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HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-427 BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA.COSTA RESOLUTION NO. 2003/427 RESOLUTION APPROVING THE ISSUANCE BY THE COUNTY OF CONTRA COSTA PUBLIC FINANCING AUTHORITY OF ADDITIONAL LEASE REVENUE BONDS (VARIOUS CAPITAL PROJECTS),2003 SERIES A IN AN AMOUNT NOT TO EXCEED $20,000,000 AGGREGATE PRINCIPAL AMOUNT FOR THE FINANCING OF VARIOUS CAPITAL PROJECTS, AUTHORIZING THE FORMS OF AND DIRECTING THE EXECU11ON AND DELIVERY OF A FIFTH SUPPLEMENTAL TRUST AGREEMENT, A FIFI H A14014DMENI' TO FACILTI'Y LEASE, A FIFTH AMENDMENT TO MASTER SITE LEASE AND A CONTINUING DISCLOSURE AGREEMENT; APPROVING THE FORM OF AND DISTRIBUTION OF AN OFFICIAL NOTICE OF SALE AND THE OFFICIAL STATEMENT FOR SAID BONDS; AND AUTHORING TAKING OF NECESSARY ACTIONS AND EXECUTION OF NECESSARY DOCUMENTS IN CONNECTION THEREWITH WHEREAS, the County of Contra Costa (the "County") and the Contra Costa County Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement, dated as of April 7, 1992 (the"Joint Powers Agreement"),which Joint Powers Agreement creates and establishes the County of Contra Costa Public Financing Authority (the "Authority"); WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act") and the Joint Powers Agreement, the Authority is authorized to issue bonds for financing public capital improvements whenever there are significant public benefits; WHEREAS, the Authority and U.S. Bank Trust National Association previously entered into a Trust Agreement, dated as of February 1, 1999 (as previously amended and supplemented, the "Trust Agreement'), in order to finance and refinance capital projects for the County, which Trust Agreement calls for the issuance of the bonds in one .or more series pursuant to supplemental trust agreements; WHEREAS, pursuant to the Trust Agreement, the Authority has heretofore issued $74,685,000 of the Authority's Lease Revenue Bonds (Refunding and Various Capital Projects), 1999 Series A (the "1999 Series A Bonds"), $18,030,000 of the Authority's Lease Revenue Bonds (Various Capital Projects), 2001 Series A (the "2001 Series A Bonds'), $23,775,000 of the Authority's Lease Revenue Bonds (Various Capital Projects), 2001 Series B (the "2001 Series B Bonds'), $12,650,000 of the Authority's Lease Revenue Bonds (Varioug Capital Projects), 2002 Series A (the "2002 Series A Bonds') and $25,440,000 of the Authority's Lease Revenue Bonds (Refunding and Various Capital Projects), 2002 Series B (the "21302 Series B Bonds'); DOC8sF1:474280.3 1 WHEREAS, in accordance with the requirements of Section 6586.5 of the Act, a public hearing regarding the,financing proposed herein was conducted by the County on July 8, 2003; WHEREAS, notice of such hearing was published at least five days prior to such hearing in a newspaper of general circulation in the County; WHEREAS, this Board of Supervisors hereby determines that it is in the best interest of the County for the Authority to issue additional lease revenue bonds to finance various additional capital projects, including,but not limited to: i Project Department Approximate Cost W. County Animal Shelter 790 San Pablo Avenue,Pinole Animal Services $1,900,000 D=iscovery House 4645 Pacheco Blvd.,Pacheco Health Services 3,500,000 Emergency Communications (multiple sites throughout County). DoIT 4,700,000 Adolescent Res. Treatment Facility 1034 Oak Grove, Concord Health Services 3,600,000 General Services Administration 1220 Morello, Martinez General Services 2,650,000 Brentwood One-Stop Employment Center Liberty Union Adult School 929 2n,Street,Brentwood EHSD 1,200,000 $17,550,000 (collectively,the`2003 Series A Project"); WHEREAS, it is f=arther proposed that the Authority and BNY Western Trust Company, as successor trustee (the "Trustee"), enter into a supplemental trust agreement (the "Fifth Supplemental Trust Agreement") acknowledged by the County, which will f=arther supplement and amend the Trust Agreement and, pursuant to the Trust Agreement and the Fifth Supplemental Trust Agreement, the Authority will issue up to an additional not to exceed $20;000,000 aggregate principal amount of County of Contra Costa Public Financing Authority Lease Revenue Bonds (Various Capital Projects), 2003 Series A (the "Bonds') on a parity with the 1999 Series A Bonds, the 2001 Series A Bonds, the 2001 Series B Bonds, the 2002 Series A oocssrI:674280.3 2 Bonds and the 2002 Series B Bonds and will use the proceeds to mance the 2003 Series A Project,fund a reserve fund and pay costs of issuance associated with such bonds; WHEREAS, it is proposed that the County enter into a Fifth Amendment to Master Site Lease (the "Fifth Amendment to Site Lease') pursuant to which it will lease the Family Law Center located at 751 Pine Street in the City of Martinez, West County Animal Shelter located at 790 San Pablo Avenue in the City of Pinole; and the Adolescent Residential Treatment Facility located at 1034 Oak Grove in the City of Concord (collectively, the "2003 Series A Facilities'), to the Authority, such leased facilities to be in addition to the facilities currently leased under the Master Site Lease, dated as of February 1, 1999, as amended, between the County and the Authority, WHEREAS, it is proposed that the County enter into a Fifth Amendment to Facility Lease(the"Fifth Amendment to Facility Lease")pursuant to which it will lease back the 2003 Series A Facilities from the Authority in addition to the facilities currently leased pursuant to the Facility Lease (Various Capital Projects), dated as of February 1, 1999, as amended, between the Authority and the County; WHEREAS, under the Fifth Amendment to Facility Lease, the County would be obligated to make additional base rental payments to the Authority which the Authority will use to pay debt service on the Bonds; WHEREAS, Tamalpais Advisors, Inc., is serving as financial advisor (the "Financial Advisor)to the County and the Authority and Carrick, Herrington & Sutcliffe LLP is serving as bond counsel CBond Counsel') to the County and the Authority and Lofton& Jennings is serving as Disclosure Counsel ("Disclosure Counsel") to the County and the Authority in connection with the financing; WHEREAS, the Financial Advisor and Disclosure Counsel have assisted the County and the Authority in the preparation of an Official Statement describing the Bonds and an Official Notice of Sale describing the terms of sale of the Bonds, which will be distributed to potential purchasers of the Bonds; WHEREAS, this Board has been presented with the form of each document referred to herein relating to the 'Bonds, 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 full legal right, power and authority under the Constitution and the laws of the State of California to enter into the transactions hereinafter authorized;and WHEREAS, the County expects to finance the 2003 Series A Project on a tax- exempt basis, DOCSSFI-674280 3 3 NOWTHEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: Section 1. The foregoing recitals are true and correct and this Board so finds and determines. Section 2. The County hereby specifically finds and declares 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 and that the issuance of the Bonds by the Authority and the financing of the 2003 Series A Project will result in demonstrable savings in effective interest rate,bond preparation,bond underwriting or bond issuance costs producing significant public benefits. Section 3. The Board of Supervisors hereby requests and approves the issuance of the Bonds by the Authority, in an aggregate principal amount of not to exceed $20,000,000 for the financing of the 2003 Series A Project. Section 4. The form of Fifth Amendment to Site Lease, on file with the Clerk of the Board of Supervisors, is hereby approved, and the Chair of the Board of Supervisors or the Vice Chair of the Board of Supervisors or the County Administrator of the County and the Clerk of the Board of Supervisors (the "Clerk") or any Deputy Clerk of the Board of Supervisors or any designee of such officials (the "Authorized Signatories") are hereby authorized and directed to execute and deliver the Fifth Amendment to Site 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, providedhowever, that the term thereof with respect to the 2003 Series A Facilities shall not exceed June 15,2040. Section 5. The form of Fifth Amendment to Facility Lease, on file with the Clerk, is hereby approved, and any two of the Authorized Signatories are hereby authorized and directed to execute and deliver the Fifth Amendment to 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 maximum additional annual base rental payments payable under the Fifth Amendment to Facility Lease shall not exceed $2,500,000 and the term of the Fifth Amendment to Facility Lease (including any extensions) with respect to the 2003 Series A Facilities shall not exceed June 1, 2040. Among the changes authorized to be made to the Fifth Amendment to Facility Lease are . such changes as are necessary in the event the County Administrator or his designee, upon consultation with the Financial Advisor, determines it is desirable to purchase a municipal bond insurance policy and/or a reserve facility for the Bonds. Section 6. 'The form of Fifth Supplemental Trust Agreement by and between the Trustee and the Authority and acknowledged by the County, on file with the Clerk, is hereby approved. Any one of the Authorized Signatories is hereby authorized and directed to execute and deliver the Fifth Supplemental Trust Agreement in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Among the changes authorized to be made to the Fifth Supplemental Trust Agreement are such changes as are necessary in the event the ovcssrI:674280,3 4 County Administrator or his designee, upon consultation with the Financial Advisor, determines it is desirable to purchase a municipal bond insurance policy and/or a reserve facility for the Bonds or for the Authority to enter into an interest rate swap or other hedging product in connection with the Bonds. action 7. The form of Preliminary Official Statement describing the Bonds,on file with the Clerk, is hereby approved and the County Administrator or his designee, is hereby authorized and directed to execute and deliver a final Official Statement in substantially said form with such additions, corrections and revisions as may be determined to be necessary or desirable by the Financial Advisor, Bond Counsel, Disclosure Counsel or the County Counsel's Office. The Financial Advisor is hereby authorized and directed to cause to be supplied to prospective underwriters and purchasers of the Bonds copies of a preliminary official statement in such form, and to supply the purchaser of the Bonds with copies of a final official statement, completed to include, among ether things, the interest rate or rates and final sale information for the Bonds. The County Administrator, or his designee, is hereby authorized and directed to execute a certificate confirming that the Preliminary Official Statement has been "deemed final" by the County for purposes of Securities and Exchange Commission Rule 15c2-12. Section 8. The form of proposed Official Notice of Sale inviting bids for the Bonds on file with the Clerk is hereby approved and adopted as the Official Notice of Sale for the Bonds, with such additions, changes and corrections thereto as the County Administrator or his designee shall require or approve, such approval to be conclusively evidenced by the execution thereof. Section 9. The proposed form of Continuing Disclosure Agreement, to be dated the date of issuance of the Bonds, by and among the County and the Trustee, on file with the Clerk,is hereby approved. Any of the Authorized Signatories are hereby authorized and directed to execute and deliver the Continuing Disclosure Agreement in substantially said form,with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof: Section 10. The Board hereby authorizes the County Administrator or his designee on behalf of the County to enter into or approve the Authority's execution and delivery of one or more investment agreements providing for the investment of moneys in the funds and accounts created under the Trust Agreement, as the County Administrator or his designee deems appropriate (collectively, the"Investment Agreement). The Board hereby finds and determines pursuant to Government Code section 5922, that the Investment Agreement will reduce the amount and duration of interest rate risk with respect to amounts invested pursuant to such agreement. The County Administrator or his designee is hereby authorized and directed to execute and deliver or approve the execution and delivery of the Investment Agreement and any other related agreement or agreements on behalf of the County as may be approved by the County Administrator or his designee, such approval to be conclusively evidence by the execution and delivery of such agreement-or agreements. Any termination amounts required to be paid by the County with respect to the Investment Agreement shall be paid from amounts invested pursuant thereto or otherwise made available therefor. DOCSSFI.674280.3 5 Section 11. The officers of the County are hereby authorized and directed, jointly and 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 cavy out, give effect to and comply with the terms and intent of this Resolution,including,but not limited to,preparation of title reports and/or a titleinsurance policy, signature certificates, no-litigation certificates, tax and rebate certificates and certificates concerning the contents of the Official Statement distributed in connection with the sale of the Bonds. The Authorized Signatories, the Director, Capital Facilities and Debt Management of the County and other appropriate officers of the County ate hereby authorized and directed to execute and deliver any and all certificates, instructions as to investments, written requests and other certificates necessary or desirable to administer the Bonds or leases, pay costs of issuance or .to accomplish the transactions contemplated herein. mon 12. All actions heretofore taken by the officers and agents of the County with respect to the issuance and sale of the Bonds are hereby approved and confirmed. DocssFI.674280.3 6 Section 13. This.Resolution shall take effect from and after its date of adoption. PASSED AND ADOPTED this 8th day of�,Tiy .2003. ChairA the Board of Supervisors County of Contra.Costa, California r [Seal] ATTEST: John R. Sweeten,Clerk of the Board of Supervisors and County Administrator t By 49 Deputy Clerk of the Board of Supervisors of the County of Contra Costa,.State of California 3 DOCSSFI:i674280.3 7 CLERK'S CERTIFICATE The undersigned, Deputy Clerk of the Board of Supervisors of the County of Contra Costa,hereby certifies as follows: The foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the Board of Supervisors of said County duly and regularly held at the regular meeting place thereof on the _klL day of yy , 2003, of which meeting all of the members of said Board of Supervisors had due notice and at which a majority thereof were present; and at said meeting said resolution was adopted by the following vote: AYES: WPWa s G'to7A; UIIKM AM GLOM NOES: NW An agenda of said meeting was posted at least 96 hours before said meeting at the County Administration Building, 651 Pine Street, Martinez, California, a location freely accessible to members of the public, and a brief general description of said resolution appeared on said agenda. I have carefully compared the same with the original minutes of said meeting on file and of record in my office; the foregoing resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and said resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. WITNESS my hand and the seal of the County of Contra Costa this _day of July ,2003. i�4� 0r [Seal] Deputy Clerk of the Board of Supervisors of the County of Contra Costa, State of California nocssrI:6742$03