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HomeMy WebLinkAboutRESOLUTIONS - 01011967 - 67-525 THE BOARD OF SUPERVISORS OF THE CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT STATE OF CALIFORNIA RESOLUTION NO. 6 5 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 FART OF AN ISSUE OF $350,000 PRINCIPAL AMOUNT AUTHORIZED AT AN ELECTION HELD IN SAID ZONE NO. 16 ON OCTOBER 13, 1964 ; PRESCRIBING THE AMOUNT, DATE AND FORM OF SERIES B BONDS OF SAID AUTHORIZED ISSUE ANIS 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 Board of Supervisors of Contra Costa Cpunty Storm Drainage District heretofore, to wit', on May 1.8, 1,96 , 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 Fonds, .Issue of 1965, " as set forth in the records of said Board; and WHEREAS, in and by said resolution said authorized issue was divided into series, whereof $2€ 0,000 principal amount were designated "Series All and the issuance and sale thereof authorized and directed and said Series A', bonds in 1 RESOUITION NO. 67/525 the amount of $200,000 have heretofore been issued and the unmatured portion thereof is now outstanding; and WHEREAS, said resolution above mentioned provided that the remaining $1.50,000 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 right determine, and WHEREAS, this Board of Supervisors of said District has determined, and does hereby declare, that it is necessa.-y 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 Stora 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 authorizedissue 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 $1.50,000 principal amount of Contra Costs. County Storm Drainage District Zane No. 1.6 Bonds, Issue of 1965, shall be and constitute an additional series of said issue, to be designated "Series B" . The bonds of said Series B 2 RESOLUTION ION NO. 67/525 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 bands shall gear 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 bands 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 bands shall mature and be payable .n consecutive numerical order, from lower to higher, as follows, to wit: $5,000 principal amount of bands shall' mature and be payable on August', 15 in each of the years 1968 to 1975, 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 fortes to be filled with appropriate words or figures , namely: 3 RESOLUTION NO. 67/525 UNITED NATES OF AMERICA STATE OF CALIFORNIA Contra Costa County CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT ZONE NO. 1 BOND, ISSUE OF 1965, SERIES B (SD16•-658) 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 sura 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. Bath 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- .rict 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, farm 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 Zane No. 16, 4 RESOLUTION NO. 67/525 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 Board of Supervisors of Contra Costa County Storm Drainage District Countersigned: ,SEA.DI 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 Bond, Issue of 1965, Series B, dated August 15, 2967. No. ', B (SD1.6-65B) Auditor of Contra Cost. County 5 RESOLUTION NO. 67/525 Section 4 . The proceeds of the sale of said $40,000 principal amount of Centra Costa County Storm Drain- age District Zone No. 16 Bands, Issue of 1965, Serres B. shall be deposited into the "Contra 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 Board 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 RESOLUTION TION NO. 67/525 _. OFFICIAL NOTICE OF SALE $40,000 CONTRA COSTA COUNTY STORM DRAINAGE DISTRICT ZONE No. 1 Bon, ISSUE OF 19 �� SERIES< B NOTICE IS HEREBY GIVEN that sealed proposals will be received by the Board of Supervisors (hereinafter called the "Board") of Contra Costa County Storm Drainage District (hereinafter called the "District") , at the office of the Clounty Clerk and ex officio Clerk of the Beard, County Ad- ministration Building, Martinez, California, on TUESDAY, AUGUST 15, 1967 , at the hour of 11. 00 o'clock A.M. (Cal.D.S.T. ) for the pur- chase of $40,000 principal amount of bonds of Zone No. 16 of said District designated "Contra Costa County Storm Drain- age District Zone No. 16 Bonds, Issue of 1955, Series B," more particularly described below and hereinafter called 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 $2003,000 principal amount designated "Series A" have heretofore been issued and sold and are now outstanding. The remaining $11.0,000 principal amount of said authorized issue will not be offered for sale prior to November 30, 1967. ISSUE AND $40,000 consisting of 40 bonds, numbered DENOMINATION: Bl to B40, both inclusive, of the denom- ination of $13,000 each and designated Series B. DATE: The bonds are all dated August 15, 1967 . MATURITIES: The bonds mature serially in ' consecu- tive numerical order, from lower to higher, $5,000 principal amount on August 15 in each of the years 1968 to 1975, 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 bonds 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 interestcannot be - 0 7 25 7 specified; and (v) any premium bid must be paid in bank funds as part of the purchase price and no bid 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 bidder 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. PArIIENT: Both principal and interest are payable in lawful money of the United States of America at the office of the Treasurer of ContraCosta County, in Martinez, California. EXECUTION AND Coupon bonds will be issued by the Bis- REGISTRATION: trict . The bonds 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. 16 of the District voting at a special election for the purpose of authorizing bonds for storm drain- age in said Zone No. 16 . SECURITY: The Board has power and is obligated to levy annual ad valorem assessments for the payment of the bonds and the interest thereon upon all real property within Zane No. 16 of the District, including both land and improvements thereon, subject to assessment by the District, without limitation of rate or amount . TAX EXEMPT In the event that prior to the delivery STATUS: of the bonds 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 laws 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 bands by the District, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL OPINION: The legal 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 copy of the legal opinion, certified by the official in whose office the original is filed, will be printed on each bond without charge to the successful bidder. TERMS OF SALE Highest Bid: The bonds will be awarded to the highest bidder considering the interest rate or rates specified and the premium offered, if any. The highest 8 k 6 7/5 2 55 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 crust pay accrued interest from the date of the bonds to the date of delivery. All interest shall be computed on a 360-day year basis. The cast of printing the bonds will be borne by the District . R4 ght __pf The Beard reserves the rights in its dis- Ruction: 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 bands 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. Deliverer and Delivery of the bonds will be made to the P moment: 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. Pight 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 l'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 ccompanyIng his bid. Form of Bid: All bids must be for not less. than all of the bands 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." Bir: Check: With each bid must be submitted a certi- fied check or cashier' s check for $1,000 drawn on a bank or trust company transacting business in the State of California payable to the order of the County Treas- urer of Contra Costa. County, to secure the District from any loss resulting from the failure of the bidder to comply with the terms of his bid. Checks of the unsuccessful bidders will be returned by the District promptly by mail upon the award of the bonds . No interest will be paid upon the deposit made by any bidder. _ Net Interest Cost : Bidders are requested (but not required) to supply an estimate of the total net interest cost to the District on the basis of their respec- tive bids, which shall be considered as informative only and not binding on either the bidder or the District. No Litigation: There is no controversy or litigation pending concerning the validity of the above issue, the valid existence of the District or of said Zone No. 1.6, or the title of the officers thereof to their respective offices, and the District will furnish to the successful bidder a no--litigation certificate certifying to the foregoing as of and at the time of the delivery of the bonds. Information relative to the financialcondition of the District and said Zone No. 16 will be furnished to any bidder upon request . Dated: July 27 , 1967 , W. T. PAASCH County Clerk of Contra Costa County and ex officio Clerk of Contra Costa County Story: Drainage District Yq 10 E Section 6. This resolutionshall take effect from and after its passage and approval and shall supersede Reso- lution No. 71456adopted June 27 , 1967, PASSED AND ADOPTED this 27th day of July, 1967, by the following votes AYES- Supervisors Jams P. Kenny, Alfred M. Dias, Fames E. Moriarty, Thomas John Call, Edmund A. Unsehaid. NOES: None. ABSENT: None. t Chairman of the Board of Supervisors of Contra Costa County Storm. Drainage District Attest,: 3-ALS W. T. PAASCE Clerk of Contra Cost. County Storm Drainage District 3 _ � . Mildred 0. Ballard$ Deputy, 11 R SOLUTION NO. 67/525 CLERK'S CERTIFICATE I, W, T. PAASC.H, 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 adjourned duly adopted at a regulal/meeting of the Board of Super- visors of said District duly and regularly and legally held at the regular meeting place thereof on the 27thday of gull, !967, of which meeting all of the members of said Board had due notice and at which a majority thereof was presents that at said meeting said resolution was introduced by Supervisor E. A. Unsc-he.id and read in full, and was . thereupon, upon motion of Supervisor J . . MbrJ 1 .s seconded by Supervisor A. N{. Dfla—, adapted by the fol- lowing vote: AY QSµ Supervisors James F. Kenny, Alfred M. Dias, James E. Moriartg, Thomas Jahn Gall, Edmund A. Li.ns chef d. NOES. None. ABSENT: None, That I have carefully compared the sane 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 C�»id resolution is «h full,, lrrue and correct opy 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. WTTNESS my hand and the seal of said District this day of julyg 1967. .SEAL Clerk of Centra Cesth County Story: Drainage 'District M11dred 0. Ballard, Deputy PP I 5