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Home My WebLink AboutRESOLUTIONS - 01011993 - 1993-247 RESOLUTION NO. 93124 RESOLUTION AUTHORIZING COUNTY TREASURER OR CHIEFINVESTMENT OFFICER TO ENTER INTO BOND PURCHASE 'CONTRACT ASSESSMENT DISTRICT NO. 1992-1 MRACK ROAD IMPROVEMENTS CAMINO TASSAJARA AREA The Board of Supervisors of the County of Contra Costa 'resolves: The County Treasurer or the Chief Investment Officer 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 improvement bonds to be issued in Assessment District No. 1992- 1, Mrack Road Improvements Camino Tassajara Area, 'County of Contra Costa, California: The County Treasurer or the Chief'Investment Officer is authorized to approve the interest rates on the bonds, to establish the date of the bonds and the closing date for delivery of the bonds and to execute the bond purchase contract. The authority of the County Treasurer or the Chief Investment Officer to enter into the bond purchase contract shall expire on June 30, 1993. 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 the regular meeting thereof, held on the 11th clay of May, 1993. ATTEST. PHIL BATCHELOR, Clerk of the Board of Supervisors''and County Administrator By RESOLUTION No. 93/247 MY BOND PURCHASE CONTRACT' FOR ASSESSMENT DISTRICT NO. LM-1, SERIES NO IJM-1 MRACK ROAD P"ROVEMENTS CAM1NO TASSAJARA AREA: BQND PURCHASE OFFER M. L. Stern +& Co. Inc. (the "Underwriter) hereby offers to purchase all,but not less than all,of the improvement bonds designated "Countyof Contra Costa Limited Obligation Bonds,Assessment District No.1992.1,Series No. 1992.1,Mrack Road Improvements Camino Tassajara Area" (the "Bonds"), to be offered by the County of Contra Costa (the "County") under the terms and provisions of the Improvement Bond Act of 1915 (Division 10 of the California' Streets and Highways' Code), and all laws amendatory thereof or supplemental thereto. ISSUE Not to exceed $2,31.2,598.'.00. DENOMINATIONS The Bonds'will be issued in $5,000 denominations, or any integral multiple thereof with one odd bund in the first maturity. MATO rTMS The first interest payment on the Bonds shall be March 2, 1994, with principal payments commencing on September 2, 1996,and annually thereafter as specified below: Maturity Principal Maturity Principal 1996 $ 62,598 2005 $125,000 1997 $ 75,000 2006` $135,000 1998 $ 80,000 2007 ` $145,000 1999 $ 80,000 2008 $155,000 2000 $ 85,400 2009 $165,000 2001 $ 95,000 2010 $175,0610 2002 $100,000 2011 $1901,0610 2003 $105,000 2012 $205,000 2004 $115,000 2013 $2209000 1 .UVMRF,ST RATES Maturity Year InterestRates September 1"6 % 1997 % 198 %` 1999 % 2080 % 2001 °lo 2002 % 2003 Flo, 200 % 2005 % 2006 % 2007 % 2008 % 2009 % 2010 % 2811 c'o 2012 °lo 2013 % NET INTEREST COST TOTAL INTEREST COST $ 2 RIGHT OF RMCTI ON The County;reserves the right, at its sole discretion, to reject any and all interest rate offers from the Underwriter. The purchase offer will be signed by the Underwriter and then the Treasurer/Tax Collector or the Chief investment Officer of Contra Costa County before this contract shalt be valid. DATED DATE The Bonds are expected to be dated June 1, 1943, the date of original'' delivery thereof(the "Delivery hate"). DISCUt.tlM/PREhfT 24_ The Bonds will be sold at,a premium of one-hundred and three per cent (103 %) of the principal amount of Bonds. The premium is based on and consideredas it relates to the balance of the total assessments in the District. REDEMPTIQN Any Bond may be redeemed, in any multiple of$5,100, 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 rent (3%) of the principal amount redeemed. PAYMENT Both principal ,and interest are payable in laN%ful money of the United States of America at the corporate trust office of the Bank of America National 'frust & Savings Association, San Francisco, California (the "Agent"). EXECUTION An REGISTRATION The Bands will be executed by the facsimile signatures of the officials authorized to execute the Bonds and authenticated by the Agent prior to delivery. The Bands will be issued in registered'formas 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. COVENANT FOR SUPERIOR COURT FORECLOSURE In the event of'a delinquency in the payment of any installment of an ''unpaid assessment, the County may order institution of an action in the Superior Court of the State of California to foreclose the lien of such delinquent assessment, 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 rive-year 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 assessments, for'the amount of such delinquency plus costs, penalties and interest, as authorized by lave. Such foreclosure proceedings shall be commenced on October 1st following the date of such delinquency if the sum of uncured 3 • assessment delinquencies for the preceding fiscal year exceeds five percent (5%i) 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 the amount originally placed in the Special Reserve Fund of the District. RF ERVEFU The Bond Resolution established a special reserve fund (the "Special Reserve Fund"')$ to be held by the County Treasurer. From Banti proceeds, the County will place therein an amount equal to 3% of the principal amount of the Bonds, $69,377.94. CUSIP X"M It is anticipated the CUSIP numbers will be printed on the Bonds, but neither failure to print such numbers on any 'Bonds nor any error with respect thereto shall constitute cause for a failure or refusal by the Underwriter to accept delivery of and to pay.for the Bunds. All expenses in relation to the printing of CUSIP numbers''on the Bonds and the CUSIP Service Bureau charge for the assignment of such numbers shall be paid for by the County. CALIFORNIA DEBT ALMSORY CCDM ISSION The Underwriter will be required to pay the statutory fee to the California Debt Advisory Commission ("CDAC").- CUA+C will invoice the Underwriter after the'.closing of the sale of the Bonds. BOND NULD The purchasers'of the Bonds will be required to provide to the Financial' Advisor and/or the Bond Counsel the "Band Yield" pursuant to the Internal Revenue Code of 1956 within two days of the time at which all information required for the calculation is available. TAX EMM, In the opinion of Band 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 lams. WyAL.QP1NIQN The approving opinion of Sturgis, Ness, Bruns ll & Assaf, 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 Band. I?ELWI RY QF SEC RIMDelivery of said Bonds shall be made to the Underwriter at the Bank of America National Trust & Savings Association, Principal Corporate Trust Office, SS Hawthorne Street • 8th Floor, San Francisco, 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 arta acceptable to the County. ' 4 Mot NO LITIGA �ERTWICA1'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 Bonds or the levy and collection of the assessments securing the same,or the existence of the assessment district, or of the County or of the title of the officers thereof to their respective offices. EXPIR.ATI!QN This offer expires at noon on 11993. HATED: 199.3 CONTRA COSTA COUNTY, a political subdivision of the State of California $Y ..... .^..� ALFRED P LOMELI TREASURER/TAX COLLECTOR Or By tLARISA V. JAVIER CHIEF IN'VESTMEN'T OFFICER M. L. STERN. & CO., INC. By 5