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RESOLUTION NO. 87/298
RESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF CONTRA COSTA DETERMINING
TO PROCEED WITH THE ISSUANCE AND SALE
OF 1987-1988 TAX AND REVENUE ANTICIPATION
NOTES AND AUTHORIZING COUNTY OFFICIALS
TO TAKE ALL NECESSARY STEPS TO IMPLEMENT
SUCH ISSUANCE.
WHEREAS, pursuant to Section 53850 et seq. of the Government
Code of the State of California, the County of Contra Costa (the "County")
may borrow money by the issuance of temporary notes 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 1987-1988; and
WHEREAS, it is necessary and desirable for the appropriate
County Officials to be authorized to take such actions as may be necessary
to accomplish such borrowing;
NOW, THEREFORE, the Board of Supervisors of the County
of Contra Costa hereby resolve as follows:
Section 1. This Board of Supervisors hereby determines
to issue not to exceed seventy million dollars ($70,000,000) of County
of Contra Costa 1987-1988 tax and revenue anticipation notes, upon
such terms and conditions as shall be subsequently approved by resolution
of this Board of Supervisors.
Section 2. The County Administrative Officer, County Treasurer
and County Auditor be and they are hereby authorized and directed
to take all necessary actions to implement such borrowing, including
arranging for the prepartion of the resolution of issuance of said notes
and other necessary legal documents, the preparation of an official statement
describing said notes, the obtaining of ratings from bond rating agencies
on said notes and related actions.
PASSED AND ADOPTED by the Board of Supervisors of the
County of Contra Costa this 19thday of May , 1987, by the following
vote:
AYES: Supervisors Powers, Fanden, Torlakson, Schroder
NOES: None
ABSENT: Supervisor McPeak
Robert I . Schroder , Chair
Board of Supervisors
(Seal)
ATTEST: Phil E. Batchelor
Clerk of the Board of Supervisors
and County Administrator
By CA
Deput C1 rk
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CLERK'S CERTIFICATE
I, Jeanne 0. Maglio Deputy Clerk and
Chief Clerk of the Board of Supervisors of the County of Contra Costa,
hereby certify that the foregoing is a full, true and correct copy of
a resolution duly adopted at a regular meeting of the Board of Supervisors
of said County duly and regularly held at the regular meeting place
thereof on the 19th day of May , 1987, of which meeting all of the members
of said Board of Supervisors had due notice and at which a majority
thereof were present; and that at said meeting said resolution was adopted
by the following vote:
AYES: Supervisors Powers, Fanden, Torlakson, Schroder
NOES: None
ABSENT: Supervisor McPeak
An agenda of said meeting was posted at least 72 hours
before said meeting at 651 Pine Street
Martinez, California, a location freely accessible to members of the public,
and a brief general description of said resolution appeared on said agenda.
I further certify that I have carefully compared the same
with the original minutes of said meeting on .file and of record in my
office; that the foregoing resolution is a full, true and correct copy
of the original resolution adopted at said meeting and entered in said
minutes; and that said resolultion has not been amended, modified or
rescinded since the date of its adoption, and the same is now in full
force and effect.
WITNESS my hand and the seal of the County of Contra
Costa this 19th day of May 1987.
Deputy Clerk
of the Board of Supervisors
of the County of Contra Costa,
State of California
[Seal]
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THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA .
Adopted this Order on May 19, 1987 , by the following vote:
AYES: Supervisors Powers , Fanden, Torlakson, Schroder
NOES: None
ABSENT: Supervisor McPeak
ABSTAIN: None
SUBJECT: COUNTY'S FINANCIAL POSITION Resolution No. 87/299
WHEREAS, the County' s financial position has continually
improved in recent years in spite of state and federal funding reductions;
and
WHEREAS, the County' s borrowing program is an integral part
of the financial stability Contra Costa has been able to enjoy; and
WHEREAS, the rating agencies view policy makers' support' of
solid financial plans as a critical indicator of the likelihood of payback
of funds borrowed; and
WHEREAS, the County' s contingency fund is seen as another
critical indicator of ability to repay borrowed funds;
NOW, THEREFORE, BE IT RESOLVED that the Contra Costa Board
of Supervisors intends to continue its sound financial planning practices
and to protect or increase its contingency funds to the extent possible.
I hereby certify that this is a true and
correct copy of action taken and entered
on the minutes of the Board of Supervisors
on the date shown.
ATTESTED: May 19, 1987
PHIL BATCHELOR, Clerk of the Board
of Supervisors and County Administrator
By Deputy
cc : County Administrator
RESOLUTION NO. 87/ 299
-2 e-
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY$ CALIFORNIA
Adopted this Order on May 19 , 1987 by the following vote:
AYES: Supervisors Powers , Fanden, Torlakson, Schroder
NOES: None
ASSENT: Supervisor McPeak
ABSTAIN: None
SUBJECT: Travel Authorization for the County ' s
1987-1988 -Borrowing Program
IT IS BY THE BOARD ORDERED that Phil Batchelor,, County
Administrator ., Don Bouchet , Auditor-Controller,, and Al Lomeli,
Treasurer-Tax Collector, are AUTHORIZED to meet with rating
agencies in New York on May 21 - 24 , 1987 , to discuss the
County 's financial position relative to the 1987-1988 borrowing
program.
I heroby certify that this 13 a true and correct copy of
an action taken and entered on the minutes cf the
Board of Supervisors on the date shown.
ATTESTED: -Supervisors
f-, / f P7
PHIL BATCHE&R,Clerk of the Board
of Supervisors and County Administrator
Deputy
Orig. Dept.:
CC: County 'Administrator
Auditor-Controller
Treasurer-Tax Collec-tor