HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-286 / V
RESOLUTION NO.
OF THE BOARD OF SUPERVISORS OF 'THE
COUNTY OF CONTRA COSTA
CALIFORNIA
RESOLUTION RATIFYING AND APPROVING FORMS OF A SITE LEASE
(MERRI"THEW MEMORIAL HOSPITAL REPLACEMENT'' PROJECT) , A FACILITY
LEASE '(MERRITHEW MEMORIAL HOSPITAL REPLACEMENT PROJECT) , A
TRUST AGREEMENT, AN AGENCY ,AGREEMENT, A CERTIFICATE PURCHASE
AGREEMENT; APPROVING ISSUANCE OF CERTIFICATES OF PARTICIPATION
(MERI2ITHEW MEMORIAL HOSPITAL REPLACEMENT PROJECT) , SERIES OF
1992; APPROVING FORM OF AND RATIFYING AND APPROVING ISSUANCE
OF OFFICIAL STATEMENT FOR SAID CERTIFICATES OF PARTICIPATION;
AND AUTHORIZING' TAKING OF NECESSARY ACTIONS AND EXECUTION OF
NECESSARY CERTIFICATES`.
WHEREAS, this Board of Supervisors has ,heretofore
determined that it would be in the hest interest of the County
of Contra Costa (herein called the "County") to enter into a
certificate of participation financing for the purpose of
constructing a 'County hospital, to be located in ;Martinez,
California (herein called the "Project")
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WHEREAS, Contra Costa County Public Facilities
Corporation, a' California nonprofitpublic benefit corporation
(herein called the` "Corporation") , has been incorporated by a
group of public spirited citizens of the County for the
specific and primary purpose of providing financial assistance
to the County of Centra Costa by financing the acquisition,
construction, improvement and remodeling of public buildings'>
and facilities;
WHEREAS, by its Articles of Incorporation and by its
Bylaws no 'part of the net earnings,, funds or assets of the
Corporation shall inure to the benefit ,of any di=rector thereof
or any other person, firm or corporation, except the County;
WHEREAS, under Resolution'' No. 92/178 passed and
adopted on March 24, 1992, ' this Boa-rd of Supervisors approved
forms of certain agreements' entitled "Site Lease (Merrithew`
Memorial Hospital Replacement Project)" (herein called the
"Site Lease") ;° "Facility Lease '(Merrithew Memorial Hospital
Replacement Project)" (herein called the "Facility Lease");
"Trust Agreement" relating to the Series of 1992 Certificates
of Participation (herein called the "Trust Agreement") ; and
"Agency Agreement" (herein called the "Agency Agreement") ;
WHEREAS, this Board wishes toratify and approve
such documents in such form as are now on file with the Clerk
of the Board of Supervisors;
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WHEREAS, under the Facility Lease, the County would
be obligated to make payments t the Corporation: for-' the "lease
of the Project,
WHEREAS, it is proposed that all rights to receive
such payments (together with the additional rental payments
provided for in the Facility Lease) will be assigned' without
recourse by the Corporation to a trusteepursuant to an
Assignment Agreement, dated as of May 1 1992, between the
Corporation and U.S. Trust Company of California N.A. , as
trustee (the "Trustee"),
WHEREAS, it is further proposed that the
Corporation, the County and the Trustee enter into the Trust
Agreement dated as of May 1, 1992, pursuant to which said
trustee will execute and deliver certificates of participation
(herein called':the "1992 Certificates") ;:in an amount ,equal to
theaggregate principal components of such payments, each
evidencing and representing a fractional undivided interest in
such payments, and will' use' the proceeds to finance the
Project;
WHEREAS, Prudential Securities Incorporated, as
representative of the underwriters and purchasers of the 1992
Certificates (the "Underwriters") , the County and the
Corporation have entered into an agreement entitled "nContract
of Purchase" (herein called the "Purchase Agreement") ,
pursuant to which the Underwriters will purchase the 1992'
Certificates;
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WHEREAS, ` the County has full legal right, power and
authority under the Constitution and the laws of the State of
California to 'enter into the transactions hereinafter
authorized, and
WHEREAS, this Board has been presented with the: form
of each document hereinafter referred to, relating to the 1992
Certificates, and the Board has examined and approved each
document and desires to authorize and direct the execution of
such documents and the consummation of such financing,
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa, as follows:
Section -1. The County hereby specifically finds and
delcares that the actions authorized hereby constitute and are
with respect to public affairs of the County and that the
statements, findings and determinations of the County set
forth above are true and correct.
Ser,tion 2. The form of Site Lease (Merrithew
Memorial Hospital Replacement Project) between the County and
the Corporation, dated as of May 1, 1992, on file with the
Clerk of the Beard of Supervisors, is hereby ratified and
approved and the Chair of the Board of Supervisors and the
Clerk of the Board of Supervisors, or their designees, are
hereby authorized and directed to execute and deliver the Site
Lease in substantially said form, with such changes therein as
such officers may require or approve, . such approval to be
conclusively evidenced by the execution and delivery thereof .
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S=tion 3. The farm of Facility Lease (Merrithew
Memorial Hospital Replacement Project) between the Corporation
and the County, dated as of May, 1, 1992, on file with the
Clerk of the Board of Supervisors, is hereby,. ratified and
approved and the Chair of the Board of Supervisors and the
Clerk of the Board of Supervisors, or their designees, are
hereby; authorized and directed to execute and deliver the
Facility Lease in substantially said farm, with such changes
therein as such officers may require or approve, such approval
to be conclusively evidenced by the execution and delivery
thereof.
Section 4 . The form of Trust Agreement by and among
the Trustee, the Corporation and the County, dated as of
May 1, ' 199 , on file with the Clerk of the Board of
Supervisors, is hereby `ratified and "approved. The Chair of
the Board of Supervisors and the Clerk of the board of
Supervisors, or their designees, are hereby authorized and
directed to execute;, and deliver the Trust Agreement in
substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 5, The farm of Agency' Agreement between the
Corporation and the County, dated as of May 1, 1992, ,on file
with the Clerk of the Board of Supervisors, is hereby ratified
and approved. The Chair of the Board of Supervisors and the
Clerk of the Board of Supervisors, or their designees, are
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hereby authorized and directed to execute and deliver the
Agency Agreement in substantially said form, with such changes
therein as such officers may require or ,approve,: such approval
to be conclusively evidenced by the execution and delivery
thereof.
,chin 6, The form of Official Statement.
describingthe; 1992 Certificates, on file with the Clerk of
the Beard of Supervisors, is hereby ratified and approved.
The County Administrator, or his designee, is hereby
authorized and directed, at the time of the delivery::of the
1992 Certificates, for and in the name and on behalf of the
County, to execute a final Official Statement in substantially
the farm of the Official Statement prepared by the
Underwriters, with such additions thereto or changes therein:
as the County Counsel's Office or Orrick, Herrington ' &
Sutcliffe and Pamela S Jut, Attorney at Law, may require or
approve, such approval to be conclusively evidenced by the
execution and delivery thereof,
Section 2. The Underwriters are hereby authorized
to distribute copies of the Official Statement to persons
purchasing the 1992 Certificates and other interested persons.
Section S. The schedule of the principal and
interest components of the base rental payments set forth in
Exhibit A hereto are ratified and approved and are hereby ,
determined as the base rental payments to be paid pursuant -to
the Facility Lease.
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Section 9. The execution and 'delivery, Pursuant to
the Trust Agreement, of $125,584,011.80 aggregate principal,
amount of the County of Contra Costa, California, 1992
Certificates of Participation, evidencing and representing
fractionalundivided interests in the rights to receive base.
payments payable by the County pursuant to the Facility Lease,
payable in the years and in the amounts with interest
components' with respect thereto as specified in the Trust
Agreement as finally executed, is hereby authorized and
approved. The sale of the 1992 Certificates to the
Underwriters, Pursuant to the terms and conditions of the
Purchase Agreement, is hereby ratified and approved.
Section 10. The officers of the County are hereby
au'thor'ized and :.directed, jointly and severally, to do any and
all things which they may deem necessary or advisable in order
to consummate the transactions herein authorized and otherwise
to carry out, give 'effect to and comply with the terms and
intent: of this Resolution. The Chair of the Board of
Supervisors, the Clerk of the Board of Supervisors and the
officers of the County be and they are hereby authorized and
directed to execute and deliver any and all certificates and
representations, signature certi'!ficates# no-litigation
certificates, tax and rebate certificates, the letter of
representations to The Depository Frust Company and
certificates concerning ;the contents of the Official Statement
distributed in 'connection with the sale of the 1992
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Certificates, necessary and desirable to ;accomplish the
transactions set forth above.
fiction 11. All actions heretofore taken by the
officers and agents of the County with respect to the sale,
execution and delivery of the 1992 Certificates are hereby
approved and confirmed.
section 12. This Resolution shall take effect from
and after its date of adoption.
PASSED AND ADOPTEDthis 5th day of May, 1992.
by the following vote:
AYES: Supervisors 'Powers , FAhden, Schroder,
Torlak,son McPeak
NOES None
ABSENT: None
ABSTAIN: None,
Chair of the Board >sof Supervisors
County of Contra Costa, California
(Seal]
ATTEST Phil Batchelor, Clerk of the
Hoard'of Supervisors and
County Administrator
Py
Deputy Clerk of the ward of
Supervisors ;,of the County of
Contra Costa. State of California
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EXHIBIT A
CORTRA Ct7STA COUNTY
*ERRITNEW 1MP1TAL REPLACEMENT PROJECT
PHASES 1''2 3
DEBT SERVICE SCW-DUIE
---:urrent Interest 11 rids ---.,'apitat Appreciation Bonds -�-
Date Prinripat #tate Cietd Price Interest Principal Rete 1pfice Interest Period Totat
OVUM
11!01192 3,887,511.68 3,887,511.88
05101193 3,867,511«68 ,887,511«88
1#101/93 3,567.511.58 .887,511«88
OSlO#t4G 3,867.541.68 3,867,511«68
11j01/4t 3,887,511«88 3,887,511.88
ttSltt1145 3,887.511.86 3,887,511.&1
1t/I11195 3,887,511.86 3,887,$1#.$8
05101148 ' 3,887,511.88 3,887,51#.56
11/01196 3,887,5#t«88 3,667,511.88
95104197 3,587,5#1.88 3,887.511.88
1#101197 3,587,541«88 3,867,5#1.88
11510119$ 3,887.511«88' 3,867,511.88
1110#148 2,865,000.00 S.'?'m 5.800% 99«464 3,887.511.86 +6.772,511.86
115101/44 3.805,289.38 3,805,284.36
11101149 3,045.tAb0«210 5.600% 5.950% 94.103 3,805,289.38 ,,850.289.38
17!110112000 3 y 716,984.38 3,716,+14.38
1110112000 3,225,0131!.00 6.000%6.100% 99.343 3,716,964.38 6,941,984.3$
0510#12001 3.620,234.35 3,6241,234.35
1110112001 3,415,4%10.00 6.200% 6.250% 94.643 3,620,234.36 7,035,234.36
11510112002 3,S#4,369.38 3,514,369«38
111911200-2 3.630,000.00 6.250% 6.350% 99.240 3,511.,369.38 7,144,369.38
0510112003 3.400"031.88 3.1[0.931:W
111011200-3 3,855,00-0.00 6.300% 6.450% 98.794 3,400,931.887.255.931.86
49
05111##2004 3,279,449.38279;499.38
11101/"% 4.100,000.00 6.1.00% 6.500% 99.151 3,279,644.38 7,379,449.36
05/0112005 3,14,8,294.38 3,148,299.38
�1t111�S#s#12D0-5 4,360,000,00 6.4011% 6.550% 98.666 3,y1r�4�8,2'94.3r8 '. �F',ssot
24'9.73,nb
051011200-6 3,008;774.38 3,008,779.38
11/0112006 4,640.000.00 6.500% 6.600% 44.073 3,008,774.35 7,6c5,779«38
051011200-7 2,857,3174.38 2,857,979.38
11/01/2007 2,557,974.38 1,731,788.45' 6.900% 35.021 3,213,211.55 7,802,979.38
05101120138 2.557,479.38 21.857y9M38
1110112008 4,940,000.00 6.600% 6.750% 98.345 2,857,979.38 7.7971979.38
05/01!20419 2,69L,959.38
1110112009 5,270,000.00 6.60016.750% 9&4345 2,644, 9.
o5/ot124110 2,521,01.4.38 2,52, 4140?3a
1110112010 5,615.000.00 6.600%6.750% 95.345 2,521,044«38 841369019.38
OSlOt1201# 2,335,754 36 2y335,754.38
1110112011 5;185,000.00 6.600% 6.750% 96.345 21335,7'54.38 ,y yg 353
5,3241.154.
05101/2012 2.138,249.38 2. .24.38
1141 12 6,380,000.00 6.60014 6.750% 98.345 2,138,264.35 5,518,249.38
05/0412013 1,927,709.36 1,927,7424 38
11/0112013 4,927.709.38 1,537.725.855 7.050% 22.597' 5,267,274.15 5,732,70938
4'SM/2014 1.927,7114.38 1 921 1x19.36
1110112014 1.427,709„38 1.434,766.20 7.050% 21.084 5,370,233.80 5.732,7179.38
#151@712075 1,927,709.38 1,927,709.38
11101/2013 1.927,709.38 1.339,731.30 7.050% 19.673 5,470.269-70 8,737,704«38
0514112016 1,4.27.1'04.38 1,427,Mg4.38
11/01120-16 6,800,000.00 6.+625% 6.800% 97.758 1,927,709.38 8,727,704«38
0510112011 1,702,459.38 1,702.459.38
1110112017 7,255.000..00 6.625% 6.800% 97.758 1.702,459.38 8,957,1.59.38
11510112018 1,462',137„50 x,46,2,137.50
1110#12018 7.735,000.00 6.625%6.800% 97.7'58 1,462,137.50 9.i97',157.50
0510112019 1,205,915.63 11205,915.63
44/01120151 8,245,000.00 6«625% 6.800% 97.'758 1.205,915.63 4,450,415.63
05/0112020 3'132;800.00 932,800.00
11101/2020 8,790,000.00 6.6251,` 6.300% 97.758 932,800.00 4,722.800.00
05/0112021 ,41,634.25 +641.631.2'5
11/0112021 9,37"5.000.00 6.625% 6.800% 97.i'S8'- ,41,:631.25 ' 40,016,631.25
05/0112`022 331,4184.38 331.0$4.38
1110112022 4,995.000.00 6.625% 6.800% 97.758 331.084.38 10.326,084.36
TOTAL 114,540,000.00 164.312,1D3.13 6,044,071.80, 19,320,5+88.20 309,217.103.13
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