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HomeMy WebLinkAboutRESOLUTIONS - 01012001 - 2001-219 RESOLUTION NO. 2001/219 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,000,000 FOR THE PURPOSE OF ACQUIRING CERTAIN LIMITED OBLIGATION REFUNDING BONDS OF THE COUNTY, AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, the County of Contra Costa Public Financing Authority (the "Authority") has previously issued its County of Contra Costa Public Financing Authority 1993A Revenue Bonds in the aggregate principal amount of $11,589,000 (the "1993A Bonds") for the purpose of acquiring four issues of the bonds (collectively, the "1993 Reassessment Bonds") issued by the County of Contra Costa (the "County"), consisting of (a) Limited Obligation Refunding Bonds,County of Contra Costa, Reassessment District No. 1993-1, East Bates Avenue, Series 1993-1 (b) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-2 Hidden Pond Road, Series 1993-2 (c) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-3, San Ramon Valley Boulevard at Crown Canyon Road, Series 1993-3 and (d) Limited Obligation Refunding Bonds, County of Contra Costa, Reassessment District No. 1993-4, Ranch Paraiso, Series 1993-4; and WHEREAS, the County has heretofore issued improvement bonds designated as Limited Obligation Bonds, County of Contra Costa, Assessment District No. 1992-1, Mrack Road Improvements Camino Tassajara Area, Series 1992-1 (the "1992 Bonds"); and WHEREAS, in order to realize interest rate savings, the County intends to refund the 1992 Bonds and the 1993 Reassessment Bonds (other than the bonds described in (c) of the first paragraph above) by issuing its County of Contra Costa Limited Obligation Refunding Bonds, Series 2001 (Reassessment District of 2001) (the "Reassessment Bonds"), which refunding will also result in the refunding of 1993A Bonds;and WHEREAS, in order to realize additional interest rate savings the Authority has determined to issue its County of Contra Costa Public Financing Authority 2001 Revenue Bonds (Reassessment District of 2001) in the aggregate principal amount of not to exceed $7,000,000 (the "Bonds") for the purpose of providing funds to purchase the Reassessment Bonds;and WHEREAS, the Authority is authorized to issue the Bonds pursuant to Articles 1 through 4 (commencing with Section 6500) of Chapter 5 Division 7, Title 1 of the Government code of the State of California (the "Act"); and WHEREAS, the Board of the Authority wishes at this time to authorize all proceedings relating to the issuance of the Bonds and to approve related documents and actions; NOW, THEREFORE, BE IT RESOLVED by the Board of the County of Contra Costa Public Financing Authority as follows: Section 1. Authorization of Bonds. The Board of Directors hereby authorizes the issuance of Bonds in the maximum aggregate principal amount of$7,000,000 under the Act, for the purpose of acquiring the Reassessment Bonds. Section 2. Approval of Financing Documents. The Board hereby approves each of the following documents relating to the Bonds in substantially the respective forms on file with the Secretary together with any changes therein or additions thereto deemed advisable by the Treasurer, and the execution thereof by the Chairman, the Executive Director or the Treasurer (each,an"Authorized Officer")shall be conclusive evidence of such approval: (a) Indenture of Trust, by and between the Authority and U.S. Bank Trust National Association, as trustee,authorizing the issuance of the Bonds and prescribing the terms and conditions thereof. (b) Bond Purchase Contract, by and between the Authority, and the County,relating to the purchase of the 1999 Reassessment Bonds by the County. The Board of Directors hereby authorizes and directs an Authorized Officer to execute, and the Secretary to attest and affix the seal of the Authority to, the final form of each of the foregoing documents. The Board of Directors hereby authorizes the delivery and performance by the Authority of each of the foregoing documents. Section 3. Sale of Bonds. The Board of Directors hereby approves the sale of the Bonds by negotiation with E.Wagner&Associates,Inc. (the "Underwriter"), and the selection of E. Wagner &Associates, Inc. as Underwriter is hereby approved by this Board. The Bonds shall be sold pursuant to a Bond Purchase Agreement(the "Bond Purchase Agreement") by and between the Authority and the Underwriter in the form on file with the Secretary, together with any changes therein or additions thereto approved by an Authorized Officer, provided that the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such additions and changes. The Bond Purchase Agreement shall be executed in the name and on behalf of the Authority by an Authorized Officer upon submission of a proposal by the Underwriter to purchase the Bonds;provided,however,that such proposal is acceptable to the Authorized Officer executing the Bond Purchases Agreement and is consistent with the requirements of this Resolution. The amount of Underwriter's discount (excluding original issue discount) shall be not more than 1.50 percent of the par amount of the Bonds and the true effective rate of interest to be borne by the Bonds (taking into ..account any original issue discount on the sale thereof)shall not exceed seven percent(7%)per annum. Section 4. Official Statement. The Board of Directors hereby approves, and hereby deems nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, the preliminary Official Statement describing the Bonds in substantially the form on file with the Secretary. Each Authorized Officer is hereby authorized to execute an appropriate certificate stating the Board of Directors' determination that the Preliminary Official Statement has been deemed nearly final within the meaning of such Rule. Distribution of the preliminary Official Statement in connection with the sale of the Bonds is hereby approved. The Authorized Officers are hereby authorized and directed to approve any changes in or additions to a final form of said Official Statement, and the execution thereof by an Authorized Officer shall be conclusive evidence of the approval of any such changes and additions. The Board of Directors hereby authorizes the distribution of the final Official Statement by the purchaser of the Bonds. The final Official Statement shall be executed in the name and on behalf of the Authority by an Authorized Officer. Section 5. Appointment of Bond Counsel. The firm of Jones Hall, A Professional Law Corporation is hereby appointed as Bond Counsel.in connection with the Bonds, and the Board of Directors hereby authorizes the Authorized Officers, each acting alone, to execute, and the Secretary to attest, an Agreement For Legal Services with said firm in the form on file with the Treasurer. Section 6. Official Actions. The Chairman, the Executive Director, the Treasurer, the Secretary, the Authority Attorney and any and all other officers of the Authority are hereby -2- authorized and directed,for and in the name and on behalf of the Authority, to do any and all things and take any and all actions, including execution and delivery of any and all assignments,certificates,requisitions,agreements,notices,consents, instruments of conveyance, warrants and other documents,which they,or any of them,may deem necessary or advisable in order to consummate the issuance and sale of the Bonds and any of the other transactions contemplated by the documents approved pursuant to this Resolution,including the registration of the Reassessment Bonds in the name of the Trustee. Whenever in this resolution any officer of the Authority is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. Section 7. Superseding of Resolution No. 99/397. This Resolution shall supersede in full Resolution No. 99/397 adopted by this Board of Directors on August 3, 1999. Section 8. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. L the undersigned, hereby certify that the foregoing Resolution was duly and regularly adopted and passed by the Board of the County of Contra Costa Public Financing Authority in special meeting assembled on the 22nd day of May,2001,by the following vote to wit: AYES: GIOIA, GERBER, DeSAULNIER, GLOVER and UILKEMA NOES: NONE ABSENT: NONE ABSTENTIONS: NONE IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the County of Contra Costa Public Financing Authority this 22nd day of May, 2001. '4"A- Secretary of the Cour of Contra Costa Public Financing Authority -3-