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HomeMy WebLinkAboutRESOLUTIONS - 01011968 - 1968-477 ''Ill-,''.............................................................................................................................................-.......................... ............................................... RESOLUTION No. 68/477 PROVIDING FOR THE ISSUANCE OF $400,000 PRINCIPAL AMOUNT OF "ORINDA FIRE PROTECTION DISTRICT OF CONTRA COSTA COUNTY 1968 BONDS" ; PRESCRIBING THE DATE AND FORM THEREOF AND OF THE COUPONS TO BE ATTACHED THERETO ; FIXING THE MAXIMUM RATE OF INTEREST THEREON, AND PRESCRIBING THE MATURITIES THEREOF; AUTHORIZING THE EXECUTION OF SAID BONDS AND COUPONS; PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRIN- CIPAL AND INTEREST THEREOF; AND DIRECTING NOTICE OF SALE THEREOF TO BE GIVEN. WHEREAS, all the requirements of law have been complied with in calling and holding the special bond election (the "election" ) held in Orinda Fire Protection District of Contra Costa County (the "District") , at which election a measure (the "measure") to issue bonds (the "bonds") of the District in the principal sum of $400 ,000 for the object and purpose hereinafter stated was submitted to the qualified voters of the District ; and the Board of Super- visors of Contra Costa County as Board of Directors of the District (the "Board") d1d duly and regularly canvass the returns of the election and did by said canvass determine and declare, and does hereby certify, that more than two- thirds of the votes cast at the election upon the measure were in favor of the measure and assented to the incurring RESOLUTION NO. 68/477 of a general obligation banded indebtedness, and the issuance of the bonds by the District was duly authorized; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY AS BOARD OF DIRECTORS OF ORINDA FIRE PROTECTION DISTRICT OF CONTRA COSTA COUNTY, AS FOLLOWS Section 1 . (a) Unless the context otherwise requires , the terms defined in this Section l(a) shall for all purposes of this resolution have the meanings herein specified : Board The term "Board" shall mean the Board of Super- visors of Contra Costa County as Board of Directors of the District . Bonds The term "bonds" shall mean the "Orinda Fire Protection District of Contra Costa County 1968 Bonds . " County The term "County" shall mean Contra Costa Countv, a political subdivision of the State of California. District The term "District" shall mean Orinda Fire Protection District of Contra Costa County, a fire pro- tection district reorganized and existing under and by virtue of the Fire Protection District Law of 1961 , being Part 2.7 of Division 12 of the Health and Safety Code of the State of California (Sections 13801 et seq . ) . President The term "President" shall mean the Chairman of the Board of Supervisors of the County as President of the District . 68 /477 2 .............................................................................................................. ................. ........................ Secretary The term "Secretary" shall mean the County Clerk of the County, as Secretary of the District.. Treasurer The term "Treasurer" shall mean the Treasurer of the County . (b) The Board has reviewed all proceedings heretofore taken relative to the authorization of the bonds and has found as, a result of such review and does hereby determine that all acts , conditions and things required by law to exist , happen and be performed precedent to and in the issuance of the bonds have existed , happened and been performed in due time, form and manner as required by law, and the District is now authorized pursuant to each and every requirement of law to incur indebtedness in the manner and form as in this resolution provided . Section 2 . Bonds of the District shall issue to pay the cost of the acquisition, construction and com- pletion of the improvements set forth in the following measure, to wit : MEASURE W : Shall Orinda Fire Protection (Fire Station District incur a bonded in- Improvements) debtedness In the principal amount of $400,000 for the acquisition, construction and completion of the following improvements, works and property : acquisition of land for a new main fire station and an additional sub-station; acquisition, construction and completion of the new main fire station, including site improvements, furnishings and equipment ; fire protection equipment ; lands, easements and rights of way; and other works, property or structures necessary or convenient for fire protection for Orinda Fire Protection District? /4 7 7 3 ......... ......... ......... ......... ...._..........11.1.1_ _ 1.......... .................. ......... ........ ......... ......... ......... ......... ......... ......... ......... ......... Section 3 . The bonds shall be issued as herein- after set forth, and shall be sold in accordance with law at not less than their par value and accrued interest . The bonds shall be $ 100,000 in aggregate principal amount and shall be known as "Orinda Fire Protection District of Contra Costa County 1968 Bonds . " The bonds shall be negotiable in form and of the character known as serial ; shall be num- bered consecutively from 1 to 80, both inclusive, in order of maturity; and shall be of the denomination of $5,000 each . The bonds shall be dated July 1 , 1968 (whish is hereby fixed and determined to be the date of the issuance of the bonds) . All of the bonds shall bear interest from their date until paid at the rate or rates designated by the Board at the time of the sale of the bonds , but not to exceed six per cent (6%) per annum, payable annually the first year and thereafter 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 the first coupon, which shall rep- resent twelve months ' interest ). Said interest coupons shall be payable on January 1 and July 1 in each year (ex- dept that the first coupon shall be payable on July 1, 1969) until and at the respective dates of maturity of the bonds. The bonds shall mature and be payable in consecutive numer- ical order, from lower to higher, as follows : 68 /477 ''I''..'','',.''..................................................................................................................................................................................................... .. ..................................... .......... Maturity Date (January 1) Principal (all years Amount inclusive) $,� 5,000 1970-1972 10,000 1973 15,000 1974-1977 20,000 1978-1980 , 25,000 1981-1984 30,000 1985-1988 35,000 1989 Both the principal of and interest on the bonds shall be payable in lawful money of the United States of America at the office of the Treasurer, in Martinez ,, Cali- fornia. Bonds numbered 1 to 34 , both inclusive , maturing on or prior to January 1, 1981, are not subject to redemption prior to their respective maturity dates . Bonds numbered 35 to 80, both inclusive, maturing on or after January 1, 1982, are subject to redemption vrior to their respective maturity dates , at the option of the District , as a whole, or in part in inverse numerical order, from funds derived by the District from any source, on any interest payment date on or after January 1, 1981, at the principal amount thereof and accrued interest to date of redemption together with a premium of one-quarter of one per cent (1/4 of 1%) of such principal amount for each whole year and for any fraction of a year remaining from the date fixed for redemp- 5 68 /477 tion to the stated maturity of the bonds so called for redemption. Notice of such redemption shall be given by publication of such notice once a week for two (2) suc- cessive calendar weeks in a newspaper of general circu- lation or a financialjournal printed and published in San Francisco, California, the first publication of which shall be at least thirty (30) days but not more than sixty ( 0) days prior to the date fixed for such redemption. After the date fixed for such redemption, if the District shall have duly published notice of such redemption and shall have provided funds for the payment of the principal of and interest on the bonds so called for redemption, together with the premium then due thereon, interest on such bonds shall thereafter cease. Section 4 . The bonds and coupons shall each be substantially in the following; form, the blanks in said forms to be filled in with appropriate words or figures , namely: 68 / 477 (Form of bond) UNITED STATES OF AMERICA STATE OF CALIFORNIA Contra Costa County ORINDA FIRE PROTECTION DISTRICT OF CONTRA COSTA COUNTY 1968 BOND No. _�. $5,000 Orinda. Fire Protection District of Contra Costa County, a fire protection district organized and existing under the Constitution and laws of the State of California (the "District") , hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the registered owner hereof) on January 1, __19 (subject to any right of prior redemption hereinafter reserved) , the principal sum of FIVE THOUSAND DOLLARS ($5 ,000) together with interest thereon from the date hereof at the rate of per cent ( %) per annum until payment of said principal sum in full , payable annually the first year on July 1 , 1969 , and thereafter semiannually on January 1 and July 1 in each year. Unless this bond be registered, such interest on or prior to maturity shall be payable only on presentation and surrender of the nroner interest coupons hereto attached as they respectively be- come due. Both the principal of and interest 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 bond of the District aggregating Four Hundred Thousand Dollars ($400 ,000) in principal amount , all of like tenor and date (except for such variations , if any , as may be required to designate varying numbers , maturities , interest rates or redemption provisions) , and is issued under and pursuant to the Constitution and statutes of the State of California and under and pursuant to proceedings of the District duly adopted and taken and a vote and assent of more than two- thirds of all the qualified voters of the District voting at a special election duly called and held for that purpose. 7 68 /477 Bands numbered1 to 34 , both inclusive, maturing an or prior to January 1, 1981, are not subject to redemption prior to their respective maturity dates . Bonds numbered 35 to 80, both inclusive, maturing on or after January 1, 1982, are subject to redemption prior to their respective maturity dates , at the option of the District , as a whole, or in part in inverse numerical order, from funds derived by the District from any source, on any interest payment date on or after January 1, 1981 , at the principal amount thereof and accrued Interest to date of redemption together with a premium of one-quarter of one per cent (1/4 of 1%) of such principal amount for each whole year and for any fraction of a year remaining from the date fixed for redemption to the stated maturity of the bonds so called for redemption. This bond may be registered in the manner provided by law and thereafter the principal hereof and interest hereon shall be payable only to such registered owner. It is hereby certified, recited and declared that all acts , conditions and things required by law to exist , happen and 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 the District, does not exceed any limit prescribed by the Constitution or statutes of said ,State , and that nro- vision has been made as required by the statutes of said State for the collection of an annual tax upon all the property taxable by the District sufficient to pay the principal of and interest on this bond as the same be- come due. The full faith and credit of the District are hereby pledged for the punctual payment of the nrincioal of and interest on this bond. IN WITNESS WHEREOF, the Board of Sunervisors of Contra Costa County as Board of Directors of Orinda Fire Protection District of Contra Costa County has caused this bond to be signed by its Chairman as President of the Dis- trict and countersigned by the Treasurer of Contra Costa County, with the seal of the District attached , and has caused the interest coupons attached hereto to be signed by the Treasurer of Contra Costa County and this bond to be dated July 1 , 1968. Chairman of the Board of Supervisors of Contra Costa County as President of Orinda Fire Protection District [SEAL] of Contra Costa County Countersigned : Treasurer of Contra Costa County 681477 (Form of coupon) Counon No. Orinda Fire Protection .District of Contra Costa County will on 1 , 19 pay to the bearer (unless the within-mentioned bond be registered and sub.iect to any right of prior redemption reserved in said bond) at the office of the Treasurer of Contra Costa County, Martinez , California, the sum shown hereon $ in lawful money of the United States of America, being interest then due on its 1968 Bond dated July 1, 1968 . . . . . . . . . . . . . No . Treasurer of Contra Costa County Section 5. The President is hereby authorized and directed as such officer to execute each of the bonds on behalf of the District , and the Treasurer is hereby authorized and directed to countersign each of the bonds and to affix the official seal of the District thereto . Such seal may be printed, engraved, stamped or otherwise placed by facsimile thereon. The President is hereby authorized to cause the bonds to be signed by printed , lithographed or engraved facsimile signature . The Treasurer is hereby authorized and directed to sign each of the interest coupons by printed , lithographed or engraved facsimile signature . Such signing, countersigning and sealing as herein provided shall be a sufficient and binding execution of the bonds and cou- pons by the District , and all such signatures and counter- signatures excepting that of the Treasurer on the bonds , may be printed, lithographed or engraved . In case any of 9 68 /477 such officers whose signatures or countersignatures appear on the bonds or coupons shall cease to be such officer before the delivery of the bonds to the purchaser, such signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as though he had remained in office until the delivery of the bonds . Section 6 . After the issuance of the bonds , and annually thereafter until the bonds are paid or until there is a sum in the County treasury in the fund hereinafter designated sufficient to meet all payments of principal of and interest on the bonds as it becomes due, the Board shall cause a tax to be levied upon all the property taxable by the District sufficient to pay such interest and principal as will become due before the proceeds of a tax levied at the next general tax levy will be available. The tax shall be in addition to all other taxes levied for the District and shall be collected in the same manner and at the same time as County taxes . Such taxes as collected shall be forthwith paid into a fund which shall be designated lOrinda Fire Protection District of Contra Costa County 1968 Bond Special Bond Service Fund ,' and all sums to become due for the principal of and interest on the bonds shall be paid from such fund . There shall likewise be deposited in said fund all premiums and accrued interest received by the District on the sale of the bonds . When the purpose and object recited in the measure have been accomplished and all principal and interest on the bonds have been paid, any balance of money then remaining in said fund shall be transferred to the general fund of the District . 68/477 10 Section 7 . There is hereby created and established a fund to be known as the "Orinda Fire Protection District of Contra Costa County 1968 Bond Improvement Fund ," which shall be kept by the Treasurer, and the remainder of the proceeds of sale of the bonds (after deduction of all premiums and accrued interest received on such sale) shall be placed to the credit of said fund and applied exclusively to the purpose and object recited in the measure , provided, however, that when said purpose and object have been ac- complished any moneys remaining in said fund shall be transferred to the Orinda Fire Protection District of Contra Costa County 1968 Bond Special Bond Service Fund . Section 8 . The Secretary is directed to cause a sufficient number of blank bonds and coupons of suitable quality to be lithographed , printed or engraved , and to cause the blank spaces thereof to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers, and to deliver them , when so exe- cuted, to the Treasurer who shall safely keep the same until they shall be sold by the Board, whereupon he shall. deliver them to the purchaser or purchasers thereof, on receipt of the purchase price . The President and Treasurer are fur- ther authorized and directed to make , execute and deliver to the purchaser of the bands a signature and no-litigation certificate in the form customarily required by purchasers of municipal bonds, certifying; to the genuineness and due execution of the bonds and further certifying; to all facts within their knowledge relative to any litigation which may or might affect the District , said officers or the bonds , and the Treasurer is further authorized and directed 68 /477 11 to make, execute and deliver to the purchaser of the bunds a receipt in the form customarily required by purchasers of municipal bonds, evidencing the payment of the purchase price of the bands, which receipt shall be conclusive evi- dence that said purchase price has been raid and has been received by the District . Any purchaser or subsequent taker or holder of the bonds is hereby authorized to rely upon and shall be justified in relying upon such signature and no-litigation certificate and such receipt with respect to the bonds executed pursuant to the authority of this resolution. Section 9. All of the bands shall be offered for public sale by the Board on the date hereinafter specified , and the Secretary is hereby authorized and directed to cause notice of the sale of the bonds to be published once in the QRINDA STN, a newspaper circulated in the District . Such notice shall be substantially in the following; form, to wit : 68 /477 12 OFFICIAL NOTICE OF SALE $400 000 ORINDA FIRE PROTECTION DISTRICT OF CONTRA COSTA COUNTY 1968 BONDS NOTICE IS HEREBY GIVEN that sealed proposals will be received by the Board of Supervisors of Contra Costa County , as Board of Directors (the "Board") of Orinda Fire Protection District of Contra Costa County (the "District" ) , Contra Costa County, California, at the Beard of Supervisors Chambers , County Administration Building, Martinez, Cali- fornia, on Tuesday, August 21/, 1968, at the hour of 11 :00 A.M. for the purchase of $400 ,000 ,principal amount of bonds of the District designated "Orinda Fire Protection District of Contra Costa County 1968 Bonds" (the "bonds") , more particularly described below : ISSUE AND $400,000, consisting; of 80 bonds , num- DENOMINATION: bered 1 to 80, both inclusive, of the denomination of $5,000 each. DATE: The bonds are dated July 1 , 1968 . MATURITIES : The bands mature serially in consecutive numerical order, from lower to higher, as follows : Maturity Date (January 1) Principal (all years Amount inclusive) $ 5,000 1970-1972 10,000 1973 15,000 1974-1977 20,000 1978-1980 25,000 1981-1984 30,000 1985-1988 35,000 1989 INTEREST RATE: Maximum six per cent (6%) per annum, payable on July 1 , 1969 and thereafter semiannually on January 1 and July 1 in each year. Bidders must specify the rate or rates of interest which the bonds shall bear. Bidders may specify any number of separate rates of interest and the same rate or rates may be repeated as often as desired , provided that : (i) the difference between the lowest and highest coupon rates named in any bid shall not exceed 2% ; (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 6 $ 1477 13 shall bear interest from its date to its stated maturity at the interest rate specified in the bid ; (iv) each inter- est rate specified must be in a multiple of 1/20 of 1% , and a zero rate of interest cannot be specified, (v) all bonds maturing in the same year shall bear the same rate of in- terest ; and (vi) any premium must be paid 3n bank funds as part of the purchase price, and no bid will be accented which contemplates the cancellation of any interest coupons or for the waiver of any interest or other concession by the bidder as a substitute for payment in full of the pur- chase price in bank funds . Bids which do not conform to the terms of this paragraph will be rejected . REDEMPTION: Bonds numbered 1 to 34, maturing by their teras on .or prior to January 1, 1981 (an aggregate principal amount of $170,000) , are not subject to call or redemption prior to their fixed maturity dates. Bonds numbered 35 to 30, maturing by their terms on and after January 1, 1982 (an aggregate principal amount of $230,000) , are subject to call and redemption, at the option of the District , as a whole , or in part in in- verse numerical order , on January 1, 1981 (but not prior thereto) , and on any interest payment date thereafter prior to their fixed maturity date or dates at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium of 1/4 of l% of such principal amount for each whole year and for any fraction of a year remaining from the date of redemption to the maturity date of the bonds so redeemed . 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, Contra Costa County, California . EXECUTION AND Coupon bonds will be issued by the District . REGISTRATION: The bonds will be executed by the manual signature of at least one official autho- rized to execute the bonds . The bonds are registrable only as to both principal and interest . Registered bonds are not convertible into coupon bonds . PURPOSE The bonds are authorized by vote of two- OF ISSUE: thirds of the qualified voters of the District voting at a special bond election for the purpose of authorizing; bonds for fire protection improvements for the District . SECURITY. The bonds are general obligations of the District and the Board has power and is obligated to levy ad valorem taxes for the payment of the bonds and the interest thereon upon all property taxable by the District without limitation of rate or amount. 68 /477 14 .......................................... ..... ..... TAX EXEMPT In the event that prior to the delivery STATUS: of the bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal 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 option, 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 case the deposit accompanying his bid will be returned . LEGAL OPINION: The legal opinion of Messrs . Orrick, Herrington, Rowley & Sutcliffel of San Francisco , California, approving the validity of the bonds , will be furnished to the successful bidder without charge . A copy of the legal opinion , cer- tified 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 bid will be determined by deducting the amount of the premium bid (if any) from the total, amount of interest which the District would be required to pay from the date of the 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 cost to the District thus determined . The purchaser must 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 cost of printing the bonds will be borne by the District . Right of The Board reserves the right , in its RejecE-i—on: discretion, to reject any and all bids and to waive any irregularity or in- formality in any bid . Prompt Award : The Board will take action awarding the bonds or rejecting all bids not later than 24 hours after the expiration of the time herein prescribed for the receipt of proposals , unless such time of award is waived by the successful bidder. Prompt notice of the award will be given to the successful bidder . 68 /477 15 Delivery Delivery of the bonds will be made to and Payment : the successful bidder at the office of the Treasurer of the County, 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. Payment of the purchase price (less the amount of the bid check mentioned below) must be made in funds immediately available to the Treasurer of Contra Costa County 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 execute the bonds and tender the same for delivery within sixty (64) days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid . Form of Bid : All bids must be for not less than all of the bonds, and for not less than the par value thereof and accrued interest to date of delivery. Each bid, together with bidder 's cheek, must be enclosed in a sealed envelope addressed to the Board , and endorsed "Proposal; for Orinda Fire Protection District of Contra Costa County 1968 Bonds . " All bids must either be mailed to the Clerk , Board of Supervisors of Contra Costa County, Martinez , California, in time to be received by 11:00 A.M. on August 27, 1968, or delivered to the County Clerk at said place by said time on such date . Bid Check. With each bid must be submitted a cer- tified check or cashier's check for 15 ,000 drawn on a bank or trust company trans- acting business In the State of California, payable to the order of the Treasurer 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 he returned by the County Clerk by mail promptly upon the award of the bonds . No interest will be paid upon the deposit made by any bidder. Estimate of Net Bidders are requested , but not reautred Interest Cost . to supply an estimate of the total net- Interest cost to the District on the basis of their respective bids, which shall be considered as informative only and not binding on either the bidder or the District . There is no controversy or litigation rending con- cerning the validity of the bonds, the corporate existence of the District , or the title of the officers thereof to their respective offices , and the District will furnish to the suc- cessful bidder a no--litigation certificate certifying to the foregoing as of and at the time of the delivery of the bonds . Dated : July 23, 1968, W. T. PAASCH ounty Terk oT Contra. C3sfa County , as Secretary of Orinda Fire Protection District B7 IT nc ep y erk 16 Section 1.0. This resolution shall take effect from and after its passage and approval . PASSED AND ADOPTED on July 28, 19680 by the following vote: AYES : Supervisors James P. Kenny, James E. Moriarty, Thomas John Coll, Edmund A. Linsche d, .Alfred M. Dias. NOES: None. ABSENT: None. APP ... , ..., :nan of th Board � f Suoervlso ATTEST: W. T. PAASCH County Clerk By �;f�AC i fST3�11 Deputy Clerk 17 ''I'll''..................................................................... .................... CLERK'S CERTIFICATE I, W. T. PAASCH, County Clerk and Clerk of the Board of Supervisors of Contra Costa County, as the Board of Directors of Orinda Fire Protection District of Contra Costa County., do hereby certify that the foregoing Is a full, true and correct copy of a resolution duly adopted at a regular meeting of said Board , duly and regularly and legally held at the regular meeting place thereof on the 23rd day of July , 1968, of which meeting all the members of said Board had due notice and at which a majority thereof was nresent ; that at said meeting said resolution was introduced by Supervisor Dias and read in full, and was thereupon, 71, upon motion of Supervisor Linscheldseconded by Supervisor Ker" V* I , adopted by the following vote: AYES: supervisors James P. Kenny, James E. Moriarty, Thomas John Coll. Edmund A. Linsoheid, ldfred M. Dias. NOES: None. ABSENT: None. - That I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that said resolution is duly entered of record in said minutes ; that said resolution is a full , true and cor- rect copy of the original resolution adopted at said meeting and entered in said minutes ; that said resolution has not been amended , modified or rescinded since the date of its adoption; and that said resolution is now in full force and effect . IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said County, this 23rd day of July , 1968. W. T. PAASCH County Clerk and Clerk of the Board [SEAL] of Supervisors of Contra Costa County By Deputy Clerk 68 14 77