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HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-340 RESOLUTION NO. 3 V0 A RESOLUTION AUTHOR IZING TIM ISSUANCE OF SPECIAL TAX BUNDS OF THE COUNTY OF CONTRA COSTA FOR COUNTY OF CONTRA COSTA C0KWJN.IT FACILITIES DISTRICT NO. 1992-1 (PLEASANT HII I BART STATION AREA), APPROVING AND DIRECTING THE E.CUTION OF A FISCAL AGENT AGREEMENT,AND APPROVING OTHER RELATED DOCU ENTS AND ACTIONS County of Contra Gaeta: Community Facilities District No.1992.1 (Pleasant Hill BART Station Area) RESOLVED, by the Board of 'Supervisors of the County of Contra Costa (the "County") that: WHEREAS, this Board of Supervisors has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form the County of ContraCosta Community Facilities District No. 1.992-1 (Pleasant Hill BART Station Area) '(the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain facilities (the "Facilities"), all 'as described in the Resolutions entitled,'' "A Resolution of Formation of County of Contra Costa Community Facilities District No. 1992-1 (Pleasant Hill BART Station Area),Authorizing the Levy of a Special Tax Within the District, Preliminarily Establishing an Appropriations'Limit for the District and Submitting Levy of the Special Tax and the Establishment of the Appropriations Limit to the Qualified Electors' of the District" and "A Resolution Determining the Necessity to Incur Bonded Indebtedness Within the County of Contra Costa Community Facilities District No. 1992-1 (Pleasant Hill BART Station Area) and Submitting Proposition to the Qualified Electors of the District", adopted by this date;and WHEREAS, pursuant to said resolutions, an election was held within the District on this date and the qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two-thirsts of the votes cast at said special election; and WHEREAS, there have been submitted to this Board of Supervisors certain documents providing for the issuance of bonds of the County for the District and the use of the proceeds of those bonds to finance' the Facilities and this"Board of Supervisors, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed' in due time, form and manner as required by the laws of the;,State of California, including the Act. NOW,THEREFORE, IT IS HEREBY ORDERED as follows: Section '1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds of the County for the District designated as "County of Contra Costa Community Facilities District No. 1992-1 (Pleasant Hill BART Station Area) Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $465,600 are hereby authorized to be issued.`: The Bondsshall be executed'in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. Section 2. The proposed fiscal agent,agreement (the "Fiscal Agent Agreement") with respect to the Bonds, in the forth presented to this Beard of Supervisors at this meeting,;is hereby approved. The County Administrator, the County Treasurer, the Director of Growth Management and Economic Development,'the Director of Community Development and the Deputy Director - Redevelopment (collectively, the "Authorized Officers"), are each hereby-authorized to execute and deliver the Fiscal Agent Agreement in :substantially said form, with such additions thereto or changes 'therein as are approved by the Authorized Officer executing such document upon consultation with Bond Counsel'including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the County. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and ether terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. Section 3. This Board of;Supervisors'hereby finds and determines that the sale of the Bonds at negotiated sale as'contemplated by the Fiscal Agent Agreement will result in a lower overall cost. Section 4. The County hereby covenants, for the benefit of the Bondowiiers. o commence and diligently pursue to completion any foreclosure action regard-ng delinquent installments of any amount levied as a special tax'for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. Section'5. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication'. The Fiscal Agent is hereby requested and directed to authenticate.the Bonds by executing, the Fiscal Agent's certificate of'authentication and registration appearing thereon, and to,deliver the Bonds, when duly executed and authenticated, to the purchasers thereof in accordance with written instructions executed on behalf of the County by one or more of the Authorized Officers, which instructions such officers are each hereby authorized, for and in the name and on behalf of the County, to execute and deliver to the Fiscal Agent.. Such instructions shall provide for the delivery of the Bonds to the purchasers thereof or their designee upon payment of the purchase price therefor. Section 6. All actions heretofore taken by the officers and;,agents of the County with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the County' are hereby authorized and directed to do any and all things and tape any and all actions and execute any and all certificates, agreements'and other documents, which they, or any of thein, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document'described in the documents herein,approved. Any document herein approved and executed and delivered by any,one of the Authorized Officers shall be a valid and binding agreement of the County.'' �2- s Section 7. This resolution shall take effect from and after its adoption. I hereby certify that the foregoing Resolution was duly adopted by the Board of Supervisors of Contra Costa County California, at a regularlyscheduled meeting thereof, held on the 12 day of May , 1992, by the following vote of the Board: A'Y'ES; Supervisors Fah.den, Torlakson McPeak NOES: Supervisor Schroder ABSENT: Supervisor Powers ATTEST: Phil Batchelor, Clerk of the Board of Supervisors and County Administrator By. Deputy J950 92/344 =3=