HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-497 BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA, C,
CALIFORNIA
RESOLUTION NO,1"31
RESOLUTION AUTHORIZING AND RATIFYING THE ISSUANCE AND
SALE OF COUNTY OF CONTRA COSTA PUBLIC FINANCING
AUTHORITY LEASE REVENUE BONDS (VARIOUS CAPITAL PROJECTS),
2043 SERIES A; AUTHORIZING AND CONFIRMING THE FORMS AND
THE EXECUTION OF A FIFTH SUPPLEMENTAL TRUST AGREEMENT, A
FIFTH AMENDMENT TO FACILITY LEASE, A FIFTH AMENDMENT
MASTER SITE LEASE, AND AN ASSIGNMENT AND ASSUMPTION OF
LEASE; RATIFYING AND CONFIRMING THE SALE OF THE BONDS;
APPROVING THE BASE RENTAL PAYMENTS UNDER SAID FACILITY
LEASE; AND APPROVING ALL ACTIONS TAKEN IN CONNECTION
THEREWITH.
WHEREAS, this Board of Supervisors (this "Board") by Resolution No.
2003/427 adopted July 8, 2003, has authorized the issuance and sale of the County of Contra
Costa Public Financing Authority Lease Revenue Bonds (Various Capital Projects), 2003
Series A (the "Bonds") in order to finance and refinance various capital projects for the County
and to pay the costs of issuing the Bonds;
WHEREAS, the County has previously entered into a Facility Lease with
purchase option, dated as of March 1, 2000, as amended and supplemented by the First
Amendment to Facility Lease, dated as of January 15, 2002 (the "Oak Grove Lease"), with
Transamerica Public Finance LLC, as assignee of Transocean Financing Corporation, as lessor
("Transamerica") pursuant to which the County leases certain real property located at 1034 Oak
Grove Road, Concord, California(the"Oak Grove Property");
WHEREAS, the officers and staff of the County have previously determined that
it is in the best interest of the County and the residents of the County to assign the Oak Grove
Lease with purchase option to the Authority for the purpose of facilitating the refinancing of the
Oak Grove Property with a portion of the Bond proceeds and to amend the current sublease of
the Oak Grove Property to reflect the refinancing;
WHEREAS, the Authority will exercise the option to purchase the Oak Grove
Property from Transamerica and will lease the Oak Grove Property to the County pursuant to the
Fifth Amendment to Facility Lease referenced below, thereby reducing lease payments of the
County allocable to the Oak Grove Property;
WHEREAS, the bonds were sold by the Authority pursuant to public bids
received July 30, 2003;
DOCSSFI:694867.3
WHEREAS, there has been presented to this meeting a report of the sale of the
Bonds;
WHEREAS, this Board desires to ratify the sale of the Bonds and authorize and
confirm the issuance of the Bonds and the execution of the following documents:
1. Fifth Supplemental Trust Agreement, dated as of July 1, 2003 (the "Fifth
Supplemental Trust Agreement"), by and among U.S. Bank Trust National Association, as
trustee (the "Trustee") and the County of Contra Costa Public Financing Authority (the
"Authority");
2. Fifth Amendment to Master Site Lease, dated as of July 1, 2003 (the
"Fifth Amendment to Site Lease"),by and between the County and the Authority;
3. Fifth Amendment to Facility Lease, dated as of July 1, 2003 (the "Fifth
Amendment to Facility Lease"),by and between the Authority and the County;
4. Assignment and Assumption of Lease (the "Assignment'), by and
between the County and the Authority;
5. First Amendment to Sublease (1034 Oak Grove Road) (the "Sublease
Amendment"),between the County and Seneca Center;
WHEREAS, this Board has been presented with forms of each document referred
to above, and this Board has examined and approved the form of each such document and desires
to ratify the sale and authorize and confirm the issuance of not to exceed $20,000,000 aggregate
principal amount of the Bonds and the execution of such documents in substantially such forms
and the consummation of such financing; and
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 described
herein;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the
County of Contra Costa, California, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The issuance and sale of the Bonds and the terms of the Bonds are
hereby authorized, ratified and confirmed.
Section 3. The execution and delivery of the Trust Agreement, the Site Lease,
the Facility Lease, the Assignment and the Sublease Amendment, each in substantially the form
presented to this Board with such changes therein as may be approved or required by the officer
of the County executing such documents, such approval to be conclusively evidenced by the
execution and delivery thereof, are hereby authorized and confirmed.
DOCSSF l:644867.3 2
Section 4. The schedule of base rental payments set forth in EXHIBIT A
hereto is approved and is hereby determined to be the schedule of additional base rental
payments to be paid pursuant to the Fifth Amendment to Facility Lease.
Section 5. All actions taken or to be taken by the officers and agents of the
County with respect to the issuance and sale of the Bonds are hereby authorized, ratified and
confirmed.
D005sFi:694867.3 3
EXHIBIT A
Schedule of Base Rental Payments
County of Contra Costa Public Financing Authority
tease Revenue Bonds
Series 2003 A
Gross Debt Service Schedule(Combined Projects)
Period Annual
Date Principal state Interest Total Total
8/14/2003
12/1/2003 200,110.06 200,110.06
6/1/2004 755,000 2.000 336,633.75 1,091,633.75 1,291,743.81
12/1/2004 329,083.75 329,083.75
6/1/2005 1,155,000 2.000 329,083.75 1,484,083.75 1,813,167.50
12/1/2005 317,533.75 317,533.75
6/1/2006 1,190,000 2.000 317,533.75 1,507,533.75 1,825,067.50
12/1/2006 305,633.75 305,633.75
6/1/2007 1,210,000 2.350 305,633.75 1,515,633.75 1,821,267.50
12/1/2007 291,416.25 291,416.25
6/1/2008 1,240,000 2.650 291,416.25 1,531,416.25 1,822,832.50
12/1/2008 274,986.25 274,986.25
6/1/2009 915,000 3.000 274,986.25 1,189,986.25 1,464,972.50
12/1/2009 261,261.25 261,261.25
611/2010 935,000 3.250 261,261.25 1,196,261.25 1,457,522.50
12/1/2010 246,067.50 246,067.50
6/1/2011 975,000 3.500 246,067.50 1,221,067.50 1,467,135.00
12/1/2011 229,005.00 229,005.00
6/1/2012 1,000,000 3.750 229,005.00 1,229,005.00 1,458,010.00
12/1/2012 210,255.00 210,255.00
611/2013 1,040,000 4.000 210,255.00 1,250,255.00 1,460,510.00
12/112013 189,455.00 189,455.00
6/1/2014 710,000 4.000 189,455.00 899,455.00 1,088,910.00
12/1/2014 175,255.00 175,255.00
6/1/2015 745,000 4.200 175,255.00 920,255.00 1,095,510.00
12/1/2015 159,610.00 159,610.00
6/112016 770,000 4.300 159,610.00 929,610.00 1,089,220.00
12/1/2016 143,055.00 143,055.00
6/1/2017 795,000 4.500 143,055.00 938,055.00 1,081,110.00
12/1/2017 125,167.50 125,167.50
6/1/2018 465,000 4.700 125,167.50 590,167.50 715,335.00
12/1/2018 114,240.00 114,240.00
6/1/2019 365,000 4.800 114,240.00 479,240.00 593,480.00
12/1/2019 105,480.00 105,480.0
6/1/2020 390,000 4.900 105,480.00 495,480.00 600,960.00
12/1/2020 95,925.00 95,925.00
6/112021 400,000 4.900 95,925.00 495,925.00 591,850.00
12/1/2021 86,125.00 86,125.00
6/1/2022 420,000 5.000 86,125.00 506,125.00 592,250.00
12/1/2022 75,625.00 75,625.00
6/1/2023 445,000 5.000 75,625.00 520,625.00 596,250.00
1211/2023 64,500.00 64,500.00
6/112024 465,000 5.000 64,500.00 529,500.00 594,000.00
12/1/2024 52,875.00 52,875.00
6/1/2025 495,000 5.000 52,875.00 547,875.00 600,750.00
12/1/2025 40,500.00 40,500.00
6/1/2026 515,000 5.000 40,500.00 555,500.00 596,000.00
12/1/2026 27,625.00 27,625.00
6/1/2027 540,000 5.000 27,625.00 567,625.00 595,250.00
12/1/2027 14,125.00 14,125.00
6/1/2028 565,000 5.000 14,125.00 579,125.00 593,250.00
Totals 18,500,000 8,406,353.81 26,906,353.81 26,906,353.81
Section 6. This Resolution shall take effect from and after its adoption.
PASSER AND ADOPTED this 5th day of AU= ,2003.
Chairman of the Board of Su 'sons
County of Contra Costa, California
[Seal)
ATTEST: John Sweeten, Clerk of the Board
of Supervisors and County Administrator
By ...
`l
Deputy Clerk of the Board of Supervisors
of the County of Contra Costa,
State of California
DOCssF 1:694867.3 4
CLERK'S CERTIFICATE
I'UM o' W.& , Deputy Clerk of the Board of Supervisors of the County of
Contra Costa,hereby certify 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 5th day of AUM , 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: %Tmvism GloLA, Unimm, , GUNM AM DeSAiI KM
NOES: mm
An agenda of said meeting was posted at least 96 hours before said meeting at the
County Administration Building, 651 fine 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 this5th day of
ALUM 2003.
� t
Deputy Clerk
of the Board of Supervisors
of the County of Contra Costa,
State of California
[Seal]
DOCSSF I.694867.3