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HomeMy WebLinkAboutRESOLUTIONS - 01011968 - 68-748 COUNTY OF CONTRA COSTA RESOLUTION NO. 68/748 RESOLUTION PROVIDING FOR THE BORROWING OF FUNDS AND THE ISSUANCE AND SALE OF TEMPORARY NOTES THEREFOR - FISCAL YEAR 1968 - 1969 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 maximum amount of $5,000,000 are needed by the County in the fiscal year 1968-1969 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 Government Code (being Article 7.6, Chapter 4 , Part 1, Division 2, Title 5 of said Code) to borrow money for such purposes by the issu- ance of temporary notes, and desires to avail itself of the provisions of said Article of said Code 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 1968-1969 for the payment of said notes and the interest thereon amounts to $152,187,2€3.25 > and WHEREAS, no money has heretofore been borrowed by 1 681748 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 1968-1969; 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 , in- come, 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, Bank of America National Trust and Savings Association has offered to and is willing to loan the County said amount of $5,000,000 to be evidenced by temporary notes of the County as hereinafter described in this resolution; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows; 1. All of the above recitals are true and correct , and this Board of Supervisors so finds , determines and repre- sents . 2. The County, pursuant to the provisions of said Article of the California Government Code and for the purpose of obtaining said funds needed by the County in said fiscal year 196$-1969 , hereby determines to and shall borrow of and from Bank of America National Trust and Savings Association the principal amount of not to exceed $5,000,000 by the is- suance of not to exceed five temporary notes therefor, said notes to be in the denomination of $1,000 ,000 each, to be numbered from l upwards in consecutive numerical order, in order of issuance, each note to be dated the respective date of delivery thereof (on or after November I, 1968, and prior to December 11, 1968) and all notes to mature and to bear 2 68 /748 interest (payable at maturity unless redeemed prior thereto) , as follows: Interest Rate Maturity Date _(per annum) December 13, 1968 3. 19% Both the principal of and interest on said notes shall be payable in lawful money of the United States 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 interest 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 1968-1969 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 1968-1969 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 said notes shall constitute a first 3 68 /748 lien and charge thereon and shall be paid from the first such income , revenue, cash receipts and monies received by the County . 4. Said notes shall be issued without coupons and shall each be substantially in the fallowing form, the blanks in said form to be filled in with appropriate words or figures , to wit : 4 68 /748 COUNTY OF CONTRA COSTA TEMPORARY NOTE FISCAL YEAR 1968-1969 Number _ $1,000 ,000 , 1968 On the 13th day of December, 1968 (subject to any right of prior redemption hereinafter in this note expressly reserved), the County of Contra 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 ($1,000,000) in lawful money of the United States of America, with interest thereon at the rate of 3.19% per annum from the date hereof un- til payment in full of said principal sum. Interest shall cease to accrue on said date unless this note is presented for payment on said date and is not paid on said date. Both the principal of and interest on this note shall be payable only upon surren- der of this note as the same shall become due. This note shall be subject to call and redemption, at the option of said County, at any time prior to its fixed maturity date at the principal amount thereof and accrued in- terest thereon to date of redemption upon two days ' written notice thereof to the holder hereof. It is hereby certified, recited and declared that this note is issued in strict conformity with the Constitution and laws of the State of California and with the provisions of Article 7 .6, Chapter 4, Part 1, Division 2 of Title 5 (Sections 53850-53858, both inclusive) of the California Government Code , and the proceedings of the Board of Supervisors of said County, including a resolution duly and regularly passed and adopted by said Board of Supervisors on October 29, 1968, authorizing the same, and that all acts , conditions and things required to ex- ist, happen and be performed precedent to and in the issuance of this note have existed, happened and been performed in regu- lar and due time, form and manner as required by law, and that this note, together with all other indebtedness and obligations of said County , does not exceed any limit prescribed by the Constitution or statutes of the State of California. For the payment of the principal of and interest on this note and all notes of said authorized issue, all of the income and revenue of said County received from taxes for the ,fiscal year 196$-1969 and all other income, revenue, cash re- ceipts and monies of said County lawfully available therefor 5 681748 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 Treasurer and its Auditor--Controller and the County Clerk or a Deputy County Clerk, and its official seal to be affixed hereto this day of 1968. COUNTY OF CONTRA COSTA By [SEAL] Chairman of the Board of Supervisors Countersigned: Treasurer Auditor—Controller County Clerk 6 681743 .............. ........................................................... . .................................... .................... k 4 5. The Chairman of the Board 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, countersign- ing and sealing shall constitute a valid and sufficient exe- cution of said note. 6. Said notes when and as issued shall be and are hereby sold to Bank of America National Trust. and Savings Association for the principal amount thereof, all in accord- ance 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 during or allocable to the fiscal year 1968-1969 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 exclu- sively 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 proceed- ings and action necessary to be taken by them, for the levy , 7 681748 collection and enforcement of the taxes pledged hereunder in accordance with law for carrying out the provisions of this resolution and any pledge hereunder and said note , PASSED AND ADOPTED this 29th day of October, 1968, by the following vote: AYES: Supervisors J. P. Kenny, J. E. Moriarty, T. J. Call, E. A. Linscheid, A. M. Dias. NOES: None. ABSENT: Date. ALFRE) M. DIAS an o he Boar of Supervisors CO, TY OF CONTRA COSTA ATTEST: W. T. PAASCH, CLERK B Depu.ty CountyClerk � ccs: District Attorney Attention Mr. S. Fishman Auditor, Administrator Tax Celleetor 4 X8 /748 ......................... . ....................................................................... ........ ......... ......... ........... ......... ................ . ........................................................... ......................................................................................... ........................................................................ ................................... s s CLERK'S CERTIFICATE I, 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 29, 1968, 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 Dias and read in full, and was there- upon, upon motion of Supervisor Kenny seconded by Supervisor Coll , adopted by the following vote: AYES: Supervisors J. P. Kenny, J. E. Moriarty, T. J. Coll, E. A. Linscheid., A. M. Dias. NOES: None. ABSENT: stone. I have carefully compared the same with the origi- nal 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 en- tered 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 29 , 1968. W. T. PA.AiS€ H, CLERK [SEAL] , B Dezutv County Clerk of the County of Contra Costa RESOLUT.IOrLT NO. 68/748