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HomeMy WebLinkAboutRESOLUTIONS - 01011998 - 1998-391 /30 Quint&Thimmigg LLP 07/10/98 (Amend Res-Walnut Creek SD GOB) CO COSTA COMM RESOLUTION OF THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY,CALIFORNIA,AMENDING RESOLUTION NO.98/347, ADOPTED ON JUNE 23,1998,PROVIDING FOR AUTHORIZATION OF ISSUANCE AND SALE OF WALNUT CREED SCHOOL DISTRICT GENERAL OBLIGATION BONDS,1995 ELECTION,SERIES C,IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED$5,000,000 Resolution No. 98/ L91 RESOLVED, by the Board of Supervisors (the "Board") of Contra Costa County, California (the 'County"), as follows: WHEREAS, a duly called special municipal election was held in the Walnut Creek School District, Contra Costa County, California (the "District'), on June 6, 1995, and thereafter canvassed pursuant to law; and WHEREAS, at such election there was submitted to and approved by the requisite two- third (2/3) vote of the qualified electors of the District a question as to the issuance and sale of general obligation bonds of the District for various purposes set forth in the ballot submitted to the voters, in the maximum amount of $21,000,000 (the "Bonds") payable from the levy of an ad valorem tax against the taxable property in the District; and WHEREAS, the Board has heretofore issued and sold Bonds in the name of the District, following receipt of a resolution adopted by the Board of Education of the District, entitled Walnut Creels School District (Contra Costa County, California) General Obligation Bonds, Election of 1995, Series A (the "Series A Bonds"), in the aggregate principal amount of $4,500,000, for the purpose of raising funds needed to update classrooms for computer technology and construct, expand, acquire, renovate and upgrade classrooms and other school district facilities (the "Project") and other authorized costs WHEREAS, the Board has also heretofore issued and sold Bonds in the name of the District, following receipt of a resolution adopted by the Board, entitled Walnut Creek School District(Contra Costa County, California) General Obligation Bonds, Election of 1995, Series B (the "Series B Bonds"), in the aggregate principal amount of $6,500,000, for the purpose of raising funds needed for the Project and other authorized costs; WHEREAS, the Board has received a resolution of the Board of Education of the District (the "Original District 1998 Resolution") requesting the issuance of a third series of Bonds in the aggregate principal amount of five million dollars ($5,000,000) (the "Series C Bonds"); WHEREAS, in its resolution, the District found and informed this Board that all acts, conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District, and the indebtedness of the District, including this proposed issue of Series C Bonds, is within all limits prescribed by law; WHEREAS, the Board has adopted its Resolution No. 98/347 on June 23, 1998 (the "Original 1998 Resolution"),authorizing the Series C Bonds; 23005.01 WHEREAS, the Board has received a resolution of the Board of Education of the District amending the Original District 1998 Resolution to correct the interest and principal payment dates specified therein; and WHEREAS, it is necessary and appropriate to amend the Original 1998 Resolution to correct the interest and principal payment dates specified therein; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Contra Costa County, State of California, as follows: Section 1. Amendment of Sections 7 and 8 of the Original Res 1 rtion. Sections 7 and 8 of the Original Resolution are hereby amended in full as follows: Section 7. Series C Bond Terms. The Series C Bonds shall be issued as fully registered Bonds, without coupons, in the denominations of$5,000 each or any integral multiple thereof, and shall be dated August 1, 1998. The Series C Bonds shall bear interest from the date of the Series C Bonds to maturity of each of the Series C Bonds at a rate or rates not in excess of twelve percent (12%) per annum. Interest shall be payable on March 1 and September 1 of each year (the "Interest Payment Dates"), commencing March 1, 1999, until the principal amount has been paid or provided for. Each Series C Bond shall bear interest from the Interest Payment Date next preceding the date of authentication thereof, unless (a) it is authenticated as of a business day following the 15th day of the month immediately preceding any Interest Payment Date and on or before such Interest Payment Date, in which event it shall bear interest from such Interest Payment Date, or (b) it is authenticated on or before February 15, 1999, in which event it shall bear interest from August 1, 1998. The Series C Bonds shall mature (or, alternatively, be subject to mandatory sinking fund redemption as hereinafter provided) on September 1 of the years and in the amounts as shown below: Maturity Principal Maturity Principal (September 1) Am= (September ) Amount 1999 $ 40,000 2011 $225,000 2000 170,000 2012 235,000 2001 10,000 2013 245,000 2002 25,000 2014 255,000 2003 55,000 2015 270,000 2004 90,000 2016 280,000 2005 125,000 2017 295,000 2005 160,000 2018 310,000 2007 185,000 2019 325,000 2008 195,000 2020 345,000 2009 205,000 2021 360,000 2010 215,000 2022 380,000 Section 8. Redemption of Series C Bonds. (a) Optional Redemption. The Series C Bonds maturing on or before September 1, 2007, shall not be subject to redemption prior to their respective stated maturities. The Series C Bonds maturing on or after September 1, 2008, shall be subject to redemption -2- prior to maturity, at the option of the District, from any available source of funds, on any date on or after September 1, 2007, at a redemption price equal to the principal amount thereof together with accrued interest thereon to the date fixed for redemption, without premium. (b) Mandatory Sinking Fcind Redemption. In the event and to the extent specified in the bid of the winning bidder for the Series C Bonds, any maturity of Series C Bonds shall be designated as "Term Bonds" and shall be subject to mandatory sinking fund redemption on September 1 in each of the years set forth in such bid and in the respective principal amounts as set forth in Section 7, at a redemption price equal to one hundred percent (100%) of the principal amount thereof to be redeemed (without premium), together with interest accrued thereon to the date fixed for redemption. If some but not all of such Term Bonds have been redeemed pursuant to the preceding subsection(a)of this Section 8, the aggregate principal amount of such Term Bonds to be redeemed in each year pursuant to this subsection (b) shall be reduced on a pro rata basis in integral multiples of $5,000, as shall be designated pursuant to written notice filed by the District with the County and the Paying Agent (as defined in Section 10 hereof). (c) Selection of Bonds for Redemption. If less than all of the Series C Bonds shall be called for redemption, the particular Series C Bonds or portions thereof to be redeemed shall be called in such order as shall be directed by the District and, in lieu of such, direction, in inverse order of their maturity. Within a maturity, the Paying Agent shall select the Series C Bonds for redemption by lot; provided, however, that the portion of any Series C Bond to be redeemed shall be in the principal amount of five thousand dollars ($5,000) or some integral multiple thereof and that, in selecting Series C Bonds for redemption, the Paying Agent shall treat each Series C Bond as representing that number of Series C Bonds which is obtained by dividing the principal amount of such Series C Bond by five thousand dollars ($5,000). (d).Notice of Redemption. The Paying Agent shall give notice of the redemption of the Series C Bonds at the expense of the District. Such notice shall specify: (a) that the Series C Bonds or a designated portion thereof are to be redeemed, (b) the numbers and CUSIP numbers of the Series C Bonds to be redeemed, (c) the date of notice and the date of redemption, (d) the place or places where the redemption will be made, and (e) descriptive information regarding the Series C Bonds including the dated date, interest rate and stated maturity date. Such notice shall further state that on the specified date there shall become due and payable upon each Series C Bond to be redeemed, the portion of the principal amount of such Series C Bond to be redeemed, together with interest accrued to said date, and redemption premium, if any, and that from and after such date interest with respect thereto shall cease to accrue and be payable. Notice of redemption shall be by registered or otherwise secured mail or delivery service, postage prepaid, to the registered owner of the Series C Bonds, or if the registered owner is a syndicate, to the managing member of such syndicate, to a municipal registered securities depository and to a national information service that disseminates securities redemption notices, and by first class mail, postage prepaid, to the District and County and the respective owners of any registered Series C Bonds designated for redemption at their addresses appearing on the Bond registration books, in every case at least thirty (30) days, but not more than sixty (60) days, prior to the redemption date; provided that neither failure to receive such notice nor any defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemption of such Series C Bonds. -3- (e) Partial Redemption of Bonds. Upon the surrender of any Series C Bond redeemed in part only, the Paying Agent shall execute and deliver to the registered owner thereof a new Bond or Bonds of like tenor and maturity and of authorized denominations equal in aggregate principal amount to the unredeemed portion of the Series C Bonds surrendered. Such partial redemption shall be valid upon payment of the amount required to be paid to such registered owner, the County, the Paying Agent and the District shall be released and discharged thereupon from all liability to the extent of such payment. (f) Effect of Redemption. Notice having been given as aforesaid, and the moneys for the redemption (including the interest to the applicable date of redemption) having been set aside with the County for such purpose, the Series C Bonds to be redeemed shall become due and payable on such date of redemption. If on such redemption date, money for the redemption of all the Series C Bonds to be redeemed as provided in this Section 8, together with interest to such redemption date, shall be held by the Treasurer-Tax Collector so as to be available therefor on such redemption date, and if notice of redemption thereof shall have been given as aforesaid, then from and after such redemption date, interest with respect to the Series C Bonds to be redeemed shall cease to accrue and become payable. All money held by or on behalf of the Treasurer-'Tax Collector for the redemption of Series C Bonds shall be held in trust for the account of the registered owners of the Series C Bonds so to be redeemed. All Series C Bonds paid at maturity or redeemed prior to maturity pursuant to the provisions of this Section 8 shall be canceled upon surrender thereof and be delivered to or upon the order of the County and the District. All or any portion of a Series C Bond purchased by the County or the District shall be canceled by the Paying Agent. Series C Bonds(or portions thereof),which have been duly called for redemption prior to maturity under the provisions of this Resolution, or with respect to which irrevocable instructions to call for redemption prior to maturity at the earliest redemption date have been given to the Paying Agent, in form satisfactory to it, and sufficient moneys shall be held by the Treasurer-Tax Collector irrevocably in trust for the payment of the redemption price of such Bonds or portions thereof, all as provided in this Resolution, then such Series C Bonds shall no longer be deemed outstanding and shall be surrendered to the Paying Agent for cancellation. Section 2. Amendment of Interest and principal Payment Dates in the Original Rei lution. Except as otherwise provided in Section 1 above, all references in the Original Resolution, including all references in any exhibit thereto, to interest payments dates shall be amended to be "March 1" and "September 1" and all references in the Original Resolution, including all refierences in any exhibit thereto, to principal payments dates shall be amended to be "September L" Except as otherwise provided in Section 1 above, all references in the Original Resolution,including all references in any exhibit thereto, to the record date for the first interest payment dates shall be amended to be "February 5, 1999." Section 3. All Other Provisions of the Original Resolution to Remain in Full Force and Effect. Except as otherwise provided herein, all provisions of the Original Resolution shall remain in full force and effect. Section 4. Certified Copy to Auditor-Controller. The Clerk of the Board is hereby directed to provide a certified copy of this Resolution to the Auditor-Controller of Contra Costa County. -4- Section 5.Effect ye Date.This Resolution shall take effect immediately upon its passage. I hereby certify that the foregoing resolution was duly adopted at a meeting of the Board of Supervisors of Contra Costa Bounty held on the 28th day of July, 1998, by the following vote: AYES: Supervisors Gerber, Canciamilla and Rogers NOES: None ABSENT: Supervisors Uilkema and DeSaulnier ABSTAIN: bone r air,Board #Supervisors ATTEST: Phil Batchelor,Clerk of the Board of Supervisors and County Administrator By ,.5.