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TO: BOARD OF SUPERVISORS ��^' .',,}�
FROM: Phil Batchelor, C Ilra
County Administrator
Costa
DATE: June 11, 1985uq/
SUBJECT: CONSIDERATION OF DOCUMENTS RELATED- TO .TH.E, .19.85-86.. BORROWING. PLAN.
r
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND'AND JUSTIFICATION
RECOMMENDATION:
1. Adopt attached resolution and exhibits related to 1985-86 short term
borrowing plan.
2. Authorize the County Administrator, Auditor Controller and Treasurer-
Tax Collector to travel to New York for a presentation to rating
agencies.
FINANCIAL IMPACT:
Approval of the resolutions, agreements and schedules will allow County
officials to conclude arrangements with rating agencies for the coming
fiscal year' s borrowing program, which should improve the County' s chances
for favorable financial ratings.
BACKGROUND:
The attached documents are required to complete the process for the borrow-
ing program for 1985-86. They are very similar to documents which the
Board has reviewed and approved for the borrowing program in the past. and
updated based on 1985-86 information. For 1985-86, $70 million will be
borrowed, compared to $65 million in 1984-85.
CONSEQUENCES OF NEGATIVE ACTION:
If no action is taken on this item, the County will not be able to borrow
funds for dry period financing as quickly, which will result in potentially
higher borrowing costs.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
L—APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON 47 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
�Yk
UNANIMOUS (ABSENT '— ) I HEREBY VERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERAL' ON THE MINUTES OF THE BOARD
OF SUPERVISe:?S ON THE DATE SHOWN.
CC: County Administrator ATTESTED
Auditor-Controller
Treasurer-Tax Collector PHIL BATCHELOR, CLERK OF THE BOARD OF
SWC ERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 Lilly ^
— - ) XzIG . DEPUTY
t
RESOLUTION OF THE BOARD OF SUPERVISORS OF
THE COUNTY OF CONTRA COSTA
PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL
YEAR 1985-1986 AND THE ISSUANCE AND SALE OF
1985-1986 SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES THEREFOR
RESOLUTION NO. 85/306
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TABLE OF CONTENTS
Page
Section 1. Board Determination . . . . . . . . . . . 2
Section 2 . Definitions . . . . .. . . . . . . . . . . 2
Section 3. Terms of the Notes . . . . . . . . . . . 5
(a) Authorization of Issuance . . . . . 5
(b) Denominations, Maturity, Payment and
Determination of Interest Rates 6
(i) Interest on Series A Notes 7
(ii ) Interest on Series B Notes 7
(iii ) Interest on Series C Notes 8
(iv) Interest on Series D Notes 9
(v) Interest on Series E Notes 10
(c) Tender for Purchase by Noteholder .10
(d) Registration, Transfer, and
Replacement of Notes . . . . . . . . 11
(e) Acceleration of Notes . . . . . . . 12
Section 4. Form of Notes . . . . . . . . . . . . . . 13
Section 5. Use of Proceeds . . . . . . . . . . . . . 13
Section 6. Repayment Pledge . . . . . . . . . . . . 13
Section 7 . Repayment Funds . . . . . . . . . . . . . 14
(a) Establishment . . . . . . . . . . . 14
(b) Investment . . . . . . . . . . . . . is
Section 8. Fiscal Agent . . . . . . . . . . . . . . is
Section 9 . Execution of Notes . . . . . . . . . . 16
Section 10. Validity of Proceedings . . . . . . . . . 16
Section 11. Tax Covenants . . . . . . . . . . . . . . 16
Section 12. Paying Agent and Registrar . . . . . . . 16
Page
Section 13 . Purchase and Remarketing Agreement . . . 17
Section 14. Approval of official Statement . . . . . 17
Exhibit 'A Form of Series A Note . . . . . . . . . A-1
Exhibit B Form of Series B Note . . . . . . . . . B-1
Exhibit C Form of Series C Note . . . . . . . . . . C-1
Exhibit D Form of Series D Note . . . . . . . . D-1
Exhibit E Form of Series E Note . . . . . . . . . . E-1
Exhibit F Form of Election Notice . . . . . . F-1
[to be printed on Note]
Exhibit G Form of Fiscal Agency Agreement . . . . . G-1
Exhibit H Form of Contract of Purchase and
Dealer Remarketing Agreement . . . . . . H-1
Exhibit I Form of official Statement Relating
to the Notes . . . . . . . . . . . . . . I-1
ii
4.
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL
YEAR 1985-1986 AND THE ISSUANCE AND SALE OF 1985-1986 SHORT
TERM OPTIONAL PUT TAX AND REVENUE ANTICIPATION NOTES THEREFOR
RESOLUTION NO. 85/ 306
WHEREAS, pursuant to Sections 53850 et seq, of the
Government Code of the State of California, this Board of
Supervisors (the "Board" ) has found and determined that the
sum of Seventy Million Dollars ($70, 000, 000) is needed for
the requirements of the County of Contra Costa (the "County" )
to satisfy obligations payable from the General Fund of the
County, 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,
income, revenue, cash receipts and other moneys to be
received by the County for the General Fund of the County
during or attributable to Fiscal Year 1985-1986; and
WHEREAS, the County intends to borrow, for the
purposes set forth above, as hereinafter defined, Seventy
Million Dollars ($70, 000,000) through the issuance and sale
of the Notes (as hereinafter defined) ; and
WHEREAS, it appears, and the Board hereby finds and
determines, that said sum of Seventy Million Dollars
($70, 000, 000) , when added to the interest payable thereon,
does not exceed eighty-five per cent (85%) of the estimated
amount of the uncollected taxes, income, revenue, cash
receipts and other moneys of the County for the General Fund
of the County attributable to Fiscal Year 1985-1986, and
available for the payment of the Notes and the interest
thereon; and
WHEREAS, pursuant to Section 53656 of the
Government Code of the State of California, certain revenues
. which will be received by the County for the General Fund of
the County during or attributable to Fiscal Year 1985-1986
can be pledged for the payment of the Notes and the interest
thereon (as hereinafter provided) ; and
WHEREAS, Bank of Aqerica National Trust and Savings
Association (herein sometimes referred to as the
"Underwriter" ) has submitted an offer to purchase the Notes
and has submitted a form of Contract of Purchase and Dealer
Remarketing Agreement (the "Agreement") to the Board; and
WHEREAS, the County has determined that, in order
to provide for the remarketing of the Notes of Series A,
Series B, Series C and Series D, to reduce interest costs to
the County for such Notes and to provide liquidity and
additional security to the holders of such Notes, it is
appropriate for the County to enter into the Agreement, which
provides for the remarketing by the Underwriter of such Notes
and the purchase of such Notes under certain circumstances as
described therein; and
WHEREAS, the County desires to enter into the
Agreement so as to provide for such remarketing, to reduce
such interest costs and to provide such liquidity and
additional security;
NOW, THEREFORE, the Board of Supervisors of the
County of Contra Costa hereby finds, determines, declares and
resolves as follows:
Section 1. Board Determination. All of the
recitals herein set forth are true and correct, and the Board
so finds and determines.
Section 2 . Definitions. Unless the context
otherwise requires, the terms defined in this Section 2
shall, for all purposes of this Resolution, as it now exists
and- as it may be from time to time amended or supplemented,
have the meanings herein specified, .as follows:
"Accounting Period" means any of the thirteen ( 13 )
accounting periods into which a fiscal year is divided by the
County for budgeting and financial reporting purposes.
"Adjusted Rate" means the interest rate per annum,
with respect to the Notes of Series A, Series B, Series C and
Series D, equal to the rate calculated in accordance with
Section 3(b) hereof.
"Agreement" means the Contract of Purchase and
Dealer Remarketing Agreement, between the County and the
. Underwriter, as executed and delivered.
"Board" means the Board of Supervisors of the
County of Contra Costa. -
"Business Day" meas a day on which banks in
California and New York ,City are not required or authorized
to remain closed and on which The New York Stock Exchange is
not closed.
"County" means the County of Contra Costa, the
issuer of the Notes hereunder.
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040511-0028-099-2853p
y
"Fiscal Agent" means First Interstate Bank of
California having its principal corporate trust office in San
Francisco, California.
"Initial Rate" means, with respect to each series
of Notes, the rate of interest initially borne by such series
of Notes as set forth in the Agreement.
"Interest Index" means the rate of interest equal
to the bond equivalent yield of 91-day United States Treasury
bills on the basis of the average per annum discount rate at
which such 91-day Treasury bills shall have been sold at the
most recent United States Treasury auction.
"Interest Payment Date" means (i ) with respect to
the Series A Notes and the Series B Notes, July 31, 1985 and
every fourth Wednesday (or if such a day is not a Business
Day, the next succeeding Business Day) thereafter; (ii) with
respect to the Series C Notes, October 30, 1985, January 29,
1986, April 30, 1986 and July 30, 1986 (or if such a day is
not a Business Day, the next succeeding Business Day)
thereafter; (iii ) with respect to the Series D Notes,
January 8, 1986 and July 30, 1986; and (iv) with respect to
the Series E Notes, July 30, 1986.
"Interest Payment Period" means, with respect to
any series of Notes, the period commencing on (and including)
an Interest Payment Date and ending on (and including) the
day immediately preceding the next succeeding Interest
Payment Date (or, in the case of the first Interest Payment
Period, the period commencing on (and including) July 1, 1985
and ending on (and including) the day immediately preceding
the first Interest Payment Date.
"Interest Period" means, with respect to any series
of Notes, the period commencing on (and including) a Rate
Adjustment Date and ending on (and including) the day
immediately preceding the next succeeding Rate Adjustment
Date (or, in the case of the first Interest Period, the
period commencing on (and including) July 1, 1985 and ending
on (and including) the day immediately preceding the first
Rate Adjustment Date.
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"Munifacts Wire" means the electronic wire service
offered by The Bond Buyer known as "Munifacts" which provides
information on municipal securities to the subscribers
thereof.'
"Note" or "Notes" means the 1985-1986 Short Term
Optional Put Tax and Revenue Anticipation Notes authorized to
be issued hereunder.
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040511-0028-099-2853p
"Noteholder" or "Holder" means the registered owner
of the Note.
"Outstanding, " when used as of any particular time
with reference to Note-s, means all Notes theretofore, or
thereupon being, authenticated and delivered pursuant to this
Resolution except (1) Notes theretofore cancelled or
surrendered for cancellation; (2) Notes with respect to which
all liability of the County shall have been" discharged in
accordance with Section 3(e) ; and (3 ) Notes for the transfer
or exchange of or in lieu of or in substitution for which
other Notes shall have been authenticated and delivered
pursuant to this Resolution.
"Paying Agent" means BankAmerica Trust Company of
New York, initially acting as paying agent and registrar
hereunder and having a principal office in New York, New York.
"Purchase Price" means (i) with respect to any
Series A Notes purchased in accordance with Section 3 (c)
hereof on any Rate Adjustment Date which is not an Interest
Payment Date for the Series A Notes, 100% of the principal
amount thereof plus accrued interest thereon, if any, to the
Rate Adjustment Date and (ii ) with respect to any Series A
Notes purchased in accordance with Section 3(c) hereof on any
Rate Adjustment Date which is an Interest Payment Date for
,the Series A Notes, and with respect to any Series B Notes,
any, Series C Notes and any Series D Notes purchased in
accordance with Section 3 (c) hereof, 100% of the principal
amount thereof.
"Rate Adjustment Date" means (i ) with respect to
the Series A Notes, July 31, 1985** and each Wednesday
thereafter and (ii) with respect to the Series B Notes, the
Series C Notes and the Series D Notes, the Interest Payment
Date for each such series, respectively.
"Repayment Fund" means the 1985-1986 Short Term
Optional Put Tax and Revenue Anticipation Note Repayment Fund
established pursuant to Section 7 hereof.
"Series A Note" or "Series A Notes" means one or
more 1985-1986 Short Term Opconal Put Tax and Revenue
Anticipation Notes, Series A, authorized to be issued
hereunder.
"Series B Note" or "Series B Notes" means one or
more 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series B, authorized to be issued
hereunder.
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040511-0028-099-2853p
. "Series C Note" or "Series C Notes" means one or
more 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series C, authorized to be issued
hereunder.
"Series D Note." or "Series D Notes" means one or
more 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series D, authorized to be issued
hereunder.
"Series E Note" or "Series E Notes" means one or
more 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series E. authorized to be issued
hereunder.
"Treasurer" means the Treasurer-Tax Collector of
the County.
"Underwriter" means Bank of America National Trust
and Savings Association, the purchaser of the Notes issued
hereunder and the remarketing agent for such Notes, or its
successors or assigns.
"Unrestricted Revenues" means taxes, income,
revenue, cash receipts, and other moneys which are received
for the General Fund of the County during or attributable to
Fiscal Year 1985-1986 and which are generally available for
the payment of current expenses and other obligations of the
County.
Section 3 . Terms of the Notes.
(a). Authorization of Issuance. Solely for the
purpose of anticipating taxes, income, revenue, cash receipts
and other moneys to be received by the County for the General
Fund of the County during or attributable to Fiscal Year
1985-1.966, and not pursuant to any common plan of financing,
. the County hereby authorizes the borrowing of the aggregate
principal amount of Seventy Million Dollars ($70, 000, 000) by
the issuance of one or more series of temporary notes under
Sections 53850 et seq. of the Government Code of the State of
California, generally designated as the "County of Contra
Costa 1985-1986 Short Term 0 tional Put Tax and Revenue
Anticipation Notes. " The NoKs may consist of one or more
series of Notes, to be designated, if and to the extent
issued, respectively (i ) the "1985-1986 Short Term Optional
Put Tax and Revenue Anticipation Notes, Series A"; (ii) the
"1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series B"; (iii ) the "1985-1986 Short
Term Optional Put Tax and Revenue Anticipation Notes,
Series (iv) the "1985-1986 Short Term Optional Put Tax
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040511-0028-099-2853p
and Revenue Anticipation Notes, Series D" ; and (v) the
"1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series E" ; provided that if only Series E
Notes are issued hereunder, such the Notes shall be
designated "County of- Contra Costa 1985-1986 Tax and Revenue
Anticipation Notes. The actual series of Notes to be issued
and the- principal amount, if any, of such series shall be as
set forth in the Agreement.
(b) Denomination's, Maturity, Payment and
Determination .of Interest. Rates. The Notes shall each be in
the denomination of $100, 00'0, or any integral multiple
thereof, shall be dated July 1, 1985, shall mature on
July 30, 1986 and shall bear interest from the Interest
Payment Date with respect to the applicable series of Notes
next preceding the date of authentication thereof, unless
(i ) such date of authentication shall be prior to the first
Interest Payment Date with respect to such series, in which
case it shall bear interest from July 1, 1985 or (ii ) such
date of authentication shall be an Interest Payment Date with
respect to such series, in which case such Notes shall bear
interest from such date of- authentication; provided, however,
that if, as shown by the records of the Paying Agent,
interest on the Notes of any series shall be in default,
Notes of such series issued in exchange for Notes of such
series surrendered for transfer or exchange shall bear
interest from the last date to which interest has been paid
in full on the Notes of such series or, if no interest has
been paid on the Notes of such series, from July 1, 1985 .
Interest on each series of Notes shall be payable on each
Interest Payment Date with respect to the applicable series
at the applicable interest rate or rates for the Interest
Payment Period with respect to such series which terminates
on the day immediately preceding such Interest Payment Date,
computed on a 365-day year basis and actual days elapsed from
and including the preceding Interest Payment Date with
respect to such series to which interest has been paid. On
the Interest Payment Date for each series of Notes, the
• Paying Agent shall pay accrued and unpaid interest for each
Interest Payment Period with respect to the applicable series
of Notes by check or draft mailed to the Holder of each such
Note in whose name such Note is registered on the
registration books of the Paying Agent at 10: 00 a.m. (New
York City time) on such Interest Payment Date. The offer and
sale or repurchase of any Note as contemplated by .
Section 3 (c) hereof, shall cause the purchaser or the
Underwriter, as the case may be, to be recognized as the
Molder of record of the Notes so offered and sold or
repurchased as of 10:01 a.m. (New York City time) on such
Interest Payment Date.
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. The principal of the Notes shall be payable at
maturity, only to the registered owner thereof upon surrender
thereof, in lawful money of the United States of America, at
the principal office of the Paying Agent.
(i ) Interest on Series A Notes. For the
Interest Period commencing on July 1, 1985 and ending on (and
including) July 30, 1985, the Series A Notes shall bear
interest at the Initial Rate for the Series A Notes. With
respect to each Interest Period thereafter, the rate shall be
adjusted, effective each Rate Adjustment Date with respect to
the Series A Notes, to the Adjusted Rate for the Series A
Notes. Such Adjusted Rate shall be determined as follows:
On July 29, 1985, and thereafter on each Monday (or if such
day is not a Business Day, the next preceding Business Day) ,
the Underwriter, having due regard to prevailing financial
market conditions, shall determine the rate which, if borne
by the Series ,A Notes, would, in its judgment, be the
interest rate, but would not exceed the interest rate, which
. would enable the Underwriter to remarket the Series A Notes
on such Rate Adjustment Date at the Purchase Price, and the
interest rate so determined shall be the interest rate for
the Interest Period commencing on the next succeeding
Wednesday; provided that, if on the date of such
determination, the Underwriter holds for its own account 15%
or more in aggregate principal amount of the Series A Notes,
the Adjusted Rate for the Series -A Notes so determined shall
not be more than one hundred .twenty per cent (120%) , nor less
than eighty per cent (80%) , of 75% of the Interest Index,
but, in any event, the rate which would, in its judgment,
enable the Underwriter to remarket the Series A Notes on the
next succeeding Rate Adjustment Date for the Series A Notes
at the Purchase Price. The Underwriter shall disseminate
such Adjusted Rate on the Munifacts Wire on the date it is
determined and also shall give telephonic notice
(subsequently confirmed by written notice) to the County, the
Paying Agent and the Fiscal Agent of such Adjusted Rate. if
.the Underwriter for any reason fails to determine the
Adjusted Rate, or if a court finds the method of determining
the Adjusted Rate set forth above to be unenforceable, the
Adjusted Rate for the Series A Notes shall be 75% of the
Interest Index as of each Rate Adjustment Date.
(ii) Interest on Series B Notes. For the
Interest Period commencing on July 1, 1985, and ending on
(and including) the day immediately preceding the first Rate
Adjustment Date with respe'ct to the Series B Notes, the
Series B Notes shall bear interest at the Initial Rate for
the Series B Notes. With respect to each Interest Period
thereafter, the interest rate shall be adjusted, effective
each Rate Adjustment Date with respect to the Series B Notes,
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to 'the Adjusted Rate for the Series B Notes. Such Adjusted
Rate shall be determined as follows: On the Monday next
preceding each Rate Adjustment Date with respect to the
Series B Notes (or if such day is not a Business Day, the
next preceding Business Day) , the Underwriter, having due
regard to prevailing financial market conditions, shall
determine the rate which, if borne by the Series B Notes,
would, in its judgment, be the interest rate, but would not
exceed the interest rate, which would enable the Underwriter
to remarket the Series B Notes on the next succeeding Rate
Adjustment Date with respect to the Series B Notes at the
Purchase Price, and the interest rate so determined shall be
the interest rate for the Interest Period commencing on such
Interest Payment Date; provided that, if on the date of such
determination, the Underwriter holds for its own account 15%.
or more in aggregate principal amount of the Series B Notes,
the Adjusted Rate so determined shall not be more than one
hundred twenty per cent (120%) , nor less than eighty per cent
(80%) , of 80% of the Interest Index, but, in any event, the
rate which would, in its judgment, enable the Underwriter to
remarket the Series B Notes on the next succeeding Rate
Adjustment Date for the Series B Notes at the Purchase
Price. The Underwriter shall disseminate such Adjusted Rate
on the Munifacts Wire on the date it is determined and shall
also give telephonic notice (subsequently confirmed by
written notice) to the County, the Paying Agent and the
Fiscal Agent of such Adjusted Rate. If the Underwriter for
any reason fails to determine the Adjusted Rate, or if a
court finds the method of determining the Adjusted Rate set
forth above to be unenforceable, the Adjusted Rate for the
Series B Notes shall be 80% of the Interest Index as of each
Rate Adjustment Date.
(iii ) Interest on Series C Notes. For the
Interest Period commencing on July 1, 1985, and ending on
(and including) the day next preceding the first Rate
Adjustment Date with respect to the Series C Notes, the
Series C Notes shall bear interest at the Initial Rate for
the Series C Notes. With respect to each Interest Period for
the Series C Notes thereafter, the interest rate shall be
adjusted, effective each Rate Adjustment Date with respect to
the Series C Notes, to the Adjusted Rate for the Series C
Notes. Such Adjusted Rate shall be determined as follows:
On the Monday next preceding each Rate Adjustment Date with
respect to the Series C Notes (or if such day is not a
Business Day, the next preceding Business Day) , the
Underwriter, having due regard to prevailing financial market
conditions, shall determine the rate which, if borne by the
Series C Notes, would, in its judgment, be the interest rate,
but would not exceed the interest rate, which would enable
the Underwriter to remarket the Series C Notes on such Rate
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040511-0028-099-2853p
Adjustment Date at the Purchase Price, and the interest rate
so determined shall be the interest rate for the Interest
Period commencing on such Rate Adjustment Date; provide
that, if on the date of such determination, the Underwriter
holds for its own account 15% or more in aggregate principal
amount of the Series C Notes, the Adjusted Rate so determined
shall not be more than one hundred twenty per cent ( 120%) ,
nor less than eighty percent (80%) , of 85% of the Interest
Index, but, in any event, the rate which would, in its
judgment, enable the Underwriter to remarket the Series C
Notes on the next succeeding Rate Adjustment Date at the
Purchase Price. The Underwriter shall disseminate such
Adjusted Rate on the Munifacts Wire on the date it is
determined and also shall give telephone notice (subsequently
confirmed by written notice) to the County, the Paying Agent
and the Fiscal Agent of such Adjusted Rate. If the
Underwriter for any reason fails to determine the Adjusted
Rate, or if a court finds the method of determining the
Adjusted Rate set forth above to be unenforceable, the
Adjusted Rate for the Series C Notes shall be 85% of the
Interest Index as of each Rate Adjustment Date.
(iv) Interest on Series D Notes. For the
Interest Period commencing on July 1, 1985, and ending on
(and including) the day next preceding the Rate Adjustment
Date with respect to the Series D Notes, the Series D Notes
shall bear interest at the Initial Rate for the Series D
Notes. With respect to the Interest Period for the Series D
Notes thereafter, the interest rate shall be adjusted,
effective on the Rate Adjustment Date with respect to the
Series D Notes, to the Adjusted Rate for the Series D Notes.
Such Adjusted Rate shall be determined as follows: On the
Monday next preceding the Rate Adjustment Date with respect
to the Series D Notes (or if such day is not a Business Day,
the next preceding Business Day) , the Underwriter, having due
regard to prevailing financial market conditions, shall
determine the rate which, if borne by the Series D Notes,
'would, in its judgment, be the interest rate, but would not
exceed the interest rate, which would enable the Underwriter
to remarket the Series D Notes on such Rate Adjustment Date
at the Purchase Price, and the interest rate so determined
shall be the interest rate for the Interest Period commencing
on such Rate Adjustment Datet provided that, if on the date
of such determination, the Underwriter holds for its own
account 15% or more in aggregate principal amount of the
Series D Notes, the Adjusted Rate so determined shall not be
more than one hundred twenty per cent ( 120%) , nor less than
eighty per cent (80%) , of 85% of the Interest I Index, but, in
any event, the rate which would, in its judgment, enable the
Underwriter to remarket the Series D Notes on the next
succeeding Rate Adjustment Date at the Purchase Price. The
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Underwriter shall disseminate such Adjusted Rate on the
Munifacts Wire on the date it is determined and also shall
give telephone notice ( subsequently confirmed by written
notice) to the County, the Paying Agent and the Fiscal Agent
of such Adjusted Rate- If the Underwriter for any reason
fails to determine the Adjusted Rate, or if a court finds the
method of determining the Adjusted Rate set forth above to be
unenforceable, the Adjusted Rate for the Series D Notes shall
be 85% of the Interest Index as of each Rate Adjustment Date.
(v) Interest on the Series E Notes. The
Series E Notes shall bear interest to and including July 29,
1986 at the Initial Rate for the Series E Notes.
NOTWITHSTANDING THE FOREGOING, THE ADJUSTED RATE
WITH RESPECT TO ANY SERIES OF NOTES SHALL NOT EXCEED THE
LESSER OF 12% OR THE MAXIMUM RATE PERMITTED BY APPLICABLE LAW.
(c) Tender for Purchase by Noteholder. Any
registered owner of a Note of Series A, Series B, Series C or
Series D shall have the right to tender such Note, or any
$100, 000 portion thereof, for purchase by the Underwriter in
accordance with the terms of the Agreement on any Rate
Adjustment Date for such Note by (i ) giving telephonic notice
to the Paying Agent prior to 10:00 a.m. (New York City time)
on the Tuesday next preceding the Rate Adjustment Date (or if
such Tuesday is not a Business Day, on the next preceding
Business Day) , and (ii) delivering such Note, with the
Election Notice on the reverse thereof, completed and signed
by the Noteholder or his duly authorized representative, to
the Paying Agent prior to 10:00 a.m. (New York City time) on
such Rate Adjustment Date. Such Election Notice shall be
substantially in the form of Exhibit F attached hereto. The
Paying Agent shall notify, by telephone, the County and the
Underwriter upon receipt of each telephonic notice of
tender. Upon the receipt of such notification, the
Underwriter will use its best efforts to offer for sale and
. to sell each Note or portion thereof for which telephonic
notice of tender has been given, at the Purchase Price, for
delivery on such Rate Adjustment Date. If on such Rate
Adjustment Date the Underwriter has not been able to arrange
for the resale, at the Purchase Price, of all Notes or
portions thereof for which Noteholder' s Election Notices have
been filed with the Paying A6ent, the Underwriter, .pursuant
to and subject to the terms and conditions of the Agreement,
shall purchase, at the Purchase Price, the aggregate
principal amount of Notes or portions thereof which have not
been remarketed by 12:30 p.m: (New York City time) on such
Rate Adjustment Date. The Paying Agent shall pay the
Purchase Price of such Notes tendered for purchase by check
or draft mailed to each registered owner of any Note or
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040511-0028-099-2853p
portion thereof for which a Noteholder' s Election Notice has
been filed, against delivery of such Note. Funds for the
payment of such PurchasePriceshall be advanced by the
Underwriter to the Paying Agent at 10:00 a.m. (New York City
time) on such Rate Adjustment Date and shall, if the
Underwriter is able to remarket such Note, be reimbursed to
the Underwriter from the proceeds of such remarketing.
Nothing contained herein or in the Agreement shall obligate
the County to repurchase any Notes tendered for purchase,
such obligation being only that of the Underwriter and then
only in accordance with the terms of the Agreement.
(d) Registration, Exchange, Transfer, and
Replacement of Notes. Any Note may, in accordance with its
terms, be transferred, or exchanged for a like aggregate
principal amount of the same series and in authorized
denominations, upon the books required to be .kept by the
Paying Agent pursuant to the provisions hereof, by the person
in whose name it is registered, in person or by his duly
authorized attorney, upon surrender of such Note for
cancellation, and, in the case of a transfer, accompanied by
delivery of a written instrument of transfer, duly executed
in a form approved by the Paying Agent. Transfer of a Note
shall not be permitted with respect to any Note or Notes or
portions thereof for which a notice of tender of purchase has
been given in accordance with Section 3(c) .
Whenever any Note shall be surrendered for transfer
or exchange or tendered for payment in accordance with
Section 3 (c) , the County shall execute and the Paying Agent
shall authenticate, if required, and deliver a new Note or
Notes of authorized denominations of the same series for a
like aggregate principal amount. The Paying Agent shall
require the Noteholder requesting such transfer or exchange
to pay any tax or other governmental charge required to be
paid with respect to such transfer or exchange.
The Paying Agent will keep or cause to be kept, at
its principal office in New York, New York, sufficient books
for the registration and transfer of the Notes, which shall
at all times be open to inspection by the County. Upon
presentation for such purpose, the Paying Agent shall, under
such reasonable regulations As it may prescribe, register or
transfer or cause to be registered or transferred, on such
books, Notes as hereinbefore provided.
If any Note shall become mutilated, the County, at
the expense of the Holder of said Note, shall execute, and
the Paying Agent shall thereuponauthenticateand deliver a
new Note of like tenor and number in exchange and
substitution for the Note so mutilated, but only upon
11
040511-0028-099-2853p
surrender- to the Paying Agent of the Note so mutilated.
Every mutilated Note so surrendered to the Paying Agent shall
be cancelled by it and delivered to, or upon the order of,
the County. If any Note shall be lost, destroyed or stolen,
evidence of such loss,` destruction or theft may be submitted
to the County and the Paying Agent and, if such evidence be
satisfactory to both and indemnity satisfactory to them shall
be given, the County, at the expense of the owner, shall
execute, and the Paying Agent shall thereupon authenticate
and deliver a new Note of like tenor and number in lieu of
and in substitution for the Note so lost, destroyed or stolen
(or if any such Note shall have matured or shall be about to
mature, instead of issuing a substitute Note, the Paying
Agent may pay the same without surrender thereof) . The
Paying Agent may require payment of a sum not exceeding the
actual cost of preparing each new Note issued pursuant to
this paragraph and of the expenses which may be incurred by
the County and the Paying Agent in the premises. Any Note
issued under these provisions in lieu of any Note alleged to
be lost, destroyed or stolen shall constitute an original
additional contractual obligation on the part of the County
whether or not the Note so alleged to be lost, destroyed or
stolen be at any time enforceable by anyone, and shall be
entitled to the benefits of this Resolution with all other
Notes secured by this Resolution.
The County and the Paying Agent may treat the
person in whose name any Note is registered as the owner of
such Note for the purpose of receiving payment of principal
of and interest on such Note and for all other purposes
whatsoever, and neither the County, nor the Paying Agent
shall be affected by notice to the contrary.
All Notes surrendered for payment or registration
of transfer, if surrendered to any person other than the
. Paying Agent, shall be delivered to the Paying Agent and
shall be promptly cancelled by it. The County may at any
time deliver to the Paying Agent for cancellation any Notes
previously authenticated and delivered hereunder which the
County may have acquired in any manner whatsoever, and all
Notes so delivered shall promptly be cancelled by the Paying
Agent. No Note shall be authenticated in lieu of or in
exchange for any Notes canceled as provided herein, except
as expressly permitted hereunder. All cancelled Notes held
by the Paying Agent shall be disposed of as directed by the
County.
(e) Acceleration of Notes. If the County fails to
pay interest on any Note on any Interest Payment Date
occurring prior to the Interest Payment Date on July 30, 1986
and such failure continues -for a period of five Business
12
040511-0028-099-2853p
Days, all- Notes shall become due and payable ten Business
Days following the end of such grace period. Notice of such
acceleration of maturity of the Notes shall be given by the
County which notice shall specify the date on which all Notes
shall mature. Notice~of . acceleration of maturity shall be
deemed given when deposited in the United States mail, first
class postage prepaid, addressed to the Paying Agent and to
each registered owner at the address shown on the books of
registration maintained by the Paying Agent for that purpose,
or if there is no such address, in care of the Paying Agent.
Any failure to receive such notice or any defect therein
shall not affect the accelerated maturity date of the Notes.
The amount payable by the County on acceleration of the Notes
shall be the principal amount of the Notes, without any
premium or penalty, plus accrued and unpaid interest to the
date specified in such notice as the date of maturity. The
Notes shall bear interest until paid at the rate of interest
in effect on the date of such default in the payment of
interest. If on the maturity date specified in the notice
the County deposits or causes to be deposited with the Paying
Agent, in immediately available funds, a sum sufficient to
pay the aggregate principal . amount of Notes Outstanding and
interest thereon to the date specified in the notice, then
interest on such Notes shall cease to accrue from and after
such date and the obligation of the County with respect to
such Notes shall be discharged and thereafter such Notes
shall be payable only from the moneys on deposit therefor
with the Paying Agent.
Section 4. Form of Notes. The Notes shall be
issued only in fully registered form, without coupons. The
Series A Notes, the Series B Notes, the Series C Notes, the
Series D Notes and the Series E Notes shall be substantially
in the form and substance set forth in Exhibit A, Exhibit B,
Exhibit C, Exhibit D and Exhibit E, respectively, attached
hereto and by reference incorporated herein, the blanks in
said form to be filled in with appropriate words and figures.
Section 5. Use of Proceeds. The moneys borrowed
under the Notes shall be deposited in the General Fund of the
County and used and expended by the County for any purpose
for which it is authorized to expend funds from the General
Fund of the County. I
Section 6. Repayment Pledge. The principal amount
of the Notes, together with the interest thereon, shall be
payable from taxes, income, revenue, cash receipts and other
moneys which are received. by the County for the General Fund
of the County during or attributable to Fiscal Year 1985-1986.
13
040511-0028-099-2853p
. .As security for the payment of the principal of and
interest on the Notes, the County hereby pledges the first
Forty Million Dollars ($40, 000, 000) of the first installment
of property taxes (to be received by the County during
December 1985, and attributable to the County on the secured
roll which becomes due and payable on November 1, 1985 and
delinquent on December 10, 1985) which is transferred to the
general fund of the County in the Accounting Period ending
January 10, 1986; and the first Thirty Million Dollars
($30, 000, 000) , together with an amount sufficient (net of
earnings to the date of such deposit on moneys in the
Repayment Fund) (i ) to satisfy and make up any deficiency in
the amount required to be deposited in the Repayment Fund
during any prior Accounting. Period and (ii ) to pay the
interest on the Notes accruing and unpaid after the date of
such deposit to maturity at an assumed interest rate of the
lesser of 12% per annum or the maximum legal rate of interest
(to the extent the actual interest rate cannot be
determined) , of the second installment of property taxes (to
be received by the County during April 1986, and attributable
to the County on the secured roll which becomes due and
payable on February 1, 1986 and delinquent. on April 10, 1986)
which is transferred to the general fund of the County in the
Accounting Period ending on May 13, 1986. In the event that
by the next to last Business Day of any such Accounting
Period there are insufficient secured property taxes so
transferred to permit the deposit into the Repayment Fund of
the full amount thereof to be deposited from said secured
property taxes in such Accounting Period, then the amount of
any deficiency shall be satisfied and made up on such date
from any other moneys of the County lawfully available for
the payment of the principal of the Notes and the interest
thereon. In the event that on such date the amount of other
moneys of the County lawfully available for said payment is
insufficient to fully satisfy and make up any deficiency in
the deposit into the Repayment Fund required hereunder, then
such deficiency shall be satisfied and made up from the first
other moneys of the County lawfully available for said
payment when the same are received by the County. The moneys
required to be deposited in the Repayment Fund are
hereinafter called the "Pledged Revenues. " The principal of
the Notes and the interest thereon shall constitute a first
lien and charge against and Shall be payable from the first
moneys received by the County from the Pledged Revenues, and,
to the extent not so paid, shall be paid from any other
moneys of the County lawfully available therefor (all as
provided in Sections 53856 and 53857 of the Government Code) .
Section 7 . Repayment Fund. (a) Establishment. In
the Accounting Period in which received, the Pledged Revenues
(in cash or in investments permitted by Section 7(b) hereof
14
040511-0028-099-2853p
which have a market value on such Business Day equal to the
amount required to be deposited on such Business Day) shall
be deposited by the County with, and held in trust by, the
Fiscal Agent, as hereinafter appointed, in a special fund
designated the 1985-1586 Short Term Optional Put Tax and
Revenue .Anticipation Note Repayment Fund and shall be applied
as directed in this Resolution. The principal of and
interest on the Notes shall constitute a first lien and
charge on amounts deposited in the Repayment Fund and any
money deposited in the Repayment Fund shall be for the
ratable benefit of the Holders of the Notes. Until the
principal of the Notes and all interest due thereon are paid
in full or until provision has been made for the payment in
full of the principal of and interest on the Notes, the
moneys in the Repayment Fund shall be applied only for the
purposes for which such Repayment Fund was created. On each
Interest Payment Date after May 13, 1986, the Fiscal Agent
shall transfer to the Paying Agent the amount necessary to
pay interest on the Notes on such Interest Payment Date if
and to the extent the County has not provided funds to the
Paying Agent for such purpose. On the maturity date of the
Notes the amount of money in the Repayment Fund necessary to
pay principal of and interest due at maturity on the Notes
shall be transferred to the Paying Agent.
(b) Investment. Moneys in the Repayment Fund
shall be ,invested as permitted by Section 53601 of the
Government Code, provided that no moneys shall be invested in
investments permitted by subsection (h) (except that moneys
may be invested in negotiable certificates of deposit of the
fifty largest banks in the United States or domestic
subsidiaries of the largest fifty world banks, so long as
such world banks are domiciled in the following countries:
Western Hemisphere - United States and Canada; Europe -
France, Germany (West) , Netherlands, Norway, Sweden,
Switzerland and the United Kingdom; Asia - Australia and
Japan, as ranked by size of deposits) and subsection (i ) (to
. the extent that subsection ( i) applies to reverse repurchase
agreements) of said Section 53601 . Investments of moneys on
deposit in the Repayment Fund shall not have maturity dates
later than the maturity date of the Notes. The proceeds of
any such investments shall be retained by the Fiscal Agent in
the Repayment Fund until thelprincipal of all of the Notes
and the unpaid interest thereon shall have been fully paid or
until provision shall have been made for such payment, at
which time any excess amount shall be transferred to the
General Fund of the County.
Section 8. Fiscal Agent. First Interstate Bank of
California in San Francisco, California, is hereby appointed
fiscal agent for the Notes " (the "Fiscal Agent" ) . Funds held
15
040511-0028-099-2853p
by the Fiscal Agent in the Repayment Fund shall be held and
invested As herein provided. The form of Fiscal Agency
Agreement attached hereto-as Exhibit G is hereby approved,
and the Treasurer is hereby authorized to execute and
directed to execute the same substantially in the form
attached with such changes as he deems necessary.
Section 9. Execution of Notes. The Treasurer is
hereby authorized to sign the Notes by use of his facsimile
signature, and the Clerk of the Board of Supervisors of the
County is hereby authorized to countersign the Notes by use
of his facsimile signature and to affix the seal of the Board
thereto by facsimile impression thereof, and said officers
are hereby authorized to cause the blank spaces thereof to be
filled in as may be appropriate. The Notes shall not be
valid, however, unless and until the Paying Agent shall have.
manually authenticated such Notes.
Section 10. Validity of Proceedings. It is hereby
covenanted and warranted by the County that all
representations and recitals contained in this Resolution are
true and correct, and that the County, And its appropriate
officials, have duly taken all proceedings necessary to be
taken by them, and will take any additional proceedings
necessary to be taken by them, for the levy, collection and
enforcement of the taxes, revenue, income, cash receipts and
other moneys pledged hereunder in accordance with law and for
carrying out the provisions of this Resolution.
Section 11. Tax Covenants. The Board, as issuer
of the Notes on behalf of the County, hereby covenants that
it will make no use of the proceeds of the Notes which would
cause the Notes to be "arbitrage bonds" under Section 103(c)
of the Internal Revenue Code of 1954, as amended (the "Code" )
or "federally-guaranteed obligations" under Section 103(h) of
the Code or obligations described in Section 103 (o) of the
Code; and, to that end, so long as any of the Notes are
- outstanding, the Board, with respect to the proceeds of the
Notes, and all officers having custody or control of such
proceeds, shall comply with all requirements of said section
and the regulations of the United States Department of the
Treasury thereunder, to the extent that such regulations are,
at the time, applicable and 4n effect, so that the Notes will
not be "arbitrage bonds, " "federally-guaranteed obligations"
or obligations described in Section 103(o) of the Code.
Section 12. Paying Agent and Registrar.
BankAmerica Trust Company of New' York, New York, New York is
hereby designated the registrar and paying agent of the
County for the payment of principal of and interest on the
Notes. The County hereby directs and authorizes the payment
16
040511-0028-099-2853p
by the Paying Agent of the interest on and principal of the
Notes when such become due and payable, from an account held
by the Paying Agent in the name of the County in the manner
set forth herein. The County hereby covenants to deposit
funds in such account at such times and in such amounts to
provide - sufficient moneys to make interest payments on each
Interest Payment Date and to pay the principal of and
interest on the Notes on the day on which they mature.
Payment of the Notes shall be in accordance with the terms of
the Notes and this Resolution.
This appointment shall not preclude the County from
removing the Paying Agent and appointing one or more
successors thereto, or appointing additional financial
institutions to act as paying agent or registrar, all without
notice to or the consent of the registered owner of any
Note. Any such successor paying agent shall be a bank or
trust company with offices in New York, New York acceptable
to the County and the Underwriter.
Section 13 . Purchase and Remarketing _Agreement.
The Agreement will be entered into with the Underwriter,
substantially in the form attached hereto as Exhibit H,
whereby the Underwriter shall purchase the Notes from the
County and purchase or remarket the -Notes as more
particularly set forth therein. Such Agreement is hereby
approved with such additions, changes or corrections as the
County Treasurer may approve upon consultation with County
Counsel . The County Treasurer is hereby authorized and
directed to determine which series of the Notes shall be
issued and the principal amount of each such series, not to
exceed the aggregate principal amount for all series of Notes
of $70,000, 000. Such determinations shall be set forth in
the Agreement. The County Treasurer is hereby authorized and
directed to negotiate, with the Underwriter, the Initial
Interest Rates, not to exceed twelve percent ( 12%) per annum,
on the Notes and the discount, if any, on the purchase price
. of the Notes paid by the Underwriter. If such Initial
Interest Rates (not to exceed twelve percent (12%) per annum)
and said purchase price are acceptable to the County .
Treasurer, the County Treasurer is hereby further authorized
and directed to execute and deliver the Agreement and such
other documents required to IDe executed and delivered
thereunder, for and in the name and on behalf of the County.
Section 14. Approval of Official Statement. The
form of Official Statement- relating to the Notes attached
hereto as Exhibit I , substantially ih .the form presented to
this meeting, is hereby approved with such additions, changes .
and corrections as the Treasurer may approve upon
consultation with the County' s Bond Counsel; the distribution
17
040511-0028-099-2853p
of said Official Statement in preliminary form is hereby
ratified;. and the Treasurer and the Underwriter are hereby
authorized to, distribute .copies of said Official Statement in
final form in connection with the offering and sale of the
Notes.
PASSED AND ADOPTED by the Board of Supervisors of
the County of Contra Costa this 11th day of June, 1985, by
the following vote:
AYES: Supervisors Powers , Schroder, McPeak , Torlakson , Fanden
NOES: None
ABSENT: None
Na)fcy C. Fanden
Chairman oe the Board of Supervisors
of the County of Contra Costa
(Seal)
ATTEST: Philip J . Batchelor, Clerk of the
Board of Supervisors and .
County Administrator
By 0 a-
Deputy Xler
k
18
040511-0028-099-2853p
EXHIBIT A
COUNTY OF CONTRA COSTA, CALIFORNIA
1985-1986 SHORT TERM OPTIONAL PUT TAX AND
REVENUE ANTICIPATION NOTE
SERIES A
REGISTERED
No. REGISTERED
$ Date: 1 1985
FOR VALUE RECEIVED, the County of Contra Costa (the
"County" ) , State of California, acknowledges itself indebted
to and promises to pay to or registered
assigns, the principal sum of Dollars
($ ) on July 30, 1986, unless payment of this Note
shall have been duly made or provided for upon acceleration
of the maturity hereof, and to pay interest on the balance of
said principal sum from time to time remaining unpaid from
and including the Interest Payment Date (as hereinafter
defined) next preceding the. date of authentication hereof,
unless this Note is authenticated prior to July 31, 1985 or
as of a day that is an Interest Payment Date, in which case
it shall bear interest from July 1, 1985 or from such
Interest Payment Date, respectively; provided, however, that
if at the time of registration o£ this Note, interest is in
default on this Note, such Note shall bear interest from the
Interest Payment Date to which interest has previously been
paid, or from July 1, 1985 if no interest has been paid
hereon, until the principal hereof shall have become due.
Interest, computed on a 365-day year basis and actual days
elapsed, is payable on July 31, 1985, and on each fourth
Wednesday thereafter or if such day is not a Business Day, on
the next succeeding Business Day (each hereinafter referred
to as an "Interest Payment Date!" ) and at maturity (and
accrued to each such date) , at the Initial Rate to and
. including July 30, 1985 and then at an Adjusted Rate all as
more fully described below, in lawful money of the United
States of America until payment in full of said principal
SUM. Interest paid on an Interest Payment Date shall be paid
by check or draft mailed or delivered to the person in whose
name this Note is registeredjat 10:00 a.m. (New York City
time) on such Interest Payment Date.
The principal of this Note shall be payable only to
the registered owner hereof upon presentation and surrender
of this Note as the same shall fall due at maturity or upon
acceleration at the principal office of BankAmerica Trust
Company of New York, as Paying Agent, Attention: Corporate
Trust Administration, 40 Broad Street, 4th Floor, New York,
A-1
040511-0028-099-2853p
New York -10004. No interest shall be payable for any period
after maturity during which the holder hereof fails to
properly present this Note for payment.
The Initial Rate shall be % per annum. On
July 31, 1985 and on each Wednesday thereafter, the interest
rate may be adjusted, effective on each Wednesday (a "Rate
Adjustment Date" ) , to an Adjusted Rate. An Adjusted Rate,
effective on a Rate Adjustment Date for the period commencing
on such Rate Adjustment Date to and including the day
immediately preceding the next Rate Adjustment Date (an
"Interest Period" ) , shall be a rate determined as follows:
On July 29, 1985 and thereafter on each Monday (or, if such
day is not a Business Day, the next preceding Business Day) ,
the Underwriter, having due regard to prevailing financial
market conditions, shall determine the rate which, if borne
by the Series A Notes, would, in its judgment, be the
interest rate, but would not exceed the interest rate, which
would enable the Underwriter to remarket the Series A Notes
on the next succeeding Rate Adjustment Date with respect to
the Series A Notes at the Purchase Price (as defined in the
Resolution) , and the interest rate so determined shall be the
interest rate for the Interest Period commencing on the next
succeeding Wednesday; provided that, if on the date of such
determination, the Underwriter holds for its own account 15%
or more in aggregate principal amount of the Series A Notes,
the Adjusted Rate for the Series *A Notes so determined shall
not be more than one hundred twenty per cent (120%) , nor less
than eighty per cent (80%) , of 75% of the Interest Index,
but, in any event, the rate which would, in its judgment,
enable the Underwriter to remarket the Series A Notes on the
next succeeding Rate Adjustment Date at the Purchase Price.
The Underwriter shall disseminate such Adjusted Rate on the
Munifacts Wire on the date it is determined and also shall
give telephonic notice ( subsequently confirmed by written
notice) to the County, the Paying Agent and the Fiscal Agent
of such Adjusted Rate. If the Underwriter for any reason
fails to determine the Adjusted Rate, or if a court finds the
method of determining the Adjusted Rate set forth above to be
unenforceable, the Adjusted Rate for the Series A Notes shall
be 75% of the Interest Index as of each Rate Adjustment Date.
NOTWITHSTANDING THE FOREGOING, THE ADJUSTED RATE
SHALL NOT EXCEED THE LESSER OF 12% OR THE MAXIMUM RATE
PERMITTED BY APPLICABLE LAW.
Notwithstanding the foregoing, if the County fails
to pay interest on the Notes 'on any Interest Payment Date for
any series of Notes prior to July 30, 1986 and such failure
continues for a period of five Business Days, all Notes shall
become due and payable ten Business Days following the end of
A-2
040511-0028-099-2853p
such grace period. Notice of such acceleration of maturity
of the Notes shall be given by the County which notice shall
specify the date on which all Notes shall mature. Any
failure to receive such notice or any defect therein shall
not affect the accelerated maturity date of the Notes, all as
more fully provided in Section 3(e) of the Resolution.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS NOTE SET FORTH ON THE REVERSE HEREOF AND SUCH FURTHER
PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF
SET FORTH AT THIS PLACE.
It is hereby .certified, recited and declared that
this Note is one of an authorized issue of County of Contra
Costa 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series A (the "Series A Notes" )
aggregating Dollars —) in
principal amount issued as one of series of County
of Contra Costa 1985-1986 Short Term Optional Put Notes (the
"Notes" ) aggregating Seventy Million Dollars ($70, 000, 000) in
aggregate principal amount; the Notes are all made, executed
and given pursuant to and by authority of a Resolution (the
"Resolution" ) of the Board of Supervisors of the County duly
passed and adopted under and by authority of Article 7. 6
(commencing with Section 53850) of Chapter 4, Part 1,
Division 2, Title 5, California Government Code, and that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of this Note have
existed, happened and been performed in regular and due time,
form and manner as required by law, and that this Note,
together with all other indebtedness and obligations of the
County, does not exceed any limit prescribed by the
Constitution or statutes of the State of California. Every
capitalized term used herein which is not defined herein
shall have the same meaning as provided therefor in the
Resolution.
The principal amount of the Notes, together with
the interest thereon, shall be payable from taxes, income,
revenue, cash receipts and other moneys which are received
for or accrued to the General Fund of the County during
Fiscal Year 1985-1986. As security for the payment of the
principal of and interest on�the Notes, the County has
pledged to deposit in trust in the Repayment Fund (as that
term is defined in the Resolution) : the first $40j000, 000 of
the first installment of secured property taxes (to be
received by the County during December 1985, and attributable
to the County on the secured roll which becomes due and
payable on November 1, 1985 and delinquent on December 10,
1985) , which is transferred to the general fund of the County
in the Accounting Period ending on January 10, 1986; and the
first $30, 000,000, together with an amount sufficient (net of
A-3
040511-0028-099-2853p
earnings on moneys to the date of such deposit in the
-
Repayment- Fund) (i ) to satisfy and make up any deficiency in
the amount required to be deposited in the Repayment Fund
during any prior Accounting Period and (ii ) to pay the
interest on the Notes._
accruing and unpaid after the date of
such deposit to maturity at an assumed interest rate of the
lesser of 12% per annum or the maximum legal rate of interest
(to the extent the actual interest rate cannot be
determined) , of the second installment of secured property
taxes (to be received by the County during April 1986, and
attributable to the County on the secured roll which becomes
due and payable on February 1, 1986 and delinquent on
April 10, 1986) which is transferred to the general fund of
the County in the Accounting Period ending on May 13, 1986.
The moneys required to be deposited in the Repayment Fund are
hereinafter called the "Pledged Revenues. " The principal of.
the Notes and the interest thereon shall constitute a first
lien and charge against and shall be payable from the first
moneys received by the County from the Pledged Revenues, and,
to the extent not so paid, shall be paid from any other
moneys of the County lawfully available therefor.
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication
hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this Note to be executed by the facsimile signature of
its County Treasurer-Tax Coilector and countersigned by the
the facsimile signature of the Clerk of the Board of
Supervisors of the County, and caused its official seal or a
facsimile thereof to be affixed hereto, all as of July 1,
1985 .
COUNTY OF CONTRA COSTA
By
Alfred P. Lomeli
County Treasurer-Tax Collector
(Seal)
Countersigned:
Philip J. Batchelor
County Administrator and
Clerk of the Board of Supervisors
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040511-0028-099-2853p
CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the
within mentioned Resolution and is one of the 1985-1986 Short
Term Optional Put Tax µand Revenue Anticipation Notes,
Series A of the County of Contra Costa.
Date of Authentication:
BANKAMERICA TRUST COMPANY OF
NEW YORK,
as Registrar
By
Authorized Officer
1
A-5
0413511-0028-099-2853p
[Form of reverse side of fully registered note]
County of Contra Costa, California 1985-1986
Short Term Optional Put Tax and Revenue
Anticipation Notes, Series A
At the option of the registered owner hereof, this
Note will be purchased according to the terms and subject to
the conditions of that certain Contract of Purchase and
Dealer Remarketing Agreement, dated as of , 1985 (the
"Agreement" ) , between the County and Bank of America National
Trust and Savings Association (the "Bank" ) , on any Rate
Adjustment Date by (i ) giving telephonic notice to the Paying
Agent prior to 10: 00 a.m. (New York City time) on the Tuesday
(or if such Tuesday is not a Business Day, the next preceding
Business Day) prior to such Rate Adjustment Date and
(ii ) delivery of this Note (with the form of Election Notice
attached hereto completed) to the Paying Agent prior to
10: 00 a.m. (New York City time) on such Interest Payment
Date. THE OBLIGATION TO PURCHASE THIS NOTE AT THE OPTION OF
THE REGISTERED OWNER HEREOF IS NOT AN OBLIGATION OF THE
COUNTY BUT IS ONLY AN OBLIGATION OF THE BANK PURSUANT TO THE
AGREEMENT. THE OBLIGATION OF THE BANK TO SO PURCHASE THIS
NOTE IS NOT UNCONDITIONAL. IN THE EVENT THE BANK IS NOT
OBLIGATED TO PURCHASE THIS NOTE THEN THERE IS NO OPTION OR
OTHER RIGHT TO HAVE THIS NOTE PURCHASED.
This Note is transferable by the registered holder
hereof in person or by his attorney duly authorized in
writing at the office of the Paying Agent in New York,
New York, but only in the manner, subject to the limitations
and upon payment of the charges provided in the authorizing
Resolution, and upon surrender and cancellation of this
Note. Upon such transfer a new Note or Notes of authorized
denominations and for the same aggregate principal amount
will be issued to the transferees in exchange herefor.
The County and the Paying Agent may deem and treat
the registered holder hereof as the absolute owner hereof for
the purpose of receiving.payment of or on account of
principal hereof and interest due hereon and for all other
purposes and neither the CouAy nor the Paying Agent shall be
affected by any notice to the contrary.
A-6
040511-0028-099-2853p
[FORM OF ASSIGNMENT]
For value received the undersigned do(es) hereby
sell, assign and transfer unto the
within-mentioned registered Note and hereby irrevocably
constitute( s) and appoint( s) attorney,
to transfer the same on the books of the Paying Agent with
full power of substitution in the premises.
Dated:
Signature guaranteed:
1
A-7
040511-0028-099-2853p
EXHIBIT B
COUNTY OF CONTRA COSTA, CALIFORNIA
1985-1986 SHORT TERM OPTIONAL PUT TAX AND
REVENUE ANTICIPATION NOTE
SERIES B
REGISTERED
No. REGISTERED
$ Date: , 1985
FOR VALUE RECEIVED, the County of Contra Costa (the
"County" ) , State of California, acknowledges itself indebted
to and promises to pay to or registered
assigns, the principal sum of Dollars
($ ) on July 30, 1986, unless payment of this Note
shall have been duly made or provided for upon acceleration
of the maturity hereof, and to pay interest on the balance of
said principal sum from time to time remaining unpaid from
and including the Interest Payment Date (as hereinafter
defined) next preceding the .date of authentication hereof,
unless this Note is authenticated prior to July 31, 1985 or
as of a day that is an Interest Payment Date, in which case
it shall bear interest from July 1, 1985 or from such
Interest Payment Date, respectively; provided, however, that
if at the time of registration of this Note, interest is in
default on this Note, such Note shall bear interest from the
Interest Payment Date to which interest has previously been
paid, or from July 1, 1985 if no interest has been paid
hereon, until the principal hereof shall have become due.
Interest, computed on a 365-day year basis and actual days
elapsed, is payable on July 31, 1985, and on each fourth
Wednesday thereafter or if such day is not a Business Day, on
the next succeeding Business Day (each hereinafter referred
to as an "Interest Payment Date" ) and at maturity (and
accrued to each such date) , at the Initial Rate to and
including July 30, 1985 and then at an Adjusted Rate all as
more fully described below, in lawful money of the United
States of America until payment in full of said principal
SUM. Interest paid on an Interest Payment Date shall be paid
by check or draft mailed or delivered to the person in whose
name this Note is registeredlat 10:00 a.m. (New York City
time) on such Interest Payment Date.
The principal of this Note shall be payable only to
the registered owner hereof upon presentation and surrender
of this Note as the same shall fall due at maturity or upon
acceleration at the principal office of BankAmerica Trust
Company of New York, as Paying Agent, Attention: Corporate
Trust Administration, 40 'Broad Street, 4th Floor, New York,
B-1
040511-0028-099-2853p
New York -10004. No interest shall be payable for any period
after maturity during which the holder hereof fails to
properly present this Note for payment.
The Initial'-Rate shall be _% per annum. On
July 31, 1985 and on each fourth Wednesday thereafter, the
interest rate may be adjusted, effective on each fourth
Wednesday (a "Rate Adjustment Date" ) , to an Adjusted Rate.
An Adjusted Rate, effective on a Rate Adjustment Date for the
period commencing on such Rate Adjustment Date to and
including the day immediately preceding the next Rate
Adjustment Date (an "Interest Period" ) , shall be a rate
determined as follows: On July 29, 1985 and thereafter on
the Monday preceding each Rate Adjustment Date (or, if such
day is not a Business Day, the next preceding Business Day) ,
the Underwriter, having due regard to prevailing financial
market conditions, shall determine the rate which, if borne
by the Series B Notes, would, in its judgment, be the
interest rate, but would not exceed the interest rate, which
would enable the Underwriter to remarket the Series B Notes
on the next succeeding Rate Adjustment Date with respect to
the Series B Notes at the Purchase Price, and the interest
rate so determined shall be the interest rate for the
Interest Period commencing on the next succeeding Wednesday;
provided that, if on the date of such determination, the
Underwriter holds for its own account 15% or more in
aggregate principal amount of the Series B Notes, the
Adjusted Rate for the Series B Notes so determined shall not
be more than one hundred twenty per cent ( 120%) , nor less
than eighty per cent (80%) , of 80% of the Interest Index,
but, in any event, the rate which would, in its judgment,
enable the Underwriter to remarket the Series B Notes on the
next succeeding Rate Adjustment Date at the Purchase Price.
The Underwriter shall disseminate such Adjusted Rate on the
Munifacts Wire on the date it is determined and also shall
give telephonic notice ( subsequently confirmed by written
notice) to the County, the Paying Agent and the Fiscal Agent
. of such Adjusted Rate. If Underwriter for any reason fails
to determine the Adjusted Rate, or if a court finds the
method of determining the Adjusted Rate set forth above to be
unenforceable, the Adjusted Rate for the Series B Notes shall
be 80% of the Interest Index as of each Rate Adjustment Date.
NOTWITHSTANDING THE FOREGOING, THE ADJUSTED RATE
SHALL NOT EXCEED THE LESSER OF 12% OR THE MAXIMUM RATE
PERMITTED BY APPLICABLE LAW.
Notwithstanding the foregoing, if the County fails
to pay interest on the Notes on any Interest Payment Date for
any series of Notes prior to July 30, 1986 and such failure
continues for a period of five Business Days, all Notes shall
B-2
040511-0028-099-2853p
f , t
become due and payable ten Business Days following the end of
such grace period. Notice of such acceleration of maturity
of the Notes shall be given by the County which notice shall
specify the date on which all Notes shall mature. Any
failure to receive such notice or any defect therein shall
not affect the accelerated maturity date of the Notes, all as
more fully provided in Section 3 (e) of the Resolution.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS NOTE SET FORTH ON THE REVERSE HEREOF AND SUCH FURTHER
PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF
SET FORTH AT THIS PLACE.
It is hereby certified, recited and declared that
this Note is one of an authorized issue of County of Contra
Costa 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series B (the "Series B Notes" )
aggregating ($ ) in principal
amount issued as one of series of County of Contra
Costa 1985-1986 Short Term Optional Put Notes (the "Notes" )
aggregating Seventy Million Dollars ($70, 000, 000) in
aggregate principal amount; the Notes are all made, executed
and given pursuant to and by authority of a Resolution (the
"Resolution" ) of the Board of Supervisors of the County duly
passed and adopted under and by authority of Article 7 . 6
(commencing with Section 53850) of Chapter 4, Part 1,
Division 2, Title 5, California Government Code, and that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of this Note have
existed, happened and been performed in regular and due time,
form and manner as required by law, and that this Note,
together with all other indebtedness and obligations of the
County, does not exceed any limit prescribed by the
Constitution or statutes of the State of California. Every
capitalized term used herein which is not defined herein
shall have the same meaning as provided therefor in the
Resolution.
The principal amount of the Notes, together with
the interest thereon, shall be payable from taxes, income,
revenue, cash receipts and other moneys which are received
for or accrued to the General Fund of the County during
Fiscal Year 1985-1986. As security for the payment of the
principal of and interest orV the Notes, the County has
pledged to deposit in trust in the Repayment Fund (as that
term is defined in the Resolution) : the first $40, 000, 000 of
the first installment of secured property taxes (to be
received by the County during December 1985., and attributable
to the County on the secured roll which becomes due and
payable on November 1, 1985 and delinquent on December 10,
1985) which is transferred to the general fund of the County
in the Accounting Period ending on January 10, 1986; and the
B-3
040511-0028-099-2853p
first $30-, 000, 000, to the date of such deposit together with
an amount sufficient (net of earnings on moneys in the
Repayment Fund) (i) to satisfy and make up any deficiency in
the amount required to be deposited in the Repayment Fund
during any prior Accounting Period and (ii ) to pay the
interest on the Notes accruing and unpaid after the date of
such deposit to maturity at an assumed interest rate of the
lesser of 12% per annum or the maximum legal rate of interest
(to the extent the actual interest rate cannot be
determined) , of the second installment of secured property
taxes (to be received by the County during April 1986, and
attributable to the County on the secured roll which becomes
due and payable on February 1, 1986 and delinquent on
April 10, 1986) which is transferred to the general fund of
the County in the Accounting Period ending on May 13, 1986.
The moneys required to be deposited in the Repayment Fund are
hereinafter called the "Pledged Revenues. " The principal of
the Notes and the interest thereon shall constitute a first
lien and charge against and shall be payable from the first
moneys received by the County from the Pledged Revenues, and,
to the extent not so paid, shall be paid from any other
moneys of the County lawfully available therefor.
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication
hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this Note to be executed by the facsimile signature of
its County Treasurer-Tax Collector and countersigned by the
the facsimile signature of the Clerk of the Board of
Supervisors of the County, and caused its official seal or a
facsimile thereof to be affixed hereto, all as of July 1,
1985.
COUNTY OF CONTRA COSTA
B
Alfred P. Lomeli
County Treasurer-Tax Collector
(Seal)
Countersigned:
' Philip J. Batchelor
County Administrator and
Clerk of the Board of Supervisors
B-4
040511-0028-099-2853p
CERTIFICATE. OF AUTHENTICATION
This note is one of the notes described in the
within mentioned Resolution and is one of the 1985-1986 Short
Term Optional Put Tax- and Revenue Anticipation Notes,
Series B of the County of Contra Costa.
Date of Authentication:
BANKAMERICA TRUST COMPANY OF
NEW YORK,
as Registrar
By
Authorized Officer
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040511-0028-099-2853p
[Form of reverse side of fully registered note )
County of Contra Costa, California 1985-1986
Short Term Optional Put Tax and Revenue
Anticipation Notes, Series B
At the option of the registered owner hereof, this
Note will be purchased according to the terms and subject to
the conditions of that certain Contract of Purchase and
Dealer Remarketing Agreement, dated as of 1 1985 (the
"Agreement" ) , between the County and Bank of America National
Trust and Savings Association (the "Bank" ) , on any Rate
Adjustment Date by (i ) giving telephonic notice to the Paying
Agent prior to 10:00 a.m. (New York City time) on the Tuesday
(or if such Tuesday is not a Business Day, the next preceding
Business Day) prior to such Rate Adjustment Date and
(ii) delivery of this Note (with the form of Election Notice
attached hereto completed) to the Paying Agent prior to
10:00 a.m. (New York City time) on such Interest Payment
Date. THE OBLIGATION TO PURCHASE THIS NOTE AT THE OPTION OF
THE REGISTERED OWNER HEREOF IS NOT AN OBLIGATION OF THE
COUNTY BUT IS ONLY AN OBLIGATION OF THE BANK PURSUANT TO THE
AGREEMENT. THE OBLIGATION OF THE BANK TO SO PURCHASE THIS
NOTE IS NOT UNCONDITIONAL. IN THE EVENT THE BANK IS NOT
OBLIGATED TO PURCHASE THIS NOTE THEN THERE IS NO OPTION OR
OTHER RIGHT TO HAVE THIS NOTE PURCHASED.
This Note is transferable by the registered holder
hereof in person or by his attorney duly authorized in
writing at the office of the Paying Agent in New York,
New York, but only in the manner, subject to the limitations
and upon payment of the charges provided in the authorizing
Resolution, and upon surrender and cancellation of this
Note. Upon such transfer a new Note or Notes of authorized
denominations and for the same aggregate principal amount
will be issued to the transferees in exchange herefor.
The County and the Paying Agent may deem and treat
the registered holder hereof as the absolute owner hereof for
the purpose of receiving .payment of or on account of
principal hereof and interest due hereon and for all other
purposes and neither the County nor the Paying Agent shall be
affected by any notice to tl 'e contrary.
B-6
040511-0028-099-2853p
[FORM OF ASSIGNMENT]
For value received the undersigned do(es) hereby
sell, assign and transfer unto the
within-mentioned registered Note and hereby irrevocably
constitute(s) and appoint( s) attorney,
to transfer the same on the books of the Paying Agent with
full power of substitution in the premises.
Dated:
Signature guaranteed:
B-7
040511-0028-099-2853p
EXHIBIT C
COUNTY OF CONTRA COSTA, CALIFORNIA
1985-1986 SHORT TERM OPTIONAL PUT TAX AND
REVENUE ANTICIPATION NOTE
SERIES C
REGISTERED
No. REGISTERED
$ Date: , 1985
FOR VALUE RECEIVED, the County of Contra Costa (the
"County" ) , State of California, acknowledges itself indebted
to and promises to pay to or registered
assigns, the principal sum of Dollars
($ ) on July 30, 1986, unless payment of this Note
shall have been duly made or provided for upon acceleration
of the maturity hereof, and to pay interest on the balance of
said principal sum from time to time remaining unpaid from
and including the Interest Payment Date (as hereinafter
defined) next preceding the date of authentication hereof,
unless this Note is authenticated prior to October 30, 1985
or as of a day that is an Interest Payment Date, in which
case it shall bear interest from July 1, 1985 or from such
Interest Payment Date, respectively; provided, however, that
if at the time of registration of this Note, interest is in
default on this Note, such Note shall bear interest from the
Interest Payment Date to which interest has previously been
paid, or from July 1, 1985 if no interest has been paid
hereon, until the principal hereof shall have become due.
Interest, computed on a 365-day year basis and actual days
elapsed, is payable on October 30, 1985, and on each
thirteenth Wednesday thereafter or if such day is not a
Business Day, on the next succeeding Business Day (each
hereinafter referred to as an "Interest Payment Date" ) and at
maturity (and accrued to each such date) , at the Initial Rate
to and including October 29, 1985 and then at an Adjusted
Rate all as more fully described below, in lawful money of
the United States of America until payment in full of said
principal sum. Interest paid on an Interest Payment Date
shall be paid by check or draft mailed or delivered to the
person in whose name this Note is registered at 10: 00 a.m.
(New York City time) on such Interest Payment Date.
The principal of this Note shall be payable only to
the registered owner hereof upon presentation and surrender
of this Note as the same shall fall due at maturity or upon
acceleration at the principal office of BankAmerica Trust
Company of New York, as Paying Agent, Attention: Corporate
Trust Administration, 40 Broad Street, 4th Floor, New York,
C-1
040511-0028-099-2853p
New York 10004. No interest shall be payable for any period
after maturity during which the holder hereof fails to
properly present this Note for payment.
The Initial Rate shall be % per annum. On
October -30, 1985 and on each thirteenth Wednesday thereafter,
the interest rate may be adjusted, effective on each
thirteenth Wednesday (a "Rate Adjustment Date" ) , to an
Adjusted Rate. An Adjusted Rate, effective on a Rate
Adjustment Date for the period commencing on such Rate
Adjustment Date to and including the day immediately
preceding the next Rate Adjustment Date (an "Interest
Period" ) , shall be a rate determined as follows: On
October 28, 1985 and thereafter on the Monday preceding each
Rate Adjustment Date (or, if such day is not a Business Day, .
on the next preceding Business Day) , the Underwriter, having
due regard to prevailing financial market conditions, shall
determine the rate which, if borne by the Series C Notes,
would, in its judgment, be the interest rate, but would not
exceed the interest rate, which would enable the Underwriter
to remarket the Series C Notes on the next succeeding Rate
Adjustment Date with respect to the Series C Notes at the
Purchase Price, and the interest rate so determined shall be
the interest rate for the Interest Period commencing on the
next succeeding Wednesday; provided that, if on the date of
such determination, the Underwriter holds for its own account
15% or more in aggregate principal amount of the Series C
Notes, the Adjusted Rate for the Series C Notes so determined
shall not be more than one hundred twenty per cent (120%) ,
nor less than eighty per cent (80%) , of 85% of the Interest
Index, but, in any event, the rate which would, in its
judgment, enable the Underwriter to remarket the Series C
Notes on the next succeeding Rate Adjustment Date at the
Purchase Price. The Underwriter shall disseminate such
Adjusted Rate on the Munifacts Wire on the date it is
determined and also shall give telephonic notice
( subsequently confirmed by written notice) to the County, the
Paying Agent and the Fiscal Agent of such Adjusted Rate. If
Underwriter for any reason fails to determine the Adjusted
Rate, or if a court finds the method of determining the
Adjusted Rate set forth above to be unenforceable, the
Adjusted Rate for the Series C Notes shall be 85% of the
Interest Index as of each Rate Adjustment Date.
NOTWITHSTANDING THE FOREGOING, THE ADJUSTED RATE
SHALL NOT EXCEED THE LESSER OF 12% OR THE MAXIMUM RATE
PERMITTED BY APPLICABLE LAW.
Notwithstanding the foregoing, if the County fails
to pay interest on the Notes on any Interest Payment Date for
any series of Notes prior to July 30, 1986 and such failure
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040511-0028-099-2853p
continues for a period of five Business Days, all Notes shall
become due and payable ten Business Days following the end of
such grace period. Notice of such acceleration of maturity
of the Notes shall be given by the Co'unty which notice shall
specify the date on which all Notes shall mature. Any
failure 'to receive such notice or any defect therein shall
not affect the accelerated maturity date of the Notes, all as
more fully provided in Section 3(e) of the Resolution.
REFERENCEIIS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS NOTE SET FORTH ON THE REVERSE HEREOF AND SUCH FURTHER
PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF
SET FORTH AT THIS PLACE.
It is hereby certified, recited and declared that
this Note is one of an authorized issue of County of Contra
Costa 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes Series C (the "Series C Notes" )
aggregating Dollars ($ . in
principal amount issued as one of series of County
of Contra Costa 1985-1986 Short Term Optional Put Notes (the
"Notes" ) aggregating Seventy Million Dollars ($70, 000, 000) in
aggregate principal amount; the Notes are all made, executed
and given pursuant to and by authority of a Resolution (the
"Resolution" ) of the Board of Supervisors of the County duly
passed and adopted under and by authority of Article 7. 6
(commencing with Section 53850) of Chapter 4, Part 1,
Division 2, Title 5, California Government Code, and that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of this Note have
existed, happened and been performed in regular and due time,
form and manner as required by law, and that this Note,
together with all other indebtedness and obligations of the
County, does not exceed any limit prescribed by the
Constitution or statutes of the State of California. Every
capitalized term used herein which is not defined herein
shall have the same meaning as provided therefor in the
. Resolution.
The principal amount of the Notes, together with
the interest thereon, shall be payable from taxes, income,
revenue-, cash receipts and other moneys which are received
for or accrued to the Genera Fund of the County during
Fiscal Year 1985-1986. As security for the payment of the
principal of and interest on the Notes, the County has
pledged to deposit in trust in the Repayment Fund (as that
term is defined in the Resolution) : the first $40, 000, 000 of
the first installment of secured property taxes (to be
received by the County during December 1985, and attributable
to the County on the secured roll which becomes due and .
payable on November 1, 1985 and delinquent on December 10,
1985) which is transferred to the general fund of the County
C-3
040511-0028-099-2853p
in the Accounting Period ending on January 10, 1986; and the
first $30,000, 000, together with an amount sufficient (net of
earnings on moneys to the 'day of such deposit in the
Repayment Fund) (i ) to satisfy and make up any deficiency in
the amount required to be deposited in the Repayment Fund
during any prior Accounting Period and (ii ) to pay the
interest on the Notes accruing and unpaid after the date of
such deposit to maturity at an assumed interest rate of the
lesser of 12% per annum or the maximum legal rate of interest
(to the extent the actual interest rate cannot be
determined) , of the second installment of secured property
taxes (to be received by the County during April 1986, and
attributable to the County on the secured roll which becomes
due and payable on February 1, 1986 and delinquent on
April 10, 1986) which is transferred to the general fund of
the County in the Accounting Period ending on May 13, 1986.
The moneys required to be deposited in the Repayment Fund are
hereinafter called the "Pledged Revenues. " The principal of
the Notes and the interest thereon shall constitute a first
lien and charge against and shall be payable from the first
moneys received by the County from the Pledged Revenues, and,
to the extent not so paid, shall be paid from any other
moneys of the County lawfully available therefor.
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication
.hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this Note to be executed by the facsimile signature of
its County Treasurer-Tax Collector and countersigned by the
the facsimile signature of the Clerk of the Board of
Supervisors of the County, and caused its official seal or a
facsimile thereof to be affixed hereto, all as of July 1,
1985.
COUNTY OF CONTRA COSTA
By
Alfred P. Lomeli
County Treasurer-Tax Collector
I
(Seal)
Countersigned:
Philip J. Batchelor*
County Administrator and
Clerk of the Board of Supervisors
C-4
040511-0028-099-2853p
CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the
within mentioned Resolution and is one of the 1985-1986 Short
Term Optional Put Tax -and Revenue Anticipation Notes,
Series C of the County of Contra Costa.
Date of Authentication:
BANKAMERICA TRUST COMPANY OF
NEW YORK,
as Registrar
By
Authorized Officer
C-5
040511-0028-099-2853p
(Form of reverse side of fully registered note)
County of Contra Costa, California 1985-1986
Short Term Qptional Put Tax and Revenue
Anticipation Notes, Series C
At the option of the registered owner hereof, this
Note will be purchased according to the terms and subject to
the conditions of that certain Contract of Purchase and
Dealer Remarketing Agreement, dated as of 1 1985 (the
"Agreement" ) , between the County and Bank of America National
Trust and Savings Association (the "Bank" ) , on any Rate
Adjustment Date by (i ) giving telephonic notice to the Paying
Agent prior to 10: 00 a.m. (New York City time) on the Tuesday
(or if such Tuesday is not a Business Day, the next preceding
Business Day) prior to such Rate Adjustment Date and
(ii ) delivery of this Note (with the form of Election Notice
attached hereto completed) to the Paying Agent prior to
10:00 a.m. (New York City time) on such Interest Payment
Date. THE OBLIGATION TO PURCHASE THIS NOTE AT THE OPTION OF
THE REGISTERED OWNER HEREOF IS NOT AN OBLIGATION OF THE
COUNTY BUT IS ONLY AN OBLIGATION OF THE BANK PURSUANT ,TO THE
AGREEMENT. THE OBLIGATION OF THE BANK TO SO PURCHASE THIS
NOTE IS NOT UNCONDITIONAL. IN THE EVENT THE BANK IS NOT
OBLIGATED TO PURCHASE THIS NOTE THEN THERE IS NO OPTION OR
OTHER RIGHT TO HAVE THIS NOTE PURCHASED.
This Note is transferable by the registered holder
hereof in person or by his attorney duly authorized in
writing at the office of the Paying Agent in New York,
New York, but only in the manner, subject to the limitations
and upon payment of the charges provided in the authorizing
Resolution, and upon surrender and cancellation of this
Note. Upon such transfer a new Note or Notes of authorized
denominations and for the same aggregate principal amount
will be issued to the transferees in exchange herefor.
The County and the Paying Agent may deem and treat
the registered holder hereof as the absolute owner hereof for
the purpose of receiving- payment of or on account of
principal hereof and interest due hereon and for all other
purposes and neither the Couhty nor the Paying Agent shall be
affected by any notice to the contrary.
C-6
040511-0028-099-2853p
[FORM OF ASSIGNMENT]
For value received the undersigned do(es) hereby
sell, assign and transfer unto the
within-mentioned registered Note and hereby irrevocably
constitute( s) and appoint( s) attorney,
to transfer the same on the books of the Paying Agent with
full power of substitution in the premises.
Dated:
Signature guaranteed:
C-7
040511-0028-099-2853p
EXHIBIT D
COUNTY OF CONTRA COSTA, CALIFORNIA
1985-1986 SHORT TERM OPTIONAL PUT TAX AND
REVENUE ANTICIPATION NOTE
SERIES D
REGISTERED
No. REGISTERED
$ Date: f 1985
"County" ) ,
VALUE RECEIVED, the County of Contra Costa (the
unty" ) , State of California, acknowledges itself indebted
to and promises to pay to or registered
assigns, the principal sum of Dollars
($ ) on July 30, 1986, unless payment of this Note
shall have been duly made or provided for upon acceleration
of the maturity hereof, and to pay interest on the balance of
said principal sum from time to time remaining unpaid from
and including the Interest Payment Date (as hereinafter
defined) next preceding the ,date of authentication hereof,
unless this Note is authenticated prior to January 8, 1986 or
as of a day that is an Interest Payment Date, in which case
it shall bear interest from July 1, 1985 or from such
Interest Payment Date, respectively; provided, however, that
if at the time of registration of this Note, interest is in
default on this Note, such Note shall bear interest from the
Interest Payment Date to which interest has previously been
paid, or from July 1, 1985 if no interest has been paid
hereon, until the principal hereof shall have become due.
Interest, computed on a 365-day year basis and actual days
elapsed, is payable on January 8, 1986 (an "Interest Payment
Date" ) and at maturity (and accrued to each such date) , at
the Initial Rate to and including January 8, 1986 and then at
an Adjusted Rate all as more fully described below, in lawful
money of the United States of America until payment in full
of said principal sum. Interest paid on an Interest Payment
Date shall be paid by check or draft mailed or delivered to
the person in whose name this Note is registered at
10: 00 a..m. (New York City time) on such Interest Payment Date.
The principal of t4is Note shall be payable only to
the registered owner hereof upon presentation and surrender
of this Note as the same shall fall due at maturity or upon
acceleration at the principal office of BankAmerica Trust
Company of New York, as Paying Agent, Attention: Corporate
Trust Administration, 40 Broad Street, 4th Floor, New York,
New York 10004.' No interest shall be payable for any period
after maturity during which the holder hereof fails to
properly present this Note for payment.
D-1
040511-0028-099-2853p
The Initial Rate shall be
. _% per annum. on
January 8, 1986 the interest rate may be adjusted, effective
on such date (the "Rate Adjustment Date" ) , to an Adjusted
Rate. An Adjusted Rate, effective on the Rate Adjustment
Date for the period commencing on the Rate Adjustment Date to
and including July 29, 1986 (the "Interest Period" ) , shall be
a rate determined as follows: On January 6, 1986 (or, if
such day is not a Business Day, on the next preceding
Business Day) , the Underwriter, having due regard to
prevailing financial market conditions, shall determine the
rate which, if borne by the Series D Notes, would, in its
judgment, be the interest rate, but would not exceed the
interest rate, which would enable the Underwriter to remarket
the Series D Notes on the Rate Adjustment Date with respect
to the Series D Notes at the Purchase Price, and the interest
rate so determined shall be the interest rate for the
Interest Period; provided that, if on the date of such
determination, the Underwriter holds for its own account 15%
or more in aggregate principal amount of the Series D Notes,
the Adjusted Rate for the Series D Notes so determined shall
not be more than one hundred twenty per cent (120%) , nor less
than eighty per cent (80%) , of 85% of the Interest Index,
but, in any event, the rate which would, in its judgment,
enable the Underwriter to remarket the Series D Notes on the
next succeeding Rate Adjustment Date at the Purchase Price.
The Underwriter shall disseminate such Adjusted Rate on the
Munifacts Wire on the date it is determined and also shall
give telephonic notice (subsequently confirmed by written
notice) to the County, the Paying Agent and the Fiscal Agent
of such Adjusted Rate. If Underwriter for any reason fails
to determine the Adjusted Rate, or if a court finds the
method of determining the Adjusted Rate set forth above to be
unenforceable, the Adjusted Rate for the Series D Notes shall
be 85% of the Interest Index as of each Rate Adjustment Date.
NOTWITHSTANDING THE FOREGOING, THE ADJUSTED RATE
SHALL NOT EXCEED THE LESSER OF 12% OR THE MAXIMUM RATE
. PERMITTED BY APPLICABLE LAW.
Notwithstanding the foregoing, if the County fails
to pay interest on the Notes on any Interest Payment Date for
any series of Notes prior to July 30, 1986 and such failure
continues for a period of five Business Days, all Notes shall
become due and payable ten Business Days following the end of
such grace period. Notice of such acceleration of. maturity
of the Notes shall be given by the County which notice shall
specify the date on which all Notes shall mature. Any
failure to receive such notice or any defect therein shall
not affect the accelerated maturity date of the Notes, all as
more fully provided in Section 3(e) of the Resolution.
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040511-0028-099-2853p
. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS NOTE SET FORTH ON THE REVERSE HEREOF AND SUCH FURTHER
PROVISIONS SHALL FOR ALL -PURPOSES HAVE THE SAME EFFECT AS IF
SET FORTH AT THIS PLACE.
It is hereby certified, recited and declared that
this I Note is one of an authorized issue of County of Contra
Costa 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes Series C (the "Series C Notes" )
aggregating Dollars ($ ) in
principal amount issued as one of series of County
of Contra Costa 1985-1986 Short Term Optional Put Notes (the
"Notes" ) aggregating Seventy Million Dollars ($70, 000, 000) in
aggregate principal amount; the Notes are all made, executed
and given pursuant to and by authority of a Resolution (the
"Resolution" ) of the Board of Supervisors of the County duly
passed and adopted under and by authority of Article 7. 6
(commencing with Section 53850) of Chapter 4, Part 1,
Division 2, Title 5, California Government Code, and that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of this Note have
existed, happened and been performed in regular and due time,
form and manner as required by law, and that this Note,
together with all other indebtedness and obligations of the
County, does not exceed any limit prescribed by the
Constitution or statutes of the State of California. Every
capitalized term used herein which is not defined herein
shall have the same meaning as provided therefor in the
Resolution.
The principal amount of the Notes, together with
the interest thereon, shall be payable from taxes, income,
revenue, cash receipts and other moneys which are received
for or accrued to the General Fund of the County during
Fiscal Year 1985-1986. As security for the payment of the
principal of and interest on the Notes, the County has
pledged to deposit in trust in the Repayment Fund (as that
.term is defined in the Resolution) : the first $40, 000, 000 of
the first installment of secured property taxes (to be
received by the County during December 1985, and attributable
to the County on the secured roll which becomes due and
payable on November 1, 1985 and delinquent on December 10,
1985) which is transferred t9 the general fund of the County
in the Accounting Period ending on January 10, 1986; and the
first $30, 000, 000, together with an amount sufficient (net of
earnings on moneys to the day of such deposit in the
Repayment Fund) (i ) to satisfy and make up any deficiency in
the amount required to be deposited in the Repayment Fund
during any prior Accounting Period and (ii) to pay the
interest on the Notes accruing and unpaid after the date of
such deposit to maturity at an assumed interest rate of the
D-3
040511-0028-099-2853p
lesser of- .12% per annum or the maximum legal rate of interest
(to the extent the actual interest rate cannot be
determined) , of the second installment of secured property
taxes (to be received by the County during April 1986, and
attributable to the County on the secured roll which becomes
due and payable on February 1, 1986 and delinquent on
April 10, 1986) which is transferred to the general fund of
the County in the Accounting Period ending on May 13, 1986.
The moneys required to be deposited in the Repayment Fund are
hereinafter called the "Pledged Revenues. " The principal of
the .Notes and the interest thereon shall constitute a first
lien and charge against and shall be payable from the first
moneys received by the County from the Pledged Revenues, and,
to the extent not so paid, shall be paid from any other
moneys of the County lawfully available therefor.
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication
hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this Note to be executed by the facsimile signature of
its County Treasurer-Tax Collector and countersigned by the
the facsimile signature of the Clerk of the Board of
Supervisors of the County, and caused its official seal or a
facsimile thereof to be affixed hereto, all as of July 1,
1985 .
COUNTY OF CONTRA COSTA
By.
Alfred P. Lomeli
County Treasurer-Tax Collector
(Seal)
Countersigned:
Philip J. Batchelor
County Administrator and
Clerk of the Board of Supervisors
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040511-0028-099-2853p
CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the
within mentioned Resolution and is one of the 1985-1986 Short
Term Optional Put Tax and Revenue Anticipation Notes,
Series D of the County of Contra Costa.
Date of Authentication:
BANKAMERICA TRUST COMPANY OF
NEW YORK,
as Registrar
By
Authorized Officer
D-5
040511-0028-099-2853p
['Form of reverse side of fully registered note )
County of Contra Costa, California 1985-1986
Short Term Optional Put Tax and Revenue
Anticipation Notes, Series D
At the option of the registered owner hereof, this
Note will be purchased according to the terms and subject to
the conditions of that certain Contract of Purchase and
Dealer Remarketing Agreement, dated as of 1 1985 (the
"Agreement" ) , between the County and Bank of America National
Trust and Savings Association (the "Bank" ) , on the Rate
Adjustment Date by (i ) giving telephonic notice to the Paying
Agent prior to 10:00 a.m. (New York City time) on the Tuesday
(or if such Tuesday is not a Business Day, the next preceding
Business Day) prior to such Rate Adjustment Date and
(ii ) delivery of this Note (with the form of Election Notice
attached hereto completed) to the Paying Agent prior to
10:00 a.m. (New York City time) on such Interest Payment
Date. THE OBLIGATION TO PURCHASE THIS NOTE AT THE OPTION OF
THE REGISTERED OWNER HEREOF IS NOT AN OBLIGATION OF THE
COUNTY BUT IS ONLY AN OBLIGATION OF THE BANK PURSUANT TO THE
AGREEMENT. THE OBLIGATION OF THE BANK TO SO PURCHASE THIS
NOTE IS NOT UNCONDITIONAL. IN THE EVENT THE BANK IS NOT
OBLIGATED TO PURCHASE THIS NOTE THEN THERE IS NO OPTION OR
OTHER RIGHT TO HAVE THIS NOTE PURCHASED.
This Note is transferable by the registered holder
hereof in person or by his attorney duly authorized in
writing at the office of the Paying Agent in New York,
New York, but only in the manner, subject to the limitations
and upon payment of the charges provided in the authorizing
Resolution, and upon surrender and cancellation of this
Note. Upon such transfer a new Note or Notes of authorized
denominations and for the same aggregate principal amount
will be issued to the transferees in exchange herefor.
The County and the Paying Agent may deem and treat
the registered holder hereof as the absolute owner hereof for
the purpose of receiving-payment of or on account of
principal hereof and interest due hereon and for all other
purposes and neither the Cotinty nor the Paying Agent shall be
affected by any notice to the contrary.
D-6
040511-0028-099-2853p
[FORM OF ASSIGNMENT]
For value received the undersigned do(es) hereby
sell, assign and transfer unto the
within-mentioned regiftered Note and hereby irrevocably
constitute( s) and appoint( s) attorney,
to transfer the same on the books of the Paying Agent with
full power of substitution in the premises.
Dated:
Signature guaranteed:
D-7
040511-0028-099-2853p
EXHIBIT E
COUNTY OF CONTRA COSTA, CALIFORNIA
1985-1986 [ SHORT TERM OPTIONAL PUT] TAX AND
REVENUE ANTICIPATION NOTE
SERIES E
REGISTERED
No. REGISTERED
$ Date: 1 1985
FOR VALUE RECEIVED, the County of Contra Costa (the
"County" ) , State of California, acknowledges itself indebted
to and promises to pay to or registered
assigns, the principal sum of Dollars
($ ) on July 30, 1986, unless payment of this Note
shall have been duly made or provided for upon acceleration
of the maturity hereof, and to pay interest on the balance of
said principal sum from time to time remaining unpaid from
July 1, 1985, computed on a 365-day year basis and actual
days elapsed, at maturity at the rate of percent
(_%) per annum, in lawful money of the United States of
America until payment in full of said principal sum.
Interest shall be paid by check or draft mailed or delivered
to the person in whose name this Note is registered at
10: 00 a.m. (New York City time) on July 30, 1986.
The principal of this Note shall be payable only to
the registered owner hereof upon presentation and surrender
of this Note as the same shall fall due at maturity or upon
acceleration at the principal office of BankAmerica Trust
Company of New York, as Paying Agent, Attention: Corporate
Trust Administration, 40 Broad Street, 4th Floor, New York,
New York 10004. No interest shall be payable for any period
after maturity during which the holder hereof fails to
properly present this Note for payment.
Notwithstanding the foregoing, if the County fails
to pay interest on the Notes on any Interest Payment Date for
any series of Notes prior to July 30, 1986 and such failure
continues for a period of five Business Days, all Notes shall
become due and payable ten Bysiness Days following the end of
such grace period. Notice of such acceleration of maturity
of the Notes shall be given by the County which notice shall
specify the date on which all Notes shall mature. Any
failure to receive such notice or any defect therein shall
not affect the accelerated maturity date of the Notes, all as
more fully provided in Section 3(e) of the Resolution.
E-1
040511-0028-099-2853p
. This Note is transferable by the registered holder
hereof in person or by his attorney duly authorized in
writing at the office of the Paying Agent in New York,
New York, but only in the manner, subject to the limitations
and upon payment of the charges provided in the authorizing
Resolution, and upon surrender and cancellation of this
Note. Upon such transfer a new Note or Notes of authorized
denominations and for the same aggregate principal amount
will be issued to the transferees in exchange herefor.
The County and the Paying Agent may deem and treat
the registered holder hereof as the absolute owner hereof for
the purpose of receiving payment of or on account of
principal hereof and interest due hereon and for all other
purposes and neither the County nor the Paying Agent shall be
affected by any notice to the contrary.
It is hereby certified, recited and declared that
this Note is one of an authorized issue of County of Contra
Costa 1985-1986 Short Term Optional Put Tax and Revenue
Anticipation Notes, Series E (the "Series E Notes" )
aggregating Dollars ($ ) in
principal amount issued as one of series of County
of Contra Costa 1985-1986 Short Term Optional Put Notes (the
"Notes" ) aggregating Seventy Million Dollars ($70, 000, 000) in
aggregate principal amount; the Notes are all made, executed
and given pursuant to and by authority of a Resolution (the
"Resolution" ) of the Board of Supervisors of the County duly
passed and adopted under and by authority of Article 7. 6
(commencing with Section 53850) of Chapter 4, Part 1,
Division 2, Title 5, California Government Code, and that all
acts, conditions and things required to exist, happen and be
performed precedent to and in the issuance of this Note have
existed, happened and been performed in regular and due time,
form and manner as required by law, and that this Note,
together with all other indebtedness and obligations of the
County, does not exceed any limit prescribed by the
. Constitution or statutes of the State of California. Every
capitalized term used herein which is not defined herein
shall have the same meaning as provided therefor in the
Resolution.
The principal amou9t of the Notes, together with
the interest thereon, shall be payable from taxes, income,
revenue, cash receipts and other moneys which are received
for or accrued to the General Fund of the County during
Fiscal Year 1985-1986. As security for the payment of the
principal of and interest on the Notes, the County has
pledged to deposit in trust in the Repayment Fund (as that
term is defined in the Resolution) : the first $40,000, 000 of
the first installment of secured property taxes (to be
received by the County during December 1985, and attributable
E-2
040511-0028-099-2853p
to the County on the secured roll which becomes due and
payable on November 1, 1985 and delinquent on December 10,
1985) which is transferred to the general fund of the County
in the Accounting Period ending on January 10, 1986; and the
first $30, 000,000, to -the date of such deposit together with
an amount sufficient (net of earnings on moneys in the
Repayment Fund) (i ) to satisfy and make up any deficiency in
the amount required to be deposited in the Repayment Fund
during any prior Accounting Period and (ii) to pay the
interest on the Notes due at maturity, of the second
installment of secured property taxes (to be received by the
County during April 1986, and attributable to the County on
the secured roll which becomes due and payable on February 1,
1986 and delinquent on April 10, 1986) which is transferred
to the general fund of the County in the Accounting Period
ending on May 13, 1986. The moneys required to be deposited
in the Repayment Fund are hereinafter called the "Pledged
Revenues. " The principal of the Notes and the interest
thereon shall constitute a first lien and charge against and
shall be payable from the first moneys received by the County
from the Pledged Revenues, and, to the extent not so paid,
shall be paid from any other moneys of the County lawfully
available therefor.
This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication
hereon shall have been signed by the Registrar.
IN WITNESS WHEREOF, the County of Contra Costa has
caused this Note to be executed by the facsimile signature of
its County Treasurer-Tax Collector and countersigned by the
the facsimile signature of the Clerk of the Board of
Supervisors of the County, and caused its official seal or a
facsimile thereof to be affixed hereto, all as of July 1,
1985.
COUNTY OF CONTRA COSTA
By
Alfred P. Lomeli
County Treasurer-Tax Collector
(Seal)
Countersigned:
Philip J. Batchelor
County Administrator and
Clerk of the Board of Supervisors
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040511-0028-099-2853p
CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the
within mentioned Resolution and is one of the 1985-1986 Short
Term Optional Put Tax and Revenue Anticipation Notes,
Series E of the County of Contra Costa.
Date of Authentication:
BANKAMERICA TRUST COMPANY OF
NEW YORK,
as Registrar
By
Authorized Officer
E-4
040511-0028-099-2853p
[ FORM OF ASSIGNMENT)
For value received the undersigned do(es) hereby
sell, assign and transfer unto the
within-mentioned registered Note and hereby irrevocably
constitute(s) and appoint(s) attorney,
to transfer the same on the books of the Paying Agent with
full power of substitution in the premises.
Dated:
Signature guaranteed:
040511-0028-099-2853p
EXHIBIT F*
To:
ELECTION NOTICE
The undersigned, the registered owner (the
"Holder" ) of County of Contra Costa, California 1985-1986
Short Term Optional Put Tax and Revenue Anticipation Note( s) ,
Series — (the "Notes" ) , hereby notifies
(the "Paying Agent" ) of the Holder' s election to have
$ of the principal amount of this Note purchased on
J. which is an Rate Adjustment Date (as
defined in the hereinafter mentioned Resolution) , And demands
payment of such principal sum, and interest accrued thereon,
all as provided in a resolution of the Board of Supervisors
of the County of Contra Costa, California authorizing the
issuance of the Notes ( "Resolution") . The Holder
acknowledges that unless this Note is delivered to the Paying
Agent prior to 10:00 a.m. New York City time, on such date,
such principal amount will not be purchased on such date.
The Holder understands that (a) the obligation to purchase
Notes is not an obligation of the County of Contra Costa, but
is only an obligation of Bank of America National Trust and
Savings Association (the "Bank" ) pursuant to the Agreement
referred to in theResolution and (b) the obligation of the
Bank to so purchase Notes is not unconditional. In the event
the Bank is not obligated to purchase Notes then the Holder
has no right to have this Note or any portion hereof
purchased.
Name of Registered Owner**
Dated: I By
Authorized Signature
To be printed on reverse side of Note.
Type or print name exactly a I s it appears on the Note being
tendered for purchase.-
F-1
040511-0028-099-2853p
COUNTY OF CONTRA COSTA
FISCAL AGENCY AGREEMENT
FOR 1985-1986 SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES (STOP NOTES)
THIS AGREEMENT is dated for convenience as of the first
day of July, 1985, between the County of Contra Costa herein called
"County": and First Interstate Bank of California, a state banking
association, herein called "Bank."
WITNESSETH:
WHEREAS, the County has authorized and provided for the
issuance of $70,000,000 principal amount of its 1985-86 Short Term
Optional Put Tax and Revenue Anticipation Notes, herein called the
"Notes", and wishes Bank to act as Fiscal Agent with respect to the
Notes.
NOW, THEREFORE, in consideration of the premises, the
parties hereto agree as follows:
1. Not later than Jul 3, 1985, Bank will establish at
its principal office in San Francisco a special fund designated the
111985-1986 Short Term Optional Put Tax and Revenue Anticipation
Note Repayment Fund" (the "Repayment Fund") in accordance with the
-1-
provisions of the Resolution of Issuance adopted by the County on
1985 related to the Notes (the "Note
Resolution") . The County will deposit, at the times and in the
amounts required by the Note Resolution, with the principal office
of Bank in San Francisco the Pledged Revenues as defined in the
Note Resolution for deposit in the Repayment Fund.
2. Bank will transfer from the Repayment Fund to Bank
America Trust Company of New York, in New York, New York, Paying
Agent for the Notes, sufficient funds from the Repayment Fund for
payment of principal of and interest on the Notes at maturity.
Such transfer shall be made by Bank in immediately available funds
on or before the maturity date of the Notes. Any balance remaining
in the Repayment Fund following such transfer shall be remitted by
Bank to the County.
3. Investment of funds in the Repayment Fund shall be
made in accordance with the provisions of the Note Resolution.
0
4. The Bank's fees for its services as Fiscal Agent
pursuant to this Agreement shall Ibe $4,500.00, plus investment
charges and fees for wire transfers. The Bank will submit its
statement for its Fiscal Agent fees to the Public Finance
Department of Bank of America not later than July 3, 1985, and
within 45 days of receipt of such statement the Public Finance
-2-
..
Department shall pay the Fiscal Agent the amount of such
statement. A statement fgr investment charges and fees for wire
transfers will be submitted at the termination. of the Agreement.
This Agreement shall terminate immediately after the Bank completes
its duties as outlined in Paragraph 2.
5. All notices, documents and other correspondence will
be mailed or delivered to Bank at First Interstate Bank of
/ -California, 405 Montgomery Street, Room 1320, San Francisco, CA
94104, and to County of Contra Costa, 625 Court Street, Room 100,
Martinez, CA 94553, or to such other address as either party shall
from time to time indicate in writing to the other.
The terms and conditions of this Agreement are intended
for the mutual benefit of County and Bank exclusively, and are not
intended to give any third party any right or claim, contractual or
otherwise, hereunder.
1
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r
IN WITNESS WHEREOF, the parties have caused these presents
to be duly executed, as of the day and year first above written.
COUNTY OF CONTRA COSTA
By
TREASURER
FIRST INTERSTATE BANK OF CALIFORNIA
By
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
PUBLIC FINANCE DEPARTMENT
By
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Draft dated June 3, 1980
COUNTY OF CONTRA COSTA
1985-86 SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES
CONTRACT OF PURCHASE AND
DEALER REMARKETING AGREEMENT
1985
[To be dated the
date of initial
pricing. ]
County of Contra Costa, California
County Administration Building
651 Pine Street
Martinez, California 94553
ATTENTION: Alfred P. Lomeli , Treasurer-Tax Collector .
Ladies and Gentlemen:
The undersigned (the "Bank") offers to enter into this Contract of
Purchase and Dealer Remarketing Agreement ("Contract of Purchase") with the
County of Contra Costa, California (the "Issuer") . This offer is made subject
to written acceptance by the Issuer prior to 1985, and, upon such
acceptance, this Contract of Purchase will be binding upon the Issuer and the
Bank.
1 . (A) Purchase and Sale, of the Notes. Upon the terms and
conditions and in reliance upon the representations, warranties and agreements
herein set forth, the Bank hereby agrees to purchase from the Issuer for
reoffering to the public, and the Issuer hereby agrees to sell to the Bank for
such purpose all (but not less than all ) of the Issuer' s 1985-86 Short Term
Optional Put Tax and Revenue Anticipation Notes (the "Notes") issued on the
Issue Date, as defined below, in the aggregate principal amount of $
The aggregate purchase price to be paid by the Bank for the Notes shall be the
principal amount thereof less a discount of $ plus accrued interest,
if any. The obligation of the Bank to purchase Notes as stated in this
Section 1 shall only be applicable to Notes issued on the Issue Date. "Issue
Date" means the date on which the Issuer issues Notes pursuant to the
Resolution, defined below. The Bank' s obligations with respect to remarketing
and positioning of certain of the Notes are set forth in Sections 6 and 7
herein, respectively.
(B) There has previously been delivered to you a certified or
cashier' s check payable to the order of the Issuer in the sum of $50,000 as a
good-faith deposit for the performance by the Bank of its obligation to accept
and pay for the Notes at the Closing in accordance with the provisions of this
Contract of Purchase. In the event the Issuer does not accept this offer,
such check shall be immediately returned to the Bank. If the Issuer accepts
this offer, the Issuer may cash such check and invest the proceeds thereof for
the Issuer' s account. In the event of the Issuer' s inability to deliver the
Notes. at the Closing, as defined below, or if the Issuer shall be unable to
satisfy the conditions to the Bank' s obligation to purchase the Notes at the
Closing (unless such conditions are waived by the Bank) , or if the Bank' s
obligation to purchase the Notes at the Closing shall be terminated for any
1 _
other reason permitted herein, the Issuer shall forthwith reimburse to the
Bank the amount of the good faith check and such reimbursement shall
constitute a full release and discharge of ;all claims by the Bank against the
Issuer arising out of the transactions contemplated hereby, except for the
-2-
obligations of the Issuer under Section 15. In the event that the Bank fails
(other than for a reason permitted herein) to accept and pay for the Notes at
the Closing as herein provided, the -proceeds of such check shall be retained
by the Issuer as liquidated damages for such failure and for any defaults
hereunder on the Bank' s part and shall constitute a full release and discharge
of all claims by the issuer against the Bank, except for the obligations of
the Bank under Section 15.
2. The Notes. The Notes shall be dated July 1 , 1985, shall mature
July 30, 1986, and shall otherwise be as described in and shall be issued and
secured pursuant to the provisions of Resolution No. 85-_ of the Issuer
adopted on 1985 (the "Resolution") , and Article 7.6, Chapter 4,
Part 1 , Division 2, Title 5 (commencing with Section 53850) of the Calfiornia
Government Code (the "Act") . The Notes shall be issued in registered form.
The Notes shall be issued in five series as follows:( Series A, with respect
to which the registered owners thereof shall have the right to demand
repurchase on each Wednesday prior to maturity, commencing July 31 , 1985;
Series B, with respect to which the registered owners thereof shall have the
right to demand repurchase on each fourth Wednesday prior to maturity,
commencing July 31 , 1985; Series C, with respect to which the registered
owners thereof shall have the right to demand repurchase on October 30, 1985
and January 29 and April 30, 1986, Series D, with respect to which the
registered owners thereof shall have the right to demand repurchase on
January 8, 1986; and Series E, with respect to which there shall be no
repurchase right prior to maturity. The Notes shall bear interest payable in
the case of Series A and Series B on each fourth Wednesday, commencing
-3-
July 31 , 1985,A payable in the case of Series C/fn October 30, 1985 and
January 29, April 30 and July 30, 1986, payable in the case of Series D on
January 8 and July 30, 1986, and payable in the case of Series E on July 30,
1986. Interest for the initial- Interest Period (as defined in the Resolution)
for each series shall be at the rates of % and % for
Series A, B IA C, D and E, respectively; for subsequent Interest Periods, the
Notes shall bear interest at rates determined in accordance with the
Resolution. The principal of Notes of each series shall be as follows:
,Series A, $ Series B, Series C, $_; Series D, $_; and, .
Series E, $ The Notes will be issued in the denomination of $100,000
each or any integral multiple thereof, and registered in such names as shall
be designated by the Bank to the Issuer not less than five business days
before the Issue Date.
3. Use of Documents. The Issuer hereby authorizes the Bank to use,
in connection with the offer, sale and remarketing of the Notes, a preliminary
official statement, an official statement and, in conjunction with
remarketing, any subsequent offering memorandum, all in a form to be jointly
approved by the Issuer and the Bank, this Contract of Purchase, the Resolution
and all information contained herein and therein and all other documents,
certificates or statements furnished by the Issuer to the Bank in connection
with the transactions contemplated by this Contract of Purchase. The
preliminary official statement, the official statement, and all appendices
thereto, as the same may from time to time be amended or supplemented with the
consent of the Bank up to the time of Closing, are referred to in this
Contract of Purchase collectively as the "Official Statement, " and each
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offering memorandum, as amended or supplemented, is referred to in this
Contract of Purchase as the "Offering Memorandum. "
4. Public Offering of the Notes. The Bank agrees to make a bona
fide public offering of the Notes initially and for each subsequent
remarketing period at the applicable interest rate determined in accordance
with the Resolution.
5. Closing. At 11 :00 a.m. , Eastern Daylight Time, on July
1985, or at such other time and on such other date as shall have been mutually
agreed upon by the Issuer and the Bank (the "Closing") , the Issuer will
deliver to the Bank, in New York, New York, printed certificates representing
the Notes in definitive form executed in accordance with the terms of the
Resolution, together with the other documents hereinafter mentioned; and the
Bank will accept such delivery and pay the purchase price thereof in
immediately available funds to the order of the Issuer.
6. Bank to Act as Remarketing Agent. (A) Subject to the terms and
conditions of this Contract of Purchase, the Bank agrees to act as Remarketing
Agent for the Notes and to fully perform the duties imposed on it by the
Resolution. For each Rate Adjustment Date as provided in the Resolution, the
Bank will establish the interest rate applicable to such Rate Adjustment Date
in accordance with the Resolution, and Luse the same to be disseminated on
the Munifacts Wire, all as provided in the Resolution. The Bank will use its
best efforts to sell at par Notes tendered to it in accordance with the
Resolution. The Bank agrees to advance to the Paying Agent for the Notes not
-5-
later than 10:00 a.m. , New York City time, New York Clearing House funds equal
to the principal of and accrued interest, if any, on the Notes tendered for
repurchase in accordance with the Resolution. The obligations of the Bank
under this Section shall be subject to the condition applicable to such
obligations set forth in Section 13 hereof.
(B) For its services as Remarketing Agent, the Bank shall be
entitled to compensation for such services equal to one-tenth of one percent
(1 /10 of 1%) of the principal amount of Notes tendered to it for remarketing.
and remarketed in accordance with the Resolution, such compensation to be not
less than $18,750 and not more than $28,125. The Bank shall , promptly after
the maturity of the Notes, submit to the Issuer an invoice which sets forth a
calculation of the compensation to which it is entitled, and such compensation
shall be payable by the Issuer within 30 days after receipt of such invoice.
7. Purchase of Notes by Bank. If by 12:30 p.m. on any Rate
Adjustment Date, the Bank has not been able to sell Notes tendered in
accordance with the Resolution, the Bank shall purchase for its inventory such
Notes which have not been sold at par plus accrued interest, if any. Such
Notes shall bear interest at the applicable interest rate determined in
accordance with the Resolution. The Bank' s obligation to purchase such Notes
for its inventory shall be subject to the condition applicable to such
obligation set forth in Section 13 here�f.
8. Representations , - Warranties and Agreements of the .Issuer. The
Issuer hereby represents, warrants and agrees with the Bank that:
-6-
(A) The Issuer is a political subdivision of the State of
California (the "State") duly organized and validly existing under t'he laws
thereof, and has all requisite power. and authority to conduct its business and
to execute, deliver and perform all of its obligations under this Contract of
Purchase and under the fiscal agency agreement contemplated by the Resolution
(the "Fiscal Agency Agreement") .
(B) (i ) At or prior to the Closing, the Issuer will have taken
all action required to be taken by it to authorize the issuance and delivery
of the Notes; (ii ) the Issuer has full legal right, power and authority to
enter into this Contract of Purchase and the Fiscal Agency Agreement and to
adopt the Resolution and full legal right, power and authority to issue and
deliver the Notes to the Bank and to perform its obligations under each such
document or instrument, and to carry out and effectuate the transactions
contemplated by this Contract of Purchase, the Fiscal Agency Agreement and the
Resolution; (iii ) the execution and delivery or adoption of, and the
performance by the Issuer of the obligations contained in, the Notes, the
Resolution, the Fiscal Agency Agreement and this Contract of Purchase have
been duly authorized and such authorization shall be in full force and effect
at the tirp of the Closing; (iv) this Contract of Purchase and the Fiscal
Agency Agreement have each been duly executed and delivered and constitute the
valid and legally binding obligations of the Issuer enforceable against the
Issuer in accordance with their respect?ve terms except that enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other laws in effect from time to time affecting the rights of
creditors generally and by application of general principles of equity; and
-7-
(v) the Issuer has duly authorized the consummation by it of all transactions
contemplated by this Contract of Purchase and the Fiscal Agency Agreement.
(C) No consent, approval , authorization, license, order,
filing, registration, qualification, election or referendum, of or by any
person, organization, court or governmental agency or public body whatsoever
is required in connection with the issuance, delivery or sale of the Notes or
the consummation of the other transactions effected or contemplated therein or
hereby, except for such actions as may be necessary to be taken to qualify the
Notes for offer and sale under the Blue Sky or other securities laws and
regulations of such states and jurisdictions of the United Staes as the Bank
may designate.
(D) All Notes will be issued only under and within the limits
of the Act, and, as such, are general obligations of the Issuer, but payable
only out of certain taxes, income, revenue, cash receipts and other moneys to
be received by the Issuer during, or attributable to, fiscal year 1985-86 and
legally available for the payment thereof (the "1985-86 Revenues") . Under the
Resolution certain moneys are pledged to payment of the Notes .(the "Pledged
Revenues") and such pledge constitutes a first lien on the Pledged Revenues.
(E-)_., The issuance of the Notes, the execution, delivery and
performance of this Contract of Purchase, the Fiscal Agency Agreement, the
Resolution and the Notes, and compliance with the provisions hereof and
thereof' do not conflict with or constitute on the part of the Issuer a
violation of or default under the Constitution of the State or any existing
-8-
law, charter, ordinance, regulation, decree, order or. resolution and do not
conflict with or result in a violation or breach of, or constitute a' default
0
under, any agreement, indenture, mortgage, lease or other instrument to which
the Issuer is a party or by whish it is bound or to which it is subject.
(F) There is no action, suit, proceeding, inquiry or
investigation, at law or in equity, before any court or public body, pending
or (to the knowledge of the Issuer) threatened against the Issuer: (i ) in any
way affecting the existence of the Issuer or in any way challenging the
respective powers of the several offices of the Issuer or the entitlement of
the officials of the Issuer to such offices; or (ii ) seeking to restrain or
enjoin the sale, issuance or delivery of any of the Notes, the application of
the proceeds of the sale of the Notes , or the collection of revenues or assets
of the Issuer pledged or to be pledged or available to pay the principal of
and interest on the Notes , or the pledge thereof, or in any way contesting or
affecting the validity or enforceability of the Notes, this Contract of
Purchase, the Fiscal Agency Agreement or the Resolution, or contesting the
powers of the Issuer or its authority with respect to the Notes , the
Resolution, the Fiscal Agency Agreement or this Contract of Purchase; or
(iii ) in which a final adverse decision could (a) materially and adversely
affect the operations of the Issuer or the consummation of the transactions
contemplated by this Contract of Purchase, the Fiscal Agency Agreement or the
Resolution, (b) declare this Contract oil Purchase or the Fiscal Agency
Agreement to be invalid or unenforceable in whole or in material part, or
(c) adversely affect the exemption of the interest paid on the Notes from
applicable Federal and State income taxation.
-9-
(G) The audited balance sheet of the Issuer as of June 30, 1984
and the related statements of revenues, expenditures and changes in 'financial
position for the fiscal year ended. on such date., as set forth in the Official
Statement, are true, complete and correct and fairly present the financial
condition of the Issuer as of such date and the results of its operations for
such fiscal year. There has been no material adverse change in the financial
condition of the Issuer since June 30, 1984 except as described in the
Official Statement. The Official Statement, as of its date, does not contain
any untrue statement of material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; provided, however, that this
representation does not apply. to any information concerning the Bank furnished
by the Bank in writing specifically .for inclusion in the Official Statement.
(H) Between the date hereof and the Closing, without the prior
written consent of the Bank, the Issuer will not have issued any bonds , notes
or other obligations for borrowed money except for such borrowings as may be
described in or contemplated by the Official Statement.
(I) The Issuer has not been notified of any listing or proposed
listing by the Internal Revenue Service to the effect that the Issuer is a
bond issuer whose arbitrage certificates may not be relied upon.
1
(J) Any certificates signed by any official of the Issuer and
delivered to the Bank shall be deemed a representation and warranty by the
Issuer to the Bank as to the statements made therein but not of the person
signing the same.
-10-
• 9. Covenants of the Issuer. The Issuer convenants and agrees with
the Bank that:
(A) The Issuer will punctually pay or cause to be paid the
principal of and interest on the Notes in strict conformity with the terms of
the Resolution and the Notes and it will faithfully observe and perform all of
the conditions, covenants and requirements of the Notes, the Resolution and
this Contract of Purchase. The Issuer shall pay, when due, all principal of
and interest on the Notes. The Issuer will cause the Pledged Revenues to be
deposited with the fiscal agent under the Fiscal Agency Agreement by the dates
and in the amounts contemplated by, the Resolution.
(B) The Issuer will not incur any indebtedness for money
borrowed which may or must be repaid from the 1985-86 Revenues except to the
extent that the aggregate amount of the Notes and all such other indebtedness
is within the limits required by law and except to the extent thatnsuch other
indebtedness will not be secured by a pledge of the Pledged Revenues that
ranks prior to or on a parity with the pledge thereof created by Section 6 of
the Resolution.
(C) The Issuer will furnish such information, execute such
instruments and take such other action in cooperation with the Bank if and as
the Bank may reasonably request in order (i ) to qualify the Notes for offer
and sale under the Blue Sky or other securities laws and regulations of such.
states and jursidictions of the United Staes as the Bank may designate and
(ii ) to determine the eligibility of the Notes for investment under the laws
-11-
of such states and other jurisdictions, and will , if requested by the Bank,
use its best efforts to continue such qualifications in effect so long as
required for distribution and remarketing of the Notes.
(D) The Issuer will promptly give written notice to the Bank of
the occurrence of any Event of Default referred to in Section 10, or any event
which, upon a lapse of time or notice or both, would become an .Event of
Default. Further, the Issuer will promptly give written notice to the Bank of
any information obtained by the Issuer regarding pending, proposed or
completed action by the United States government or any of its agencies or
instrumentalities or by the government of the State or any of its agencies or
instrumentalities which, in the reasonable judgment of the Issuer, could
result in a reduction in revenues by ten percent (10%) or more below those
shown in the adopted budget of the Issuer for fiscal year 1985-86 heretofore
delivered to the Bank and further will promptly give notice to the Bank of any
pending or threatened litigation which, in the reasonable opinion of the
Issuer, could materially and adversely affect the ability of the Issuer to
repay the Notes or any indebtedness permitted under this Contract of
Purchase. The Issuer will consult from time to time with the Bank when
requested by the Bank, and furnish such additional information as the Bank may
reasonably request, in order to keep the Official Statement or Offering
Memorandum current.
1
(E) The Issuer will maintain adequate books , accounts and
records in accordance with generally accepted accounting principles and
practices consistently applied, and permit employees or agents of the Bank at
-12-
any reasonable time to examine its books, accounts and records and make copies
and memoranda thereof.
(F) The Issuer will deliver to the Bank in form and detail
satisfactory to the Bank: (i-) as soon as available after the close of each
accounting period of its fiscal year, commencing with the accounting period
ending October 11 , 1985, a cash flow report for such accounting period; (ii )
all documents , certificates and other written information prepared by the
Issuer for its Board of Supervisors relating to its budget, the Notes and any
proposed or actual financings; and (iii ) such other existing statements,
budgets, forecasts and reports as the Bank may reasonably request.
(G) The Issuer will apply the proceeds from the sale of the
Notes for the purposes specified in the Resolution.
(H) The Issuer will not modify or amend the Resolution or the
Fiscal Agency Agreement without the prior written consent of the Bank.
(I) The Issuer will take no action or fail to take any action
with respect to investment of proceeds of the Notes or in any other respect
which will result in constituting the Notes as "arbitrage bonds" within the
meaning of that term as used in Section 103(c) of the Internal Revenue Code or
which would violate any Treasury Regulations thereunder.
10. Events of Default. The following constitute Events of Default
under this Contract of Purchase:
-13-
(A) If default shall be made in the due and punctual payment of
principal of the Notes by the County when and as the .same shall become due and
payable at maturity;
(B) If default shall be made in the due and punctual payment of
interest on the Notes by the County when and as the same shall become due and
payable and such default shall continue uncured for five (5) Business Days (as
defined in the Resolution) ; or
(C) If the Issuer shall file any petition or action for relief
under any bankruptcy, reorganization, insolvency or moratorium law, or any
other law or laws for the relief of, or relating to, debtors
then, and in any 'such event, the Bank may, by notice to the Issuer, declare
the obligations of the Bank under this Contract of Purchase to be terminated,
whereupon the obligations of the Bank shall immediately terminate. If the
Bank holds any of the outstanding Notes in its inventory at such time, it may
exercise such rights and remedies as are provided to all other owners of Notes
under the Resolution, it being intended and agreed that the rights and
remedies provided for in the Resolution are cumulative of and in addition to
the provisions of this Section.
11 . Conditions to Obligations of Bank at Closing. The Bank has
entered into this Contract of Purchase in reliance upon the representations
and warranties of the Issuer contained herein and the performance by the
Issuer of its obligations hereunder, as of the date hereof and as of the
-14-
Closing. The obligation of the Bank to purchase the Notes at the Closing is
and shall be subject, at the option of the Bank, to the following futher
conditions:
(A) The representations and warranties of the Issuer contained
herein shall be true, complete and correct in all material respects at the
date hereof and at and as of the Closing, as if made at and as of the Closing,
and the statements made in all certificates and other documents delivered to
the Bank at the Closing and otherwise pursuant hereto shall be true, complete
and correct in all material respects at and as of the Closing; and there shall
not have occurred any Event of Default or any event which, with the lapse of
time or notice or both, would constitute an Event of Default under this
Contract of Purchase;
(B) At and as of the Closing (i ) the Resolution and the Fiscal
Agency Agreement shall be in full force and effect and shall not have been
amended, modified or supplemented except as may have been agreed to in writing
by the Bank; (ii ) all actions under the Act which, in the opinion of Bond
Counsel , shall be necessary in connection with the transactions contemplated
hereby, shall have been duly taken and shall be in full force and effect; and
(iii ) the Issuer shall perform or have p rf-ormed all of its obligations
required under or specified in the Resolution or this Contract of Purchase to
be performed at or prior to the Closing,
(C) There is no action, suit, proceeding, inquiry or
investigation, at law or in equity, before or by any court or public body,
—15—
pending or (to the knowledge of the Issuer) threatened against the Issuer
which has any of the effects described in paragraph (F) of Section 8-hereof or
contesting in any way the completeness or accuracy of the Official Statement;
(D) No order, decree or injunction of any court of competent
jurisdiction, nor any. order, ruling or regulation of the Securities and
Exchange Commission, shall have been issued or made with the purpose or effect
of prohibiting the issuance, offering, sale or remarketing of the Notes as
contemplated hereby and no legislation shall have been enacted, or a bill
favorably reported for adoption, or a decision by a court established under
Article III of the Constitution of the United States rendered, or a ruling,
regulation, proposed regulation or official statement by or on behalf of the
Securities and Exchange Commission or other governmental agency having
jurisidiction of the subject matter shall be made or issued, to the effect
that the Notes or any other securities of the Issuer or of any similar body of
the type contemplated herein are not exempt from the registration,
qualification or other requirements of the Securities Act of 1933, as amended
and as then in effect, or of the Trust Indenture Act of 1939, as amended and
as then in effect; and
(E) At or prior to the Closing, the Bank shall have received
three copies of the following documents in each case dated at and as of the
Closing and satisfactory in form and su&stance to the Bank:
(1 ) An approving opinion of Bond Counsel , as to the Notes ,
addressed to the Issuer and the Bank;
-16-
(2) A supplemental opinion of Bond Counsel , addressed to
the Bank, to the effect that:
(i ) This Contract of Purchase and the Fiscal Agency
Agreement have -been duly authorized, executed and delivered by the Issuer and
constitute the valid and legally binding obligations of the Issuer enforceable
against the Issuer in accordance with their respective terms, except that
enforceability thereof may be limited by applicable bankruptcy, insolvency,
moratorium and other laws in effect from time to time affecting the rights of
creditors generally and by application of general principles of equity; and
(ii ) The statements contained in the Official
Statement under the captions "The STOP Notes," "Legal Opinions," "Legality for
Investment in California" and "Constitutional Limitations on Taxes and
Appropriations ," insofar as such statements purport to summarize the Notes,
the Resolution and the Act, present a fair and accurate summary thereof for
the purpose of use in the Official Statement;
(3) A certificate signed by an appropriate official of the
Issuer to .the effect that (i ) the representations , warranties and agreements
of the Issuer herein are true, complete and correct in all material respects
as of the date made and as of the Closing; (ii ) the Issuer has performed all
its obligations required under or speci?ied in the Resolution and this
Contract of Purchase to be performed at or prior to the Closing; (iii ) there
is no action, suit, proceeding, inquiry or investigation, at law or in equity,
before or by any court or public body, pending, or to his or her knowledge,
-17-
threatened against the Issuer, which has any of the effects described in
paragraph (F) of Section 8 hereof or contesting in any way the completeness or
accuracy of the Official Statement (but in lieu of or in conjunction with such
certification the Bank may, in its sole discretion, accept certificates or
opinions of Counsel to the Issuer or Bond Counsel that in their opinion the
issues raised in any such pending or threatened litigation are without
substance and that the contentions of all plaintiffs therein are without
merit) ; (iv) such official has reviewed the Official Statement and on such
basis certifies that the Official Statement does not contain any untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in light of the circumstance under which they
were made, not misleading; and (v) no Event of Default exists, or with the
lapse of time or notice or both, would exist, under this Contract of Purchase;
(4) An arbitrage certificate of the Issuer, in form and
substance satisfactory to Bond Counsel , signed by an appropriate official of
the Issuer;
(5) Evidence satisfactory to the Bank that at and as of
the Closing the Notes have the same ratings, if any, from Moody' s Investors
Service, Inc. , and Standard & Poor' s Corporation as were used on the date of
pricing to determine the interest rate for the Notes ;
t
(6) A certificate, together with a fully executed copy of
the Resolution, of the Clerk of the Board of Supervisors of the Issuer to the
effect that:
-18-
-�j
M such copy is a true and correct copy of the
Resolution; and
(ii ) the Resolution was duly adopted and has not been
Imodified, amended, rescinded or revoked and is in full force and
, effect at and as of the Closing, except for amendments, if any,
ted with the consent of the Bank;
, adopted '
(7) A fully executed copy of the Fiscal Agency Agreement;
and
(8) Such additional legal opinions, certificates,
proceedings, instruments and other documents as the Bank or Bond Counsel may
reasonably request to evidence compliance by the Issuer with legal
requirements, the truth and accuracy,. at and as of the Closing, of the
representations, warranties and agreements of the Issuer herein contained and
the statements contained in the Official Statement, and the due performance
and satisfaction by the Issuer at or prior to such time of all agreements then
to be performed and all conditions then to be satisfied by the Issuer,
provided that Bond Counsel shall not be required to render an opinion as to
the truth and accuracy of the representations, warranties and agreements of
the Issuer ,contained herein or of the statements contained in the Official
Statement except as set forth in subpar4graph (E)(2) of this Section.
A 12. Termination of Obligations of Bank: If the Issuer shall be
unable to satisfy the conditions set forth in Section 11 to the obligations of
-19-
the Bank contained in this Contract of Purchase, the obligations of the Bank
under this Contract of Purchase may be terminated by the Bank by notice to the
Issuer at, or at any time prior to, ..the Closing.A Notwithstanding any
provision herein to the contrary, the performance of any and all obligations
of the Issuer hereunder and the performance of any and all conditions
contained herein for the benefit of the Bank may be waived by the Bank in
writing in its sole discretion.
The Bank shall also have the right to terminate, in its sole
discretion, its obligations under this Contract of Purchase, by notice to the
Issuer at, or at any time prior to, the Closing, if between the date hereof
and the Closing: (i ) any event occurs or information becomes known, which, in
the reasonable professional judgment of the Bank, makes untrue any statement
of a material fact set forth in the Official Statement or results in an
omission to state a material fact necessary to make the statements made
therein, in light -of the circumstances under which they are made, not
misleading; (ii ) the market for the Notes or the market price of the Notes or
the ability of the Bank to enforce contracts for the sale of the Notes shall
have been materially and adversely affected, in the reasonable professional
judgment of the Bank, by (a) legislation enacted by the Congress of the United
States, or passed by either House of Congress , or favorably reported for
passage to either House of Congress by any Committee of such House to which
such legislation has been referred for lonsideration, or by the legislature of
the State, or a decision rendered by a court of the United States or the State
or by the United States Tax Court, or a ruling, order, or regulation (final ,
temporary or proposed) made by the Treasury Department of the United States or
-20-
the Internal Revenue Service or other Federal or State authority, which would
have the effect of changing, directly or indirectly, the Federal income tax
consequences or State income tax consequences of interest on obligations of
the general character of the Notes in the hands of the holders thereof, or (b)
any new outbreak of hostilities or other national or international calamity or
crisis, the effect of such outbreak, calamity or crisis on the financial
markets of the United States being such as, in the reasonable professional
judgment of the Bank, would affect materially and adversely the ability of the
Bank to market the Notes, or (c) a general suspension of trading on the New .
York Stock Exchange, or fixing of minimum or maximum prices for trading or
maximum ranges for prices for securities on the New York Stock Exchange,
whether by virtue of a determination by that Exchange or by order of the
Securities and Exchange Commission or any other governmental authority having
jurisdiction, or (d) a general banking moratorium declared by either Federal
or State or New York authorities having jurisdiction; or (iii ) additional
material restrictions not in force or being enforced as of the date hereof
shall have been imposed upon trading in securities generally by any
governmental authority or by any national securities exchange which, in the
reasonable professional judgment of the Bank, materially and adversely affect
the market price for the Notes .
The arrangements and agreements contained herein shall terminate
automatically upon the payment in full 6f the Notes and may not be sooner
terminated except as otherwise specifically provided in this Contract of
Purchase. The agreements of the Issuer to indemnify the Bank and to pay
expenses and compensate the Bank as provided elsewhere in this Contract of
Purchase shall survive termination of this Contract of Purchase.
-21-
13. Conditions to Obligations of Bank under Sections 6 and 7. The
obligations of the Bank under Sections 6 and 7 of this Contract of Purchase
are and shall be subject, at the opt-ion of the Bank, to the condition as of
the commencement of each new Interest Period that no Event of Default exists
under this Contract of Purchase. If the Issuer shall be unable to satisfy
such condition, the obligations of the Bank under this Contract of Purchase
may be terminated by the Bank in accordance with Section 10.
14. Conditions to Obligations of the Issuer. The performance by the
Issuer of its obligations under this Contract of Purchase with respect to
issuance, sale and delivery of the Notes to the Bank is conditioned upon (i )
the performance by the Bank of its obligations hereunder; and (ii ) receipt by
the Issuer and the Bank of opinions and certificates being delivered at or
prior to the Closing by persons and entities other than the Issuer.
15. Expenses . (A) Unless the obligations of the Bank under this
Contract of Purchase are terminated by the Bank at or prior to the Closing for
any reason permitted by this Contract of Purchase, the Bank shall pay all
expenses incident to the performance of the Issuer' s obligations hereunder
(other than the fees and expenses of Bond Counsel ) , the purchase price,for the
Notes to the Bank�.hay.ing been adjusted accordingly, including but not limited
to the following: (i ) the cost of the reproduction of the Resolution;
(ii ) the cost of the preparation, printing and delivery of the Notes ; (iii )
the fees for Note ratings ; (iv) the cost of printing and distribution of the
Official Statement; (v) any costs or expenses incurred with any signature
company incident to signing the Notes ; (vi ) the fees payable to the California
—22—
Debt Advisory Commission; (vii ) costs of preparation and reproduction of this
Contract of Purchase; (viii ) Initial issuing and paying agent and fiscal agent
costs and fees; and (ix) all othercostsassociated with the issuance of the
Notes including, but not limited to, out-of-state travel and related expenses
of the Bank and officials of the Issuer.
(8) If the obligations of the Bank under this Contract of
Pruchase are terminated by the Bank at or prior to the Closing for any reason
permitted by this Contract of Purchase, the Issuer shall pay all the expenses
referred to in paragraph (A) of this Section.
(C) The Bank shall pay all expenses relating to the remarketing
of the Notes, the compensation provided for in Section 6(B) hereof having been
adjusted accordingly.
(D) The Issuer shall pay all legal expenses of the Bank
incurred by reason of any Event of Default or any subsequent "work out" or by
reason of any litigation between the Bank and the Issuer regarding this
Contract of Purchase in which there is an adverse legal determination against
the Issuer.
16. Documentation. The Issuer agrees that the information furnished
to the Bank in accordance with this Coniract of Purchase may be used by the
Bank to prepare, and revise from time to time as it deems necessary, Offering
Memoranda for purposes of remarketing the Notes. For such purpose, the Issuer
further agrees that the Bank may use any other information furnished by the
-23-
r
• Issuer to the Bank from time to time for such purpose. The Bank will provide
the Issuer with a copy of each Offering Memorandum at least three business
days prior to its intended use.
17. Indemnification. To the extent permitted by law, the Issuer
agrees to indemnify the Bank and to hold the Bank harmless against any loss,
damage, claim, liability or expense (including reasonable cost of defense)
arising out of or based upon any allegation that, in connection with the sale
and remarketing of the Notes , the Official Statement included any untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements herein, in the light of the circumstances under
which they were made, not misleading, except for statements concerning the
Bank based upon information furnished in writing by the Bank.
18. Notices. Any notice or other communication to be given under
this Contract of Purchase (other than the acceptance hereof as specified in
the first paragraph hereof) shall be given by telephone or telex, confirmed in
writing, or by delivering the same in writing, if to the Issuer to Alfred P.
Lomeli , Treasurer-Tax Collector of Contra Costa County, and if to the Bank, to
Bank of America National Trust and Savings Association, 555 California Street,
9th Floor, San Francisco, California 94104, Attention: Arnold F. Mazotti .
19. Parties in Interest; Sury;val of Representations and
Warranties. This Contract of Purchase when accepted by the Issuer in writing
as heretofore specified shall constitute the entire agreement between the
Issuer and the Bank and is made solely for the benefit of the Issuer and the
-24-
Bank (including their respective successors and assigns) . No other person
shall acquire orhave any right hereunder or by virtue hereof. All of the
representations and warranties of the Issuer in this Contract of Purchase
shall survive regardless of (a)-any investigation or any statement in respect
thereof made by or on behalf of the Bank, W delivery of any payment by the
Bank for the Notes hereunder, and '(c) any termination of this Contract of
Purchase.
20. Execution in Counterparts. This Contract of Purchase may be
executed in counterparts each of which shall be regarded as an original and
all of which shall constitute one and the same document.
21 . Applicable Law. This Contract of Purchase shall be interpreted
under, governed by and enforced in accordance with the laws of the State.
Very truly yours,
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By
The foregoing is hereby agreed to
and accepted as of the date first
above written:
COUNTY OF CONTRA COSTA, CALIFORNIA
By
Treasurer-Tax Collector
7296C
-25-
P.EW ISSUE OFFICIAL STATEMENT RATING MOODY'S
r S&P
-ir,"the ovilfion of Bond Counsel, under existing statutes, regulations, rulings and court decisions, interest on the
Stop Wo es�,k, exc!-pt from present federal income taxes and from .present State of California personal income taxes.
$70,000,000
COUNTY OF CONTRA COSTA, CALIFORNIA
1985-86 SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES
(STOP NOTES)
Dated July 1, 1985 Y Due: July 30, 1986
The County of Contra Costa, California 1985-86 Short Term Optional Put Tax and Revenue Anticipation Notes (the
ZStop Notes") are being issued to finance seasonal cash flow requirements of the County during the fiscal year ending
e 30, 1986. The Stop Notes are issued in registered form in the denomination of $100,000 or any integral multiple
thereof.
The Stop Notes are issued in five series in the aggregate principal amount of $70,000,000. The owners of the Stop
Notes of Series A, B, C and D will have the right to demand repurchase of the same by Bank of America NT&SA (the
"Bank"), acting as Remarketing Agent, on the Option Tender Date applicable to that series, which is each Wednesday
beginning July 31, 1985 in the case of Series A, each fourth Wednesday beginning July 31, 1985 in the case of Series
B, October 30, 1985 and January 29 and April 30, 1986 in the case of Series C and January 8, 1986 in the case of
Series D. There is no Option Tender Date applicable to Series E. All series will mature on July 30, 1986.
The initial rates of interest for the Stop Notes of Series A, B, C, and D are shown below. Such rate will apply
to each series until the day preceeding the first Option Tender Date for such series and thereafter will be variable.
On the Monday prior to each Option Tender Date for each series, effective on each Option Tender Date, the Bank will
establish the interest rate at a level sufficient to enable the Bank to remarket Stop Notes of such series tendered to
it for repurchase on such Option Tender Date at par plus accrued interest, which interest rate will apply until the
day preceding the next Option Tender Date for such series or until maturity. The rate of interest for Series E is
shown below. (See "THE STOP NOTES - Interest."). The Bank's obligations as Remarketing Agent are subject to certain
conditions described in this Official Statement. The obligation to purchase Stop Notes on an Option Tender Date is
solely the obligation of the Bank. The County is not so obligated. The initial offering price for Stop Notes of each
series is par plus accrued interest, if any.
Series Principal Amount Initial Interest Rate
A %
B —%
C —%
D —%
E Interest Rate —%
Principal of and interest on the Stop Notes are payable in lawful money of the United States of America.
Principal is payable at maturity at the principal office of the Paying Agent, BankAmerica Trust Company of New York,
(the "Paying Agent") in New York, New York. Interest on •the Stop Notes will be computed on the basis of a year of 365
days and accrues from July 1, 1985. Interest will be paid by check drawn on the Federal Reserve Bank of New York and
mailed to the registered owners of the Stop Notes as of 10:00 a.m., New York City time, on each fourth Wednesday
beginning July 31, 1985 with respect to Series A and B, on October 30, 1985 and January 29, April 30 and July 30, 1986
with respect to Series C, on January 8 and July 30, 1986 with respect to Series D, and on July 30, 1986 with respect
to Series E. In the event that there is a default in the payment of interest that continues for 5 business days, the
'Stop Notes will become due and payable ten business days following the end of such grace period.
The Stop Notes, in accordance with California law, are general obligations of the County, but are payable only out
of the taxes, income, revenue, cash receipts ,and other moneys of the County attributable to the fiscal year 1985-1986
and legally available for payment thereof. The Stop Notes are equally and ratably secured by a pledge of certain
revenues as described in "THE STOP NOTES--Security for the Stop Notes.'
In furtherance of the pledge, the County has appointed First Interstate Bank of California as Fiscal Agent. The
Resolution requires certain revenues to be transferred to the Fiscal Agent on certain dates and held in a special
account until July 30, 1986, at which time these funds will be used to repay the Stop Notes.
The Stop Notes are direct obligations of the County and, to the extent set forth herein, are legal investments for
commercial banks in California and are eligible to secure deposits of public moneys.
The Stop Notes will be offered when, as and if issued and received by the Underwriter, subject to the approval of
legality by Orrick, Herrington b Sutcliffe, San Francisco, California, Bond Counsel, and the approval of certain legal
matters for the Underwriter by its counsel, Jones, Day, Reavis b Pogue, Los Angeles, California. Certain other legal
matters will be passed upon by the County Counsel for Contra Costa County. The Stop Notes, in temporary or definitive
form, will be available for deliv@ry on or about July 1, 1985 in New York, New York.
BANKAMERICA CAPITAL MARKETS GROUP
June 1985
f19f.1�
No dealer, broker, salesperson or other person has been authorized by the
' County or the Underwriter to give any information or to make any
� creprersentations other than those contained herein and, if given or made, such
other information or representation must not be relied upon as having been
authorized by the County or the Underwriter. This Official Statement does not
constitute an offer to sell or the solicitation of an offer to buy' nor shall
there be any sale of the Stop Notes by a person in any jurisdiction in which
it is unlawful for such person to make such an offer, solicitation or sale.
This Official Statement is not to be construed as a contract with the
purchasers of the Stop Notes. Statements contained in this Official Statement
which involve estimates, forecasts or matters of opinion, whether or not
expressly so described herein, are intended solely as such and are not to be
construed as a representation of facts.
The information set forth herein has been obtained from official sources
which are believed to be reliable but it is not guaranteed as to accuracy or
completeness, and is not to be construed as a representation by the
Underwriter. The information and expressions of opinions herein are subject
to change without notice and neither delivery of this Official Statement nor
any sale made hereunder shall , under any circumstances, create any implication
that there has been no change in the affairs of the County of Contra Costa
since the date hereof. This Official Statement is submitted in connection
with the sale of the Stop Notes referred to herein and may not be reproduced
or used, in whole or in part, for any other purpose, unless authorized in
writing by the County.
- i
TABLE OF CONTENTS
Page Page
Board of Supervisors. . . . . . . . . . . . . . . . . . . iii County Financial Information. :. . . . . . . . . . . . . . 15
County Officials. . . . . . . . . . . . . . . . . . . . . . . iii Accounting Policies, Reports and Audits. . . 17
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 1 General County Funds. . . . . . . . . . . . . . . . . . . . 17
County of'Contra Costa 1985-86 Special District Funds Under Control of i
Short-Term Financing Program . . . . . .. . 1 Board of Supervisors. . . . . . . . . . . . . . . . . . 17
The Stop Notes. . . . . . . . . . . . . . . . . . . . . . . . . 2 Special District Funds Under Control of
General Provisions. . . . . . . . . . . . . . . . . . . 2 Local Boards and School District Funds 17
Authority for Issuance. . . . . . . . . . . . . . . 2 Trust and Agency Funds. . . . . . . . . . . . . . . . . . 17
Optional Demand for Repurchase. . . . . . . 2 Historical. Statements. . . . . . . . . . . . . . . . . . . . . 19
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Intrafund Borrowing and Cash Flow. . . . . . . . . 20
Acceleration of Stop Notes. . . . . . . . . . . 4 Employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Transfer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Retirement Programs. . . . . . . . . . . . . . . . . . . . . . . 25
Security for the Stop Notes. . . . . . . . . . 4 Long Term Obligations. . . . . . . . . . . . . . . . . . . . . 26
Available Sources of Payment. . . . . . . . . . . 6 General Obligation Debt. . . . . . . . . . . . . . . . . 26
Legal Opinion. . . . . . . . . . . . . . . . . . . . . . . . . . 6 Lease Obligations. . . . . . . . . . . . . . . . . . . . . . . 26
Legality for Investment in California. . 7 Overlapping Debt. . . . . . . . . . . . . . . . . .. . . . . . 27
Ratings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Self-Insurance Program. . . . . . . . . . . . . . . . . . . . 29
Litigation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 The County. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Underwriting. . . . . . . . . . . . . . . . . . . . . . . . . . . 8 County Government. . . . . . . . . . . . . . . . 29
Additional Information. . . . . . . . . . . . . . . . . 8 Industry and Employment. . . . . . . . . . .: . . . . . . . 29
Funding by the State of California. . . . . 8 Environmental Control Services. . . . . . . . . . . . 34
Constitutional Limitations on Population. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 35
Taxes and Appropriations. . . . . . . . . . . . . 9 Commercial Activity. . . . . . . . . . . . . . . . . .. . . . . 37
Ad Valorem Property Taxes. . . . . . . . . . . . . . 9 Construction Activity. . . . . . . . . . . . . . . . . . . . . 38
Largest Taxpayers. . . . . . . . . . . . . . . . . . . . 12 Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Redevelopment Agencies. . . . . . . . . . . . . . . 12 Agriculture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Current County Financial Status. . . . . . . . 13 Education and Community Services. . . . . . . . . . 4c
Hospital Finances. . . . . . . . . . . . . . . . . . . . 13
Appendix A--Financial Statements
IN CONNECTION WITH THIS INITIAL OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT
TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE STOP NOTES AT A LEVEL
ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF
COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE STOP
NOTES TO CERTAIN DEALERS AND BANKS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICE STATED
ON THE COVER PAGE HEREOF AND SAID PUBLIC OFFERING PRICE MAY BE CHANGED FROM TIME TO TIME
BY THE UNDERWRITER.
1
ii
C
COUNTY OF CONTRA COSTA, CALIFORNIA
Board of Supervisors
Nancy C. Fanden
(District 2)
Chair
Tom Powers Sunne Wright McPeak
(District- 1 ) (District 4)
Robert I . -Schroder Tom Torlakson
(District 3) (District 5)
Philip J. Batchelor
Clerk of the Board and
County Administrator
County Officials
Donald L. Bouchet Alfred P. Lomeli
Auditor-Controller Treasurer-Tax Collector
Victor J. Westmen James R. Olsson
County Counsel County Clerk-Recorder
r
r
$70,000,000
` ' 1985-86 SHORT TERM OPTIONAL PUT TAX AND REVENUE ANTICIPATION NOTES
SERIES A, B, C, D AND E
To Finance the General Fund Cash Flow
for Fiscal Year 1985-86 of the
COUNTY OF CONTRA COSTA, CALIFORNIA
INTRODUCTION
The purpose of this Official Statement, which includes the attached
Appendix, is to provide certain information concerning the sale and delivery
of the 1985-86 Short Term Optional Put Tax and Revenue Anticipation Notes
("Stop Notes") of the County of Contra Costa, California (the "County") . The
five series of Stop Notes, which are issued in an aggregate principal amount
of $70,000,000, are equally and ratably secured. The Stop Notes are general
obligations of the County, but are payable only out of taxes, income,
revenues, cash receipts and other moneys of the County attributable to the
, fiscal year 1985-86 and legally available for the payment thereof.
The Stop Notes are being issued to finance the "dry periods" of the
County' s General Fund cash flow during the fiscal year (July 1 through June
30) . Borrowing is necessary because County General Fund expenditures tend to
occur in relatively level amounts throughout the year while receipts follow an
uneven pattern, primarily as a result of secured property tax installment
payment dates in December and April and as a result of delays in payments from
other government agencies, the two largest sources of County revenues. As a
result, the General Fund cash balance is negative during parts of the fiscal
year. The Stop Notes are intended to finance such cash deficits, and are an
alternative to borrowings from County-held pooled income funds.
COUNTY OF CONTRA COSTA 1985-86 SHORT-TERM FINANCING PROGRAM
The County of Contra Costa is issuing the Stop Notes to finance the "dry
periods" of its General Fund cash flow during the 1985-86 fiscal year. The
Stop Notes represent the seventh annual short-term financing program which the
County has undertaken to meet its cash flow requirements. The County has
always paid principal and interest on its notes when due.
In fiscal year 1982-83, the County sold Tax and Revenue Anticipation Notes
in the amount of $48 million with $25 million maturing on December 30, 1982
and $23 million maturing on June 28, 1P83. Also in fiscal year 1982-83, the
County commenced on December 1 , 1982, a tax-exempt commercial paper program
and issued $25 million of commercial paper with a final maturity of July 15,
1983. In fiscal year 1983-84 the County sold Tax and Revenue Anticipation
Notes in the amount of $27 million and commercial paper in the amount of $37
million secured by a pledge of certain of the County' s share of unrestricted
taxes, income, revenue, cash receipts and other moneys received and
attributable to the 1983-84 fiscal year.
0261 - 1 -
In early February 1984, at which time there was $37 million of commercial
Gaper outstanding with maturities through March 23, 1984, the County was
' informed by its commercial paper dealer that uncertainties created by the
County Hospital deficit made it advisable for the County to suspend issuance
of commercial paper. Accordingly, on February 16, 1984 the County privately
placed $37 million of short-term obligations due July 18, 1984. Proceeds of
this transaction were used to pay all outstanding commercial paper as it
matured through March 23, 1984.
In fiscal year 1984-85, the County sold Short Term Optional Put Tax and
Revenue Anticipation Notes in the amount of $65 million. These notes were
secured by a- pledge of certain of the County' s share of unrestricted taxes, i
income, revenue, cash receipts and other money received and attributable to
the 1984-85 fiscal year. As of April , 1985, the County had placed with the
Fiscal Agent, Bank of America NT&SA, sufficient moneys to pay principal and j
interest on these notes at maturity. The County has never defaulted on the
payment of principal and interest on on its short-term obligations when due.
II
THE STOP NOTES I
i
General Provisions I
Stop Notes will be executed and delivered in fully registered form,
without coupons , in the denomination of $100,000 and any integral multiple
thereof. Principal of and interest on the Stop Notes are payable in lawful
money of the United States of America. Principal is payable by the County 4t
maturity at the principal office of the Paying Agent, BankAmerica Trust
Company of New York in New York, New York. Interest is payable by check drawn
on the Federal Reserve Bank of New York and mailed to the owners of record as
of 10:00 a.m. , New York City time, on July 31 , 1985 and each fourth Wednesday
thereafter with respect to Series A and B, on October 30, 1985 and January 29,
April 30 and July 30, 1986 with respect to Series C, on January 8 and July 30,
1986 with respect to Series D and on July 30, 1986 with respect to Series E
("Interest Payment Dates") . Owners of Stop Notes tendered for repurchase will
receive on the Option Tender Date a check drawn on the Federal Reserve Bank of
New York for principal and accrued interest (see "Optional Demand for
Repurchase" below) . The Stop Notes mature on July 30, 1986. If there is a
default in the payment of interest on the Stop Notes that continues for 5
business days, the Stop Notes will become due and payable on the 10th business
day following the end of such period.
Authority for Issuance
The Stop Notes are issued under the authority of Article 7.6, Chapter 4,
Part 1 , Division 2, Title 5 (commencing with Section 53850) of the California
Government Code and pursuant to a Resolution (the "Resolution") adopted by the
Board of Supervisors of the County on ,June 11 , 1985.
Optional Demand for Repurchase
Owners of Stop Notes of Series A, B, C, and. D will have the right to
demand repurchase of their Stop Notes or any $100,000 portion thereof on each
Option Tender Date applicable to that series at par plus accrued interest
calculated from the preceding, Interest Payment Date (except in the case of the
first Option Tender Date, in which case interest is calculated from July 1 ,
1985. )
02610 - 2 -
The Option Tender Dates with respect to Series A are July 31 , 1985 and every
Wednesday thereafter, with respect to Series B are July 31 , 1985 and every
fourth Wednesday thereafter, with respect to Series C are October 30, 1985 and
January 29 and April 30, 1986, and with respect to Series D is January 8, 1986
(or if any such date is not a business day, the next succeeding business
day). There is no Option Tender Date applicable to Series E. Owners of such
series of Stop Notes may exercise their right to demand repurchase by giving
telephonic notice to the Paying Agent by 10:00 a.m. , New York City time, on
the Tuesday preceding the Option Tender Date for such series (or if such day
is not a business day, the next preceding business day) and by making physical
delivery of the Stop Notes to be repurchased, accompanied by a signed Election
Notice appearing on the reverse side of the Stop Notes, to the Paying Agent
not later than 10:00 a.m. , New York City time, on such Option Tender Date. If
such Option Tender Date is not a business day, such delivery shall be made on
the following business day. "Business day" means a day on which banks in New
York City and San Francisco are not required or permitted to remain closed and
on which the New York Stock Exchange is not closed.
The County has entered into a Contract of Purchase and Dealer Remarketing
Agreement (the "Remarketing Agreement"> with Bank of America NT&SA, pursuant
to which the Bank, as Remarketing Agent, undertakes to remarket all Stop Notes
which in accordance with the terms of the Resolution may be tendered to it for
repurchase subject to certain conditions. In the event the Remarketing Agent
is unsuccessful in remarketing Stop Notes on any Option Tender Date, the
Remarketing Agent will position such Stop Notes in its dealer inventory.
THE OBLIGATIONS OF THE REMARKETING AGENT UNDER THE REMARKETING AGREEMENT
MAY BE TERMINATED IF THE COUNTY FAILS TO PAY PRINCIPAL OF THE STOP NOTES WHEj
DUE OR FAILS TO PAY INTEREST ON THE STOP NOTES WHEN DUE AND SUCH FAILURE
CONTINUES FOR 5 BUSINESS DAYS OR IF THE COUNTY FILES A PETITION IN
BANKRUPTCY. THE OBLIGATION TO REPURCHASE THE STOP NOTES IS SOLELY THE
OBLIGATION OF THE REMARKETING AGENT AND IS NOT AN OBLIGATION OF THE COUNTY.
Interest
Interest to maturity on the Series E Stop Notes is at the initial rate set
forth on the cover page of this Official Statement. Interest on the Stop
Notes of Series A, B, C and D is initially payable at the rate applicable to
such series set forth on the cover page of this Official Statement. On each
Monday preceding an Option Tender Date for Stop Notes of any such series (or,
if such day is not a business day, on the next preceding business day) the
'Remarketing Agent will establish the interest rate applicable to such series
for the period commencing on such Option Tender Date to and including the day
preceding the next Option Tender Date for such series. The new interest rate
will be published on the Munifacts Wire. The rate established by the
Remarketing Agent will be a rate which, in the judgment of the Remarketing
Agent, is sufficient to enable the Remarketing Agent to remarket Stop Notes of
such series at par plus accrued interest, if any, on the applicable Option
Tender Date. If the maturity of the Stop Notes should be accelerated because
of a default in payment of interest, they will bear interest until paid at the
rate in effect on the date of default.
If the Bank at any time should hold Stop Notes for its own account
totalling 15% or more of the aggregate principal amount of Stop Notes then
outstanding of the series for which an interest rate is being determined, the
rate of interest for such series determined as of any Option Tender Date shall .
not be more than 120% or less than 80% of the index rate applicable to such
02610 - 3 -
r
series. The index rates for Series A, B, C and D will be 75%, 80%, 85% and
8S%,,, respectively, of the bond equivalent yield of 91—day United States
;. Treasury bills on the basis of the average per annum discount at which such
91—day Treasury bills shall have been sold at the most recent United States
Treasury auction prior to such Option Tender Date.
If for any- reason the Bank fails to establish an interest rate in respect
of any series of Stop Notes for the period commencing on any Option Tender
Date, the interest rate for such period will be 100% of the index rate
applicable to such series.
The maximum legal rate of interest on the Stop Notes currently is 12%.
The statutory authorization of such 12% maximum will expire on December 31 ,
1985 and, if it is not extended, the maximum legal rate, of interest thereafter
until maturity of the Stop Notes will be 10%.
.Interest accrues on the Stop Notes from July 1 , 1985 to and including the
day preceding the first Interest Payment Date, and thereafter from each
Interest Payment Date to and including the day preceding the next Interest
Payment Date. Interest on Stop Notes is payable by check or draft drawn on
the Federal Reserve Bank of New York and mailed on each Interest Payment Date
to owners of record of Stop Notes as of 10:00 a.m. , New York City time, on
such date. Owners of Stop Notes tendered for repurchase will receive from the
Bank a check drawn on the Federal Reserve Bank of New York for principal and
accrued interest against tender of their Stop Notes. Such owners of record
will be deemed to be owners as of 10:00 a.m. , New York City Time, on the
Option Tender Date with respect to which their Stop Notes have been tendered-
and will be entitled to receive interest accrued to, but not including, such.
Option Tender Date.
Acceleration of Stop Notes
If the County should fail to pay interest on any Stop Note on any
applicable Interest Payment Date and such failure should continue for a period
of five business days, all Stop Notes will become due and payable ten business
days after such grace period. The County in such case would 'be required to
give notice by mail to each registered owner of Stop Notes specifying the
accelerated maturity date of The Stop Notes. If on the accelerated maturity
date the County deposits with the paying agent a sum sufficient to pay the
principal of the Stop Notes and interest accrued thereon to such date, no
interest will accrue after such date.
Transfer
Any Stop Note may be transferred on the registration books to be kept by
the Paying Agent by the registered owner in person or by his duly authorized
attorney upon surrender of such Stop Note for cancellation, accompanied by a
duly executed written instrument of transfer in form approved by the Paying
Agent. No change will be made for such a transfer, but the owner will be
required to pay any tax or other governmental charge imposed with respect to
such transfer. Transfer is not permitted with respect to any Stop Note for
which a notice demanding repurchase has been given.
02610 - 4
Security for the Stop Notes
The principal amount of the Stop Notes, together with the interest
thereon, shall be payable from taxes, income, revenue, cash receipts and other
moneys which are received by the County for the General Fund of the County
during or attributable to Fiscal Year 1985-86.
As security for the payment of the principal of and interest on the Stop
Notes, the County has pledged the first Forty Million Dollars ($40,000,000) of
the first installment of property taxes (to be received by the County during
December 1985, and attributable to the County on the secured roll which
becomes due and payable on November 1 , 1985 and delinquent on December 10,
1985) which is transferred to the General Fund of the County in the Accounting
Period ending January 10, 1986; and the first Thirty Million Dollars
($30,000,000) , together with an amount sufficient (net of earnings to the date
of such deposit on moneys in the Repayment Fund) (i ) to satisfy and make up
any deficiency in the amount required to be deposited in the Repayment Fund
during any prior Accounting Period and (ii ) to pay the interest on the Stop
Notes accruing and unpaid after the date of such deposit date to maturity at
an assumed interest rate of the lesser of 12% per annum or the maximum legal
rate of interest (to the extent the actual interest rate cannot be
determined) , of the second installment of property taxes (to be received by
the County during April 1986, and attributable to the County on the secured
roll which becomes due and payable on February 1 , 1986 and delinquent on April
10, 1986) which is transferred to the General Fund of the County in the
Accounting Period ending on May 13,E1986.
In the event that by the next-to-last business day of any such Accounting
Period there are insufficient secured property taxes so transferred to permit
the deposit into the Repayment Fund to be maintained by the fiscal agent of
the full amount thereof to be deposited from said secured property taxes in
such Accounting Period, then the amount of any deficiency shall be satisfied
and made up on such date from any other moneys of the County lawfully
available for the payment of the principal of the Stop Notes and the interest
thereon. In the event that on such date the amount of other moneys of the
County lawfully available for said. payment is insufficient to fully satisfy
and make up any deficiency in the deposit into the Repayment Fund required
hereunder, then such deficiency shall be satisfied and made up from the first
other moneys of the County lawfully available for said payment when the same
are received by the County. The moneys required to be deposited in the
Repayment Fund are hereinafter called the "
Pledged Revenues. The principal
of the Stop Notes and the interest thereon shall constitute a first lien and
charge against and shall be payable from the first moneys received by the
County from the Pledged Revenues, and, to the extent not so paid, shall be
paid from any other moneys of the County lawfully available therefor (all as
provided in Sections 53856 and 53857 of the Government Code) .
In furtherance of its pledge, the 'County has appointed First Interstate
Bank of California as Fiscal Agent. The Resolution requires the Pledged
Revenues to be transferred to the Fiscal Agent to be held in the Repayment
Fund until July 30, 1986, at which time these funds will be used to repay the
Stop Notes.
The County is also required by the Resolution to provide to the Paying
Agent sufficient funds to pay interest on the Stop Notes when due prior to
maturity.
02610 - 5 -
AVAILABLE SOURCES OF PAYMENT
The Stop Notes, in accordance with California law, are general obligations
of the County, but are payable only out of the taxes, income, revenue, cash
receipts and other moneys of the County attributable to the fiscal year
1985-86 and legally available for payment thereof. A 1978 change 'in the
Constitution of the State of California substantially limited the County' s
ability to levy ad valorem taxes._. See "CONSTITUTIONAL LIMITATIONS ON TAXES
AND APPROPRIATIONS." Additionally, California counties, unlike cities, are
not permitted by State law to impose fees to raise general revenue, but only
to recover costs of regulation or provision of services. The County may,
under existing law, issue securities, such as the Stop Notes, only if the
principal thereof and interest thereon will not exceed 85 percent of the
estimated uncollected moneys available for the payment of such securities.
The estimated amount needed to repay the Stop Notes and the interest thereon
is approximately $76.7 million. The County estimates that the moneys
available for payment of the Stop Notes will be in excess of $196 million .as
indicated in the following table.
ESTIMATED UNRESTRICTED REVENUE AVAILABLE
FOR PAYMENT OF 1985-86 SHORT TERM OPTIONAL PUT
TAX AND REVENUE ANTICIPATION NOTES
(In Thousands)
Source Amount
Estimated-Unrestricted available fund balance at June 30, 1985. . $ 13,780
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,513
Taxes other than current property:
Salestax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,125
Other taxes" ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,060
Licenses, permits and franchises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,537
Fines, forfeitures and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,888
Use of money and property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 ,340
Aid from other governmental agencies:
Federal revenue sharing . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . . . . . . 2,469
State reimbursed homeowner exemptions 3, 168
Motor vehicle in-lieu tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,930
Charges for current services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,301
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $196, 111
(1 ) . Includes delinquent property taxes and County' s portion
of certain shared State taxes.
LEGAL OPINION
The opinion of Orrick, Herrington & Sutcliffe, San Francisco, California
("Bond Counsel ") approving the validity of the Stop Notes and stating that, in
the opinion of Bond Counsel , under existing statutes, regulations, rulings and
court decisions interest on the Stop Notes is exempt from present federal
income taxes and from present State of California personal income taxes will
be provided free of charge to the purchaser at the time of the original
delivery of the Stop Notes. A copy of such opinion will be printed on each
Stop Note.
026, 0 - 6 -
t
The statements of law and legal conclusions set forth in this Official
,Statement under the headings "THE STOP NOTES," "LEGAL OPINION" and "LEGALITY
tFOR INVESTMENT IN CALIFORNIA" have been reviewed by Bond Counsel . Bond
Counsel ' s employment is limited to a review of the legal proceedings required
for the authorization of the Stop Notes and to rendering the opinion set forth
above. Such opinion will not consider or extend to any documents, agreements,
representations, offering circulars or other materials of any kind concerning
the Stop Notes not mentioned in this .paragraph. Certain legal matters will be
passed upon for the County by the County Counsel and for the Underwriter by
Jones, Day, Reavis & Pogue, Los Angeles, California.
LEGALITY FOR INVESTMENT IN CALIFORNIA
Under provisions of the Financial Code of the State of California, the
Stop Notes are legal investments for commercial banks in the State to the
extent that the Stop Notes, in the informed opinion of the bank, are prudent
for the investment of funds of its depositors and under provisions of the
Government Code of the State of California, are eligible to secure deposits of
public moneys in the State.
RATINGS
The County has received a rating of from Moody' s Investors Service,
Inc. and a rating of from Standard & Poor' s Corporation on the Stop
Notes. Certain information was supplied by the County to the rating agencies
to be considered in evaluating the Stop Notes. The ratings issued reflect -
only the views of the rating agencies, and any explanation of the significance
of such ratings should be obtained from the rating agencies. There is no
assurance that any rating will be obtained or will be retained for any given
period of time or that the same will not be revised downward or withdrawn
entirely by the rating agencies if in their judgment, circumstances so
warrant. The County undertakes no responsibility either to bring to the
attention of the owners of Stop Notes any downward revision or withdrawal of
any rating obtained or to oppose any such revision or withdrawal . Any such
downward revision or withdrawal or the ratings obtained may have an adverse
effect on the market price of the Stop Notes.
LITIGATION
No litigation is pending or threatened concerning the validity of the Stop
Notes, and a certificate of the County Counsel to that effect will be
furnished to the purchaser at the time of the original delivery of the Stop
Notes. The County is not aware of any litigation pending or threatened
questioning the political existence of the County or contesting the County' s
ability to levy any collect ad_ valorem taxes or contesting the County' s
ability to issue and retire the Stop Notes.
There are a number of lawsuits and claims pending against the County. The
aggregate amount of the uninsured liabilities of the County and the timing of
any anticipated payments of judgments which may result from suits and claims
will not, in the opinion of the County Counsel and the County
Auditor—Controller, materially affect the County' s finances or impair its
ability to repay the Stop Notes.
02610 - 7 -
UNDERWRITING
The Stop Notes are being purchased for offering by BankAmerica Capital
Markets Group (Bank of America NT&SA) , the "Underwriter." The Underwriter has
agreed to purchase the Stop Notes at par less a discount of $ as
compensation for its underwriting services and to cover expenses of issuance,
delivery and payment of the Stop Notes. The Remarketing Agreement provides
that the Underwriter will purchase. all of the Stop Notes if any are
purchased. The obligation to make such purchase is subject to certain terms
and conditions set forth in the Remarketing Agreement.
The Underwriting may offer and sell the Stop Notes to dealers and others
at a price different than that stated on the Cover Page hereof. The price may
be changed from time to time by the Underwriter.
ADDITIONAL INFORMATION
The .purpose of this Official Statement is to supply information to
prospective buyers of the Stop Notes. Quotations from and summaries and !
explanations of the Stop Notes, the Resolution and of statutes and documents
contained herein do not purport to be complete, and reference is made to said
documents and statutes for full and complete statement of their provisions.
BankAmerica Capital Markets Group is acting as Underwriter of the Stop
Notes and regularly receives a variety of County reports. These reports
include audits and budgets as well as certain monthly activity reports such as
the status of the fiscal year 1985-86 Stop Note Repayment Account held by Bank
of America NT&SA as Fiscal Agent. Any holder of the Stop Notes may obtain
copies of such reports, as available, from the County.
All data contained herein have been taken or constructed from County
records and other sources. Appropriate County officials, acting in their
official capacity, have reviewed this Official Statement and have determined
that as of the date hereof the information contained herein is, to the best of
their knowledge and belief, true and correct in all material respects and does
not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements made, in light of the
circumstances under which they were made, not misleading. An appropriate
County official w-i=ll execute a certificate to this effect upon delivery of the
Stop Notes. This Official Statement and its distribution have been duly
authorized and approved by the Contra Costa County Board of Supervisors.
FUNDING BY THE STATE OF CALIFORNIA
Approximately 31 .7% of the County's fiscal year 1985-86 Proposed Budget
consists of payments from the State of California.
The State' s financial situation has improved considerably since fiscal
year 1982-83 when the State exhausted its sources of internal borrowings and
was forced to issue revenue anticipation warrants to meet its cash needs. As
of April 1985 the State Department of Finance was projecting a 3% growth in
real GNP for 1985, with California expected to out-perform the nation both
this year and next in terms of income and employment gains.
0261 - 8
The 1985-86 Governor' s Budget as introduced January 10, 1985, proposed
General and Special Fund expenditures of $33.1 billion, an 8.5 percent
`increase over the 1984-85 fiscal year. The General Fund expenditures were
estimated to be $27.9 billion or 84 percent of the total . The remaining $5.1
billion of expenditures were from special funds and represented 16 .percent of
the total . The Budget estimated total revenues and transfers of $32.9 billion
and included an appropriation of $1 ,040.1 million as a General Fund Reserve.
The fiscal condition of the State is expected to remain strong in
1985-86. Borrowing in this f1scal year should be limited to the normal cash
flow needs of the State and could be fully meet from the internal sources.
CONSTITUTIONAL LIMITATIONS ON TAXES AND APPROPRIATIONS
Article XIIIA of the California Constitution limits the taxing powers of
California public agencies. Article XIIIA provides that the maximum ad
valorem tax on real property cannot exceed one percent of the full cash value
of the property, and effectively prohibits the levying of any other ad valorem
property tax, even with voter approval . Full cash value is defined as the
County Assessor' s valuation of real property as shown on the 1975-76 tax bill
under "full cash value" or, thereafter, the appraisal value of real property
when purchased, newly constructed, or a change in ownership has occurred after
the 1975 assessment. The full cash value is subject to annual adjustment to
reflect inflation at a rate not to exceed two percent or a reduction in the
consumer price index or comparable local data, or declining property value
caused by damage, destruction or other factors. _
Article XIIIB of the California Constitution limits the amount of
appropriations of- the state and of local governments for "proceeds of taxes"
to the amount of appropriations of the entity for the prior year, adjusted for
changes in the cost of living, population and services provided.
Both Article XIIIA and Article XIIIB were adopted by the people of the
State of California pursuant to the state' s initiative constitutional
amendment process. Initiatives adopted in the future might limit the ability
of the County to maintain or increase revenues.
AD VALOREM PROPERTY TAXES
Taxes are levied for each fiscal year on taxable real and personal
property which is situated in the County as of .the preceding March 1 . For
assessment and collection purposes, property is classified either as "secured"
or "unsecured," and is listed accordingly on separate parts of the assessment
roll . The "secured roll " is that part of the assessment roll containing State
assessed property and property secured by a lien on real property which is
sufficient, in the opinion of the Asse1ssor, to secure payment of the taxes.
Other property is assessed on the "unsecured roll ."
Property taxes on the secured roll are due in two installments, on
November 1 and February 1 of the fiscal year. If unpaid, such taxes become
delinquent on December 10 and April 10, respectively, and a ten percent
penalty attaches to any delinquent payment. In addition, property on the
secured roll with respect to which taxes are delinquent is declared to be
02610 _ 9 _
r
defaulted on or about June 30 of the fiscal year. Such property may
thereafter be redeemed by payment of the delinquent taxes and the delinquency
penalty, plus a redemption penalty of one and one-half percent per month to
the time of redemption. If taxes are unpaid for a period of five years or
more, the tax-defaulted property is declared to be subject to the Tax
Collector' s power of sale and may be subsequently sold within two years by the
County Tax Collector.
Property taxes on the unsecured roll are due as of the March 1 lien date
and become delinquent, if unpaid, on August 31 . A ten percent penalty
attaches to delinquent taxes on property on the unsecured roll , and an
additional penalty of one and one-half percent per month begins to accrue
beginning November 1 of the fiscal year. The taxing authority has four ways
of collecting unsecured personal property taxes: (1 ) a civil action against
the taxpayer; (2) filing a certificate in the office of the County Clerk
specifying certain facts in order to obtain a judgment lien on certain
property of the taxpayer; (3) filing a certificate of delinquency for
recordation in the County Recorder' s office, in order to obtain a lien on
certain property of the taxpayer; and (4) seizure and sale of personal
property, improvements or possessory interest, belonging or assessed to the
assessee.
Contra Costa County and its political subdivisions operate under the
provisions of Sections 4701-4717 of the California Revenue and Taxation Code.
Pursuant to those sections, the accounts of all political subdivisions which
levy taxes on the County tax rolls are credited with 100 percent of their
respective tax levies regardless of actual payments and delinquencies. The .
County treasury' s cash position (from taxes) is protected by a special fund .
(Tax Losses Reserve Fund) into which all countywide delinquent penalties are
deposited. The County has used this method since fiscal year 1950-51 . A
recent history of Contra Costa County tax levies, delinquencies and the Tax
Losses Reserve Fund cash balances as of June 30 is shown below.
During fiscal year 1980-81 the County reduced the Tax Losses Reserve Fund
from $10.2 million to $7.2 million and credited the difference to the County
General Fund as provided by Section 4703 of the Revenue and Taxation Code. .
Section 4703 allows any county to draw down the Tax Losses Reserve Fund to a
balance equal to three percent of the total of all taxes and assessments
levied on the secured roll for that year if the secured tax delinquency has
been three percent or less for the preceding three consecutive years. After
utilizing this procedure, if the County incurs a rate of secured tax
delinquency that exceeds three percent of the total of all taxes and
assessments levied on the secured roll , the Tax Losses Reserve Fund must
accumulate to a balance equal to five percent of the total of all taxes and
assessments levied on the secured roll for that fiscal year and remain at that
level until the County has three consecutive years in which the secured tax
delinquency rate is under three percent.
Total delinquent secured property tax charges in each year since fiscal
year 1950-51 have been below four percent of that year' s total secured
property tax charges.
02610 - 10 -
COUNTY OF CONTRA COSTA
SUMMARY OF FULL CASH VALUE AND AD VALOREM PROPERTY TAXATION
} FISCAL YEARS 1980-81 THROUGH 1985-86
Secured Current Percentage Tax Losses.
FullProperty Levy Current Levy Reserve Fund
Fiscal Cash Tax Delinquent Delinquent Balance
Year Value Levies June 30 June 30 June 30
1980-81 . . . 18,892,593,032 237,630,961 7,195,889 3.02 7,213,929
1981-82. . . 21 ,648,197,423 264,897,190 10,557,491 3.99 8,700,583
1982-83. . . 24,453,455,979 294,757,661 10,281 ,578 3.49 11 ,158,615
1983-84. . . 26,719,685,704 319,869,578 9,216,399 2.88 14,330,673
1984-85. . . 29,373,354,335 350,500,000" ' 10,164,500" ' 2.90" ' 16,500,000( l )
1985-86. . . 32,300,000,000" )
(1 ) Estimated by County.
Source: County Auditor-Controller.
r
0261
E
Largest Taxpayers
The ten largest taxpayers in the County, as shown on the fiscal year
1984-85 secured tax roll , and the approximate amounts of their property tax
payments for all taxing jurisdictions within the County, are shown below.
These ten largest taxpayers paid a total of $62,581 ,954 in taxes, or about
17.9 percent of the County' s 1984-85 secured tax collection.
LOUNTY OF CONTRA COSTA
LARGEST TAXPAYERS
Total Taxes
Company Paid 1984-85
Chevron USA (Standard Oil Company of California) . . . $22,295,869
Pacific Gas & Electric Company . . . . . . . . . . . . . . . . . . . . . 13,400,870
Shell Oil Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,373,322
Pacific Bell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,224,481
Tosco Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,446,745
Union Oil Company of California . . . . . . . . . . . . . . . . . . . . 2,768,214
Dow Chemical Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,122,461
U.S. Steel Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,840,858
C&H Sugar Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,098,209
Louisiana Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,010,925
Source: Contra Costa County Treasurer
Redevelopment Agencies
The California Community Redevelopment Law authorizes the redevelopment
agency of any. city to issue bonds payable from the allocation of tax revenues
resulting from increases in full cash values of properties within designated
project areas. In effect, local taxinauthorities other than the
redevelopment agency realize tax revenzes only on the "frozen" tax base. The
following table shows redevelopment agency full cash value increments and tax
allocations for cities within Contra Costa County.
02610 — 12 —
COMMUNITY REDEVELOPMENT AGENCY PROJECTS
OF CITIES IN THE COUNTY OF CONTRA COSTA
FULL CASH VALUE INCREMENTS AND TAX ALLOCATIONS
FISCAL YEARS 1980-81 THROUGH 1984-85
Fiscal Base Year Full Cash Value Total Tax
Year Value Increment" ) Allocations` )
1980-81 . . . . . . . . . $755,431 ,368 $ 669,066,188 $ 8,230,647
1981-82 .. . . . . . . . . 783,522,580 937,500,047 11 ,202,319
1982-83 816,666,491 1 ,294,850,196 15,308,390
1983-84 . . . . . . . . . 834,968,224 1 ,382,950,214 15,949,939
1984-85 860,524,411 1 ,406,614,952 16,213,428
Full cash values for all redevelopment projects above the
"frozen" base year valuations. These data represent growth in
full cash values generating tax revenues for use by the
community redevelopment agencies.
`2 ' Actual tax revenues collected by the County and subsequently paid
to the community redevelopment agencies.
Source: Contra Costa County Auditor
CURRENT COUNTY FINANCIAL STATUS
Hospital Finances
The County of Contra Costa has operated a County Hospital and a Health
Department for over 50 years. In 1979 the County Hospital and the County
Health Department were combined into one agency, the Contra Costa County
Health Services Department. The Health Services Department is composed of
several divisions including Public Health, Environmental Health, California
Childrens Services, Alcohol /Drug Abuse/Mental Health, the County Hospital and
clinics , and a Health Maintenance Organization. The County Hospital
(including clinics) and the HMO are accounted for in two separate enterprise
funds while the other divisions are accounted for in the County General Fund.
The Health Services Department is headed by a Director who reports to the
County Board of Supervisors.
The Health Services Department has several outpatient clinics in the
County and a 213-bed hospital in Martinez. The Health Services clinics
operate on an outpatient basis five days a week. The Hospital operates 24
hours every day providing general hospital care, mental health in-patient care
and emergency services. Approximately' 78% of hospital and clinic patients are
covered by various governmental aid programs.
The overall budget of the Health Services Department for fiscal year
1984-85 is $107,042,447 as of May 28, 1985. Included in that figure is
$50,809,100 for the Hospital Enterprise Fund and $20,737,108 for the HMO
Enterprise Fund.
02610 - 13 -
The combined subsidy from the County General Fund for those two enterprise
funds is budgeted at $13,917,884 for fiscal year 1984-85. An additional
subsidy of $2,036,000 is budgeted for Mental Health in the General Fund.
Major changes were made in the management structure of the Health
Department and its division commencing in 1979. The objectives of these
changes were to improve the health care delivery system in the County and
provide improved controls on the rapidly increasing health care costs. Some
of the major changes, or proposed changes, involved expanding the HMO to
attract enrollees from the prA vate sector, pioneering in the development of
sophisticated computer systems to assist in patient care, and having the
County assume total responsibility (and risk) for the entire Medi-Cal
(Medicaid) population of the County. Implementation or development of these
plans required large up-front investments, particularly in management staff, !
which it was hoped would be recovered by future controls of health care i
delivery costs and by a broadened base of HMO members and County Health
Services users. i
I
In September 1983, following final closing of the County' s books for
fiscal year 1982-83, the County Auditor-Controller reported that the Health
Services Enterprise Funds completed the 1982-83 fiscal year with an
approximately $3.2 million deficit. The deficit resulted primarily from
errors and duplications made by Health Services Department staff in estimating
revenues from two revenue sources. After this discovery and a thorough
analysis of the first few months of actual revenues and expenditures for
fiscal year 1983-84, it also appeared that budget expectations for 1983-84
would not be realized. It was apparent that corrective actions would be
necessary to avoid a shortfall of $9 or $12 million for the two years -
combined. A number of studies, including a review by Arthur Young & Company,
were conducted to determine the reasons for the problems. Their conclusions
indicated, in part, that (1 ) revenues were below anticipated levels because of
new Federal and State regulations and administrative actions to reduce Federal
and State Medicare and Medi-Cal costs along with an industry-wide decline in
in-patient hospital utilization; (2) expenditure reductions budgeted by Health
Services Department were not supported by realistic action plans; (3) Health
Services budgeting, cost accounting and patient accounting systems were too
obsolete to provide timely, reliable information; and (4) Health Services
management had concentrated mostly on programs rather than on a balance
between programs and fiscal perseverance.
December 16, 1983, the Director of the Health Services Department resigned
and Dr. William Walker was named Acting Health Services Director. Dr. Walker
was formerly the Medical Director of the HMO. Effective February 1 , 1984 the
County hired NU MED Services, Inc. of Southern California (NU MED) under a
two-year contract to manage the Hospital and the financial affairs of the
Department and to assist in making needed operational changes within the
system.
1
In early February 1984, the County Administrator resigned. The Board of
Supervisors appointed Charles Dixon as interim County Administrator pending
hiring a permanent replacement. Mr. Dixon was the retired County
Administrative Officer of San Joaquin County, California. On May 22, 1984,
the Board of Supervisors unanimously appointed Phillip J. Batchelor as County
Administrator, effective June 11 , 1984. Mr Batchelor had been Assistant
County Executive for Santa Clara County, California since 1981 and had 17
years experience in county management, budgeting and finances.
02510 - 14 -
c
In October 1984, after an intensive recruitment campaign, the County
, se-lected a new Health Services Director, Mark Finucane. Mr. Finucane has
served as manager of major health institutions in Northern California, his
most recent position being that of Chief Deputy for the City and County of San
Francisco Health Services Department.
In addition to these management changes, the Board of Supervisors took
many actions to balance the fiscal year 1983-84 budget and to effect
long-range solutions:
o Several management positions were eliminated in the Health Services
Department.
o A flexible nursing staffing arrangement was put in place to staff on an
"as needed" basis , with a reduced core of permanent full-time staff.
o In December 1983, a countywide freeze on hiring, purchases, and capital
outlay was put in place. These actions resulted in budgetary savings
in excess of $8 million.
o The County refinanced two buildings formerly under lease-purchase
contracts from the County Retirement system. The County realized
slightly in excess of $10 million from this transaction.
o The County granted an option to National Medical Enterprise (NME) to
purchase 86 of the County' s surplus State-issued bed licenses for $1 .8
million. This option has not yet been exercised, however, because NME
still needs to receive legal clearance to build a new hospital in the-
southern part of the County.
o Through several appropriation adjustments, the County General Fund
subsidy to the Hospital Enterprise Fund for fiscal year 1983-84 was
increased by $11 .2 million for a total subsidy of $23.7 million that
fiscal year. This enabled the Enterprise Fund to end the 1983-84
fiscal year in the "black."
As a result of the above items the County General Fund ended fiscal year
1983-84 with an unreserved, undesignated fund balance of $9.1 million, up from
$84,000 at the end of fiscal year 1982-83. The County estimates that the
General Fund unreserved, undesignated balance at June 30, 1985 will be
approximately $11 .8 million.
-In August 1984, NU MED implemented a major reorganization of the patient
eligibility screening and billing processes, installing the AMI-PHS
computerized patient billing and receivables systems. This being a major
systems change, some conversion problems and billing delays were encountered.
These problems have, for the most part, been resolved, and as of May 15, 1985
most billings were current, and both cAsh flow and identification of patients
to programs has improved significantly.
In December 1984, Mr. Finucane reorganized the department to strengthen
administration and fiscal management. A new Budget Director position was
created and filled with an individual who has over 10 years of high-level
fiscal administrative experience in major health institutions in Northern
California. As of May 10, 1985 it appears that the Health Services Department
will finish the year in the black, the County subsidy being approximately $16
02610 15 -
L
million, as compared with the $23 million subsidy required for the previous
fiscal year. (These figures include the Alcohol/Drug Abuse/Mental Health
Division. )*
In fiscal year 1985-86 the County expects continued improvements in the
overall operation of the Health Services Department. The County Budget
Officer has established a target of the same level of General fund subsidy for
fiscal year 1985-86 as in 1984-85: This target further expands on the concept
of cost containment and revenue enhancement. The target recommendation
recognizes that some program -realignments, including the reduction or
elimination of some non-mandated services, may be necessary to fund the budget
at approximately the same level as fiscal year 1984-85. The approach will
further strengthen the overall financial position of the department and the
County as a whole.
The County recognizes that decisions need to be made regarding the long
range future of the County Health Services, as the hospital facility is over
40 years old. Studies are underway to determine if the hospital should be
renovated, a new hospital built elsewhere, or the hospital closed and indigent
care contracted out to other providers. The County' s contract with NU MED i
provides that the hospital should achieve "stand alone" capability by the
contract' s expiration date, January 31 , 1986. Plans are being developed to
create high level accounting, fiscal , and management positions in order
accomplish the "stand alone" capability.
County officials have concluded that the Health Services Department is
under control . The new management team has made or is making necessary
operational changes , is establishing necessary controls, and is addressing the
long range future. The County has re-established the necessary reserves and
review procedures to recognize and deal with future County problems in this
area.
1
* It should be noted that the County General Fund subsidy to the Enterprise
Funds is financed in part by funds received from the State for health care
purposes in connection with the formulas contained in Assembly Bill 8 of
1979. These AB 8 subsidies were $10.6 million in fiscal year 1983-84, and
$11 .1 million in fiscal year 1984-85.
02610 - 16 -
r
COUNTY FINANCIAL INFORMATION
The County is required by State law to adopt a final budget by the end of
August each year. The fiscal year 1985-86 Proposed Budget was adopted by the
County on June 11 , 1985 and is based on an assumed 9 percent increase in
property tax revenue, and an available fund balance of $10.9 million in the
County' s General Fund on July 1 , 1985.
The County is expected to adopt its final budget on or about August 31 ,
1985. During the hearings which will be held with respect to the final
budget, all appropriations and revenues are subject to review. Since the
budget must be in balance, any shortfall in revenues requires a reduction in
appropriations. During the period between the approved Proposed and Final
Budget, the County' s operation is governed by the Proposed Budget. No
increase in the aggregate appropriations can be made after August 31 , 1985
unless the County has received certification of additional revenue from the
sources of such revenue.
In order to ensure that the budget remains in balance throughout the
fiscal year, periodic reviews are made covering actual receipts and
expenditures. In the event of any shortfall in projected revenue, immediate
steps are taken to reduce appropriations. Appropriation reductions would be
achieved through a combination of hiring freezes, employee layoffs, and
freezes on..the purchase of equipment, services and supplies. California
counties are not permitted by State law to impose fees to raise general
revenue, but only to recover the costs of regulation or provision of services.
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02610 - 17 -
COUNTY OF CONTRA COSTA
FINAL BUDGET FOR FISCAL YEAR 1984-85
AND PROPOSED BUDGET FOR FISCAL YEAR 1985-86
(In Thousands)
Proposed
Final 1984-85 1985-86
Budget" ) Budget" ) C 2 '
REQUIREMENTS:
General government. . . . . . . . . . . . . . . . . . . . $ 27,247 $ 44,155`3 '
Public protection. . . . . . . . . . . . . . . . . . . . . 87,722 91 ,076
Health and sanitation. . . . . . . . . . . . . . . . . 47,00214 ' 49,587
Public assistance. . . . . . . . . . . . . . . . . . . . . 117,953 127,153
Education. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300 6,182
Public ways and facilities. . . . . . . . . . . . 5,104 5,770
Recreation and culture. . . . . . . . . . . . . . . . 147 139
Reserves and debt service . . . . . . . . . . . . 15,036 15,011
Total Requirements. . . . . . . . . . . $306,511 $339,075
AVAILABLE FUNDS:
Property taxes . . . . . . . . . . . . . . . . . . . . . . . . $ 79,779 $ 88,513 .
Funds balance available. . . . . . . . . . . . . . . 8,360 13,780 .
Taxes other than current property. . . . . 9,115 10,185
Licenses, permits and franchises. . . . . . 4,668 4,537
Fines, forfeitures and penalties. . . . . . 3,915 3,888
Use of money and property. . . . . . . . . . . . . 10,028 11 ,340
Aid from other governmental agencies. . 150,23814 ' 165,769
Charges for current services. . . . . . . . . . 39,65814' 40,301
Other revenue. . . . . . . . . . . . . . . . . . . . . . . . . 750 760
Total Available Funds. . . . . . . . $306,511 $339,073
" ' Includes General Fund, Federal revenue sharing and Library Fund.
C2 ' Proposed Budget adopted June 11 , 1985.
`3 ' The General government requirements line includes a $12.7 million
provision for salary increases, which, if granted, will be reallocated
to all applicable functions.
`4' Includes mental health costs formerly included in the County Hospital
Enterprise Fund.
Source: Contra Costa County Auditor d
02610 - 18 -
F
Accounting Policies, Reports and Audits
The County' s accounting policies conform to principles and reporting
standards set forth by the State Controller in "Accounting Standards and
Procedures for Counties--State of California." The County's basis of accounting
is a modified accrual system in which revenues are recorded as cash is received,
except for property taxes which are recorded when levied and for certain year—end -
accruals. Expenditures are recorded when paid, but all unpaid expenditures must
be accrued by year-end. All of the financial statements contained in this
Official Statement, other than the General Fund Cash Flow Analyses, have been
prepared on this modified accrual basis. The County Treasurer also holds certain,
funds not under the control of the Board of Supervisors, such as those of school
districts, which are accounted for on a cash basis.
The Government Code requires every county to prepare an annual report. The
Auditor—Controller prepares the Comprehensive Annual Financial Report for the
County of Contra Costa. This annual report covers financial operations of the
County, county districts and service areas, local autonomous districts and of
various trust transactions of the County Treasury. Under Federal Revenue Sharing
Audit Regulations, independent audits are required of all operating funds under
control of the Board of Supervisors. Contra Costa County has had independent
audits for more than 20 years. The County hospitals were accounted for on an
Enterprise Fund basis for the first time for fiscal 1978-79. Additionally, the
County Grand Jury may also conduct management audits of certain offices of the
County. Funds accounted for by Contra Costa County are categorized as follows:
General County Funds
The general County funds consist of the General Fund and other operating
funds. The General Fund is used to account for the revenues and expenditures of ,
the County which are not accounted for by other funds. The other operating funds
are used to account for the proceeds from specific revenue sources (other than
special assessments) or to account for the financing of specific activities as
required by law or administrative regulations.
Special District Funds Under Control of Board of Supervisors
Special district funds under the control of the Board of Supervisors are used
to account for the transactions of fire protection districts, flood control and
storm drainage districts , sanitation districts and county service areas.
Special District Funds Under Control of Local Boards and School District Funds
These funds are used to account for cash received and disbursed and cash and
investments held by the County for these districts. These districts maintain
their own accounting records supporting their separate financial statements which
are subject to separate audit under State statutes.
r
Trust and Agency Funds
Trust and agency funds are used to account for money and other assets
received and held in the capacity of trustee, custodian or agent for individuals
and governmental agencies.
02610 - 19 -
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I.ntrafund Borrowing and Cash Flow ;
The current offering represents the seventh public sale of short-term
notes by Contra Costa County. During the years before such sales, the County
utilized intrafund borrowing to cover the County' s General Fund cash
shortfalls.
County General Fund expenditures tend to occur in relatively level amounts
throughout the fiscal year. Conversely, receipts have followed an uneven
pattern primarily as a result of secured property tax installment payment
dates in December and April and as a result of delays and uneven payments from
other government agencies, the two largest sources of County revenues.
The State Constitution allows interfund borrowing, from County-held funds
of other agencies, by counties until the last Monday in April of each fiscal
year in amounts that do not exceed 85 percent of taxes accrued.
The Auditor-Controller has prepared the accompanying General Fund Cash
Flow Analysis -for the fiscal year 1984-85 and a projected cash flow for fiscal
year 1985-86. To the extent necessary the County intends to continue to use
intrafund borrowing to cover peak cash flow needs.
Under the County' s established accounting procedures, the first accounting
period commences on July 1 and ends on or about August 10. Each of subsequent
10 periods covers approximately 30 days. Accordingly, each of the first 11
months shown in the following table reflects an actual closing cash balance as
of approximately the 11th day of the subsequent month; the final period is _
from June 11 to June 30 only.
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- 26 -
Employees
A summary of County employee levels follows:
COUNTY OF CONTRA COSTA
COUNTY EMPLOYEES
As of As of
June 30 Employees June 30 Employees
1977. . . . . . . . . . . . . . . 6,041 1981 . . . . . . . . . . . . . . 6,052
1978. . . . . . . . . . . . . . . 6,351 1982. . . . . . . . . . . . . . 6,063
1979. . . . . . . . . . . . . . . 5,933 1983. . . . . . . . . . . . . . 5,915
1980. . . . . . . . . . . . . . 5,960 1984. . . . . . . . . . . . . . 5,743
Excludes temporary and seasonal employees, which on June 30, 1984
totaled- 436.
Source: Contra Costa County Auditor
County employees are represented by 26 bargaining units of 17 labor
organizations, the principal ones being Local 1 of the County Employees
Association and Clerical Employees Union which, combined, represent
approximately 43 percent of all County employees in a variety of
classifications.
The County has had a successful and positive employee relations program,.
including successful negotiations of cost effective agreements over the years.
During August 1979, the Board of Supervisors approved salary adjustments
for over 95 percent of employees, effective July 1 , 1979, which resulted in an
average salary increase of 6.9 percent. Effective July 1 , 1980 County
employees were granted second year adjustments averaging 7.9 percent which
remained in effect through June 30, 1981 . New agreements in September and
October 1981 , raised salaries for most County employees 10% effective July 1 ,
1981 , with another raise of about 8% effective July 1 , 1982. An agreement was
reached which provided for no major increase in employee wages or benefits in
fiscal year 1983-84 and 5-8% average salary increases effective August, 1984
for fiscal year 1984-85. Unions representing County employees picketed on
several occasions in 1984.
The County is preparing to open negotiations for the next fiscal year
(1985-86) for labor contracts covering nearly all of its 4,500 employees in
organized bargaining units.
Retirement Programs
r
The County has a retirement plan administered by the Employees' Retirement
System of the County of Contra Costa which covers substantially all employees
and to which contributions are made by both the County and the employees. The
plan provides "basic" death, disability and service retirement benefits based
on specified percentages of monthly final average salary and, in addition,
provides annual cost-of-living adjustments after retirement. As of December
31 , 1984 there were 5,383 active general members and 1 ,015 active safety
members (police and fire) including employees of certain other governmental
agencies. Retired members totaled 2,848.
02610 - 27 -
Employer contributions are based on percentages of salaries as determined
by the actuary and adopted by the Board of Supervisors. The County' s policy
is to fund expected "basic" benefits over the average working lifetime of
present members, except that unfunded prior service cost arising from plan
amendments, actuarial gains and losses, or other factors is funded-over 30
years. Beginning August 1 , 1980 the Retirement System implemented legislation
whereby new general employees participate in a reduced program, paying roughly
half the premium and receiving half the benefits at retirement. Existing
general employees were permitted to transfer to the new program for future
credit only.
Pursuant to the County Employees' Retirement Law of 1937, actuarial
valuations of the retirement system are required at least every three years.
The Retirement System' s actuaries estimated the minimum contribution provision
under generally accepted accounting principles for the fiscal year ended June
30, 1984 to be approximately $25,529,000. Contributions made by the County
and by county employees for the year ended June 30, 1984 approximated
$19,068,000 and $4,266,000, respectively.
For the year ended December 31 , 1984 total contributions and earnings to
the Retirement Fund were $60 million with payment to current retired employees
of $22.7 million. The County's Retirement Fund is approximately 91 percent
funded.
Long Term Obligations
General Obligation Debt
The County has never defaulted on the payment of principal or interest on
any of its indebtedness . As of July 1 , 1985, the County of Contra Costa has
no direct general obligation bonded indebtedness, the last issue having been
redeemed in fiscal year 1977-78. The County has no authorized and unissued
debt.
Lease Obligations
Contra Costa County has made use of various lease arrangements with joint
powers authorities, nonprofit corporations, and the County Employees'
Retirement Association for the development of capital projects. The projects
are then leased to the County for a period of 15-30 years. The last capital
lease ends in 2004. As of July 1 , 1985, total base rentals payable as pledged
security over the remaining life of these issues is estimated to be
$57,'286,852. A summary of base rental payments and total future lease
payments is shown below.
r
02610 - 28
-
r
COUNTY OF CONTRA COSTA
• SUMMARY OF LEASE RENTAL OBLIGATIONS
Total Future
Annual- Lease Payments
Base as of July 1 ,
Rental 1985
Contra Costa County Employees Retirement Association . . $ 283,456 $ 917,115
Other Major Building Leases" ' . . . . . . . . . . .. . . . . . . . . . . . . 611 ,862 9,752,392
Contra Costa County Public Facilities Corporation . . . . . 468,662 6,092,606
Contra Costa County Public Facilities Corporation
(Capital Project I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596,799 7,277,368
Contra Costa County Public Facilities Corporation
(Capital Project II) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,356 2,213,563
Contra Costa County Public Facilities Corporation
(Capital Project III) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,622,682 31 ,033,808
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,898,817 $57,286,852
(1 ) Includes Contra Costa County Juvenile Facilities Corporation, but excludes
equipment lease.
The County has an option to purchase each of the properties under lease/
purchase agreements with the Employees' Retirement Association at any time
during the term of each lease for the remaining amount of the capital lease
obligation, subject in some cases to a premium ranging from 5 percent to 9.5.
percent. In the event the County does not exercise its option to purchase a
building, the Retirement Association has the option to purchase the County
land on which the building is located at the fair market value at the time the
lease terminates. The other major building leases also contain purchase
options at the termination of the leases for nominal purchase prices, or
provide for automatic vesting of title in the County.
Overlapping Debt
Contra Costa County has no direct general obligation bonds outstanding.
However, the County does have lease revenue obligations. In addition, the
County contains numerous municipalities, school districts and special purpose
districts as well as the overlapping Bay Area Rapid Transit District and East
Bay Municipal Utility District which have issued general obligation bonded
indebtedness. A statement of overlapping debt is presented below. Some of
the issues may be payable from self-supporting enterprises or revenue sources
other than property taxation.
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02610 - 29 -
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Self-Insurance Program
The County is self-insured for claims relating to public liability
(excluding the airport) , automobile accidents, and medical malpractice. It is
the County' s policy to appropriate annually sufficient funds to cover the
estimated liability of the County for self-insurance claims to be made during
the upcoming fiscal year. Whenever a claim is made, the claim is evaluated
and a portion of the appropriated funds are reserved to satisfy the County' s
estimated liability for such claim Although the County believes that its
past experience enables it to_evaluate reasonably its liability for
self-insurance claims, no assurance can be made that the amount reserved for
such purpose -will be adequate, nor can there be any assurance that the funds
appropriated to satisfy claims arising during any fiscal year will be
sufficient.
THE COUNTY
Contra Costa County was incorporated in 1850 as one of the original 27
counties of the State with the City of Martinez as the County Seat. It is one
of the nine counties in the San Francisco-Oakland Bay. Area. The County covers
about 733 square miles and extends from the northeastern shore of San
Francisco Bay easterly about 20 miles to San Joaquin County. Contra Costa is
bordered on the south and west.by Alameda County and on the north by Suisun
and San Pablo Bays. The western and northern shorelines are highly
industrialized while the interior sections are suburban/residential ,
commercial and light industrial .
A large part of the interior of the County is served by the Bay Area Rapid
Transit District (BART) which has encouraged expansion of residential and
commercial development. Valuation of non-residential building permits
increased from $158 million in 1980 to $445 million in 1984, while building
permits for an additional 4,162 single family residential units and 2,255
multiple family residential units were issued during the same period. Major
office projects currently under construction include the Chevron Park and
Pacific Telesis office center in the Bishop Ranch project in San Ramon, and
the Bank of America data processing and office complex in Concord' s downtown
redevelopment area.
County Government
The County has a general law form of government. A five-member Board of
Supervisors elected to four-year terms serves as the legislative body. Also
elected are the Assessor, Auditor-Controller, Clerk-Recorder, District
Attorney-Public Administrator, Sheriff-Coroner, and Treasurer-Tax Collector.
A County Administrator Officer appointed by the Board of Supervisors runs the
day-to-day business of the County.
Industry and Employment
Most of the heavy manufacturing is located along the north shore of Contra
Costa County fronting on the Suisun and San Pablo Bays leading to San
Francisco Bay and the Pacific Ocean. Major industries are petroleum refining,
steel manufacture, prefabricated metals, chemical , electronic equipment, paper
products and food processing. Descriptions of major industries and companies
follow.
07610 - 31 -
Petroleum products manufacturing formed the initial basis of industrial
, development in the County. Currently four companies manufacture products from
crude oil . The largest in terms of capacity is Chevron Corporation (Standard
Oil Company of California)--Richmond Refinery which began operations in 1901 .
The Chevron refinery, located on 3,000 acres, has a capacity of 365,000
barrels per day and manufactures a complete line of petroleum products. The
bulk of the crude oil is from Alaska. Shipping facilities include the
company's own wharf which is capable of handling four tankers at a time,
making it the largest in the Bay area in terms of tonnage. Chevron operates
a fleet of 53 tankers of which nine are for intrastate business. Petroleum_
products are also shipped by truck and by two railroad carriers. Standard Oil
recently completed over $400 million of modernization improvements to its
facilities at the Richmond Refinery.
Chevron Corporation operates the Ortho Division of Chevron Chemical
Company in Richmond, which manufactures pesticides, fertilizers and chemicals
for agricultural and nonagricultural purposes. Chevron Research Company is
also located in Richmond and is the only non-geological research arm of the
company. Four new buildings in the research center were completed in 1982 at
a cost of approximately $80 million. This facility is used by Chevron
Research in its continuing program to improve the efficiency of conventional
auto, aircraft and marine fuels. Chevron Accounting Division is located in
Concord. It serves as the finance and computer facility for Chevron' s entire
domestic operations. The Accounting Division is quartered in a new 400,000
square foot building which was completed in early 1982. The San Ramon
facility will house some 5,000-6,000 employees involved in computer,
marketing, consumer services and other functions when completed. _
Total employment for the Chevron Corporation in Contra Costa County is
nearly 9,000. For a breakdown of employment by Division and locations please
see the table following this section.
Shell Oil Company began operating in Martinez in 1915. The Shell .Oil and
Chemical Martinez Manufacturing Complex, located on 1 ,100 acres, is a
combination oil refinery and industrial chemical manufacturing unit. It is
one of three Shell facilities on the West Coast which supplies all Shell
products to the Western states. The complex has the capacity to process
120,000 barrels of crude oil per day. About one-half the crude oil is
transferred via the company' s pipeline from California oil fields while the
other half is shipped from Alaska. Shell ' s docking facilities can handle two
tankers and two barges simultaneously. Finished petroleum products are
shipped via a company owned pipeline, Southern Pacific Railroad' s pipeline and
railcars and trucks.
Shell employees in Contra Costa County total about 1 ,100, of whom about
950 work at the Martinez complex and a small Pittsburg operation. In addition
Shell Oil and Chemical operates a business office in San Ramon employing 135.
r
Union Oil Company operates an oil refinery at Rodeo between the cities of
Richmond and Martinez and distribution terminal for Northern California at
Richmond. The oil refinery, which began operations in 1896, occupies 1 ,100
acres and processes up to 100,000 barrels of raw materials per day. Union' s
docking facilities can handle tankers up to .nine million gallons . There are
520 full-time employees at the refinery and 80 at the distribution terminal .
02610 - 32 -
Tosca Corp. operates the 126,000 barrels per day capacity refinery at
Avon. The refinery, which has been in operation since 1910, uses crude oil
• . ' from 'the North Slope of Alaska and the heaviest crude oil from California oil
fields and refines it into high grade light fuel products. It is located on a
2,200-acre site and employs 713 people.
U.S. Steel-Pittsburg Works began operations in 1910 in Pittsburg. It
currently operates a finishing mill , sheet mill and tin mill . The company
ships its products by three railroad lines, ocean going vessels or via
trucks. Its employees total 1-,100.
In the 1960' s Contra Costa County developed as a center of light
manufacturing, primarily in the electronics industry. The largest of these
companies is Systron-Donner. The company began operations in Concord in the
early 1960's and is now located in four buildings on 23 acres and employs
830. A number of the heavy industry companies have located research or office
divisions in the suburban centers of San Ramon, Concord, and Walnut Creek.
The table below lists certain major employers in Contra Costa County.
A substantial portion of Contra Costa' s work force commutes to San
Francisco primarily to white collar jobs in the City' s financial district.
Total employment in Contra Costa County was estimated by the State Employment
Development Department (EDD) to be 231 ,600 for December 1984 versus an average
of 217,700 in 1983, and 208,300 in 1982. Overall in the last five years
(1980-1984) total employment rose 15 percent while population increased 7
percent.
EDD no longer compiles data on job categories for Contra Costa County. The .
County's detail is now aggregated as part of the five San Francisco Bay Area
Counties group. In 1981 , the last year in which the County' s data was
reported separately, four major job categories comprised 76 percent of Contra
Costa County's work force. They were retail trade (22.2 percent) , services
(20.6 percent) , government (19.2 percent) and manufacturing (14.0 percent) .
During the five years from 1977 through 1981 finance, insurance and real
estate was the fastest growing major category, increasing by 48 percent,
followed by a 30 percent increase in services and a 25 percent growth rate in
wholesale trade. In contrast, agricultural employment declined by 15 percent.
The table titled "Labor Market Survey" summarizes employment by industry
of workers in Contra Costa County since 1977. The figures presented are
annual averages which are estimated by the State Department of Employment
Development. Comparable employment totals by category for 1982, 1983 and 1984
are not available from the State Department of Employment Development. In
March 1985 unemployment figures were as follows: 6% for Contra Costa County,
7.3% for State of California and 7.3% for the United States.
J
02610
- 33 -
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• LABOR MARKET SURVEY
(in thousands)
1977 1978" ' 1979" ' 1980( " 1981 `2 '
Mining and construction. . . . . .: . . . . . . . 11 .0 12.5 13.8 14.1 13.4
Manufacturing. . . . . . . . . . . . . . . . . . . . . . . . 26.5 26.4 27.5 27.1 28.4
Chemicals. . . . . . . . . . . . . . . . . . . . . . . 4. 1 3.9 3.9 3:6 3.8
Petroleum. . . . . . . . . . . . . . . . . . . . . . . 5.0 5.0 5.3 5.4 6.9
Other nondurables. . . . . . . . . . . . . . . 6.2 6.0 5.9 5.8 5.7
Durable goods. . . . . . . . . . . . . . . . . . . 11 .2 11 .5 12.4 12.3 12.0
Transportation and public utilities. . 9.7 10.4 10.9 11 .8 12.0
Wholesale trade. . . . . . . . . . . . . . . . . . . . . . 7.1 7.6 7.9 8.7 8.9
Retail trade. . . . . . . . . . . . . . . . . . . . . . . . 38.5 42.0 43.8 44. 1 45.2
Finance, insurance and real estate. . . 8.7 10.2 11 .5 11 .9 12.9
Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.3 36.6 38.3 40.0 42.0
Business services. . . . . . . . . . . . . . . 6.1 7.0 7.9 8.4 8.8
Health services. . . . . . . . . . . . . . . . . 9.6 10.2 11 .0 11 .4 11 .9
Other services. . . . . . . . . . . . . . . . . . 16.6 19.4 19.4 20.2 21 .3
Government. . . . . . . . . . . . . . . . . . . . . . . . . . . 40.5 40.4 38.9 39.7 39.0
Agriculture. . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 1 .9 1 .8 1 .7 1 .7
Total . . . . . . . . . . . . . . . . . . . . . . 176.3 186.8 194.3 199.0 .203.5
Total does not add due to independent rounding.
`2 ' Last year data available by County basis. For 1982, 1983 and 1984 data by job
categories not available from State Department of Employment Development.
County now included as part of five San Francisco Bay Area Counties group only.
Source: State Department of Employment Development.
BUILDING AND ECONOMIC OUTLOOK FOR 1985 AND BEYOND
A favorable factor in the economic outlook for Contra Costa County for
1985 and future years is the many major commercial and industrial building
projects taking shape along Interstates 680 and_ 80 running through the County
and in the Cities of Walnut Creek, Concord and San Ramon. The increase in
office space in Contra Costa County has been substantial . Non-residential
valuation of building permits (primarily commercial office buildings) totaled
over $445 million in 1984 versus $362 million in 1983, $218 million in 1982
and $206 million in 1981 .
02810 - 35 -
t
For the last few years, office construction and leasing has been the
, mach-publicized center of the County' s economy. It is estimated that over 5
million square feet of office space alone will be constructed in Bishop Ranch,
during the next seven years. Slated for completion in 1995, Bishop Ranch, a
585-acre business park, anticipates to be the workplace for 20,OOO .people.
With 2 million square feet currently under construction, Bishop Ranch is
already sizable. Major tenants in International Harvester, Union Carbide,
Western Electric, Davy McKee, Equifax and Northern Telecom, Chevron, Pacific
Bell and Beckman Instruments are among the larger owner/users. The County' s
excellent labor force and lower land and leasing costs than nearby
metropolitan areas should continue to make the County an attractive area for
new construction.
The Bank of America' s computer, data processing and office complex in
Concord' s downtown redevelopment area is scheduled to open in September 1985,
and employ 3,500.
In addition, completion in 1985 of several large office complexes in the
Central and South County should play a significant role in expanding
employment opportunities in Contra Costa County. Expansion of office
employment should create a need for more retail and service businesses in the
County.
Also, the Bay Area, including Contra Costa County and the Port of
Richmond, are in excellent position to increase shipping and cargo handling
because of continued growth in Pacific Basin trade.
Other kinds of "mixed use development" includes planned the Ellinwood
project in Pleasant Hill , the site of housing, offices and restaurant
construction; the Town Centre Complex in Walnut Creek, a planned housing,
hotel , shopping and office complex; and Hilltop in Richmond where housing,
light industry, offices and service businesses are part of a master plan for
the future.
Environmental Control Services
Water Supply: The East Bay Municipal Utilities District (EBMUD) and the
Contra Costa County Water District supply residents with water.
EBMUD, the second largest retail water distributor west of the
Mississippi , supplies water to the western part of the County. Ninety-five
percent of its supply is the Mokelumne River stored at the 68 billion gallon
capacity Pardee Dam. The District is entitled to 325 million gallons per day
under a contract with the State Water Resources Control Board, plus an
additional 325 million gallons per day under a contract with the U.S. Water
and Power Resources Service (formerly the U.S. Bureau of Reclamation) . The
District does not plan to draw on its federal entitlement for the foreseeable
future. Currently the District' s water supply is sufficient.
02610 - 36 -
t
The Contra Costa County Water District obtains its water from the
Sacramento-San Joaquin Delta. It is entitled under a costract with the U.S.
` Water' and Power Resources Service to 195,000 acre-feet per year. Water sold
has ranged between 80,000 and 110.,000 acre-feet annually- In addition, a
number of industrial users and several municipalities draw water directly from
the San Joaquin River under their own riparian rights, so that actual water
usage in the service area averages about 125,000 acre-feet annually. The
District states its water supply- Is sufficient for the fcreseeable future and
has no plans to bring in additional supplies.
Sewerage: Sewer services for the County are provides by approximately 20
sanitation districts and municipalities. Federal and State environmental
requirements plus grant money available from these two sources have resulted
in about 14 agencies upgrading, expanding and/or building new facilities.
Flood Control : The Contra Costa County Flood ControT District has been in
operation since 1951 to plan, build, and operate flood control projects in
unincorporated areas of the County except for the Delta area on its eastern
border. The Delta is interspersed with inland waterways which fall under the
jurisdiction of the U.S. Corps of Engineers and the State Department of Water
Resources. The District has one major project under construction--a
$25,000,000 project in the vicinity of Concord. The District's portion of the
cost is $1 ,850,000; the rest is provided by the Corps of Engineers, the .
project builder. The County has experienced no major flooding in urbanized
areas since October 1962.
Population
Population in Contra Costa County reflects the County' s growth as 'a
manufacturing center in the early 1900' s and as a light manufacturing and
suburban center beginning in the 1950's. Population rose almost 200 percent
in the 1940' s, due mostly to wartime industry in the City of Richmond. During
the 50' s and 60's population increased 37 percent each decade. The 1970' s had
a slower growth rate of about 17 percent. The following table shows a 45 year
history of the County' s population growth.
Population centers in Contra Costa County.first developed in the coastal
cities of Richmond, Martinez, Pittsburg, and Antioch. Heavy manufacturing
provided the major impetus for population growth. Three other unincorporated
towns, Lafayette, Orinda and Moraga, became prime residential areas when
access to Oakland and. San Francisco was improved by the opening of the
Caldecott Tunnel in 1937. `Three unincorporated areas, Danville, San Ramon,
and Orinda became new cities in 1982, 1983 and 1985, respectively. Both
Danville and San Ramon are located in the southern part of the County and owe-
their growth partly to being located along Interstate 680.
The cities of Walnut Creek and Con ord grew rapidly during the 1960's and
70' s. While both cities have an econofnic base of light manufacturing, their
population growth came about from opening of highways primarily to San
Francisco and in the 70' s from the establishment of rapid transit (BART). .
0261 - 37 -
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Construction Activity
The value of building permits issued in Contra Costa County totaled more
than $850 million in 1984, a significant increase from prior years. The
fastest growing canponent has been nonresidential construction which totaled
$445 million in 1984. Of that total , commercial , valuation accounted for the
major part reflecting a rapid increase in construction of office space as
major companies are expanding facilities or relocating offices to Contra Costa
County.
Residential building permits totaled $408.5 million in 1984. Single
family permits have typically comprised 65-75 percent or more of new dwelling
units authorized. Over the five year period (1980-1984) permits have been
issued for 18,811 single family homes and 6,447 multiple family dwelling units
having a total valuation of $1 ,597, 137.,000. Approximately one-third to
one-half of the single family permits were issued in the unincorporated areas
of the County.
The following table provides a summary of building permit valuations and
number of new dwelling units authorized .in the County since 1980.
COUNTY OF CONTRA COSTA
BUILDING PERMIT VALUATIONS
1980 1981 1982 1983 1984
Valuation ( in thousands)
Residential . . . . . . . . . . . . $306,175 $227,924 $201 ,256 $432,288 $408,062
Nonresidential . . . . . . . . . 158,804 205,905 218,496 362,940 445,002
Total . . . . . . . . . . . . . $464,979 $433,829 $419,752 $795,228 $853,564
New Dwelling Units:
Single family. . . . . . . . . . 4,566 2,523 1 ,930 4,588 4,162
Multiple family. . . . . . . . 854 585 858 1 ,968 2,255
Total . . . . . . . . . . . . . 5,420 3,108 2,788 6,556 6,417
i
Source: "California Construction Trends," Security Pacific National Bank.
Transportation
Availability of a broad transportation network has been one of the major
factors in the County' s economic and population growth. Road transportation on
Interstate 80 connects the western touchy to San Francisco, Sacramento and points
north to Interstate 5, the major north-south highway from Mexico to Canada.
Interstate 680 connects the central county communities to the rest of the Bay
Area via State Routes 4 and 24, major east-west arteries.
02610 - 40 -
f
AC Transit, a daily commuter bus service based in Oakland, connects Contra
Costa communities to San Francisco and Oakland. Central Contra Costa Transit
Authority (CCC:A) was formed in 1981 to provide local bus service to the
central area of the County. CCCTA is currently providing service in Walnut
Creek, Pleasant Hill and Concord and other central County areas. Since 1974
Bay Area Rapid Transit System (BART) with two main lines, one to Richmond and
the other to the Concord/Walnut Creek area, connects the County to Alameda
County, San Francisco and Daly City in San Mateo County. Other bus and rail
passenger service is provided by Greyhound, Trailways Bus, and Amtrak. The
Santa Fe and Scuthern Pacific- Railroads' mainlines service Contra Costa
County, both ir, the industrial coastal areas and the inland farm section.
The port of Richmond on San Pablo Bay and several privately owned
industrial docks on both San Pablo and Suisun Bays serve the heavy industry
located in the area. The Port of Richmond, owned and operated by the City,
now covers 202 acres. The Port handled 1 ,011 ,289 short tons in 1983, down
slightly from 1 ,189,032 in 1980. The majority of the shipments ,are bulk
liquid with the remainder being scrap metal and autos.
Private terminals near Richmond handled 15,424,073 short tons in 1983.
The largest shipper accounting for most of this tonnage is Chevron. In August
1983 the U.S. Congress approved a $44 million bill to deepen the Port of
Richmond' s inner harbor and extend two turning basins.
Major scheduled airline passenger and freight transportation for County
residents is available at either Oakland or San Francisco International
Airports, located about 20 and 30 miles, respectively, from the County. In
addition there are two general aviation fields, one at Antioch and the other.
at Concord. ,
Agriculture
Agriculture is concentrated in the eastern half of the County. Major
individual products in terms of 1984 dollar value are: milk ($7.37 million) ,
tomatoes ($7.37 million) , bedding plants ($5.80 million) , cattle and calves
($5.66 million) , cut roses ($5.20 million) , field corn ($2.90 million) and
asparagus ($2.90 million) .
02610 — 41 —
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APPENDIX A
CONTRA COSTA COUNTY
REPORT ON EXAMINATION
FOR THE YEAR ENDED JUNE 30, 1984
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