Loading...
HomeMy WebLinkAboutRESOLUTIONS - 01012001 - 2001-218 RESOLUTION NO. 2001/218 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE ISSUANCE OF REFUNDING BONDS, APPROVING AND DIRECTING THE EXECUTION OF A PAYING AGENT AGREEMENT AND AN ESCROW DEPOSIT AND TRUST AGREEMENT, AUTHORIZING SALE OF BONDS,AND OTHER RELATED DOCUMENTS AND ACTIONS WITH RESPECT THERETO Reassessment District of 2001 WHEREAS, this Board of Supervisors (this "Board")of the County of Contra Costa (the "County") has conducted proceedings under and pursuant to A Resolution of the Board of Supervisors of the County of Contra Costa Declaring its Intention to Levy Reassessments and to Issue Refunding Bonds Upon the Security Thereof, adopted on May 22, 2001 (the "Resolution of Intention"), to authorize the levy of reassessments upon the land within its Reassessment District of 2001 (the "District"), and to issue bonds secured by said reassessments, the proceeds of which are to be used to refund certain existing obligations (the "Prior Bonds"), all as described therein; and WHEREAS, pursuant to the Resolution of Intention, this Board has provided for the issuance of limited obligation refunding improvement bonds pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the Streets and Highways Code of the State of California (the "Act") and, to the extent applicable pursuant to the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of the State of California (the 'Bond Law"); and WHEREAS, there is on file with the Treasurer of the County a list of all of the reassessments within the District which remain unpaid (the "List of Unpaid Reassessments"); and WHEREAS, there have been submitted to this Board certain documents providing for the issuance of the bonds by the County for the District, and the use of the proceeds of those bonds to refund certain existing bonds,including the forms of Paying Agent Agreement, Escrow Deposit and Trust Agreement and Bond Purchase Contract, and this Board, with the aid of its staff,has reviewed said documents and found them to be in proper order;and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special reassessments as contemplated by this Resolution and the documents referred to herein exist,have happened and have been performed in due time,form and manner as required by the laws of the State of California,including the Act and the Bond Law; NOW, THEREFORE, BE IT RESOLVED, By the Board of Supervisors of the County of Contra Costa, as follows: Section 1. Unpaid Reassessments. The reassessments that remain unpaid are as shown on the List of Unpaid Reassessments,which is hereby approved and incorporated herein by this reference. The total amount of the unpaid reassessments is not-to-exceed $7,000,000 (or such lesser amount required to comply with Section 9525 of the Act). For a particular description of the lots,pieces and parcels of land bearing the respective reassessment numbers set forth in the List of Unpaid Reassessments,reference is hereby made to the reassessment and to the diagram,and any amendments thereto approved by this Board, all as recorded or to be recorded in the office of the Director of Public Works of the County, as the Superintendent of Streets of the County. Section 2. Bonds Authorized Pursuant to the Act, this Resolution and the Paying Agent Agreement (hereafter defined), refunding improvement bonds of the County for the District designated as "County of Contra Costa Limited Obligation Refunding Bonds, Series 2001 (Reassessment District of 2001) (the "Bonds") in an aggregate principal amount not-to- exceed $7,000,000 are hereby authorized to be issued. Section 3. Pa3dng Agent Agreement. The proposed form of Paying Agent Agreement (the"Paying Agent Agreement")with respect to the Bonds in the form presented to this Board at this meeting, is hereby approved. The Auditor Controller, the Treasurer and such other official of the County as may be designated by this Board (each, an "Authorized Official"), each acting alone, are hereby authorized and directed to execute and deliver the Paying Agent Agreement in substantially said form, with such additions thereto or changes therein as are approved by the Authorized Official executing the Paying Agent Agreement upon consultation with Jones Hall, A Professional Law Corporation, the County's bond counsel ("Bond Counsel"),including such additions or changes as are necessary or advisable (provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $7,000,000), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Paying Agent Agreement by said Authorized Official. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Paying Agent Agreement as finally executed. Section 4. Escrow Agreement. The form of Escrow Deposit and Trust Agreement (the "Escrow Agreement") by and between the County and BNY Western Trust Company, as escrow holder, in the form presented to this Board at this meeting is hereby approved. The Authorized Officials are hereby authorized and directed to cause the same to be completed and executed on behalf of the County in substantially said form, with such additions thereto or changes therein as are approved by the Authorized Official executing the Escrow Agreement upon consultation with Bond Counsel. Section 5. Sale of Bonds. The sale of the Bonds to the County of Contra Costa Public Financing Authority(the"Authority")is hereby approved and the Authorized Official is hereby authorized and directed to execute the Bond Purchase Contract (the "Purchase Contract") on behalf of the County in substantially the form on file with the Clerk of this Board with such additions thereto or changes therein as are approved by the Authorized Official executing the Purchase Contract upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Purchase Contract by said Authorized Official. This Board hereby finds and determines that the sale of the Bonds to the Authority provides savings to the Reassessment District that would not otherwise be available. Section 6. Bonds Printed and Delivered. Upon the execution of the Purchase Contract, the Bonds shall be printed, authenticated and delivered, all in accordance with the applicable terms of the Paying Agent Agreement and the Authorized Officials and other responsible County officials are hereby authorized and directed to take such actions as are required under the Bond Purchase Contract and the Paying Agent Agreement to complete all actions required to evidence the delivery of the Bonds upon the receipt of the purchase price thereof from the purchaser. 2 Section 7. Actions. All actions heretofore taken by the officers and agents of the County with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved,confirmed and ratified, and the proper officers of the County are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution,and any certificate,agreement, contract, and other document described in the documents herein approved. Section 8. Effective Date. This resolution shall take effect from and after its adoption. The foregoing Resolution was adopted by the Board of Supervisors of the County of Contra Costa on the 22nd day of May,2001, on the following vote: AYES: SUPERVISORS: GIOIA, GERBER, DeSAULNIER, GLOVER, and UILKEMA NOES: SUPERVISORS: NONE ABSENT: SUPERVISORS: NONE ABSTAIN: SUPERVISORS: NONE Ch a?r' ATTEST: John Sweeten,County Administrator and Clerk of the Board of Supervisors Deputy Clerk 3