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HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-069 ► RESOLUTION NO. RESOLUTION AUTHORIZING CHIEF INVESTMENT OFFICER/ ASSISTANT TREASURER TO ENTER INTO BOLD PURCHASE CONTRACT REASSESSMENT DISTRICT NO. 1991-3 (REFUNDINGSAN 'PABLO CREEK IMPROVEMENTS A.D. NO. 1982-2) The Board of Supervisors of the County .of Contra Costa resolves: The County Chief Investment Officer/Assistant Treasurer is hereby authorized to enter into a` bond purchase contract with M. L. Stern & Co. , Inc. , in the form` attached hereto as Exhibit A and by reference incorporated herein, to: purchase all of the refunding bonds to be issued in Reassessment District No. 1991-3 (Refunding San Pablo Creek Improvements A.D. No. 1982-2) , Contra Costa County, California. The Chief' Investment Officer/Assistant'Treasurer is authorized to approve the interest rates on the bonds, not exceeding the rates set forth in the Amended Reassessment Report,_ to establish the date of the bonds and the closing date for delivery of the bonds and to execute thebond purchase contract, but the bonds shall be delivered not later than May .1, 1992. If band delivery cannot be effected by May 1, 1992, ,the authority of; the Chief Investment Officer/Assistant Treasurer to enter into the bond purchase contract shall expire. The Chief Investment Officer/Assistant Treasurer is further authorized, if necessary to the 'sale of the bonds`, to approve and execute an Official Statement. d I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 4th day of February,, 1992 . ATTESTS PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator Bye , t BOND PURCHASE CONTRACT FOR REASSESSMENT DISTRICT NO. :.1991-3 (REFUNDING SAN PABLO CREEK IMPROVEMENTS ASSESSMENT DISTRICT N4'. 1982-2)' BOND P=HASZ OFFER: M. L. Stern & ;,Co. Inc.; (the "Underwriter) hereby offers to purchase all, but not less than all, of the improvement bonds designated "Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1991-3', (Refunding ' San Pablo Creek Improvement Assessment District No. 1982--2) (the "Bonds") , to be offered by the County`' of Contra Costa (the "County") under .`the terms and provisions of the Refunding''Act of 1984 for 1915 Improvement Act Bonds, Division 11 .5 of the California Streets and Highways Code, and all laws amendatory thereof or supplemental thereto. ISSUE Not to exceed $540, 000 . 00 . DENGMINATIONS The Bands will be issued in $5, 000 denominations, or any integral multiple thereof up to $100,000. I+SA,T?R.ITIES The first interest payment on the Bonds shall be March 2, 1993, with principal payments commencing on September 2`, 1993, and annually thereafter as specified below: Maturity Year Bonds Maturing 1993 $55, 000 1994 $75, 000 1995 $50, 000 1996 $85, 000 1997 $85, 000 1998 $90, 000 199`9 $100, 000 INTEREST RATES Mat- rity Year lnterest .gat2s 1993 S.„ . 30 1998 19941999p- "lJ� 1995 U 1996 NET IN'T'EREST COST t,�:' ',�Q' 1997 RIGHT OF RE2XCT10N The County reserves the right, at its sole' discretion, to reject any and all interest rates offers from the Underwriter. The County shall reject all interest rate offers that do not result it reducing'; the assessment on each individual parcel, reducing each year'spayments,, not extending the term, and produce , a 3% present value savings after the deduction of contributed funds . All of the above' listed criteria 'shall be as computed by the County' s financial advisor and bond counsel . Interest rates that meet the County' s above mentioned criteria, the date of the 'Bonds, and the closing date shall be included in this contract, and the purchase offer to the County by the Underwriter ' shall occur on or before' noon of ;May "`1, 1992 . The purchase offer will be signed by the Underwriter and then the Chief Investment' ©fficer/Assistant Treasurer of Contra Costa County before this contract shall be valid. DATED DATE OF THE BONDS - CLOSING DATE OF THE BONDS' go f DISCOUNT The Bonds will be sold at ninety-eight and three-quarters percent (98 3/4) of the principal amount of bonds. The discount is based on and considered as it relates to the balance to reassessment . REDLIOT'r'ZON Any Bond may be redeemed, in any multiple of $5, 000, on any March 2 or September 2 prior to its fixed maturity date, at the option of the County, upon , giving the thirty ('30) day ,notice provided in the 'Improvement Bond` Act of 1915 and upon payment ..of the principal amount` thereof_ and interest" accrued thereon to the date of redemption, -plus a redemption premium of : three per cent (3%) of the 'principal amount redeemed'. PJIT Both principal and interest are payable in lawful money of the United States of America at the corporate trust office of the Bank of America National Trust &' Savings Association, San Francisco, California (the "Agent:") . EXECUTION AND REGISTRATION The Bonds will be executed by the facsimile signatures' of ;the :officials authorized to execute the Bonds and authenticated by the Agent prior to delivery. The Bonds will be issued in registered fora as to both principal and interest, and are subject to transfer upon proper .notice given to the designated Agent Payment of principal and interest on each : Bond shall be made directly to the registered owner thereof. T R 8MRIQR T LPORZO&SZO In the event of a delinquency in the payment of any installment of an unpaid reassessment, the County may order institution of an action ;;in the Superior Court of the State of California to foreclose the hien of such delinquent reassessment., as authorized in Part;, 14 of Division 10 of the Streets and Highways Code of the State of California (the Improvement Bond Act of 1915) . Upon foreclosure sale in Superior Court, the right of redemption is limited as distinguished from the five--yeas redemption period applicable' to the sale of real property for delinquent property taxes The County covenants' with the owners of ;,the ,:Bonds that it will cause to be commenced, and thereafter diligently " prosecute, Superior Court foreclosure proceedings upon any and all such delinquent reassessments, for the amount of such delinquency plus costs, penalties and interest, as authorized by law. Such foreclosure proceedings shall be commenced on October Ist following the date of such delinquency if the sum of uncured reassessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the reassessment installments posted to the tax roll for that fiscal year and if the amount of the Special Reserve Fund is less than the amount originally placed in the Special Reserve Fund of the District : S RVE r-UND The 'Bond Resolution established a special reserve fund. (the "Special Reserve Fund") , to be held by the County Treasurer. From Bond proceeds, the County will place 'therein an amount equal to 3% of the principal amount of the Bonds, $16, 200 . 00. TAX 'EXEMpT In the opinion of 'Bond' Counsel, interest on ;Bonds shall be excludable from gross income under present federal income tax laws (subject to certain exceptions) and also from personal income ' taxes of the State of California, under present State income tax laws. LEGAL ORINION The approving opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, approving the validity and tax- exempt status of the Bonds will be furnished to the Underwriter upon delivery of' the ''Bonds at no charge, and a copy of said legal opinion will be printed on each Bond. x3ELIV'ERY Or 'MCURITZES Delivery of said Bonds shall be made to the Underwriter at the Bank of America National Trust & Savings Association, Principal Corporate Trust Office, '55 Hawthorne Street 8th Floor, 'San Francisca, California 94105 (or any other mutually agreeable location) . Payment shall be made by the Underwriter in Federal Reserve Bank Funds, or other funds immediately available and acceptable to the County.. no &ZTYGATZQN ,XRTI;FICA�E The County will furnish to the Underwriter of the Bonds a no-litigation -.certificate, ;,certifying that there is no` controversy or litigation' pending concerning the validity, of the Bands or the levy and collection of the reassessments securing the same, or the existence of the reassessment' district, or of: the County or of the title of the officers' thereof'to their respective offices. EXPIRATION This offer expires at noon on May 1, 1992 DATED: ^rr �7 r 1992 CONTRA COSTA COUNTY, a political su ivision of rthe State of California 1 By DAVID ZELL CHIEF INVEST T OFFICER. '` ASSISTANT TREASURER M. L. STERN & CO , INC. r oc?4?ej Al zlel'