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Home My WebLink AboutRESOLUTIONS - 01011981 - 1981-671 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA APPROVING THE OFFICIAL STATEMENT RELATING TO, AND THE NOTICE INVITING BIDS ON, COUNTY OF CONTRA COSTA 1981 TAX AND REVENUE ANTICIPATION NOTES RESOLUTION NO. 81/671 WHEREAS, the Board of Supervisors of the County of Contra Costa► (herein called the "Board") desires to sell and issue County of Contra Costa 1981 Tax and Revenue Anticipation Dotes in the aggregate principal amount of $30,000,000 (herein called the "notes") ; and WHEREAS, the Board desires to distribute an Official Statement relating to, and a Notice Inviting Bids on, the notes in order to facilitate the issuance and sale of the notes; NOW, THEREFORE, the Board hereby finds, determines, declares and resolves as follows: Section 1. The Official Statement, dated June 16, 1981, in substantially the form submitted to this meeting, is hereby approved with such additions, changes and corrections as the County Treasurer may approve upon consultation with the County' s counsel, and the County Treasurer and the Auditor-Controller of the County are hereby authorized to distribute copies of said Official. Statement in connection with the offering and sale of the notes. RE QLUTION NO, 81/671 Section 2. The Notice Inviting Bids on the notes, attached hereto as Exhibit A, in substantially the form submitted to this meeting, is hereby approved with such. additions, changes and corrections as the County Treasurer may approve upon consultation with the County' s counsel, and the County Treasurer and the Auditor-Controller of the County are hereby authorized to distribute copies of said Notice Inviting Bids in connection with the offering and sale of the notes. Section 3 . This resolution shall take effect immediately. PASSED AND ADOPTED by the Board of Supervisors of the County of Contra Costs this 16th day of June, 1981, by the following vote. AYES: Supervisors Fanden, Schroder, Torl.akson, McPeak NOES: None ABSENT: Supervisor Powers Chairman of the Board of Supervisors of the County of Contra Costa (Seal) Attest: J. R. OLSSON, Clerk ccs County Administrator Deputy Clerk of the Board o upervisors Auditor Controller of the -County of Contra Costa Treasureer-Tax Collector 9.4/4.7 ! EXHIBIT A NOTICE INVITING BIDS ON $30,000,001 1981 TAX AND REVENUE ANTICIPATION NOTES COUNTY OF CONTRA COSTA, CALIFORNIA NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of$30,000,000 par value nego- tiable 1981 Tax and Revenue Anticipation Notes of the County of Contra Costa, California, will be received by the Board of Supervisors of said County at the place and up to the time below specified. TIME: 10:00 a.m.,local time,July 7, 1981. PLACE: c/o Clerk of the Board of Supervisors Administration Building,Room 106 651 Pine Street Martinez,California 94553 MAILED BIDS: Addressed to the attention of the Clerk of the'Board at the above address. NUMBER OF BIDS: Bidders may submit more than one bid. ISSUE: $30,000,000.designated "County of Contra Costa 1981 Tax and Revenue Anticipation Notes," numbered I consecutively upward, in denominations of $25,000; $50,000; $100,000; or $1,000,000, as specified by the successful bidder or bidders,dated July 10, 1981. MATURITY: The Notes will all mature on June 24, 1982. INTEREST.- The Notes will bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed ten percent per annual, payable at maturity. Interest shall be computed on a 360-day year basis. PAYMENT: Said Notes and the interest thereon are payable in lawful money of the United States of America at the principal office of the paying agents of the County, Bank of America NT&SA in San Fran- cisco,California or Bankers Trust Company in New York, New York. FORM OF NOTES: The notes will be issued in negotiable form, payable to bearer, without coupons, and will be nonregistrable. REDEMPTION: The Notes are not subject to call or redemption prior to maturity. PURPOSE OF ISSUE: The proceeds of the Notes will be used for current general fund expenditures, including current expenses, capital expenditures, and the discharge of any obligation or indebtedness of the County. SECURITY: The Notes are issued pursuant to Article 7.6,Chapter 4, Part 1, Division 2, Title 5 (com- mencing with Section 53850 of the Government Code of the State of California). The Notes, in accordance with California law, are general obligations of the County and are payable only out of the taxes, income, revenue, cash receipts and other moneys of the County attributable to the fiscal year 1981-82 and,legally available for payment thereof. The ability of the County to levy ad valorem property taxes was substantially limited in 1978 by Proposition 13 which amended the California Constitution. The amount of unrestricted revenue available for payment of the Notes is expected to be approximately 5137 million. The Notes are secured by the County's pledge of the first $13.0 million of unrestricted moneys to be received in January 1982, the first 515.0 million of such moneys to be received in May 1982, and the first $2.0 million of such moneys (plus any additional amount necessary to pay interest to maturity on the Notes) to be received in the month of June 1982. TERMS OF SALE INTEREST RATE: The maximum rate bid may not exceed ten percent per annum. payable at maturity. Each rate bid must be a multiple of 11100. No note shall bear more than one interest rate. Bid- ders may submit more than one bid. Each note must bear interest at the rate specified in the bid from its date of issuance to its fixed maturity date. V I/A n , AWARD: Bids may be for all or any part of the Notes, The Notes will be awarded on the basis of the lowest effective interest rate including premium offered in the proposals. No bid for less than.5100,000 prin- cipal amount of said Notes or for less than par and accrued 'interest (which interest shall be computed on a 360-day year basis) will be entertained,and the Board of Supervisors reserves the right to award to any bid- der all or any part of the Notes which such bidder offers to purchase in his proposal, upon the basis of his proposal. If only a part of the Notes bid for in a proposal is awarded by the Board, any premium specified in such proposal shall be prorated. In the event two or more bids setting forth identical interest rates and premium per dollar principal amount, if any,and aggregating a principal amount in excess of the principal amount of unawarded Notes are received, the Board reserves the right to exercise its own discretion and judgment in making the award and may award the Notes on a pro rata basis in such denominations as the Board shall determine. RIGHT OF REJECTION: The Board reserves the right, in its discretion,to reject any and all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid. PROMPT AWARD: The Board will take action awarding the Notes or rejecting all bids not later than twenty-six (26) hours after the time herein prescribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the Board notice in writing of the withdrawal of such proposal. PLACE OF DELIVERY; FUNDS FOR PAYMENT; PRINTING: Delivery of said Notes will be'made to the successful bidder or bidders at the principal office of Bank of America NT&SA in San Francisco, California or Bankers Trust Company in New York, New York as specified by such bidder or bidders. Pay- ment for the Notes shall be made in Federal Reserve Bank funds or other immediately available funds. The cost of printing the Notes shall be borne by the County. PROMPT DELIVERY; CANCELLATION FOR LATE DELIVERY: It is expected that said Notes will be delivered to the successful bidder or bidders on or about July 15, 1981. The County reserves the right to deliver the Notes in temporary form exchangeable within seven days for definitive Notes,at no cost to the successful bidder or bidders. Any successful bidder shall have the right, at its option, to cancel the contract of purchase if the County shall fail to execute the Notes and tender them for delivery within 30 days from the date herein fixed for the receipt of bids. FORM OF BID: Each bid must be in a sealed envelope, addressed to the Board of Supervisors of the County of Contra Costa,with the envelope clearly marked"Proposal for Contra Costa County, 1981 Tax and Revenue Anticipation Notes." Each bid must be in accordance with the terms and conditions set forth herein, and must be submitted on, or in substantial accordance with, proposal forms provided by the County. BID CHECK.: A certified or cashier's check drawn on a responsible bank or trust company in the amount of one percent of the principal amount of Notes bid, payable to the order of the County Treasurer, must accompany each proposal as a guaranty that the bidder, if successful, will accept and pay for the Notes in accordance with the teams of its bid. The check accompanying any accepted proposal shall be applied to the purchase price or, if such proposal is accepted but not performed, unless such failure ofper- formance shall be caused by any act or omission of the County, it shall then be cashed and the proceeds retained by the County Treasurer. The check accompanying each unaccepted proposal will be returned promptly. If only a part of the Notes bid for in a proposal is awarded by the Board,the amount of the bid check will be prorated and the bidder may substitute a check for the prorated amount in place of the bid check accompanying the proposal.No interest will be paid by the County on a bidder's good faith check. CHANGE IN TAX EXEMPT STATUS: At any time before the Notes are tendered for delivery, any successful bidder may disaffirm and withdraw its proposal if the interest received by private holders from notes of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable or be required to be taken into account in computing any federal income taxes by the terms of any federal income tax law enacted subsequent to the date of this Notice. Vi