HomeMy WebLinkAboutRESOLUTIONS - 01012000 - 2000-374 Quint&Thimmig LLP 07/27/00 '
CONTRA COSTA COUNTY
RESOLUTION OF THE BOARD OF SUPERVISORS OF CONTRA
COSTA COUNTY, CALIFORNIA, AMENDING ITS RESOLUTION
NO. 2000/79, ENTITLED "RESOLUTION OF THE BOARD OF
SUPERVISORS OF CONTRA.COSTA COUNTY, CALIFORNIA,
PROVIDING FOR AUTHORIZATION OF ISSUANCE AND SALE OF
WALNUT CREEK SCHOOL DISTRICT GENERAL OBLIGATION
BONDS, ELECTION OF 1995, SERIES D,IN THE AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED$5,000,000,"ADOPTED
FEBRUARY 15, 2000
Resolution No. _Z000/374
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 Creek School District (Contra Costa County, California) General Obligation Bonds,
Election of 1995, Series A, in the aggregate principal amount of$6,500,000, 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,
in the aggregate principal amount of$4,500,000, for the purpose of raising funds needed for 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 C,
Resolution 2000/374
in the aggregate principal amount of$5,000,000, for the purpose of raising funds needed for 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 D,
in the aggregate principal amount of$5,000,000, for the purpose of raising funds needed for the
Project and other authorized costs (the"Series D Bonds");and
WHEREAS, in connection with the investment of a portion of the proceeds of the Series
D Bonds, the District desires to approve an investment agreement therefor and has requested
that the County amend its Resolution No. 2000/79, entitled "Resolution of the Board of
Supervisors of Contra Costa County, California, Providing for Authorization of Issuance and
Sale of Walnut Creek School District General Obligation Bonds, Election of 1995, Series D, in
the Aggregate Principal Amount of Not to Exceed $5,000,000," adopted February 15, 2000 (the
"Series D Bond Resolution"), to specifically authorize such investment;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Contra Costa
County,State of California, as follows:
Section 1. Amendment of Series D Bond Resolution. Section 15 of the Series D Bond
Resolution is hereby amended by adding a new paragraph (e) thereto, as follows:
(e) Authorized Investments. The proceeds of the Bonds may be invested in any
investments permitted by law to be made with moneys belonging to, or in the custody
of, the District, including, but not limited to, the Local Agency Investment Fund in the
California State Treasury and investment agreements, including guaranteed investment
contracts, with a financial entity whose long-term debt is rated by Moody's Investors
Service and Standard & Poor's Ratings Services in one of their two highest rating
categories, and whose short-term debt is rated no lower than the corresponding level of
rating category for such debt, and so long as any such guaranteed investment contract
is approved in writing by any municipal bond insurer insuring the Bonds. Any such
investment agreement shall provide that the financial entity shall deposit collateral with
a third party in accordance with criteria established by Moody's Investors Service and
Standard & Poor's Ratings Services in the event that the rating of short- or long-term
debt of the financial entity is downgraded below then-current requirements of Moody's
Investors Service and Standard & Poor's Ratings Services for such investment
agreements.
Section 2. Effective Date. This Resolution shall take effect immediately upon its passage.
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Resolution No. 2000/374
I hereby certify that the foregoing resolution was duly adopted at a meeting of the
Board of Supervisors of Contra Costa County held on the 15th day of August , 2000,by the
following vote:
AYES: SUPERVISORS GIOIA, UILKEMA, CANCIAMILLA and GERBER
NOES: NONE
ABSENT: SUPERVISOR DESAULNIER
za
Ch Board of Supervisors
ATTEST: Phil Batchelor,Clerk of the Board of
Supervisors and County
Administrator
By -'
Resolution No. 2000/374