HomeMy WebLinkAboutRESOLUTIONS - 01011998 - 1998-153 L/ 1
RESOLUTION NO. gs/13
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA,
CALIFORNIA
RESOLUTION DETERMINING TO PROCEED WITH A FINANCING FOR
THE REFUNDING OF CERTIFICATES OF PARTICIPATION (VARIOUS
CAPITAL PROJECTS), SERIES 1994, AND AUTHORIZING COUNTY
OFFICIALS TO TAKE NECESSARY ACTIONS AND TO PREPARE
NECESSARY DOCUMENTS.
WHEREAS, in order to take advantage of favorable market conditions to achieve
savings on base rental payments, this Board of Supervisors hereby determines that it would be in
the best interest of the County to proceed with a certificate of participation or a lease revenue
bonds financing(herein called the "Refunding Obligations")for the refunding of all or a portion of
the outstanding Certificates of Participation(Various Capital Projects), Series 1994 (herein called
the "Outstanding Certificates of Participation")and the possible financing of certain additional
capital improvements,
WHEREAS, this Board of Supervisors desires to authorize the County
Administrator to prepare necessary legal documents, determine the manner of sale of the
Refunding Obligations and to take other preliminary actions in connection with the proposed
issuance of the Refunding Obligations.
Resolution No. 98/153
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the
County of Contra Costa, as follows:
Section 1. This Board of Supervisors hereby determines to proceed with the
Refunding Obligations for the refunding of the Outstanding Certificates of Participation and the
possible financing of certain additional capital improvements. Such Refunding Obligations will be
in the principal amount not to exceed $29,000,000.
Sr&li!2n 2. The County Administrator is hereby authorized and directed to prepare
the necessary legal documents to accomplish said financing, and to determine the manner of sale
of the Refunding Obligations, including, in the event the County Administrator determines that a
negotiated underwriting would be in the best interest of the County, the selection of an
underwriter, or, if a publicly bid sale is determined to be in the best interest of the County, to
publish the Notice of Sale for such financing.
Section 3. C. M. de Crinis&Co., Inc. is hereby appointed as financial advisor in
connection with the Refunding Obligations and Orrick, Herrington& Sutcliffe LLP is hereby
appointed as special counsel in connection with the Refunding Obligations.
Section 4. The County Administrator is hereby authorized and directed to make
appropriate presentations to rating agencies and to negotiate with bond insurance companies, and,
if the County Administrator determines that it is in the best interest of the County, to commit to
purchase or pre-qualify for a bidder to purchase bond insurance for all or a portion of the
Refunding Obligations on such terms as the County Administrator determines are appropriate.
Section . The County Administrator and other appropriate officers of the Board
or the County,be and they are hereby authorized and directed,jointly and severally, for and in the
name and on behalf of the County, to execute and deliver any and all documents, certificates and
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representations, to contract with escrow agents, verification agents, printers and such other
entities necessary to the financing, and to do any and all things and take any and all actions which
may be necessary or advisable, in their discretion, to effectuate the actions which the County has
approved in this Resolution.
Section 6. This resolution shall take effect from and after its date of adoption.
PASSED AND ADOPTED TFUS 24th day of March, 1998.
AYES: Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla and Rogers
NOES:None
ABSENT: None
ABSTAIN: None
[Seal]
r A,
Che 7imah of t e Board of Supervisors
ATTEST: Philip J. Batchelor,
Clerk of the Board of Supervisors
and County Administrator of
the County of Contra Costa,
State of California
By: rL Of AAil' aAod
Deputy Clerk
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CLERK'S CERTMCATE
I, Ann Cervelli , Deputy 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 regular meeting of the Board of Supervisors of said County duly
and regularly held at the regular meeting place thereof on the 2e day of March, 1998, of which
meeting all of the members of said Board of Supervisors had due notice and at which a majority
thereof were present; and that at said meeting said resolution was adopted by the following vote:
AYES: Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla and Rogers
NEVES:None
ABSENT: None
ABSTAIN: None
An agenda of said meeting was posted at least 72 hours before said meeting at 651
Pine Street, Martinez, California, a location freely accessible to members of the public, and a brief
general description of said resolution appeared on said agenda.
I further certify that I have carefully compared the same with the original minutes
of said meeting on file and of record in my office; that the foregoing resolution 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 or rescinded since the date of its adoption,
and the same is now in full force and effect.
WITNESS my hand and the seal of the County of Contra Costa this 24h day of
March, 1998.
a
(L
Depu Clerk of the Beard of Supervisors
of the Counter of Centra Costa
State of California
[Seal]
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