authorized to
enter into a facility lease with the Corporation for the
acquisition, construction and improvement of certain office
facilities located in the City of Antioch, California and
designated as the East County Social Service Building (herein
called "Capital Project V" ) ;
WHEREAS, under Resolution No. 86/222 adopted
April 29, 1986, this Board of Supervisors declared its
intention to call for bids for a lease of a site, the
construction thereon of Capital Project -IV and the lease back
of the site and Capital Project IV to the County;
WHEREAS, notice inviting competitive bids for said
leases, in the manner heretofore provided in said Resolution
No. 86/222, was duly given in accordance with applicable
provisions of law;
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WHEREAS, the following bids for said leases were and
are the only bids received in such competitive bidding, to wit:
Facility
Bidder: Lease Rental Bid:
1 . Contra Costa County Public See attached schedule
Facilities Corporation
2 .
3 .
WHEREAS, the bid of Contra Costa County Public
Facilities Corporation, a California nonprofit corporation, is
the lowest responsible bid received in such competitive lease
bidding;
WHEREAS, as required by said notice inviting
competitive lease bids, the Corporation is prepared to enter
into a contract for the construction of Capital Project IV
with S. J. Amoroso Construction Company, Inc. , the contractor
determined by the County following receipt of construction
bids to be the lowest responsible construction bidder;
WHEREAS, pursuant to that agreement between the
Corporation and the County entitled Acquisition and
Development Agreement for East County Social Service Project,
as amended, the Corporation has obtained public competitive
bids for the construction of Capital Project V;
WHEREAS, the Board of Supervisors hereby determines
that it would be in the best interest of the County and the
residents of the County for the Corporation and the County to
enter into an agreement, entitled "Facility Lease (Capital
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Projects IV and V) " and tentatively dated as of June 1, 1986
(herein called the "Facility Lease" ) ;
WHEREAS, under the Facility Lease, the County would
be obligated to make base rental payments to the Corporation
for the lease of Capital Projects IV and V; and
WHEREAS, it is proposed that all rights to receive
such base rental payments (together with the additional rental
payments provided for in the Facility Lease) will be assigned
without recourse by the Corporation to a trustee pursuant to
an agreement, entitled "Assignment Agreement" and tentatively
dated as of June 1, 1986;
WHEREAS, it is further proposed that the
Corporation, the County and Bank of America National Trust and
Savings Association, as trustee (herein called the "Trustee" ) ,
shall enter into an agreement, entitled "Trust Agreement" and
tentatively dated as of June 1, 1986 (herein called the "Trust
Agreement" ) , pursuant to which the Trustee will execute and
deliver certificates of participation (herein called the
"Certificates of Participation" ) in an amount equal to the
aggregate principal components of such base rental payments,
each evidencing and representing a fractional undivided
interest in such base rental payments, and will use the
proceeds to finance the acquisition, construction and
financing of Capital Projects IV and V;
WHEREAS, Bank of America National Trust and Savings
Association, as ,purchaser, has submitted to the County and the
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Corporation an agreement to purchase the Certificates of
Participation; '
WHEREAS, the County has full legal right, power and
authority under the Constitution and the laws of the State of
California to enter into the transactions hereinafter
authorized;
WHEREAS, this Board has been presented with the form
of each document hereinafter referred to, relating to such
financing of Capital Projects IV and V, and the Board has
examined and approved each document and desires to authorize
and direct the execution of such documents and the
consummation of such financing; and
WHEREAS, all acts, conditions and things required by
the Constitution and laws of the State of California to exist,
to have happened and to have been performed precedent to and
in connection with the consummation of such financing
authorized hereby do exist, have happened and have been
performed in regular and due time, form and manner as required
by law, and the County is now duly authorized and empowered,
pursuant to each and every requirement of law, to consummate
such financing for the purpose, in the manner and upon the
terms herein provided;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
Section 1 . All of the recitals herein contained are
true and correct and this Board of Supervisors so finds.
6
Section 2 . The lease bid of the Corporation shall
be and it is hereby accepted, and the leases for Capital
Project IV are awarded to the Corporation. Pursuant to said
Ordinances Nos.' 86-33 and 86-34 this Board of Supervisors
hereby determines to combine in one lease the Facility Lease
(Capital Project IV) and the Facility Lease (Capital
Project V) referred to in said ordinances.
Section 3 . The form of Site Lease (Capital
Project IV) between the County and the Corporation, dated as
of June 1, 1986, on file with the Clerk of the Board of
Supervisors, is hereby approved and the Chairman of the Board
of Supervisors and the Clerk of the Board of Supervisors are
hereby authorized and directed to execute and deliver the Site
Lease in substantially said form, with such changes therein as
such officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 4. The form of Deed of Gift, dated as of
June 1, 1986, from the Corporation to the County, on file with
the Clerk of the Board of Supervisors of the County, is hereby
approved. The Chairman of the Board of Supervisors and the
Clerk of the Board of Supervisors are hereby authorized and
directed, for and in the name and on behalf of the County, to
execute and deliver an acceptance of the Deed of Gift in
substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
7
Section 5 . The form of Facility Lease (Capital
Projects IV and V) , dated as of June 1, 1986, on file with the
Clerk of the Board of Supervisors, is hereby approved and the
Chairman of the Board of Supervisors and the Clerk of the
Board of Supervisors are hereby authorized and directed to
execute and deliver the Facility Lease in substantially said
form, with such changes therein as such officers may require
or approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 6. The form of Trust Agreement by and among
The Bank of America National Trust and Savings Association, as
trustee, the Corporation and the : County, dated as of June 1,
1986, on file with the Clerk of the Board of Supervisors, is
hereby approved. The Chairman of the Board of Supervisors and
the Clerk of the Board of Supervisors are hereby authorized
and directed to execute and deliver the Trust Agreement in
substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 7. The form of Certificates of
Participation Purchase Contract by and among Bank of America
National Trust and Savings Association (herein called the
"Underwriter" ) , the County, and the Corporation for the
Certificates of Participation, on file with the Clerk of the
Board of Supervisors, is hereby approved, and the Chairman of
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the Board of Supervisors of the County is hereby authorized
and directed to execute and deliver the Certificate Purchase
Contract for the Certificates of Participation in
substantially such form, authorizing the sale of $22,000,000
in aggregate principal amount of the Certificates to the
Underwriter for a purchase price of not less than 98% of the
principal amount represented thereby, with such changes
therein as such officer may require or approve, such approval
to be conclusively evidenced by the execution and delivery
thereof.
Section 8. The form of Agency Agreement, dated as
of June 1, 1986, between the County and the Corporation, on
file with the Clerk of the Board of Supervisors, is hereby
approved. The Chairman of the Board of Supervisors and the
Clerk of the Board of Supervisors are hereby authorized and
directed, for and in the name and on behalf of the County, to
execute and deliver to the Corporation the Agency Agreement in
substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 9 . The Certificates of Participation and
the form of Official Statement relating to the Certificates of
Participation, on file with the Clerk of the Board of
Supervisors, are hereby approved. The Chairman of the Board
of Supervisors of the County is hereby authorized and
directed, at the time of the delivery of the Certificates of
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Participation, : for and in the name and on behalf of the
County, to execute a final Official Statement in substantially
the form of the Official Statement before this meeting, with
such additions ,thereto or changes therein as the County
Counsel ' s Office or Orrick, Herrington & Sutcliffe, may
require or approve, such approval to be conclusively evidenced
by the execution and delivery thereof.
Section 10. The Underwriter is hereby authorized to
distribute copies of the Official -Statement, as finally
executed, to persons purchasing the Certificates of
Participation.
Section 11 . Resolution No. 86-74 of the Board of
Supervisors, adopted May 20, 1986, approving bids for
construction of Capital Projects IV and V, be and it is hereby
ratified and confirmed.
Section 12 . The assignment by the County to the
Corporation of the contract for the performing of
architectural services between The NJJB Group and the County,
dated January 8, 1985 (the Corporation assuming the obligation
to make payments due and to be due under such contract) ,
relating to Capital Project IV, and of the portion of the
contract for the performing of legal services between Orrick,
Herrington & Sutcliffe and the County, dated March 9, 1982,
relating to the Certificates of Participation (the Corporation
assuming the obligation to make payments due and to be due
under such portion of the contract) , be and they' are hereby
10
approved. The; Chairman and the Clerk of the Board of
Supervisors are authorized and directed to execute appropriate
documents evidencing such assignments.
Section 13 . The officers of the County are hereby
authorized and directed, jointly and severally, ,,to do any and
all things which they may deem necessary or advisable in order
to consummate the transactions herein authorized and otherwise
to carry out, give effect to and comply with the terms and
intent of this Resolution. The Chairman of the Board of
Supervisors, the Clerk of the Board of Supervisors and the
officers of the County be and they are hereby authorized and
directed to execute and deliver any and all certificates and
respresentations, including signature certificates,
no-litigation certificates, arbitrage bond certificates and
certificates concerning the contents of the Official Statement
distributed in connection with the sale of the Certificates of
Participation, necessary and desirable to accomplish the
transactions set forth above.
Section 14. All actions heretofore taken by the
officers and agents of the County with respect to the sale,-
execution and delivery of the Certificates are hereby
approved, confirmed and ratified.
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Section 15. This Resolution shall take effect from
and after its date of adoption.
PASSED AND ADOPTED this 17th day of June, 1986.
Ch firman of he WbaM of Supervisors
County of Contra Costa, California
[ Seal ]
ATTEST: Phil Batchelor, Clerk of the
Board of Supervisors and
County Administrator
By
Z�& d4zG46a-
. Deputy Clerk of the Board of
Supervisors of the County of
Contra Costa, State of California -
12
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CLERK' S CERTIFICATE
I , Jeanne 0, Maglio Deputy Clerk and Chief
Clerk of the Board of Supervisors of the County of Contra
Costa, hereby certify that foregoing is a full, true and
correct copy of a resolution duly adopted at a regular meeting
of the Board of Supervisors of said County duly and regularly
held at the regular meeting place thereof on the 17th day of
June , 1986, of which meeting all of the members of said
Board of Supervisors had due notice and at which a majority
thereof were present; and that at said meeting said resolution
was adopted by the following vote:
AYES: Supervisors Fanden, Schroder, McPeak, Torlakson,
Powers
NOES: None
I further certify that I have carefully compared the
same with the original minutes of said meeting on file and of
record in my office; that the foregoing resolution is a full,
true and correct copy of the original resolution adopted at
said meeting and entered in said minutes; and that said
resolution has not been amended, modified or rescinded since
the date of its adoption, and the same is now in full force
and effect.
WITNESS my hand and the seal of the County of Contra
Costa this 17th day of June 1986.
Deputy Clerk
of the Board of Supervisors
of the County of Contra Costa,
State of California
[SEAL]
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