HomeMy WebLinkAboutMINUTES - 06071988 - 2.7 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY
Adopted this resolution on June 7 , 1988 _, by the following
vote:
AYES: Supervisors Powers , Fanden, McPeak, Torlakson, Schroder.
NOES: None.
ABSENT: None.
ABSTAIN: None. 88/306
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SUBJECT: A Resolution of the Board of Supervisors of the County
of Contra Costa Authorizing the Execution and Delivery
of a Payment Agreement, Authorizing the Filing of a
Validation Action in Connection with the Highway 4
Extension Project and Authorizing Related Actions in
Connection Therewith.
The Contra Costa County Board of Supervisors RESOLVES that:
WHEREAS, Article 4 of Chapter 5 of Division 7 of Title 1 of the
California Government Code (the "Marks-Roos Local Bond Pooling
Act of 198511 ) authorizes and empowers local agencies to form a
joint powers authority for the purpose of financing public
capital improvements; and
WHEREAS, the Board of Supervisors of the County of Contra Costa
has authorized the execution of a joint exercise of powers-
agreement
owersagreement creating the "Contra Costa Delta Highway Joint Powers
Financing Authority, " pursuant to the Marks-Roos Local Bond
Pooling Act of 1985, with the City of Antioch and the City of
Pittsburg, for the purpose of financing the extension of
California State Highway 4 (the "Project" ) ; and
WHEREAS, the Board of Supervisors has determined that it is
desirable and furthers a public purpose to assist in the
:s
expansion and improvement of California State Highway 4; and
a
WHEREAS, the County of Contra Costa is authorized and empowered
by the laws of the State of California to appropriate and expend
moneys on and enter into contracts for municipal functions and
capital improvements, including the acquisition, construction,
maintenance or operation of streets and highways benefiting their
respective residents; and
WHEREAS, the County of Contra Costa desires to enter into a
payment agreement with the Contra Costa Delta Highway Joint
Powers Financing Authority for the purpose of financing the
Project; and
WHEREAS, the Contra Costa Delta Highway Joint Powers Financing
Authority intends to issue bonds (the "Bonds" ) for the purpose of
financing the Project; and
WHEREAS, because such financing involves significant unresolved
legal issues, the County of Contra Costa desires to engage the
law firm of Orrick, Herrington & Sutcliffe as authorized on
January 19 , 1988 for the purpose of filing and prosecuting a
validation action under Code of Civil Procedure Section 860 for
the purpose of validating the agreements and documents related to
such financing;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of
the County of Contra Costa' as follows:
RESOLUTION NO. 88/306
Section 1 . The Board of Supervisors hereby finds and determines
that the execution and delivery of the Payment Agreement and the
consummation of the transactions contemplated therein shall
result in significant public benefits to the County of Contra
Costa in that ( 1 ) the County of Contra Costa expects to benefit
from demonstrable savings in costs related to financing the
Project, ( 2) completion of the Project in an timely fashion will
generate benefits to certain inhabitants and employers within the
County of Contra Costa, and ( 3) the County of Contra Costa
expects to be able to provide more efficient delivery of local
agency services to residential and commercial development within
certain portions of the County of Contra Costa' s jurisdiction.
Section 2 . The form of Payment Agreement between the County of
Contra Costa, City of Pittsburg, City of Antioch and the Contra
Costa Delta Highway Joint Powers Financing Authority, on file
with the Clerk of the Board of Supervisors of Contra Costa County
and incorporated herein by reference, is hereby approved and the
County Administrator is hereby authorized to execute and deliver
said Payment Agreement in substantially the form hereby approved
or with any changes made by the County Counsel pursuant to
Section 3 of this Resolution.
Section 3 . The County Counsel is hereby authorized and directed
in the name and on behalf of the County of Contra Costa to make
any changes in the Payment Agreement which hereafter become
necessary in the interest of the County of Contra Costa and which
she/he deems necessary or appropriate in order to consummate the
lawful issuance, sale and delivery of the Bonds by the Contra
Costa Delta Highway Joint Powers Financing Authority for the
purpose of financing the project.
Section 4 . The County Administrator is hereby further authorized
to take any and all other actions necessary and appropriate to
carry out the Payment Agreement.
Section 5 . The Board of Supervisors does hereby authorize::$ and
request the law firm of Orrick, Herrington & Sutcliffe, bond
counsel to the Contra Costa Delta Highway Joint Powers Financing
Authority to file a validation action for and in the name and on
behalf of the County of Contra Costa, pursuant to California Code
of Civil Procedure Section 860 and following to validate this
Resolution, the Payment Agreement, the Joint Exercise of Powers
Agreement, and all related contracts, agreements and actions
herein authorized and approved or hereafter authorized and
approved in connection with the financing of the Project.
Section 6 . This resolution shall take effect immediately upon
passage.
I hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED:
PHIL BAT HELOR, Clerk of of t�d
o4 Supervisors and County Administrator
By .,.y.°� , Deputy
SG: jal
Resh4 .t06
cc: Transportation Planning
County Administrator
County Counsel
RESOLUTION NO . 88/306