HomeMy WebLinkAboutRESOLUTIONS - 01011997 - 1997-207 RESOLUTION NO. 9 7 J 2 0 7
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA
CALIFORNIA
RESOLUTION APPROVING ISSUANCE AND SALE OF 1997-1998 TAX AND
REVENUE ANTICIPATION NOTES OF THE COUNTY; APPROVING FORMS AND
EXECUTION OF A TRUST AGREEMENT, OFFICIAL NOTICE OF SALE, NOTICE OF
INTENTION TO SELL NOTES AND CONTINUING DISCLOSURE CERTIFICATE;
APPROVING FORM OF AND DISTRIBUTION OF PRELIMINARY OFFICIAL
STATEMENT FOR THE SALE OF SAID NOTES; DELEGATING TO COUNTY
ADMINISTRATOR OR HIS DESIGNEE AUTHORIZATION TO AWARD BIDS FOR
SAID NOTES; AND AUTHORIZING TAILING OF NECESSARY ACTIONS AND
EXECUTION OF NECESSARY CERTIFICATES
WHEREAS, the County of Contra Costa (the "County") is a political
subdivision of the State of California;
WHEREAS, pursuant to Sections 53850 et seq. of the Government Code of
the State of California (the "Government Code"), this Board of Supervisors (the "Board") has
found and determined that the sum of not to exceed One Hundred Fifty Million Dollars
($150,000,000) is needed for the requirements of the County of Contra Costa (the "County")
to satisfy obligations payable from the General Fund and that it is necessary that said sum be
borrowed for such purpose at this time by the issuance of temporary notes (the "Notes")
therefor in one or more series in anticipation of the receipt of taxes, revenue and other
moneys to be received by the County for the General Fund of the County allocable to Fiscal
Year 1997-1998; and
WHEREAS, it appears, and the Board hereby finds and determines, that said
sum of One Hundred Fifty Million Dollars ($150,000,000), when added to the interest
estimated to be payable thereon, does not exceed eighty-five percent (85%) of the estimated
amount of the uncollected takes, income, revenue, cash receipts and other moneys of the
County for the General Fund of the County attributable to Fiscal Year 1997-1998 and
available for the payment of the principal of and interest on the Notes;
WHEREAS, no money has heretofore been borrowed by the County through
the issuance of any temporary notes in anticipation of the receipt of, or payable or secured
by, taxes, income, revenue, cash receipts or other moneys of the County received or accrued
during or allocable to Fiscal Year 1997-1998;
WI-71M.2
WHEREAS, the County proposes to enter into a Trust Agreement, dated as of
July 1, 1997, with U.S. Trust Company of California, N.A., as trustee (the "Tmstee"), to
provide for the issuance and payment of the Notes;
WHEREAS, the County desires to authorize the issuance of the Notes in two
series, with an initial issuance of a fast series of motes (the "Series A Notes") in the month
of July and an authorization to issue and sell a second series of notes (the "Series E Notes")
prior to January 1, 1998;
WHEREAS, the Series A Notes shall be sold to the highest bidder or bidders
pursuant to a competitive sale to be held on June 3, 1997 or on such earlier or later date as
is established by the County Administrator of the County in accordance with the terms of an
Official Notice of Sale for the Notes;
WHEREAS, a form of Official Statement describing the Notes and a form of
an Official Notice of Sale for the sale of the Notes will be distributed to potential purchasers
of the Notes and a form of Notice of Intention to Sell the Notes will be published in THE
BOND BUYER;
WHEREAS, this Board has been presented with the form of each document
hereinafter referred to, relating to the Notes, and the Board has examined and approved each
document and desires to authorize and direct the execution of such documents and the
issuance of the Notes;
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
NOW, THEREFORE, the Board of Supervisors of the County of Contra Costa
hereby finds, determines, declares and resolves as follows:
. $eciWs. All of the recitals herein above set forth are true and
correct, and this Board so finds and determines.
Soggo . 1 and A===. The proposed form of the Trust Agreement, to
be dated as of July 1, 1997, by and between the County and the Trustee (a copy of which is
on file with the Clerk of the Board of Supervisors), is hereby approved. The County
Administrator of the County (the "County Administrator") and the Clerk of the Board of
Supervisors, and their designees, are hereby authorized and directed to execute and deliver
the Trust Agreement in substantially said form, with such changes, additions, completions
and corrections therein as such officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery therwf.
Section . Sale of cyttes. The proposed form of the Official Notice of Sale
for the Series A Notes, in substantially the form presented to this meeting (a copy of which
is on file with the Clerk of the Board), is hereby approved and adopted as the Official Notice
02-717".2 Z
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authorized and directed to deliver such official statement in final form to the purchasers of
the Series A Notes. The County Administrator or his designee is authorized to certify on
behalf of the County that the preliminary form of the official statement is deemed final as of
its date, within the meaning of Rule 15c2-12 promulgated under the Securities Exchange Act
of 1934 (except for the omission of certain final pricing, rating and related information as
permitted by said Rule).
. The form of instrument, entitled
"Continuing Disclosure Cudated as to be daas of its date of exertion, in substantially
the form submitted to this meeting (a copy of which is on file with the Clerk of the Board),
is hereby approved. The County Administrator or his designee is authorized and directed to
execute and deliver an instrument in substantially said form, with such changes therein as
such officer executing such instrument maJ require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
. AgUMW of Actions. All actions heretofore Won by the officers
and agents of the County or the Board with respect to the sale and issuance of the Notes are
hereby approved, confirmed and ratified, and the officers of the County and the Board are
hereby authorized and directed, for and in the name and on behalf of the County, to do any
and all things and take any and all actions and execute any and all certificates, agreements
and other documents which they, or any of them, may deem necessary or advisable in order
to consummate the lawful issuance and sale of the Notes in accordance with this Resolution.
PASSED AND ADOPTED by the Board of Supervisors of the County of
Contra Costa, State of California, this 22nd day of April, 1997, by the following vote:
AYES: Supervisors Rogers , Ui.lkema, Gerber, Canciamilla, DeSaulnier
NOES: None
ABS; : None
Chair of the Board of Supervisors
of the County of Contra Costa
(Sea)
Attest: Philip J. Batchelor, County Administrator
and Clak of the Board of Supervisors of the
County of Contra Costa
By: x.mac.- 1. 2' - - is
('/Deputy Clerk
CLERK'S CERTIFICATE
I, MANNE O. MAGLIO, Deputy Clerk and Chief Clerk of the Board of
Supervisors of the County of Contra Costa, hereby certify that the foregoing is a full, true
and correct copy of a resolution duly adopted at a meeting of the Board of Supervisors of the
County of Contra Costa duly and regularly held in Martinez, California, on April 22, 1997,
of which meeting all of the members of said Board had due notice.
I further y that I have carefully o mpared the foregoing copy with the
original minutes of said meeting on file and of record in my office; that said copy is a full,
true and correct copy of the original resolution adopted at said meeting and entered in said
minutes; and that said resolution has not been amended, modified, rescinded or revoked in
any manner since the date of its adoption, and the same is now in full force and effect.
I further certify that an agenda of said meeting was posted at least 72 hours
before said meeting in the Lobby of 651 Pine St., Martinez, California, a location freely
accessible to the public and a brief general description of the resolution to be adopted at said
meeting appeared on said agenda.
IN VMNESS WHEREOF, I have executed this certificate and affixed the seal
of the Board of Supervisors of the County of Contra Costa hereto as of this6 th day of
May 1997.
By
Deputy Clerk of thdtoard of
Supervisors of the County of
Contra Costa, State of California
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