HomeMy WebLinkAboutRESOLUTIONS - 01011967 - 67-736 ORIGINAL
COUNTY OF CONTRA COSTA
RESOLUTION NO. 6'7/. .3
RESOLUTION PROVIDING FOR THE BORROWING
OF FUNDS AND THE ISSUANCE AND BALE OF
TEMPORARY NOTES THEREFOR - FISCAL YEAR 1967-1968
WHEREAS, the Board of Supervisors of Contra Costa
County , a county duly organized and existing under the Con-
stitution and laws of the State of California (which County
is hereinafter sometimes called the "County" ) , has found
and does hereby find and determine that funds in the maxi-
mum amount of $10 ,000,000 are needed by the County in the
fiscal year 1967-1968 for purposes for which the County is
authorized to expend funds (which funds are needed before
the receipt by the County of taxes , income and revenue for
said fiscal year) , to wit : For meeting current expenses;
and
WHEREAS, the County is authorized by Sections
53850 to 53858 , both inclusive, of the California 'Govern-
ment Code (being Article 7 .6 , Chapter 4 , Part 1, Division
2, Title 5 of said Code) to borrow money for such purposes
by the issuance of temporary notes, and desires to avail
itself of the provisions of said Article of said Cade for
the purpose of borrowing said amount of needed funds; and
WHEREAS, the estimated amount of the uncollected
taxes, income and revenue of the County which will', be avail-
able in the fiscal year 1967-1968 for the payment of said
notes and the interest thereon amounts to $13799, 003.L74 and
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WHEREAS, no money has heretofore been borrowed by
or on behalf of the County on tax anticipation notes or tem-
porary notes in anticipation of the receipt of, or payable
from or secured by, taxes , income, revenue , cash receipts or
other monies for or during the fiscal year 1967-1968; and
WHEREAS, the amount herein provided to be borrowed,
when added to the interest payable thereon, does not exceed
85% of the estimated amount of the now uncollected taxes,
income , revenue , cash receipts and other monies of the County
which will be available in said fiscal year for the payment
of said notes and the interest thereon; and
WHEREAS, United California Bank has offered to and
is willing to loan the County said amount of $10,000,000 to
be evidenced by temporary notes of the County as hereinafter
described in this resolution ;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa as follows .
1 . All of the above recitals are true and correct,
and this Board of Supervisors so finds , determines and
represents .
2. The County, pursuant to the provisions of said
Article of the California Government Code and for the purpose
of obtaining said funds needed by the County in said fiscal
year 1967-1968 , hereby determines to and shall burrow of and
from United California Bank the principal amount of not to
exceed $10,000,000 by the issuance of not to exceed ten
temporary notes therefor, said notes to be in the denomina-
tion of $1 ,000,000 each, to be numbered from 1 upwards in
consecutive numerical order, in order of issuance , each note
to be dated the respective date of delivery thereof (on or
after October 16, 1967 and prior to December 13, 1957 ) and
2
all nates to mature and to bear interest (payable at maturity
unless redeemed prior thereto) , as follows :
Interest Rate
Maturity Date (per annum)_
December 15, 1967 2.81%
Both the principal of and interest on said notes shall be
payable in lawful money of the United Mates of America, only
upon presentation and surrender thereof to the Treasurer of
the County at his office in Martinez , Contra Costa County ,
California. Each of said notes shall be subject to call and
redemption, at the option of the County, at any time prior to
its fixed maturity date at the principal amount thereof and
accrued interest thereon to date of redemption upon two days '
written notice thereof to the holder of the note. After the
date fixed for such redemption , if the County shall have
duly given notice of such redemption and shall have provided
funds available for the payment of the principal of and in-
terest on the note so called for redemption, interest on
such note shall thereafter cease . Said notes when and as
severally or collectively issued shall be and each of said
notes hereby is sold to said bank at the principal amount
thereof and shall be repaid from taxes during or allocable
to the fiscal year 1.967-1968 and all other income, revenue,
cash receipts and monies of the County lawfully 'available
therefor.
3 . For the payment of the principal of and in-
terest on said notes the County hereby pledges all of the
income and revenue of the County received from taxes for
the fiscal year 1967-1968 and all other income , revenue,
cash receipts and monies of the County lawfully available
in said fiscal year for the payment of said notes and the
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interest thereon and said notes shall constitute a first lien
and charge thereon and shall be paid .from the first such in-
come , revenue, cash receipts and monies received by the County.
4 . Said notes shall be issued without coupons and
shall each be substantially in the following form, the blanks
in said form to be filled in with appropriate wards or figures ,
to wit
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COUNTY OF CONTRA COSTA TEMPORARY NOTE
FISCAL YEAR 1967-1968
Number $1 ,000,000 1967
On the 15th day of December, 1967 (subject to any
right of prior redemption hereinafter in this note expressly
reserved) , the County of Centra Costa., State of California,
a county organized and existing under and by virtue of the
Constitution and laws of the State of California, for value
received, acknowledges itself indebted to and promises to
pay to the bearer hereof, at the office of the Treasurer of
said County, in Martinez , Contra Costa County, California,
the principal sum of
ONE MILLION DOLLARS ($1,000 ,000)
in lawful money of the United States of America, with inter-
est thereon at the rate of 2 .81% per annum from the date
hereof until payment in full of said principal sum. Inter-
est shall cease to accrue on said date unless this note is
presented for payment on said date and is not paid on said
date . Both the principal of and interest on this note shall
be payable only upon surrender of this note as the same
shall become due .
This note shall be subject to call and redemption,
at the option of said County, at any time prior to its fixed
maturity date at the principal amount thereof and accrued
interest thereon to date of redemption upon two days ' writ-
ten notice thereof to the holder hereof.
It is hereby certified, recited and declared that
this note is issued in strict conformity with the Constitu-
tion and laws of the State of California and with the
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provisions of Article 7.6, Chapter 4 , Part 1., Division 2 of
Title 5 (Sections 53850-53858, both inclusive) of the Cali-
fornia Government Code, and the proceedings of the Beard of
Supervisors of said County, including a resolution duly and
regularly passed and adopted by said Board of Supervisors on
October 10, 1967, authorizing the same , and that all acts ,
conditions and things required to exist , happen and be per-
formed precedent to and in the issuance of this note have
existed, happened and been performed in regular and due time ,
form and manner as required by law, and that this note , to-
gether with all other indebtedness and obligations of said
County , does not exceed any limit prescribed by the Consti-
tution or statutes of the State of California.
For the payment of the principal of and interest
on this nate and all notes of said authorized issue , all of
the income and revenue of said County received from takes
for the fiscal year 19671968 and all other income , revenue ,
cash receipts and monies of said County lawfully available
therefor are hereby pledged, and this note shall constitute
a first lien and charge thereon.
IN WITNESS WHEREOF, the County of Contra Costa
has caused this note to be executed by the Chairman of its
Board of Supervisors and to be countersigned by its Treas-
urer and its Auditor-Controller and the County Clerk or a
Deputy County Clerk, and its official seal to be 'affixed
hereto this day of , 1967.
COUNTY OF CONTRA COSTA
[SEAL]
By
a rman o EFie goard of SupervIsors
Countersigned:
Treasurer
u tor- ontro ler
aunty MeR
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5 . The Chairman of the Beard of Supervisors is
hereby authorized and directed to execute said notes for
and on behalf of the County , and the County Treasurer and
the County Auditor-Controller and the County Clerk. or a
Deputy County Clerk of the County are hereby authorized
and directed to countersign said notes for and on behalf
of the County. The County Clerk or a Deputy County Clerk
shall affix the seal of the County to said notes. Said
signing, countersigning and sealing shall constitute a
valid and sufficient execution of said note.
6. Said notes when and as issued shall be and
are hereby sold to United California Bank for the principal
amount thereof, all in accordance with the provisions of
said Article of said Government Code and as hereinabove
provided, and shall be repaid from income and revenues of
the County received by the County from taxes received dur-
ing or allocable to the fiscal year 1967-1968 and all other
income , revenue , cash receipts and monies of the County
lawfully available in said fiscal year for the payment of
said notes and the interest thereon; and the proceeds of
sale of said notes shall be applied exclusively for the
purposes specified in the first recital of this resolution.
7• It is hereby covenanted and warranted by the
Board of Supervisors of the County that all representations
and recitals contained in this resolution are true and cor-
rect , and that the County, and its appropriate officials ,
and any and all other appropriate officials for and on its
behalf, have duly taken all proceedings and action necessary
to be taken by them, and will take any additional proceedings
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and action necessary to be talon by them, for the levy,
collection and enforcement of the taxes pledgedhereunder
In accordance with law for carrying out the provisions of
this resolution and any pledge hereunder and said note .
PASSED AND ADOPTED this 10th day of October,
1967 , by the following vote :
AYES : Supervisors Fames P. Kenny, Alfred. M Lias,
James Z» Moriitrty# Thomas John Call., Edd. A.
Linscheid.
NOES : Ilona.
ABSENT: None Edmund A. Linphe id
Chairman of the BoaFa a upery sors
COUNTY OF CONTRA COSTA
ATTEST:
. T. PALS , CLERK
By Slatey Coy Clerk
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CLERK'S CERTIFICATE
1, W. T. PAASCH., County Clerk of the County of
Contra Costa, California, do hereby certify as follows :
The foregoing is a full, true and correct copy
of a resolution duly adopted by the Board of Supervisors
of said County , at a regular meeting of said Board duly and
regularly and legally held at the regular meeting place
thereof on October 10, 1967, of which meeting all of the
members of said Board of Supervisors had due notice and at
which a majority thereof was present .
At said meeting said resolution was introduced by
Supervisor 3, A#- Llnse)avid and read in full, and was
thereupon, upon motion of Supervisor T--T, C^1 1
seconded by Supervisor A. Ra I3 adopted by
the following vote :
AYES : Supervisors James P* Kenny, Alfred M, Dias.,
James E. Moriarty* Thomas John Coll, Edmmd A.
Linseh*id.
NOES: None,
ABSENT: None*
I have carefully compared the same with the
original minutes of said meeting on file and of record in
my office and said resolution is a full , true and correct
copy of the original resolution adopted at said meeting and
entered in said minutes .
The original resolution has not been amended,
modified or rescinded since the date of Its adoption and
the same is now in full force and effect.
Dated: October 1Q 1967 .
W. T. PAASCHv - 1 RK
[SEAL] Courfty Cerk of thfif. County of Contr& C6sta
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