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HomeMy WebLinkAboutRESOLUTIONS - 01011993 - 1993-244 RESOLUTIONNO. 9 3 i 244 RESOLUTION AUTHORIZING ISSUANCE OF BONDS ASSESSMENT DISTRICT NO. 1992-1 MRACK ROAD IMPROVEMENTS CAMINO TASSAJARA AREA The Board of Supervisors of the County of Contra Costa resolves. Section 1. RECITAIS. On June 16, 1992, the Board''of Supervisors of the County of Contra Costa adopted its resolution of intention, to order improvements in Assessment District No. 1992-1, Mrack Road Improvements Camino''Tassaiara Area, County of Contra Costa, California, under the provisions of the Municipal Improvement Act of 1913'' (the "Act"), as amended. Proceedings taken 'under the Act led to the levy of a ,special assessment by the Board against parcels of land'within the assessment'district in the total amount of $2,321,569.00 These assessments will be recorded in the office of the County Recorder of the County of Contra Costa, and thereupon will become a lien on each parcel assessed. Section 2. ISSUANCE OF BONDS. The Board 'hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Bond Act of 1915 to represent unpaid assessments in the amount of $2,312,598.00. Each bond shall be designated, "Limited Obligation Improvement Bond, County of Contra Costa, Assessment District No. 1992-1, Mrack Road Improvements Camino Tassajara Area, Series No. 1992-1." Bonds shall be dated approximately the date: of delivery and issued in denominations of $5000 or integral multiples thereof, except for Bond No. 1, which may be an odd amount, and may issued as serial bonds, term bonds, or any combination thereof. Bonds shall mature in principal amounts as set forth in the table attached as':Exhibit A. The bond date and interest rates on the bonds shall'` be as set forth in the bond purchase contract, Section 3. APPOINTMENT OF 'PAYING AGENT REGISTRAR AND TRANSFER AGENT. The Beard hereby appoints the Bank of America National Trust and Savings RESOLUTION NO,. 93/244 Association (the "Bank") as paying agent, registrar and transferagent_for the bonds in accordance with an agreement between the County of Contra Costa and the Bank. Section 4. FORM'AND EXECUTION. Bonds 'shall be issued as fully registered bands substantially in the form set forth as Exhibit B to this resolution. The bands shall be signed by the County Treasurer and the County Clerk and the seal of the County shall be affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or rerefistration each bond shall be authenticated by the manual signature of the Bank The Bank shall assign to each bond authenticated and registered by it a distinctive letter, or number, or letter and number, and shall maintain a record thereof which shall be available to the County for inspection. Section . ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of bonds and payment of interest and principal on the bonds, there are hereby established five funds to be known as the improvement fund, the redemption fund, the special reserve fund, the investment earnings fund and the arbitrage rebate fund, respectively, for Assessment District No. 1992-1, Mrack Road Improvements Camino Tassajara Area, County of Contra Costa, California. Section 5.1. IMPROVEMENT FUND. Except'as provided in Section 5.3,: proceeds of sale of the bonds, together with all amounts paid on the assessments before'bond`issuance, shall be deposited in the improvement fund to be maintained by the County Treasurer. Disbursements from the improvement fund shall be 'made by the County 'Treasurer in accordance with the budget of estimated costs and expenses set forth in the engineer's report heretofore approved by the Board, which report and budget are subject to modification by the Board from time to time as prescribed by the:Act. 2 RESOLUTION NO. 93/244 Section 5.2. REDEMPTIQN FUND. The redemption fund shall be maintained by the County Treasurer. All:payments of principaland interest installments on the assessments, together with penalties, if any, shall be deposited in the redemption fund, which shall be a trust fund for the benefit of the bondholders. Payment of the bonds at maturity, or at redemption before maturity, and all interest on the bonds shall be made from the redemption fund. The County Treasurer shall deposit into the redemption fund, from the proceeds of the sale of the bonds, the amount of $223,918.00 which shall be applied to payment of the first payable interest on the bonds until fully expended. Section 5.3 SPECIAL RESERVE FUND. There shall be deposited into the special reserve fund the amount of $69,377.94 from the proceeds of the sale of bonds. That amount, less any amounts transferred to the redemption fund pursuant to Section 8884 of the Streets and Highways Code, shall constitute the "Reserve Requirement" for the bonds. The special reserve fund shall be maintained by the County Treasurer; A. During the term of the bonds, the amount in the special reserve fund shall be available for transfer into the redemption fund in accordance with Section 8883 and 8808 of the Streets:and Highways Code. <The amount so advanced shall b reimbursed to the special reserve fund from the proceeds of redemption or sale of the parcel for which payment of delinquent assessment installments;was made from the special reserve fund. B. If any assessment is prepaid before final «maturity of the bonds, the amount of principal which the assessee is required to prepay shall be reduced by an amount which is in the same ratio to the original amount of the special reserve fund as the 'original amount of the prepaid assessment bears to the total amount of unpaid assessments originally securing the Bands. 'This 44reduction in the amount of 3 RESOLUTION NO. 93/244 R principal prepaid shall be balanced by a transfer from the special reserve fund to the redemption fund in the same:amount. C. The amount maintained in the special reserve fund will never exceed $200,000.00. Proceeds of investment of the special reserve fund shall be deposited in the investment earnings fund. D. When the amount in the special reserve fund equalsor exceeds the amount required to retire the remaining unmatured bonds (whether by advance retirement or otherwise), the amount of the special:reserve fund shall be transferred to the redemption fund, and the remaining installments of principal and interest not yet due'from assessed property owners shall be cancelled without payment. Section 5.4. INVESTMENT EARNINGS FUND. Proceeds of the investment of amounts in the improvement'fund and the special reserve fund will be deposited in the investment earnings fund. As of September 2 of each year during the term of the bonds, the County Treasurer shall determine whether any portion of'investment earnings must be rebated to the United States pursuant to Section 148 of the United States internal Revenue Code and regulations adopted thereunder. Any amounts required to be rebated will be transferred to the arbitrage rebate fund, and the balance will be transferred as follows: (a) A transfer will be made from the investment earnings fund to the special reserve fund in an amount that will not 'cause the balance in the special reserve fund, including earnings thereon, to exceed $200,040.00 during the ensuing 12- month 'period. (b) The remaining balance in the investment earnings fund, if any, will be transferred to the 'redemption fund to be used, in the discretion of the County Treasurer, as a credit upon the annual installments of assessment or for the advance retirement of bonds. 4 RESOLUTION N0. 93/244 The County Treasurer is authorized to retain ''independent attorneys, accountants and other consultants to assist in complying with Federal requirements. Section 53. ARBITRACxE REBATE FUND. Amounts in the arbitrage rebate fund shall be invested in the same manner as amounts in the other funds and shall be held``in trust for rebate to the United Statesat the times required by Section 148 of the United States Internal Revenue Code and regulations adapted thereunder. Section 5.6 RETURN OF UNCLAIMED FUNDS. Other provisions of this resolution to the contrary notwithstanding, the Bank' shall return to the County any funds held by it hereunder not later than thirty (30) days' before those funds would` escheat to the State of California under any law now or hereafter enacted. Section 6. PAYMENT ON BONDS. The principal and interest"on the bonds shall be payable at the office of the Bank of America National Trust and Savings Association, Glendale, California. principal and interest shall be paid by check„ mailed to the registered'owner of each bond at the owner's address'appearing on the register maintained by the Bank on the 15th day preceding the date of payment. Upon;the payment and cancellation of any bond, the bond shall be destroyed and the Bank shall furnish the County a,certificate of destruction. Section AT3VANCE RETIREMENT 4F BONDS. Any Bond or any;portion thereof in the amount of $5,000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 30 days' notice by registered or certified mail or by personal service to the registered owner thereof at such owner's address as it appears on the registration books of the Bank and by paying principal and accrued'interest together' with a premium equal to three percentum of the principal. Section 8. REREGISTItATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond :and delivering 5 RESOLUTION NO. 93/244 the bond to the Bank. Upon'reregistration, any bond may be replaced by one or more bonds of the same maturity,and aggregate amount in denominations of $`5000 or any integral multiple thereof. Section 9 COVENANTS. In the event of a default in the payment of any band or any installment of interest thereon, bondholders shall have the remedies set forth in the Improvement Bond Act of 1915. In addition, the Board`makes the following covenants, which shall constitute a contract with the bondholders; Section 9.1. FORECLOSURE` OF LIENS.'' Not later than October 1 in any year, the County shall file an action in the Superior Court to foreclose the lien of each delinquent assessment if the sum of uncured assessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the .assessment installments posted to the tax roll for that fiscal year, and if the amount of the special reserve fund is less than $69,377.94. Section 9.2. ARBITRM E. During the term of the`'bonds, the"County will make no use of bond proceeds which, if such use had been reasonably expected at the bate the bonds are issued, could have caused the bands to be "arbitrage bonds within the meaning of Section 148 of the United States Internal Revenue Code of 1986, and regulations of the Internal Revenue Service adopted thereunder, and further shall' rebate to the United States'any amounts required to be rebated on account of arbitrage in accordance with the provisions of that Code and those regulations., Section 9.3. MAINTENANCE OF TAX EXEMPTION, The County will take all reasonable actions required to maintain the status of interest on the bonds as excludable from gross income for federal income tax purposes and as exempt from the State of California personal income taxes, b RESOLUTION NO. 931244 I HEREBY CERTIFY that the foregoing resolution was duly and regularly adapted by the Board of'Supervisors of the County of Contra Costa, State of California, at the regularmeeting thereof, :held on the 11th day of May, 1993. ATTEST: PHIL BATCHELOR, 'Clerk of the Board of Supervisors and County .Administrator By: r( c,, 7 RESOLUTION NO. 93/244 MATURITY SCHEDULE EXHIBIT A Maturity Year, Principal 1995 $ 62,598 1996 $ 75,000 1997 $ 80,000 1998 $ 80,000 1999 $ 85,000 2000 $ 95,000 2001 $100,000 2002 $105,000 2003 $115,000 2004 $125,000 2005 $135,000 2006 $145,000:. 2007 $155,000 2008 $165,000 2009 $175,000 2010 $190,000 2011 $205,000' 2012 $220,000 RESOLUTION NO. 93/244EXH BIT United States of America State of California County of Contra Costa REGISTERED REGISTERED Number $ LIMITED OBLIGATION IMPROVEMENT BOND COUNTY OF CONTRA COSTA ASSESSMENT DISTRICT NO. 1992-1 MRACK ROAD IMPROVEMENTS CAMINO TASSAJARA AREA SERBS NO. 1992-1 INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER REGISTERED 0"ER: PRINCIPAL SUM: DOLLARS Under and:by virtue of the 'Improvement Bond Act of 1915, Division 14 (commencing with Section 8500), of the Streets and Highways Cade '(the "Act"), the County of Contra Costa, State of California (the "County") will, out of the redemption fund for the payment of the bonds issued upon the unpaid portion of assessments made for the acquisition, work and improvements more fully described in proceedings 'taken pursuant to Resolution of Intention No. 92/422, adopted by the Board of Supervisors of the County of Contra"Costa on the loth day of June, 1992, pay to the registered owner stated above or registered assigns, on the maturity date stated above, the principal sum stated above, in lawful money of the United States of America and in like manner will pay interest from the interest 'payment date next preceding the date on which this Bond is authenticated, unless this Bond is authenticated and registered as of an interest payment date,-in which event it shall bear interest from such interest payment date, or unless this Bund is authenticated and registered prier to March. 2, 1994, in which event it shall bear interest from its date, until payment of such principal sum shall have been discharged, at the rate per annum stated above, payable semiannually on March 2 and September 2 in each year commencing:on March '2, 1994. Both the principal hereof and redemption premium hereon' are payable at the principal corporate 'trust office of Bank of America National Trust and Swings Association, or its successor, as Paying Agent, Registrar and Transfer Agent, in Glendale, California' (the "Bank"), and the interest hereon is payable by check by first-class mail, postage prepaid mailed on each interest payment.date to the owner Hereof at the owner's address as it appears on the registration books of the Bank, or at such address as may have been filed with the Bank for that purpose, as of the fifteenth 'day immediately preceding each interest payment date. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF 'WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS.THOUGH FULLY SET FORTH HEREIN. This'Bond will continue to bear interest after maturity at the rate above stated, provided, it is presented at maturity and payment'thereof is refused upon the sole ground that there are not sufficient moneys in said redemption'fund with which to pay same. If it is not presented at maturity, interest thereon will run until maturity. This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing Issuance of Bonds (the "Resolution of Issuance"), or become valid or obligatory for any purpose, until the certificate of authentication and registration hereon endorsed'shall'have been dated'' and signed by the Bank. RESOLUTION NO. 93/244 �.. . IN WITNESS WHEREOF, the County has caused this Bond to be signed in: facsimile by the Treasurer of said County and byits Clerk, and has caused its corporate seat to be reproduced in facsimile hereonall as of the 25th day;of May, 1993. COUNTY OF CONTRA COSTA Clerk Treasurer ' (SEAL) Certificate of Authentication and Registration This is one of the Bonds described in the within mentioned Resolution of Issuance, which has been authenticated and registered on BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION as paying agent, registrar and transfer agent By Authorized Officer 2 RESOLUTION NO. 93/244 (REVERSE OF BOND) IJMITED OBLIGATION IMPROVEMENT BUND COUNTY OF CONTRA COSTA ASSESSMENT DISTRICT NO. 1992-1 MRACK ROAD IMPROVEMENTS CAMINO TASSAJA.RA AREA SERIES NO. 1992-1 ADDITIONAL PROVISIONS OF THE BOND This Bond is one of several' annual series of bonds of like date, tenor and effect, but differing in amounts, maturities and interest rates, issued by the County''of Contra Costa under the Act and the Resolution:of Issuance, for the purpose of providing means for paying for the improvements described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid portion o said assessments made for the payment of said improvements, and, including principal and interest, is payable exclusively out of said fund. This Bond is transferable by the registered owner hereof, in person or by the owner's attorney,.duly authorized in writing, at said office of the Bank, subject to the terms and conditions provided in the Resolution of Issuance, including the payment of certain chanes, if any, upon surrender and cancellation .of this Bond. Upon such transfer, a new registered bond or bonds, of any authorized denomination or denominations, of the same maturity, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Bands shall be registered only in the name of an individual (including ;dint owners), a corporation, a partnership or a trust. Neither the County nor the Bank' shall be required to make such exchange or registration of transfer of bunds during the fifteen (15) days immediately preceding any interest payment date. The County will not obligate itself to advance available funds from the County treasury to cureany deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the County from, in its sale discretion, so advancing funds'. The County and the Bank may treat the registered owner hereof as the absolute owner for all purposes, and the County and the Bank' shall not be affected by any notice to the contrary. This Bond'or any portion of it in the amount of$5,000 or any integral' multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least'30 days' notice by registered or certified mail or by personal service to the registered owner hereof at such owner's address as it appears on the registration books of the Bank and by paying principal and accrued interest together with a premium equal to three percentum of the principal. I hereby certify that the fallowing is a correct copy of the signed legal opinion of STURGIS, NQS, BRUNSELL & ASSAF a professional'corporation, Emeryville, California, on file in my office. Clerk of the Board. of Supervisors 3 RESOLUTION NO. 93/244