HomeMy WebLinkAboutRESOLUTIONS - 01011967 - 67-456 THE .BOARD OF SUPERVISORS OF THE
CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT
STATE OF CALIFORNIA
RESOLUTION NO. . 456
RESOLUTION PROVIDING FOR THE ISSUANCE OF
$40,000 PRINCIPAL AMOUNT OF "CONTRA COSTA'
COUNTY STORM DRAINAGE DISTRICT ZONE NO. 16
BONDS, ISSUE OF 1965, SERIES B, " BEING PART
OF AN ISSUE OF 1350,000 PRINCIPAL AMOUNT
AUTHORIZED AT AN ELECTION HELD 1:N SAID ZONE
NO. 16 ON OCTOBER 13, 196 + ; PRESCRIBING THE
AMOUNT, DATE AND FORD OF SERIES B BONDS OF
SAID AUTHORIZED ISSUE AND OF THE COUPONS TO
BE ATTACHED THERETO AND PRESCRIBING THE MA-
TURITIES THEREOF; FIXING THE MAXIMUM RATE'
OF INTEREST ON SAID SERIES B BONDS : AND DI-
RECTING NOTICE OF SALE OF SAID SERIES B BONDS
TO BE GIVEN
WHEREAS, the Beard of Supervisors of Contra Costa
County Storm Drainage District heretofore, to wit, on May 18,
19615, duly passed and adopted its Resolution No. 4009, pro-
viding for the issuance of $350,000 principal amount of
"Contra Costa County Storm Drainage District Zone No. 16
Bonds, Issue of 1.965, t1 as set forth in the records of said
Board; and
WHEREAS, In and by said resolution said authorized
issue was divided into series , whereof $200,000 principal
amount were designated "Series Ale and the issuance and sale
thereof authorized and directed and said Series A bands in
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the amount of $2001,000 have heretofore been issued and the
unmatured portion thereof is now outstanding, and
WHEREAS, said resolution above mentioned provided
that the remaining $150,000 principal amount of "Contra
Costa County Storm Drainage District Zone No. 16 Bonds , Is-
sue of 1965, " might be divided into one or more series, as
the Board of Supervisors of said District might determine;
and
WHEREAS, this Board of Supervisors of said .District
has determined, and does hereby declare, that it is necessary
and desirable that $40,000 principal amount of said remain-
ing $150, 000 principal amount of said bonds be issued and
sold for the purposes for which they were authorized by the
electors;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of Contra Costa County Storm Drainage District,
as follows:
Section 1. Said Resolution No. 4009 for the issu-
ance of Contra Costa County Storm Drainage District Zone No.
16 Bonds, Issue of 1965, adopted by this Board of Supervisors
of said District on May 18, 1965, is incorporated herein by
reference and all of the provisions thereof are made a part
hereof and shall be applicable to said $40,000 principal
amount of the remaining bonds of said authorized issue in
the principal amount of $150,000 except only as herein other-
wise expressly provided.
Section 2. $40,000 principal amount of said re-
maining $150,000 principal amount of Contra Costa County
Storm Drainage District Zone No. 16 Bonds, Issue of 1965,
shall be and constitute an additional series of said issue,
to be designated "Series B" . The bands of said Series B
2 7456
shall be negotiable in form, and of the character known as
serial., and shall be 40 in number, numbered consecutively
from Bl to B40, both inclusive, of the denomination of $1,000
each. Said Series B bonds shall be dated August 15, 1967
(which is hereby fixed and determined to be the date of the
issue of such Series B bonds) . All of said Series B bonds
shall bear interest from their date until paid at the rate
or rates designated by the Board of Supervisors of said .Dis-
trict at the time of the sale of said bonds, but not to ex-
ceed 5% per annum, payable annually the first year and there-
after semiannually. Such interest shall be evidenced by
coupons attached to each bond, and each of said coupons
shall represent six months " interest on the bond to which
it is attached (except interest for the first year which is
payable in one installment at the end of such year) . The
interest coupons on said Series B bonds shall be payable on
the 15th day of August , 1968 , and thereafter semiannually
on the 15th day of February and the 15th day of August in
each year until and at the respective dates of maturity of
said bonds. Said Series B bonds shall mature and be payable
in consecutive numerical order, from lower to higher, as
follows, to wit.
$1,000 principal amount of bonds shall '
mature and be payable on August '
15 in each of the years 1968 to
2007, both inclusive.
Both the principal of and interest on said bonds shall be
payable at the office of the Treasurer of Contra Costa, in
Martinez, California, in lawful money of the United States
of America.
Section 3. Said Series B bonds and coupons shall
each be substantially in the following form, the blanks in
said forms to be filled with appropriate words or figures ,
namely: ` 6 7/4 5 6
3
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
Contra Costa County
CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT
ZONE NO. 1 BCJN ISSUE OF 1965, SERIESB
(SD16-65B)
No. B___... $1,000
CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT, a
public corporation organized and existing under the Con-
stitution and laws of the State of California, hereby ac-
knowledges that Zone No . 16 of said District is Indebted
and for value received promises to pay to the bearer (or
if this bond is registered, to the registered holder here-
of) on the 15th day of August, , the principal sum of
ONE THOUSAND DOLLARS ($1,000)
together with interest thereon at the rate of per cent
{ %) per annum until payment of said principal sum in full,
payable annually on August 15, 1968, and thereafter semian-
nually on the 15th day of February and the 15th day of August
of each year. Unless this bond is registered, such interest,
prior to maturity, shall be payable only on presentation and
surrender of the proper interest coupons hereto attached as
they respectively become due. Both the principal of and in-
terest on this bond are payable in lawful money of the United
States of America at the office of the Treasurer of Contra
Costa County, in Martinez, California.
This bond is one of a duly authorized issue of
bonds of said Zone aggregating Three Hundred Fifty Thousand
Dollars ($350,000) principal amount, all of like 'tenor (ex-
cept for such variations , if any, as may be required to
designate varying series, dates , numbers, maturities or in-
terest rates ) and is issued under and pursuant to the Con-
stitution and statutes of the State of California, and under
and pursuant to the ordinance and proceedings of said Dis-
trict duly adopted and taken and a vote and assent of more
than two-thirds of all of the qualified electors of said
Zone No, 16 voting at a special election duly called and
held for that purpose.
It is hereby certified, recited and declared that
all acts, conditions and things required by law to exist,
happen and to be performed precedent to and in the issuance
of this bond have existed, happened and been performed in
due time, form and manner as required by law, and that the
amount of this bond, together with all other indebtedness
of said Zone No. 16, does not exceed any limit prescribed by
the Constitution or statutes of said State, and that provi-
sion has been made as required by the Constitution and
statutes of said State for the collection of an annual as-
sessment upon all real property within said Zone No. 16,
4 P6 7/4 56
including both land and improvements thereon, sufficient to
pay the principal of and interest on this bond as the same
become due.
This bond may be registered in the manner provided
by law and thereafter the principal hereof and interest here-
on shall be payable only to such registered owner.
IN WITNESS WHEREOF, Contra Costa County Storm Drain-
age District has caused this bond to be signed by the Chairman
of its Board of Supervisors, and countersigned by the County
Auditor of Contra Costa County and the seal of said County to
be affixed thereto, and has caused the interest coupons at-
tached hereto to be signed by said Auditor, and this bond to
be dated the 15th day of August, 1967,
Chairman of the Beard of Supervisors of
Contra Costa County Storm Drainage District
Countersigned:
[SEAL]
Auditor of Contra Costa County
(Form of Coupon)
Coupon No .
On the 15th day of
Contra Costa County Storm
Drainage District will (un-
less the within mentioned bond
be registered) pay to bearer
at the office of the Treasurer
of Contra Costa County, in
Martinez, California., the sum
shown hereon in lawful money $
of the United States of America,
being interest then due on its
Zone No. 16 Band, Issue of 1965,
Series B. dated August 15, 1967 . No. >B
(SD16-65B)
Auditor of Contra Costa County
5 P 6 7/4 5 6/
Section 4 . The proceeds of the sale of said
$40,000 principal amount of Centra Costa County Storm Drain-
age District Zone No. 16 Bonds, Issue of 1965, Series B,
shall be deposited into the "';antra Costa County Storm Drain-
age District Zone No. 16 Improvement Fund" established by
Section 7 of said Resolution No. 4009 passed and adopted by
this Board of Supervisors of said District on May 18, 1965
(except accrued interest received on such sale) .
Section 5 . All of said Series B bonds shall be
offered for public sale by the Beard of Supervisors of
Contra Costa County Storm Drainage District at the time and
place designated in the notice of sale hereinafter set forth,
and the Clerk of said District is hereby authorized and di-
rected to cause notice of the sale of said bonds to be pub-
lished once in the CONTRA COSTA TIMES, a newspaper of general
circulation circulated in said Zone No. 16, and such notice
shall be substantially in the following form, to wit :
6 6 745
OFFICIAL NOTICE OF SALE
$40,OOO
CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT
ZONE NO. 7 BONE ISSUE OF 1965, SERIES B
NOTICE IS HEREBY GIVEN that sealed proposals will
be received by the 'Board of Supervisors (hereinafter called
the "Board" ) of Centra Costa County Storm Drainage District
(hereinafter called the "District" ) , at the office of the
County Clerk and ex officio Clem of the Board, County Ad-
ministration Building, Martinez, California, on
TUESDAY, j1LY 25, 1967,
at the hour of 11; 00 o'clock A.M. ( Cal.D.S .T. ) for the pur-
chase of $40, 00:; principal amount of bonds of Zane No. 16
of said District designated "Contra Costa County Stormy Drain-
age District Zone No. 16 Bonds, Issue of 1.965, Series B, "
more particularly described below and hereinaftercalled the
"bonds" . The bonds are part of an issue of $350,000, aggre-
gate principal amount authorized at an election held in said
Zone No. 16 of the District on October 13, 1964 , of which
issue $200,000 principal amount designated "'Series A" have
heretofore been issued and sold and are now outstanding.
°fhe re:rainl.ng $110,000 principal amount of said authorized
issue will not be offered for sale prior to November 30, 1967.
ISSUE AND $40,^00, consisting of 40 bones, numbered
DENOMINATION: Bl to 840, both inclusive, of the denom-
ination of $1,000 each and designated
Series B.
DATE: The bonds are all dated August 15, 1957 .
MATURITIES: `?''he bonds mature serially in consecu-
tive numerical order, from lower to
higher, $1,000 principal amount on
August 15 in each of the years 1968
to 2001f , both inclusive, without op-
tion of prior payment .
INTEREST RATE: Maximum 5% per annum, payable' annually
the first year on august 15, 1968, and
thereafter semiannually on February 15 and August 15 in each
year. .Bidders must specify the rate of interest which the
bonds hereby offered for sale shall bear. Bidders may spec-
ify any number of separate rates of interest and the same
rate or rates may be repeated as often as desired, provided
that (i) all bands maturing in the same year shall bear the
same rate of interest, (ii) no bond shall bear more than one
rate of interest, no interest payment shall. be evidenced by
more than one coupon and supplemental coupons will not be
permitted; (iii) each bond shall bear interest from its date
to its stated maturity at the interest rate specified in the
bid, (iv) each interest rate specified must be in' a multiple
of 1/8 or 1/20 of 1 and a zero rate of interest cannot be
74 5
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specified, and (v) any premium bid must be paid in bank funds
as part of the purchase price and no hid will be accepted
which contemplates the cancellation and surrender of any in-
terest coupons or the waiver of any interest or other conces-
sion by the badder as a substitute for payment in full of the
purchase price in bank funds. Bids which do not conform to
the terms of this paragraph will be rejected.
PAYMENT: Both principal and interest are payable
in lawful money of the United States of
America at the office of the Treasurer of Contra Costa County,
in Martinez, California.
EXECUTION AND Coupon bands will be issued by the leis-
REGISTRATION: trictm The bands will be executed by the
manual signature of at least one official
authorized to execute the bonds. Such bonds are registrable
only as to both principal and interest. After being regis-
tered, a bond may be transferred only by registration in the
name of the new owner. Registered bonds are not convertible
into coupon bonds .
PURPOSE OF Said bonds are authorized by vote of two-
ISSUE: thirds of the qualified voters of Zone
No. 15 of the District voting at a special
election for the purpose: of authorizing bonds for storm drain-
age in said lone No. 16 .
SECURITY: The Board has power and is obligated to
levy annual ad valorem assessments for the
payment of the bonds analtheI interest thereon, upon all real.
property within Zone Nos I,6 bf' Cl^e his trio , including both
land and improvements thereon, sulb ect to assessment by the
District , without limi`ayi.onk of rate or amount.
TAX EXEMPT In the event that prior to the delivery
STATUS: of the bends the income received by pri-
vate holders from bonds of the same type
and character shall be declared to be taxable under any Fed-
eral income tax laws , either° by the terms of such saws or by
ruling of a Federal income tax authority or official which
is followed by the Internal Revenue Service, or by decision
of any Federal Court, the successful bidder may, at his op-
tion, prior to the tender of the bonds by the District, be
relieved of his obligation under the contract to purchase
the bonds and in such rase the deposit accompanying his bid
will be returned.
LEGAL OPINION: Tlhle lega� opinion of Messrs . Orrick,
Herrington, Rowley & Sutcliffe, of San
Francisco, California, approving the validity of said bonds,
will be furnished to the successful bidder without charge.
A ropy of the legal opinion, lcertified by the official in
whose office the original islfiled, will be printed on each
bond without charge to the successful bidder.
TERMS OF ,SALE.
Highest_ Bid: The bond will, be awarded to the highest
bidder considering the interest rate or
rates specified and the premium offered, if any . The highest
8 f J456
bid will be determined by deducting the amount of the premium
bid (if any) from the total amount of interest which the Dis-
trict would be required to pay from the date of said bonds to
the respective maturity dates at the coupon rate or rates
specified in the bid, and the award will be made on the basis
of the lowest net interest cast to the District. The purchaser
must pay accrued interest from the date of the bands to the
date of delivery. All interest shall be computed on a 360- day
year basis. The cost of printing the bands will be borne by
the District .
Ri Eht of The Board reserves the right, in its dis-
Rejection: cretion, to reject any and all bids and to
waive any irregularity or informality in
any bid.
Prompt Award: The Board will take action awarding the
bonds or rejecting all bids not later
than 26 hours after the expiration of the time herein pre-
scribed for receipt of proposals unless such time of award
is waived by the successful bidder.
Delivery and Delivery of the bonds will be made to the
Payment: successful bidder at the office of the
County Treasurer, in Martinez, California,
as soon as the bonds can be prepared, which it is estimated
will be within 30 days from the date of sale thereof, but not
prior to the date of the bonds. Payment of the purchase price
of the bonds must be made in funds immediately available to
the District in Martinez, California.
Right of The successful bidder shall have the right,
Cancellation: at his option, to cancel the 'contract of
purchase if the District shall fail to ex-
ecute the bonds and tender the same for delivery within 60 days
from the date of sale thereof, and in such event the successful
bidder shall be entitled to the return of the deposit accompany-
ing his bid.
Form of Bid: All bids must be for not less than all of
the bonds hereby offered for 'sale and for
not less than the par value thereof and accrued interest to
date of delivery. Such bids, together with bidders ' checks,
must be enclosed in sealed envelopes addressed to the Board
of Supervisors of Contra Costa County Storm Drainage District
and endorsed "Proposal. for Zone No. 16 Bonds, Issue of 1965,
Series B. "
Bid Check: With each bid must be submitted a certi-
fied check or cashier's check for $1 ,000
drawn on a bank or trust company transacting business in the
State of California payable to the order of the County Treas-
urer of Contra Costa County, to secure the District from any
loss resulting from the failure of the bidder to comply with
the terms of his bid. Checks of the •
unsuccessfulbidders will
be returned by the District promptly by mail upon the award of
the bands. No interest will be paid upon the deposit made by
any bidder.
9 067456
Net Interest Cost : Bidders are requested {but not required}
to supply an estimate of the total net
interest cost to the District on the basis of their respec-
tive bids, which shall be considered as informative only and
not binding on either the bidder or the District'.
No Litigation. There is no controversy or litigation
pending concerning the validity of the
above issue, the valid existence of the Districtor of said
Zone No. 16, or the title of the officers thereof to their
respective offices , and the District will. furnish to the
successful bidder a no-litigation certificate certifying to
the foregoing as of and at the time of the delivery of the
bonds.
Information relative to the financial condition of
the District and said Zone No. 16 will be furnished to any
bidder upon request.
Dated. June 27, 1967 .
W. T. PAASCH
County Clerk of Contra Costa
County and ex officio Clerk
of Contra Costa County Storm
Drainage District
10 6 7/4 5 6
v-.
Section 6. This resolution shall take effect from
and after its passage and approval.
PASSEL? ANL}, ADOPTED this 27th day of June, 1957 ,
by the fol low.4 n.:jc: vote:
AYES: Supervisors James P. Kenny, Alfred M. Dias,
James E. Moriarty, Thomas John Coli..
NOES: None.
ABSENT: Supervisor Edmund A. Linscheid.
Vice Chairman T6ard ofupervi ors
of Contra sta County St"6'rm- ..Da nage
District
Attest:
[SEA. W. T. PA.ASC;H
Clerk of Contra Costa County
Storm Drainage District``
By
L61RqtTe M. Bonner Deputy
l 671456
CLERK'S CERTIFICATE
I, W. T. BAASCH, Clerk of CONTRA COSTA ',COUNTY
STORM DRAINAGE DISTRICT, do hereby certify that the fore-
going is a full, true and correct copy of a resolution
duly adopted at a regular meeting of the Board of Super-
visors of said District duly and regularly and legally held
at the regular meeting place whereof on the 27th day of
June, 1967, of which meeting all of the members of said,
Board had due notice and at which a majority thereof was
present; that at said meeting said resolution was introduced
by Supervisor A. M. Dias and read in full, and was
thereupon, upon motion of Supervisor J. E. Moria: ,
seconded by Supervisor T. J. Coll, , adopted by the fol-
lowing vote.
AYES. Supervisors James P. Kenny, Alfred. M. Dias,
Fames E. Moriarty, Thomas Jahn Coll .
NOES: None.
ABSENT: Supervisor Edmund A. Linscheid.
I'ha.t I have carefully compared the same with the
original minutes of said meeting on file and of record in
my office and that said resolution is duly entered of record
In said minutes, and said resolution is a full, true and
correct copy of the original resolution adopted at said meet-
ing and entered in said minutes; 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 said District this
27th day of June, 1967.
SEAL
W. T. PA.ASCH
Clerk of Contra Caste. County
Storm Drainage District
BV
Loure t t er M. onn.er, Deput y
r.
0067/456