HomeMy WebLinkAboutMINUTES - 10252005 - SD3 TO: BOARD OF SUPERVISORS Contra
FROM: JOHN SWEETEN, COUNTY ADMINISTRATOR •' r ` � �•
o=, s Costa
DATE: October 25, 2005 •. ��
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rA � Cont y
SUBJECT. ISSUANCE OF BONDS BY THE CALIFORNIA K
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR CALIFORNIA
SHOCK TRAUMA AIR RESCUE (CALSTAR)
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)8 BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS,:
ADOPT a resolution approving the issuance of bonds by the California Statewide Communities
Development Authority on behalf of California Shock Trauma Rescue (CALSTAR).
FISCAL IMPACT
There is no financial impact to the County as a result of this proposed financing. The California
Statewide Communities Development Authority will issue tax-exempt revenue bonds on behalf of
CALSTAR. Repayment of the bonds is solely the responsibility of CALSTAR. No financial obligations are
placed on the County for financing costs or debt repayment.
BACKGROUND,
The County has received a request from the California Statewide Communities Development Authority
(the "Authority") to conduct a public hearing as required by the Internal Revenue Code in order to issue
tax-exempt revenue bonds (the"Bonds") in an aggregate amount not to exceed $4 million on behalf of
CALSTAR (the "Borrower"). The Bonds would be tax-exempt private activity bonds for the purposes of
the Internal Revenue Code and, as such, require the approval of the elected body of the governmental
entity having jurisdiction over the area where the project to be financed is located.
The Borrower will use the proceeds of the Bonds to refinance an aircraft located at 177 John Glenn Drive
in the City of Concord. CALSTAR is also refinancing aircrafts located in Mendocino County, Placer
County, and the Santa Maria Airport District. These other governmental entities will be conducting their'
own public hearings. CALSTAR's refinance of the existing loan will result in an overall cost savings to
the Borrower.
The County previously conducted and adopted a resolution approving the original financing on July 27,
1999, and the current request is to refinance the outstanding loan.
CALSTAR is a 501(c)(3) nonprofit organization founded in June 1983. They provide a medical
transportation system available on a 24-hour basis that brings rapid, on-site medical care to critically ill or
injured patients. CALSTAR's flight crews respond from fixed bases located in Auburn, Concord, Gilroy,
Salinas, Santa Maria, South Lake Tahoe and Ukiah.
Since commencing operations, over 15,000 critically injured or ill patients have been transported on an
emergency basis to hospitals throughout Northern California. Approximately 75% of flights are in support
of Northern California's 911 emergency services network.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
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��COMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND A NOF BOARD COMMI EE
✓APPROVE OTHER
SIGNATURE(S):
--------------- --------------------------------------
ACTION OF BO RD N APPROVE AS RECOMMENDED HER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED
CONTACT: Jason Crapo(335-1021) JOHN SWEETEN,CLERK OF THE BOARD
OF SUPERVISORS AND COUNTY
ADMINISTRATOR
CC: Jason Crapo
BY ,DEPUTY
RESOLUTION NO. Z006 Iq Co
A RESOLUTION APPROVING THE ISSUANCE OF TAX-EXEMPT
OBLIGATIONS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
Local Government
Participant: County of Contra Costa,California
Issuer: California Statewide Communities Development Authority
Borrower: California Shock Trauma Air Rescue,d/b/a CALSTAR or an affiliate
Equipment: Air rescue helicopters,other air rescue equipment and related property
Maximum
Principal Amount: $4,000,000
Public Hearing Date: October 25,2005
WHEREAS, the Borrower has requested that the Issuer issue its notes, bonds or any other
evidence of indebtedness(the "Obligations") in an aggregate principal amount not expected to exceed
the Maximum Principal Amount for the purpose of providing funds for the financing and refinancing
of the Equipment and related costs located or to be located in the jurisdiction of the Local
Government Participant; and
WHEREAS, the Issuer has requested that the governing body of the Local Government
Participant approve the issuance of the Obligations and the Equipment in order to satisfy the public
approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code"), and the requirements of Section 9 of the Amended and Restated Joint Exercise of Powers
Agreement (the "Joint Powers Agreement"), dated as of June 1, 1988, among certain local agencies,
including the Local Government Participant; and
WHEREAS, the Local Government Participant held a public hearing on the Public Hearing
Date providing a reasonable opportunity for persons to comment on the issuance of the Obligations and
the Equipment; and
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of
the Obligations and the Equipment required by Section 147(f) of the Code, Section 9 of the Joint
Powers Agreement and Section 91530(f)of the Government Code of the State of California;
NOW, THEREFORE, BE IT RESOLVED, by the governing body of the Local Government
Participant, that the issuance of the Obligations and the Equipment are hereby approved for the
purposes of Section 147(f)of the Code and Section 9 of the Joint Powers Agreement.
CSCDA-EOIDB-PARTICIPANTDOCS(8/97)
RESOLVED FURTHER, the Clerk of the Local Government Participant shall certify the
adoption of this resolution,and thenceforth and thereafter the same shall be in full force and effect.
The undersigned hereby certifies that the foregoing resolution was approved and adopted by the
governing body of the Local Government Participant this 25�'day of October, 2005, by the following
vote:
AYES: Gioia,Piepho,DeSaulnier,Glover and Uilkema
NOES: None
ABSENT: None
ABSTAIN.* None
Jane Pen *ngton
[SEAL] Chief Clerk
Board of Supervisors of Contra Costa.County
CKDA-EMB-PARTICIPANTDOCS(9/97) '2'