HomeMy WebLinkAboutRESOLUTIONS - 01011999 - 1999-558 THE BOARD OF SUPERVISORS,CONTRA COSTA COUNTY,CALIFORNIA
Adopted this Resolution on October 26, 1999 by the following vote:
AYES : SUPERVISORS GIOIA, UILKEMA,and CANCIAMILLA
NOES : NONE
ABSENT SUPERVISORS GERBER, OESAULNIER
ABSTAIN: NONE
RESOLUTION NO.99/ 558
SUBJECT: Resolution Approving Execution and Delivery of Assignment of Purchase Option to Transocean
Funding/Pittsburg,Inc.In Connection With Acquisition and Improvement of the Project,Approving Forms of
and Execution of a Facility Lease("Lease")and Escrow Agreement; Approving Forms and Distribution of
Preliminary Limited Offering Memorandum for the Sale of Certificates of Participation In the Lease by
Transocean Funding/Pittsburg,Inc.; and Authorizing the County Administrator or his Designee Taping
Necessary Actions and Executing of Necessary Certificates.
WHEREAS,the County of Contra Costa(the "County") is a political subdivision of the State of California;
WHEREAS,this Board of Supervisors hereby determines that it would be in the best interest of the County and the
residents of the County to enter into a facility lease with an option to acquire and improve 186 East Leland Road,
Pittsburg, CA. (referred to as "The Project");
WHEREAS the County has entered into an agreement with Transocean Funding/Pittsburg,Inc., a California special
purpose corporation, for use of 186 East Leland Road,Pittsburg,CA, for a veterans building;
WHEREAS,Transocean Funding/Pittsburg,Inc. ("Corporation")will finance the acquisition,construction and
improvement of the Project by and on behalf of the County through issuance of Certificates of Participation;
WHEREAS, it is proposed that the County assign its purchase option in connection with the Project to the Corporation;
WHEREAS,it is proposed that the Corporation will acquire the Project and will lease the Project to the County pursuant
to a document entitled"Facility Lease,"to be dated as of October 1, 1999(the"Facility Lease");
WHEREAS ,under the Facility Lease,the County would be obligated to make base rental payments to the Corporation
for the lease of the Project;
WHEREAS,it is proposed that all rights to receive such base rental payments will be assigned without recourse by the
Corporation to First National Bank of Central California as Paying Agent(the "Paying Agent")pursuant to an Assignment
to be dated as of October 1, 1999 (the "Assignment");
WHEREAS,it is further proposed that the Corporation and the Paying Agent will enter into a Paying Agency Agreement,
to be dated as of October 1, 1999,(the"Paying Agency Agreement")pursuant to which the Corporation will execute and
deliver Certificates of Participation(186 East Leland Road Project)in an amount equal to the aggregate principal
components of such payments,each evidencing and representing a fractional undivided interest in such payments;
WHEREAS,a form of a Limited Offering Memorandum,describing the 1999 Certificates will be distributed to potential
purchasers of the 1999 Certificates;
WHEREAS,the Board has been presented with the form of each document,hereinafter referred to, and the Board has
examined and approved each document and desires to authorize and direct the execution of such documents and the
consummation of such financing;
WHEREAS ,the County has the full legal right,power and authority to enter into the transaction hereinafter authorized;
and
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NOW,THEREFORE,BE IT-RESOLVED by the Board of Supervisors of the County of Contra Costa,as follow:
Section 1. The County hereby specifically finds and declared that the actions authorized hereby constitute and are with
respect to public affairs of the County and that the statements, findings and determinations of the County set forth above
are true and correct.
SgcIitin 2. The assignment of the County's purchase option in connection with the Project to the Corporation is hereby
approved and the Chairman of the Board of Supervisors and the Clerk of the Board of Supervisors,the Director of
General Services,and their designees, are hereby authorized and directed to execute and deliver said assignment of
purchase option to the Corporation,together with such amendments,modifications and changes to such purchase option
as such officers may require or approve.
Section . The form of Facility Lease between the Corporation and the County,dated as of October 1, 1999, on file with
the Clerk of the Board of Supervisors, is hereby approved and the Chairman of the Board of Supervisors and the Clerk of
the Board of Supervisors,the Director of General Services,and their designees,are hereby authorized and directed to
execute and deliver said Facility Lease in substantially said form,with such changes therein as such officers may require
or approve,such approval to be conclusively evidenced by the execution and delivery thereof;provided,however,that the
aggregate principal component of base rental payments payable under the Facility Lease shall not exceed$350,000.00,the
maximum annual base rental payments payable under the Facility Lease shall not exceed$60,000.00 and the term of the
Facility Lease shall not exceed eleven(11)years.
Sectign 4. The officers of the County are hereby authorized and directed,jointly a severally,to do any and all things
which they may deem necessary or advisable in order to consummate the transactions herein authorized and otherwise to
carry out, give effect to and comply with the terms and intent of this Resolution. The Chairman of the Board of
Supervisors,the Clerk of the Board of Supervisors,the Director of General Services and the officers of the County are
hereby authorized and directed to execute and deliver any and all certificates,tax and rebate certificates,the letter of
representations to The Depository Trust Company and certificates in connection with the sale of the 1999 Certificates,
necessary and desirable to accomplish the transactions set forth above.
Section 5. All actions heretofore taken by the agents of the County with respect to the acquisition of the Project and
entering into the Facility Lease with Option to Purchase are hereby approved and confirmed.
Section 6. The County hereby declares its official intent,solely for purposes of establishing compliance with the
requirements of Section 1. 150-2 of the United States Treasury Regulations,to use proceeds of the 1999 Certificates to
reimburse itself for any County expenditures in connection with the Project incurred prior to the execution and delivery of
the 1999 Certificates.
RESOLUTION NO. 99/ 558
1 hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supeo the date shown.
ATTESTED: �?Zr _-, -a Zoiwwm) 199
PHIL BATCHELOR,Clerk of the Board
Of Supervisors and County Administrator
By Dept