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HomeMy WebLinkAboutMINUTES - 03081988 - 1.39 �.38 ., THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA DATE: March 8, 1988 MATTER OF RECORD SUBJECT: Public Works Department Expansion Program The Board this date approved Design Development Documents for the addition to 255 Glacier Drive, Martinez, for Public Works Department expansion, and approved the use of the County Supervisors Association of California (CSAC) California Counties Lease Financing Authority for deferred financing of said addition. Phil Batchelor, County Administrator, advised that the project would provide increased office space for the Public Works facilities. He noted that the project would be funded through road funds rather than the General Fund. Board members commented on the advantages of using the CSAC funding at an interest rate that will result in substantial savings to the County. THIS IS A MATTER FOR RECORD PURPOSES ONLY NO BOARD ACTION TAKEN t1 COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA 2 _ Resolution of the Board of Supervisors 3 Resolution No. .88/104 4 IN THE MATTER OF A RESOLUTION APPROVING, AUTHORIZING AND 5 DIRECTING EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS 6 INCLUDING INTEREST RATE AND REPAYMENT SCHEDULES, 7 AUTHORIZING _AND DIRECTING EXECUTION OF A REMARKETING 8 AGREEMENT, APPROVING A PRELIMINARY OFFICIAL STATEMENT 9 AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH 10 RESPECT THERETO: 11 The following resolution was duly passed by the Board of 12 Supervisors of the County of Contra Costa at a regular meeting 13 held March 8 , 1988, by the following vote: 14 Ayes: Supervisors Powers , Fanden, McPeak, Torlakson, Schroder. 15 Nays: None 16 Absent: None 17 Signed and approved by me after it pa e 18 By: 19 airman, Boa f Supervisors 20 Attest: Phil Batchelor , Clerk of the Board of Supervisors and County Administrator 21 By: Deputy Clerk of t e Board 22 23 WHEREAS, in previous action, the County has approved a 24 Participation Agreement expressing the interest of the County to 25 participate in a lease financing program in conjunction with the 26 County Supervisors, Association of California (the 27 "Corporation") ; and 28 WHEREAS, to enable the issuance of the Certificates of 29 Participation contemplated by the lease financing program (the 30 "Program") and to effectuate such Program, the County entered - -1- P r 1 into a Joint Exercise of Powers Agreement Between Certain 2 Counties in California (the "JPA Agreement") creating the 3 California-Counties Lease Financing Authority (the "JPA") ; and ZZ 4 WHERS-AS, the County proposes to participate in the Program g 5 and desires to finance certain property (the "Project") described 6 in Exhibit C to the Project Lease Agreement (defined below) and 7 it is in the public interest and for the public benefit that the 8 County authorize and direct the execution of the Project Lease 9 Agreement together with certain other financing documents in 10 connection therewith, the forms of which have been provided to 11 this Board of Supervisors at the meeting at which this Resolution 12 was adopted; and 13 WHEREAS, pursuant to the County's authorization, 14 Prudential-Bache Capital Funding (the "Remarketing Agent") 15 proposes to remarket the financing and has prepared and presented 16 to the County a form of Fixed Rate/Variable Rate Supplemental 17 Remarketing Agreement (the "Remarketing Agreement") and a 18 preliminary official statement containing information material to 19 the remarketing and sale of the Certificates of Participation 20 described below (the "Preliminary Official Statement") ; and 21 WHEREAS, the documents below specified have been filed with 22 the County and the members of the Board of Supervisors, with the 23 aid of its staff, have reviewed said documents. 24 NOW, THEREFORE, it is hereby RESOLVED, ORDERED AND 25 DETERMINED, as follows: 26 SECTION 1. The Chairman, Vice Chairman, County 27 Administrative Officer, Assistant County Administrative Officer, 28 or any other County official designated by the County 29 Administrative Officer or otherwise authorized to execute 30 contracts (after approval) on behalf of the County (the "County 31 Representatives) ") are hereby authorized and directed to execute 32 the documents listed below, in substantially the forms presented 33 at this meeting, with such changes, insertions and omissions as 34 may be approved by such official, and the Clerk of the Board or 35 Deputy Clerk is hereby authorized and directed to attest to such 36 official's signature: i i 37 (a) a lease agreement, relating to the Project, 38 between the JPA, as lessob, and the County, as lessee 39 (the "Project Lease Agreement") , so long as (i) the i 40 term of the Project Lease Agreement does not exceed 41 20 years, (ii) the principal amount of the Project 42 Lease Agreement does not exceed $3 , 500,000 and (iii) 43 the Lease Payments payable by the County thereunder in 44 any twelve-month period do not exceed $ 400, 000 ; and -2- P � r r, 41 (b) the JPA Agreement; and 2 (c) related Closing Documents as required in connection 3 with and related to financing the Project. - 4 SECThDN 2 . A Remarketing Agreement by and among the 5 Remarketing Agent, the Counties and the Trustee relating to 6 remarketing by the Remarketing Agent of the Certificates of 7 Participation, be and is hereby approved, and the County 8 Representatives are hereby authorized and directed to execute the 9 same, with such changes, insertions or omissions as may be 10 approved by such County Representatives. 11 SECTION 3 . The County Representatives are hereby authorized 12 and directed to execute such other agreements, documents and 13 certificates as may be necessary to effect the purposes of this 14 Resolution and the financing herein contemplated and authorized 15 including, but not limited to, a site lease, a site and facility 16 lease, an encroachment permit, an easement, a license, a security 17 document, or such other document as may be appropriate to 18 transfer to the JPA and the Corporation a legal interest in the 19 real property upon which the Project will be constructed or 20 located, if the Project includes a real property component, or to 21 transfer to the Corporation a legal interest in such portions of 22 the Project that include personal property. 23 SECTION 4 . To the best of the County's Representatives' 24knowledge, information and belief, the Preliminary Official 25 Statement contains no untrue statement of a material fact with 26 respect to the County or omits to state a material fact with 27 respect to the County required to be stated where necessary to 28 make any statement made therein not misleading in the light of 29 the circumstances under which it was made. 30 SECTION 5. The Preliminary Official Statement is approved 31 for distribution in connection with the offering and remarketing 32 of the Certificates of Participation. 33 SECTION 6. The County Representatives are authorized to 34 approve corrections and additions or deletions to the Preliminary 35 Official Statement by supplement or amendment thereto, or 36 otherwise as appropriate, provided that any such corrections and 37 additions or deletions shall be necessary to cause the 38 information contained therein to conform with facts material to 39 the Certificates of Participation or to the proceedings of the 40 County or such corrections and additions or deletions are in form 41 rather than in substance. 42 SECTION 7. The County Representatives are authorized and 43 directed to cause the Preliminary Official Statement to be 44 brought into the form of a final official statement (the 45 "Official Statement") and to execute such Official Statement and 46 a certificate stating that the facts contained in the Official 47 Statement, and any supplement or amendment thereto (which shall -3- r sf 1 be deemed an original part thereof for purposes of such 2 certificate or statement) were, at the time of the remarketing of 3 the Certificates of Participation, true and correct in all 4 material - aspects and that the Official Statement did not, on the 5 date of clivery of the Certificates of Participation, contain 6 any untrui statement of a material fact with respect to the 7 County or omit to state material facts with respect to the County 8 required to be stated where necessary to make any statement made 9 therein not misleading in the light of the circumstances under 10 which it was made. The County Representatives shall take such 11 further actions prior to the signing of the Official Statement as 12 are deemed necessary or appropriate to verify the accuracy 13 thereof. 14 SECTION 8. This Resolution shall take effect from and 15 after its date of adoption. 16 The foregoing resolution was duly passed and adopted by the 17 Board of Supervisors of the County of Contra Costa at a 18 rPg„lar meeting thereof, held on the 8th day of 19 March , 1988, and this instrument is a correct copy of the 20 original -'6n—file in this office. MAR 8 1988 21 Date: 22 Certified By: aJ- zx- _ ` 23 Clerk of the Board of Supervisors 24 of Contra Costa County. I -4- 31 r: BOARD OF SUPERVISORS FROM: Phil Batchelor, County Administrator Cwtra 0 C )sta DATE: March 8, 1988 Cay �' SUBJECT: Use of CSAC California Counties Lease Financing Authority �" "1 SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION Recommendation: 1 . Authorize the use of the County Supervisors Association of California Counties Lease Financing Authority for funding the Public Works Administrative Addition to 255 Glacier Drive, Martinez. 2. Adopt Resolution authorizing County staff and consultants to prepare and distribute necessary documents and take other actions necessary to 'issue certificates of participation for funding the project. 3 . . Authorize the County Administrator or members of his staff to execute any necessary documents for the financing. Financial Impact: The deferred financing costs for securities needed to f nd the construction of the Public Works Addition will be charg d to the various activities managed by the Public Works Departme t. The project is estimated to cost approximately $3 ,000,000 . The annual debt service is estimated to cost approximately 275,000 per year. Actual construction bids and interest rates n the securites market will determine the final costs. The CSAC Financing Authority has funding available for his project at at lower cost of issuance since many of the sual cost for issuance were paid from the initial issue done in 1M. The County joined the Authority as part of the initial ssu but has not had need to borrow funds until now. As a result of the early participation, the County will benefit from lower costs for the funding of securities necessary for the Public Works project. Background: The Public Works Department moved from the Administrati n Building to Glacier Drive in 1987 . The staff is housed in the Rich Flood Control Building, the Flood Control Annex an CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD CO MITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON MAR APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE UNANIMOUS (ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN AYES; NOES: AND ENTERED ON THE MINUTES OF THE BOARD ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. cc: Co. Adminis trator ATTESTED _ MAR 8 1988_._'_____ Co. Counsel PHIL BATCHELOR, CLERK OF THE BOARD OF Auditor-Controller SUPERVISORS AND COUNTY ADMINISTRATOR Treasurer �/'� . Public Works Director '� M382/1_ffneral Services BY _,DEPUTY -2- temporary trailers on the Flood Control Building site. The entire complex is overcrowded and poorly suited to serving the public. The proposed addition will provide adaquate space for staff as well as public service areas designed for the needs of the activity. A parking lot to serve the staff and public needs has recently been completed and was designed to fit in with the proposed addition in the most advantageous manner. The present location brings most of the Public Works staff into one site. Improved coordination and service has been the result of the consolidation of staff. The overcrowded conditions in the buildings and the trailers continue to impact morale but the benefits of consolidation have proven worthwhile. The space formerly occupied by Public Works in the Administration Building has been occupied by Building Inspection, Community Development and Risk Management. The space given up by Public Works has allowed the other departments to relieve overcrowding and, in the case of Building Inspection, give up a leased space. Without the Public Works space it would have been necessary to locate and lease additional space in the Martinez area.