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HomeMy WebLinkAboutRESOLUTIONS - 01011997 - 97-401 RESOLUTION NO. 27/401 OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA CALIFORNIA RESOLUTION DET"3RU INING TO PROCEED WITH CERTIFICATE OF PARTICIPATION FINANCING FOR REFUNDING OF CERTIFICATES OF PARTICIPATION (1991 COUNTY BUILDINGS ACQUISITION PROJECT'), AND AUTHORI7.,ING COUNTY OFFICIALS TO TAKE NECESSARY ACTIONS AND TO PREPARE NECESSARY DOCUMENTS. WHEREAS, this Board of Supervisors hereby determines that it would be in the best interest of the County to proceed with a certificate of participation financing (the "Certificates of Participation") for the refunding of the outstanding Ca fi of Participation (1991 County Buildings Acquisition Project) (herein called the "Outstanding Certificates of Participation") and the financing of certain additional capital imparovements; WHEREAS, this Board of Supervisors desires to authorize the County Administrator to prqwe necessary legal documents, detemme the manner of sale of the Certificates of Participation and to take other preliminary actions in connection with the proposed issuance of Certificates of Participation. NOW, KEFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: M.7691a.z 5s 1iont1.. This Board of Supervisors hereby determines to proud with a Certificates of Participation financing for the refunding of Outstanding Certificates of Participation and the financing of certain additional capital improvements. Section 2. The County Administrator is hereby authorized and directed to prepare the necessary legal documents to accomplish said financing, and to det main the manner of sale of the Certificates of Participation, including, in the event the: County Administrator determines that a negotiated undervaiting would be in the best interest of the: County, the selection of an underwriter. Section . C. M. de Crinis & Co., Inc. is hereby appointed as financial advisor in connection with the Certificates of Participation and Orrick, Herrington & Sutcliffe LLP is hereby appointed as special counsel in connection with the Certificates of Participation. M-7022.2 2 Sc;IiQn A. This resolution shall take effect from and after its date of adoption. PASSED AND ADOPTED TICS 22nd day of July, 1997. AYES: Supervisors Rogers, Uilkew, Gerber, C,anciamilla, DeSaulnier NOES: None ABSENT: None [see] Chairman of the Board of Supervisors AT7.'EST: Philip J. Batchelor, Clerk of the Board of Supervisors and County Administrator of the County of Contra Costa State of California By; M701r.s rr ERKIS CE=CA'I` I, 3764az QuirlIaL, Deputy Clerk of the Board of Supervisors of the County of Contra Costa, hereby certify that the foregoing is a full, true and correct ropy of a resolution duly adopted at a regular meeting of the Board of Supervisors of aid County duly and regularly held at the regular meeting place thereof on the 22nd day of July, 1997, of which meeting all of the members of said Board of Supervisors had due notice and at which a majority thereof were t; and that at said meeting said resolution was adopted by the following vote: AYES: $lp@1.V3,-<xs Pqpm, mam, Gmixr, Qw-Ismi11a, t is. nicer NOES: Ncm ABSENT:ttm An agenda of said meeting was posted at least 72 hours before said meeting at 651 Pine Street, fez, California, a location freely accessible to members of the public, and a brief genual description of said resolution appeared on said agenda. I further certify that I have carefully compared the same with the .onpuLl minutes of said meeting on file and of record in my office; that the foregoing resolution is a full, true and cornet copy of the original resolution adapted at said meeting and entered in said minutes; and that said resolution has not been amended, modified or rescinded siace the date of its adoption, and the same is now in full force and effect. !!i-76912.2 WITNESS my hand and the seal of the County of Contra Costa this 22nd day of July, 1997. Deputy Clerk f the Board of Supervisors of-the County of Contra Costa State of California [Seal] I2-7012.2 2 G-•. TO: BOARD OF SUPERVISORS ConCosta Costa+Costala FROM: ' +� �` Phil Batchelor, County AdministratorJL �r .y DATE: July 22, 1997 SUBJECT. Refunding of 1991 Certificates of Participation SPECIFIC REOUEST(S)OR RECOMMENDATION{S}&BACKGROUND AND JUSTIFICATION RECOMMENDATIONS: 1. Adopt resolution determining to proceed with refunding of the 1891 Certificates of Participation. 2. Authorize the County Administrator to take the necessary actions to accomplish the refunding. FINANCIAL WALT: Refunding of the 1891 Certificates of Participation will result in a decrease in the interest cost for the funding of the buildings financed with the original issue. The current interest rate market is very favorable, especially in relation to what existed in 1991. Depending on the interest rates at the time of sale, the savings on the debt service could exceed $2,000,000 in net present value over the remaining term of the securities. In addition to reducing the interest cost, additional funds will be added to the borrowing to cover the cost for the remodel of the Sheriffs Dispatch Center and for purchase of a building for the Public Defender upon completion of renovations. BACKGROUND: The 1991 COP issue was used to acquire the buildings at 10, 40 and 50 Douglas Drive in Martinez. An opportunity exists to reduce the debt service costs for those buildings due to the current favorable interest rates. In addition, the Board approved a lease purchase of a building for the Public Defender in Martinez. Funds will be included in the refunding to exercise the purchase option after the renovations are complete for that building. The debt service for the Public Defender's.building will be covered by cancellation of existing leases currently occupied by that office in other locations. Funding for the approved remodel of the Sheriff's Dispatch Center will also be included. CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER I NAT ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS V 1 HEREBY CERTIFY THAT THIS IS A TRUE UNANIMOUS{ABSENT-_ - AND CORRECT COPY OF AN ACTION TAKEN AYES: NOES: AND ENTERER ON THE MINUTES OF THE BOARD ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. ATTESTED Contact: ATTESTED Bell 335-1093 PHIL SA EHE Lo CLFRK OF TBOARD OF Cc: County Administrator SUPERVISORS AND COUNTY ADMINISTRATOR County Counsel Auditor-Controller Treasurer-Tax Collector BY DEPUTY General Services -2- The tax-exempt deferred financing of County buildings has been a very cost effective program resulting in ownership of buildings with much of the cost reimbursed by State and. Federal programs. The move away from no-equity leases has provided significant savings for the County over time.