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RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA STATING THEIR INTENT TO ISSUE AND SELL
SHORT-TERM MANDATORY TENDER TAX AND REVENUE ANTICIPATION
NOTES FOR FISCAL 1986/87
RESOLUTION NO. 86/237
WHEREAS, the Contra Costa County Board of Supervisors will need
to provide for adequate financing for the County budget for fiscal
1986/87 due to a shortfall of cash prior to receipt of property tax
revenues; and
WHEREAS, based upon estimates provided by the County Adminis-
trator' s Office and Auditor-Controller' s Office, short=term financing
provided for in 1985/86 will again be necessary in 1986/87; and
WHEREAS, pursuant to State mandates and in order to meet those
requirements , the County of Contra Costa wishes to issue Tax and
Revenue Anticipation Notes on or around July 1 , 1986 , so that the
County General Fund will have sufficient funds to meet County
obligations; and
WHEREAS, pursuant to Sections 53850 et. seq. of the Government
Code of the State of California, this Board of Supervisors finds that
the County needs to issue temporary notes for County cash management
purposes; and
WHEREAS, upon recommendation by the County Treasurer-Tax Collector
to hire the law firm of Orrick, Herrington & Sutcliffe as Bond Counsel
and the Bank of America National Trust and Saving Association as the
Underwriter.
NOW, THEREFORE, BE IT RESOLVED that the Board of Supervisors of
the County of Contra Costa hereby . .finds and directs staff to prepare
the necessary documentation for issuance of Tax and Revenue Anticipa-
tion Notes for fiscal 1986/87 and that such information be brought
back to the Board of Supervisors for adoption, and that. the Board of
Supervisors authorize the Treasurer to negotiate the fees with Orrick,
Herrington & Sutcliffe to provide Bond Counsel and the Bank of America
National Trust and Saving Association as Underwriter and other related
services .
. PASSED AND ADOPTED by the Contra Costa County Board of Supervisors
this 29th day of April 1986 , by the following vote:
AYES : Supervisors Fanden, McPeak, Schroder , Torlakson, Powers .
NOES: None.
ABSENT: None .
Thos. ' s M. Powers Chairman
Contra Costa County Board of Supervisors
ATTEST: Phil Batchelor , County Administrator
and Clerk of the Board of Supervisors
BY: 'e_ ���
cc : QCtounty Administrator
Auditor-Controller
Treasurer-Tax Collector