HomeMy WebLinkAboutRESOLUTIONS - 09091997 - 97-455 RESOLUTION NO. 97/455
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA
CALIFORNIA
RESOLUTION RATIFYING DELIVERY OF COUNTY OF CONTRA COSTA
CERTIFICATES OF PARTICIPATION (CAPITAL PROJECTS PROGRAM), SERIES OF
1997; RATIFYING EXECUTION OF A TRUST AGREEMENT, A SITE LEASE
(CAPITAL PROJECTS PROGRAM), A FACILITY LEASE (CAPITAL PROJECTS
PROGRAM), A 1991 CERTIFICATES LETTER OF INSTRUCTIONS, A CONTINUING
DISCLOSURE AGREEMENT AND AN OFFICIAL STATEMENT; RATIFYING AND
CONFIRMING THE CONTRACT OF PURCHASE; APPROVING THE BASE RENTAL
UNDER SAID FACILITY LEASE; RATIFYING ELECTION TO GUARANTEE RENTAL
PAYMENTS WITH MOTOR VEHICLE LICENSE FEES; AND APPROVING ALL
ACTIONS TAKEN IN CONNECTION THEREOF.
WHEREAS, this Board of Supervisors by resolution no. 97/404 adopted
August 5, 1997, has heretofore authorized the sale of County of Contra Costa Certificates of
Participation (Capital Projects Program), Series of 1997 (the "1997 Certificates") for the
purpose of refunding certain outstanding Certificates of Participation (1991 County Buildings
Acquisition Project) (herein called the "Prior Certificates"), which were issued to finance the
acquisition and renovation of certain county administration facilities, and financing the
acquisition of certain additional capital improvements, together with site development,
equipment and improvements (the "Project");
WHEREAS, there has been presented to this meeting a report of the sale and
delivery of the 1997 Certificates;
WHEREAS, this Board desires to ratify and confirm the sale of the 1997
Certificates and the execution of the following documents:
1. Trust Agreement, dated as of August 1, 1997, by and among First
Trust of California, National Association, as trustee (the "Trustee"), the
County of Contra Costa Public Financing Authority (the "Authority")
and the County (the "Trust Agreement");
2. Site Lease (Capital Projects Program), dated as of August 1, 1997, by
and between the County and the Authority (the "Site Lease");
3. Facility Lease (Capital Projects Program), dated as of August 1, 1997,
by and between the Authority and the County (the "Facility Lease");
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4. Letter of Instructions regarding 1991 Certificates, dated as of August 1,
1997, from the Authority and the County to the Trustee (the "Letter of
Instructions");
5. Continuing Disclosure Agreement, dated the date of execution and
delivery of the 1997 Certificates, by and between the County, the
Trustee and U.S. Trust Company of California, N.A., as dissemination
agent (the "Continuing Disclosure Agreement);
6. Official Statement relating to the 1997 Certificates (the "Official
Statement"); and
7. Purchase Contract, dated August 21, 1997, by and among the
Authority, the County and PaineWebber Incorporated, as representative
of the underwriters (the "Purchase Contract").
WHEREAS, the Board of Supervisors of the County has been presented with
each document referred to herein, and this Board has examined and approved each document
and desires to ratify the execution and delivery of not to exceed $34,910,000 aggregate
principal amount of the 1997 Certificates and the execution of such documents and the
consummation of such financing; and
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 described
herein;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the
County of Contra Costa, as follows:
Section 1. All of the recitals herein are true and correct and this Board so
finds.
Section 2. The execution and delivery of the 1997 Certificates and the terms
of the 1997 Certificates as set forth in the Trust Agreement are hereby ratified and
confirmed.
Section 3. The execution and delivery of the Trust Agreement, the Site Lease,
the Facility Lease, the Letter of Instructions, the Continuing Disclosure Agreement and the
Purchase Agreement is hereby ratified and confirmed.
Section 4. The Official Statement describing the 1997 Certificates and the
execution and delivery thereof is hereby ratified and confirmed.
Section 5. The schedule of base rental payments set forth in Exhibit B of the
Facility Lease is approved and is hereby determined to be the schedule of base rental
payments to be paid pursuant to the Facility Lease.
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Section 6. The Board hereby ratifies its election, pursuant to Government
Code Section 25350.55, to guarantee rental payments to be made by the County under the
Facility Lease and authorizes and directs the County Administrator or his designee to notify
the Controller of the State of California of such election.
Section 7. All actions heretofore taken by the officers and agents of the
County with respect to the sale, execution and delivery of the 1997 Certificates are hereby
ratified and confirmed.
Section 8. This Resolution shall take effect from and after its adoption.
PASSED AND ADOPTED this 9th day of September, 1997.
Chairman of the Board of Supervisors
County of Contra Costa, California
[Seal]
ATTEST: Philip J. Batchelor, Clerk of the
Board of Supervisors and County Administrator
CLBy
Depu Clerk of the Board of
Supervisors of the County of
Contra Costa, State of California
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