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HomeMy WebLinkAboutRESOLUTIONS - 01011969 - 69-712 ORIGINAL COUNTY OF CONTRA COSTA RESOLUTION NO. 69/712 RESOLUTION PROVIDING FOR THE BORROWING OF FUNDS AND THE ISSUANCE AND SALE OF TEMPORARY NOTES THEREFOR -- FISCAL YEAR 1969-1970 WHEREAS, the Board of Supervisors of Contra Costa County, a county duly organized and existing under the Constitution 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 $8,000,000 are needed by the County in the fiscal year 1969-1970 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 issuance of temporary notes , and desires to avail it- self 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 1969-1970 for the payment of said 7 1 notes and the interest thereon amounts to S/ and WHEREAS, no money has heretofore been borrowed by or on behalf of the County on tax anticipation notes or temporary nates 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 1969-19701 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 $8tOOOtOOO to be evidenced by temporary nates of the County as hereinafter de- scribed 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 cor- rect, 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 pur- pose of obtaining said funds needed by the County in said fiscal year 1369-1970, hereby determines to and shall borrow of and from United California Bank the principal amount of not to exceed $8r000,000 by the issuance of not to exceed eight tPP1-- porary notes therefor, said notes to be in the denomination of /7114 2 .................. ....... ......... .......... ......... ............. $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 ton or after Novem- ber 3, 1969 and prior to December ll, 1969) and all notes to mature and to bear interest (payable at maturity unless redeemed prior thereto) , as follows: Interest Rate Maturity Date (per annum) December 16 , 1969 5. 82% 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 mays' 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 pro- vided 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 1969-1970 and all other income, revenue, cash receipts and monies of the County lawfully available therefor. 711 3 3. For the payment of the principal of and inter- est on said notes the County hereby pledges all of the in- come and revenue of the County received from taxes for the fiscal year 1969-1970 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 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 following form, the blanks in said form to be filled in with appropriate words or figures, to wit: q/ 4 COUNTY OF CONTRA COSTA TEMPORARY NOTE FISCAL YEAR 1969-1970 Number $1,000,0010 , 1969 On the 16th day of December, 1969 (subject to any right of prior redemption hereinafter in this nate expressly reserved) r the County of Contra Costa, State of California, a county organized and existing under and by virtue of the Con- stitution and laws of the State of California, for value re- ceivedr 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 5.82% per annum from the date hereof until 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. Bath the principal of and interest on this nate 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 ' 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 9, Part lr Division 7 of Title 5 0 , 5 (Sections 53850-538580 both inclusive) of the California Govern- ment 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 28, 1969 , authorizing the same, and that all acts, conditions and things required to exist, happen and be performed precedent to anis 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, together with all other indebtedness and obligations of said County, does not exceed any limit pre- scribed by the Constitution or statutes of the State of Cali- fornia. 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 taxes for the fiscal year 1969-1970 and all other income, revenue, cash re- ceipts 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 Treasurer and its Auditor-Controller and the County Clerk or a Deputy County Clerk, and its official seal to be affixed hereto this 28thday of October , 1969. COUNTY OF CONTRA COSTA [SEAL) ` $y Pa rman s the r o Supervisors Countersigned: Treasurer Auditor-Contro ler -JA 44 ) .' �.. Deputy County C er :69 6 5: 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 United California Bank for the principal amount thereof, all in accordance with the provisions of said Article of said Governrzent Code and as hereinabove provided, and shall be repaid from income and revenues of. the County re- ceived by tate County from taxes received durinq or allocable to the fiscal year 1969-1970 and all other intone, revenue, cash receipts and monies of the County lawfully available in said fiscal year for the payment of said notes and the inter- est 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 and action necessary to be taken by them, for the levy, collection and: enforcement of the taxes pledged hereunder in accordance { 7 ........................................................ ................................... with law for carrying out the provisions of this resolution and any pledge hereunder and said notes. PASSED AND ADOPTED this 28th day of October, 1969, by the following vote: AYES: Supervisors J. P. Kenny, A. M. Dias, T. J. Coll, E. A. Linscheid, J. L. Moriarty. NOES: None. ABSENT: None. N 4�&- airman of the and o Supervisors ATTEST: Comity C erk 8 ............................................................ ..