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Home My WebLink AboutRESOLUTIONS - 01012001 - 2001-449 RESOLUTION NO.20011449 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AMENDING RESOLUTION NO. 2001/341, AND AUTHORIZING THE ISSUANCE AND SALE OF BRENTWOOD UNION SCHOOL DISTRICT (CONTRA COSTA COUNTY, CALIFORNIA), GENERAL OBLIGATION BONDS, ELECTION OF 1997, SERIES D AND SERIES E, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $8,003,689.12 TO FINANCE THE ACQUISITION AND IMPROVEMENT OF REAL PROPERTY ACQUISITIONS AND IMPROVEMENTS RESOLVED, by the Board of Supervisors of Contra Costa County (the 'Board"), as follows: WHEREAS, an election was duly and regularly held in the Brentwood Union School District (the "District") on November 4, 1997 for the purpose of submitting to the qualified electors of the District the question whether general obligation bonds should be issued in the aggregate principal amount of not to exceed $20,000,000, at which more than two-thirds of the votes cast were in favor of the issuance of said bonds (the 'Bonds"); and WHEREAS, the Board of Supervisors of the County (the 'Board") issued the first series of the Bonds on April 15, 1998, in the principal amount of $4,996,606.90 (the "Series A Bonds"); and WHEREAS, the District caused the County Board to issue the second and third series of the Bonds on November 14, 2000 in the aggregate principal amount of $6,999,703.90 (the "Series B Bonds" and the "Series C Bonds"); and WHEREAS, Section 15140 of the Education Code of the State of California (the "Act") requires that general obligation bonds of the District shall be offered for sale by the Board of Supervisors of Contra Costa County, the County Superintendent of which has jurisdiction over the District, as soon as possible following receipt of a resolution adopted by the Board of Trustees of the District; and WHEREAS, the Board of the Trustees of the District did, on August 8, 2001, adopt its Resolution No. 2001-1--10, entitled 'Resolution of the Board of Trustees of the Brentwood Union School District, County of Contra Costa, Requesting the Board of Supervisors of the County of Contra Costa to Issue and Sell General Obligation Bonds of the District in the Aggregate Principal Amount of not to exceed $8,003,689.12" (the "Original District Board Resolution";and WHEREAS, the Board received the Original District Board Resolution requesting the issuance of the fourth and final series of Bonds, and on that basis adopted its Resolution No. 2001/341 on August 14, 2001 (the "Original County Board Resolution"); and WHEREAS, the Original District Board Resolution and the Original County Board Resolution reflected that only one series of Bonds would be issued by the Board of Supervisors, as capital appreciation bonds,based on the most recently available information on the assessed value of property within the District; and 1 RESOLUTION NO. 2001/449 WHEREAS, the District's financial advisor, Kelling Northcross & Nobriga (the "Financial Advisor") has advised the District that it would be advantageous to the District and to the taxpayers in the District to issue the Bonds in two series, as current interest bonds and capital appreciation bonds; and WHEREAS, it is necessary at this time to amend the Original County Board Resolution in whole, and to authorize the Bonds in two series, as current interest bonds and capital appreciation bonds; and WHEREAS, at this time the Board has received the resolution of the Board of Trustees of the District(the "District Resolution") requesting the issuance of the fourth and fifth series of Bonds (the "Series D Bonds" and the "Series E Bonds") in the aggregate principal amount of not to exceed Eight Million Three Thousand Six Hundred Eighty Nine Dollars and twelve cents ($8,003,689.12); and 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 the proposed issue of the Series D Bonds,is within all limits prescribed by law;and WHEREAS, the Board, in reliance upon the representations of the District, intends to issue and sell the Bonds, in a principal amount not to exceed $8,003,689.12, pursuant to this resolution and in conformity with the Act;and WHEREAS, this Board hereby authorizes the issuance and sale of the Bonds pursuant to this resolution. I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the and of Supervisors on the ()B� date shown. ATTESTED: JO SWEeYEN, Clerk of the Board BY Deputy P�erviso�r �Coun Administrator Deputy 2 RESOLUTION NO. 2001/449 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AMENDING RESOLUTION NO.2001/341, AND AUTHORIZING THE ISSUANCE AND SALE OF BRENTWOOD UNION SCHOOL DISTRICT (CONTRA COSTA COUNTY, CALIFORNIA), GENERAL OBLIGATION BONDS, ELECTION OF 1997, SERIES D AND SERIES E, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $8,003,689.12,TO FINANCE THE ACQUISITION AND IMPROVEMENT OF REAL PROPERTY ACQUISITIONS AND IMPROVEMENTS Adopted September 25,2001 , TABLE OF CONTENTS ARTICLE DEFINITIONS;AUTHORITY Section1.01. Definitions..........................................................................................................3 Section 1.02. Authority for this Resolution......................................... .....................................6 ARTICLE 11 THE BONDS Section 2.01. Authorization......................................................................................................7 Section 2.02. Terms ofBonds.....................................................................................................7 Section2.03. Redemption.............. ..........................................................................................8 Section 2.04. ----------.---.----._----.—..--..---9 Section2.05. Form ofBonds..................................................................................................... lI Section 2.06. Execution o6Bonds ............................................................................................. 11 Section 2.07. Transfer o/Bonds................................................................................................ D Section 2.08. Exchange c6Bonds.............................................................................................. 11 Section 2.09. Bond -------------.----..---------.—.---.—. l2 Section 2.10. Temporary Bonds .............................................................................................. l2 Section 2.11. Bonds Mutilated, Lost,Destroyed orStolen......................................................... 12 ARTICLE III ISSUE OF OF BOND PROCEEDS; SECURITY FOR THE BONDS Section 3.01. Issuance and Delivery ofBonds........................................................................... l3 Section 3.02. Application of Proceeds o{Sale mfBonds............................................................. l3 Section 3.03. Security for the Bonds........................................................................................ l3 ARTICLE IV SALE QFTHE DEBT SERVICE OFFICIAL STATEMENT Section 4.01. Sale ofthe Bonds............................................................................................... l4 Section4.02. Debt Service Fund.............................................................................................. l4 Section 4.03. Deposit and Investment ofProceeds....'..............--...,.........—...—.......—.—..144-5 Section 4.04. DisbursementsEroo }cbtEenime Fund ..�..........�.,.. ....�. ........ ...�. ...........--- 15 Section 4.05. Official Action.................................................................................................. l5 Section 4.06. No Approval of District's Finance Team,Structure of District's Financing,or Official Statement .__._...._.._._._..._,._..__....__....—'—..—.—'—.—... l5 Section 4.07. NoLiability c6the County................................................................................. l5 Section 4.08. Limited Duties wf County;Indemnification.......................................................... l6 ARTICLE COVENANTS 0FTHE BOARD Section 5.01. Punctual Payment ...—...... ................................................................................ l7 Section 5.02. Extension nfTime for Payment............................................................................ l7 ARTICLE VI THE PAYING AGENT Section 6.01. Appointment ofPaying Agent............................................................................. l8 ARTICLE VD EVENTS OFDEFAULT AND REMEDIES OPBONDQWNERS Section 7.01. Events ofDefault...— .—.—..............—........—..--.--.--...—....—.........-...... l9 Section 7.02. Application of Funds Upon Default.....................................................................19 Section 7.03. Remedies of Bondowners.....................................................................................20 Section7.04. Non-Waiver......................................................................................................20 Section 7.05. Remedies Not Exclusive.....................................................................................20 ARTICLE VIII SUPPLEMENTAL RESOLUTIONS Section 8.01. Supplemental Resolutions Effective Without Consent of the Owners....................21 Section 8.02. Supplemental Resolutions Effective With Consent to the Owners........................21 ARTICLE IX MISCELLANEOUS Section 9.01. Benefits of Resolution Limited to Parties............................................................22 Section 9.02. Defeasance........................................................................................................22 Section 9.03. Execution of Documents and Proof of Ownership by Bondowners............................23 Section 9.04. Waiver of Personal Liability.............................................................................24 Section 9.05. Destruction of Canceled Bonds............................................................................24 Section 9.06. Partial Invalidity.............................................................................................24 Section 9.07. Amendment of Original County Board Resolution;Effective Date of Resolution....24 EXHIBIT A FORM OF SERIES D CAPITAL APPRECIATION BOND EXHIBIT B FORM OF SERIES E CURRENT INTEREST BOND