HomeMy WebLinkAboutMINUTES - 05081984 - T.1 RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA, CALIFORNIA, PROVIDING FOR THE BORROWING OF FUNDS FOR
FISCAL YEAR 1984-7985 AND THE ISSUANCE OF 1984 TAX AND REVENUE
ANTICIPATION NOTES THEREFOR
RESOLUTION NO. dfv 1 2--
WHEREAS, pursuant to Section 53850 to 53858, both
inclusive, of the Government Code of the 'State of California (herein
called the "Code") (being Article 7.6, Chapter 4, Part 1, Division
2, Title 5 of said Code), this Board of Supervisors (herein called
the "Board") has found and determined that a maximum sum of Eighty
Million Dollars ($80,000,000) is needed for the requirements of the
County of Contra Costa (herein called the "County"), a legal
subdivision and body corporate and politic of the State of
California duly organized and existing under the Constitution and
the laws of the State of California, to satisfy obligations payable
from the General Fund of the County (herein called the "General
Fund"), and that it is necessary that said sum be borrowed for such
purpose at this time by the issuance of temporary notes therefor in
anticipation of the receipt of taxes, revenue and other moneys to be
received by the County for the General Fund during or attributable
to Fiscal Year 7984-1985;
WHEREAS, it appears, and this Board hereby finds and
determines, that said sum not to exceed Eighty Million Dollars
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080,000,000), when added to the interest payable thereon, does not
exceed eighty-five percent (85X) of the estimated amount of the
uncollected taxes, revenue and other moneys of the County for the
General fund attributable to Fiscal Year 1984-1985, and available
for the payment of said notes and the interest thereon;
WHEREAS, no money has heretofore been borrowed by the
County through the issuance of tax anticipation notes or temporary
notes in anticipation of the receipt of, or payable from or secured
by, taxes, income, revenue, cash receipts or other moneys for Fiscal
Year 1984-1985; and
WHEREAS, pursuant to Section 53856 of the Government Code
of the State of California, certain moneys of the County
attributable to the General Fund during Fiscal Year 1984-1985 can be
pledged for the payment of said notes and the interest thereon (as
hereinafter provided);
NOW, THEREFORE, the Board of Supervisors of the County of
Contra Costa hereby finds, determines, declares and resolves as
follows:
Section I. All of the recitals herein set forth are true
and correct, and the Board so finds and determines.
Section 2. The County Treasurer is hereby authorized and
directed to (i) finalize the 1984-85 Financing Program, (ii) employ
Bank of America NT&SA as Underwriter and Orrick, Herrington &
Sutcliffe as Bond Counsel, and (iii) present to the Board for
approval within 60 days, the final short term financing plan.
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PASSED AND ADOPTED by the Board of Supervisors of the
County of Contra Costa, California this 8th day of a. 1984,
by the following vote:
AYES: SUPERVISORS Powers , Fanden, Schroder, McPeak, Torlakson
NOES: SUPERVISORS None
ABSENT: SUPERVISORS None
a rperson ot Ine Board of Supervisori
(Seal)
Attest: J . R. OLSSON, County Clerk and
Ex Officio Clerk of. the Board
v �����-cam Deputy
C lererK of the Board o upervlsors
Approved as to form
qwm y Counsel
Distribution: CAO
County Counsel
Treasurer-Tax Collector
Auditor
a
. h
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