HomeMy WebLinkAboutRESOLUTIONS - 01011981 - 1981-634 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA PROVIDING FOR THE BORROWING
OF FUNDS FOR FISCAL YEAR 1981-1982 AND THE ISSUANCE
OF 1981 TAX AND REVENUE ANTICIPATION NOTES THEREFOR
RESOLUTION NO. IJZ614
WHEREAS, pursuant to Sections 53850 et seq. of the
Government Code of the State of California, this Board of
Supervisors (the "Board" ) has found and determined that the
sum of Thirty Million Dollars ($30,000,000) is needed for the
requirements of the County of Contra Costa (the "County" ) to
satisfy obligations payable from the General Fund of the
County, and that it is necessary that said sum be borrowed
for such purpose at this time by the issuance of temporary
notes therefor in anticipation of the receipt of taxes,
revenue and other moneys to be received by the County for the
General Fund of the County during or allocable to Fiscal Year
1981-1982; and
WHEREAS, it appears, and the Board hereby finds and
determines, that said sum of Thirty Million Dollars
($30,000,000) , when added to the interest payable thereon,
does not exceed eighty-five per cent (85%) of the estimated
amount of the uncollected taxes, revenue and other moneys of
the County for the General Fund of the County attributable to
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Fiscal Year 1981-1982, and available for the payment of said
notes and the interest thereon; and
WHEREAS, pursuant to Section 53856 of the
.. Government Code of the State of California, certain revenues
which will be received by the County for the General Fund of
the County during and attributable to Fiscal Year 1981-1982
can be pledged for the payment of said notes and the interest
thereon (as hereinafter provided) ;
NOW, THEREFORE, the Board hereby finds, determines,
declares and resolves as follows:
Section 1. All of the recitals herein set forth
are true and correct, and the Board so finds and determines.
Section 2. Solely for the purpose of anticipating
taxes, revenue and other moneys to be received by the County
for the General Fund of the County during or allocable to
Fiscal Year 1981-1982, the County hereby determines to and
shall borrow the aggregate principal sum of Thirty Million
Dollars ($30,000,000) by the issuance of temporary notes
under Sections 53850 et seq. of the Government Code of the
State of California, designated "1981 Tax and Revenue
Anticipation Notes" (the "notes" ) , to be numbered from 1
consecutively upward in order of issuance, to be in the
denomination of $25,000, $50,000, $100,000 or $1,000,000, or
any combination thereof, as specified by the successful
purchasers thereof, to be dated July 10, 1981, to mature
(without option of prior redemption) on June 24, 1982 and to
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bear interest, payable at maturity and computed on a 360-day
year basis, at the rate or rates determined at the time of
sale thereof. Both the principal of and interest on the
notes shall be payable, only upon surrender thereof, in
lawful money of the United States of America, at the
principal office of Bank of America National Trust and
Savings Association in San Francisco, California, or at the
principal office of Bankers Trust Company in New York, New
York.
Section 3. The notes shall be issued without
coupons and shall be substantially in the form and substance
set forth in Exhibit A attached hereto and by reference
incorporated herein, the blanks in said form to be filled in
with appropriate words and figures.
Section 4. The moneys so borrowed shall be
deposited in the General Fund of the County and used and
expended by the County for any purpose for which it is
authorized to expend funds from the General Fund of the
County.
Section 5. The principal amount of the notes,
together with the interest thereon, shall be payable from
taxes, revenue and other moneys which are received by the
County for the General Fund of the County for the Fiscal Year
- 1981-1982. As security for the payment of the principal of
and interest on the notes the County hereby pledges the first
$13, 000,000 of "unrestricted moneys, " as hereinafter defined,
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to be received in January 1982, the first $15,000,000 of
unrestricted moneys to be received in May 1982, and the first
$2, 000,000, together with an amount sufficient to pay the
interest on the notes, of unrestricted moneys to be received
in June 1982 (such pledged amounts being hereinafter called
the "Pledged Revenues" ) , and the principal of the notes and
the interest thereon shall constitute a first lien and charge
thereon and shall be payable from the Pledged Revenues, and
to the extent not so paid shall be paid from any other moneys
of the County lawfully available therefor. The term
""unrestricted moneys" shall mean taxes, income, revenue, cash
receipts, and other moneys, intended as receipts for the
General Fund of County and which are generally available for
the payment of current expenses and other obligations of the
County. All Pledged Revenues, as and when received, shall be
deposited by the County in a special fund, which fund is
hereby created and designated as the "1981 Tax and Revenue
Anticipation Note Repayment Fund" (hereinafter referred to as
the "Repayment Fund" ) . In the event that in any of the
foregoing months there are insufficient unrestricted moneys
received by the County to permit the deposit into the
Repayment Fund of the full amount of the Pledged Revenues to
be deposited in such month, by the last business day of the
..month (except for deposits to be made in June 1982, in which
case the full amount shall be deposited by June 15, 1982) ,
then the amount of any deficiency shall be satisfied and made
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up from any other moneys of the County lawfully available for
the repayment of the notes and interest thereon.
Any moneys placed in the Repayment Fund shall be
for the benefit of the notes, and until the notes and all
interest thereon are paid or until provision has been made
for the payment of the notes at maturity with interest to
maturity, the moneys in the Repayment Fund shall be applied
only for the purposes for which the Repayment Fund was
created, except that such moneys may be invested as permitted
by Section 53601 of the Government Code of the State of
California, as it is now in effect and as it may be amended,
modified or supplemented from time to time, and the proceeds
of any such investments shall be deposited in the Repayment
Fund and shall be part of the Pledged Revenues.
Section 6. The County Treasurer of the County is
hereby authorized to sign the notes, and the Clerk of the
Board of Supervisors of the County is hereby authorized to
countersign the same by use of his facsimile signature and to
affix the seal of the Board thereto by facsimile impression
thereof, and said officers are hereby authorized to cause the
blank spaces thereof to be filled in as may be appropriate.
Section 7. It is hereby covenanted and warranted
by the County that all representations and recitals contained
,. in this resolution are true and correct, and that the County,
and its appropriate officials, have duly taken all
proceedings necessary to be taken by them, and will take any
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additional proceedings necessary to be taken by them, for the
levy, collection and enforcement of the taxes, revenue, cash
receipts and other moneys pledged hereunder in accordance
with law and for carrying out the .provisions of this
resolution.
Section 8. The Board, as issuer of the notes on
behalf of the County, hereby covenants that it will make no
use of the proceeds of the notes which would cause the notes
to be "arbitrage bonds" under Section 103(c) of the Internal
Revenue Code of 1954, as amended; and, to that end, as long
as any of the notes are outstanding, the issuer with respect
to the proceeds of the notes, and all officers having custody
or control of such proceeds, shall comply with all
requirements of said section and the regulations of the
United States Department of the Treasury thereunder, to the
extent that such regulations are, at the time, applicable and
in effect, so that the notes will not be "arbitrage bonds. "
Section 9. All the notes shall be offered for
public sale on July 7, 1981, in accordance with a Notice
Inviting Bids to be approved by a separate resolution of this
Board.
Section 10. The Notice of Sale, attached hereto as
Exhibit B, in the form presented to the Board, is hereby
approved in substantially the form presented, and the Clerk
of the Board is hereby authorized to publish said Notice of
Sale, in accordance with the terms of Section 53692 of the
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Government Code of the State of California, with such
additions, changes and corrections as he may approve upon
consultation with the County' s counsel, such approval to be
conclusively evidenced by the publication of said Notice of
. Sale with such additions, changes and corrections.
PASSED AND ADOPTED by the Board of Supervisors of
the County of Contra Costa this 9th day of June, 1981, by the
following vote:
AYES: Supervisors Fanden, Schrader, McPeak,
Torlakson, Powers
NOES: None
ABSENT: None
r`
Chairman of the Board of Supervisors
of the County of Contra Costa
(Seal)
Attest J . R. CLSSON, Clerk
Deputy Cle k of the- Board of Supervisors
of the County of Contra. Costa
cc: County Administrator
County Auditor--Controller
County Treasurer--Tax Collector (7)
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EXHIBIT A
COUNTY OF CONTRA COSTA, CALIFORNIA
1981 TAX AND REVENUE ANTICIPATION NOTE
No.
$ Date: July 10, 1981
FOR VALUE RECEIVED, the County of Centra Costa (the
"County" } , State of California, acknowledges itself indebted
to and premises to pay to the bearer hereof, at the principal
office of Bank of America National Trust and Savings
Association in San Francisco, California, or at the principal
office of Bankers Trust Company in New York,. New York, the
principal sum of
DOLLARS { }
in lawful money of the United States of America, on June 24,
1982, together with interest thereon at the rate of
per annum in like lawful money from the date hereof until
payment in full of said principal sum. Both the principal of
and interest on this note shall be payable only upon
surrender of this note as the same shall fall due; provided,
however, no interest shall be payable for any period after
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maturity during which the holder hereof fails to properly
present this note for payment.
It is hereby certified, recited and declared that
this note is one of an authorized issue of notes in the
aggregate principal amount of Thirty Million Dollars
($30,000,000) , all of like tenor, made, executed and given
pursuant to and by authority of resolutions of the Board of
Supervisors of the County duly passed and adopted on June 9,
1981, June 16, 1981, and July _, 1981, under and by
authority of Article 7. 6 (commencing with Section 53850) of
Chapter 4, Part 1, Division 2, Title 5, California Government
Code, and that all acts, conditions and things required to
exist, happen and be performed 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, together with all other
indebtedness and obligations of the County, does not exceed
any limit prescribed by the Constitution or statutes of the
State of California.
The principal amount of the notes, together with
the interest thereon, shall be payable from taxes, revenue
and other moneys which are received by the County for the
General Fund of the County for the Fiscal Year 1981-1982 . As
security for the payment of the principal of and interest on
the notes the County has pledged the first $13,000,000 of
'unrestricted moneys, " as hereinafter defined, to be received
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in January 1982, the first $15,000,000 of unrestricted moneys
to be received in May 1982, and the first $2,000, 000,
together with an amount sufficient to pay the interest on the
notes, of unrestricted moneys to be received in June 1982
( such pledged amounts being hereinafter called the "Pledged
Revenues" ) , and the principal of the notes and the interest
thereon shall constitute a first lien and charge thereon and
shall be payable from the Pledged Revenues, and to the extent
not so paid shall be paid from any other moneys of the County
lawfully available therefor. As used herein, the term
"unrestricted moneys" means the taxes, income, revenue, cash
receipts, and other moneys, intended as receipts for the
General Fund of the County and which are generally available
for the payment of current expenses and other obligations of
the County.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this note to be executed by the County Treasurer of
the County and countersigned by the Clerk of the Board of
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Supervisors of the County, and caused its official seal to be
affixed hereto this 10th day of July, 1981.
COUNTY OF CONTRA COSTA
8y
County Treasurer
(Seal)
Countersigned.:
Clerk of the Board of Supervisors
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EXHIBIT B
$30,000,000 COUNTY OF CONTRA COSTA
1981 TAX AND REVENUE ANTICIPATION NOTES
NOTICE IS HEREBY GIVEN that the Board of
Supervisors of the County of Contra Costa (the "County") ,
State of California, intends to offer for public sale on
July 7, 1981, at the hour of 10:00 o' clock A.M. , local time,
at Room 106, Administration Building, 651 Pine Street,
Martinez, California'- 94553, $30,000,000 principal amount of
tax and revenue anticipation notes of the County designated
"County of Contra Costa 1981 Tax and Revenue Anticipation
Notes" (the "notes" ) .
NOTICE IS HEREBY FURTHER GIVEN that the notes will
be offered for public sale subject to the terms and
conditions of the Notice Inviting Bids on the notes, dated
June 16, 1981, and copies of said Notice Inviting Bids and
the Official Statement relating to the notes will be
furnished upon request mailed to the Treasurer of the County
of Contra Costa, Room 100, County Finance Building, 625 Court
Street, Martinez, California 94553.
Dated: June 9, 1981.
James R. Olsson
Clerk of the Board of Supervisors
County of Contra Costa, State of California
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A p APPROVED BY THE. . . .�' ......,.»--.
Z i ANDARGP AGREEMENT --- ATTORNEY GENERAL S...A M P L E ® STATE AGENCY
STATE OT CALIFORNIA
S'rO. 2 (REV. 1,1176) DEPT, OF GEN. SER.
CONTROLLER
THIS AGREEMENT, made and entered into this day of June , 19 81ID
in the State of California, by and between State of California, through its duly elected or appointed, (7l
qualified and acting
TITLE OF OFFICER ACTING FOR STATE AGENCY NUMBER
Director California Arts Council -A .U0.00
hereafter called the Sate,and �� -�
(Designated Agency)
hereafter called the Contractor.
WITNESSETH: That the Contractor for and in consideration of the covenants, conditions, agreements, and stipulations of the State
hereinafter expressed, does hereby agree to furnish to the State services and materials, as follows:
(Set forth service to be rendered by Contractor,amount to be paid Contractor,time for performance or completion,and attach plans and specifications,if any.)
Contractor shall utilize the matched Local Priorities Grant of $ for arts programming
in accordance with the specific priorities listed the in the locallts p1Tan for the County/
City of , as developed in accordance with the State/Local Partner-
ship Program Guidelines) for 1980-81. The dollar-for-dollar match for this grant may be app3led
from the local public funds currently being spent on arts programming in the County/City of
as verified in the approved arts plan and designated as the local
'(effort factor" in the amount of $' . Either Fiscal Year .1979-80 or 1980-81 local arts
expenditures from public sources may�as the match.
General State Requirements, Fair Employment Practices Addendum, and 504-Handicapped Regulations
are attached hereto and are hereby made a part of this contract.
Payment shall be made after contract approval upon submittal of an invoice from Contractor
to CAC.
Dates. June 1, 1981 - June 1, 1982.
The provisions on the reverse side hereof constitute a part of this agreement.
IN WITNESS WHEREOF, this agreement has been executed by the parties hereto, upon the date first above written.
STATE OF CALIFORNIA CONTRACTOR
AGENCY CONTRACTOR Or OTHER THAN AN INDIVIDUAL, .STATE WHETHER A CORPORATION
PARTNERSHIP, ETC•)
California Arts Council
BY (AUTHORIZED SIGNATURE) LBY (AUTHORIZED SiGNATURE?
► 1►
TITLE TITLE
Director -
ADDRESS
(CONTINUED ON-SHEETS, EACH BEARING NAME OF CONTRACTOR)
Department of deneral Servi Cls AMOUNT ENCUMBERED APPROPRIATION FUND
'Use ONLY $ Grants Projects, Programs General
UNENCUMBERED BALANCE ITEM CHAPTER STATUTES FISCAL YEAR
435d 510 80 80-81
AD:. (NCR EAgiHG EN CUM\RANCC FUNCTION
California Arts Council
ADS. DECREASING ERCUMOKANCE LINE ITEM ALLOTMENT
6.0.5562.55.18
I herebycertify upon my own T.B.A. ND. 6.R. NO.
persona! knowledge that budgeted fund
are available for the period and purpose of the expenditure stated above.
SIGNATURE OF ACCOUNTING OFFICER DATE,
110.
1-
I hereby certify that all conditions for exemption set forth in State Administrative Manual Section 1208
have been complied with and this document is exempt from review by the Department of Finance.
SIGNATURE OF OFFICER SIGNING ON BEHALF OF THE AGENCY DATE