HomeMy WebLinkAboutMINUTES - 03071989 - 1.24 r �, �ya
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RESOLUTION NO. 8 7, !Sv
RESOLUTION APPROVING AGREEMENT
FOR LEGAL SERVICES
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
The Board of Supervisors of the County of Contra Costa
resolves:
This Board approves that certain agreement between the
County of Contra Costa, and STURGIS, NESS, BRUNSELL & SPERRY a
professional corporation, for services of that firm as Special Bond
Counsel for Assessment District 1989-1, San Ramon Valley 'Boulevard
Refunding (Refund A.D. 1981-1) , County of Contra Costa, State of
California, dated March 7, 1989, and attached to this resolution.
The Chairman of the Board is authorized to sign the
agreement and the Clerk of the Board is authorized to attest its
execution. .
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the Board of Supervisors of the County of
Contra Costa, State of California, at a regular meeting thereof,
held on the 7th day of March, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By:
RESOLUTION NO.
AGREEMENT FOR LEGAL SERVICES
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD
(REFUND A.D. 1981-1)
This is an agreement for legal services between the
County of Contra Costa, a political subdivision of the State of
California, referred to as Client, and STURGIS, NESS, BRUNSELL &
SPERRY a professional corporation, Attorneys at Law, Emeryville,
California, referred to as Bond Counsel.
1. Client retains Bond Counsel as special counsel to
perform the following legal services relating to Assessment
District 1981-1, San Ramon Valley Boulevard Refunding (Refund A.D.,
1981-1) , County of Contra Costa, State of California.
(a) Preparation of all forms of resolutions, notices,
affidavits, and other documents required by the
Refunding Act of 1984 for 1915 Improvement Act
Bonds (the "Act") , including the legal format of
the engineer's report required by Section 10204.
(b) The preparation of written instructions to
Client's Clerk and other staff members
concerning the performance of legally-required
duties.
(c) Review of documents prepared by Client's
engineering staff or consulting engineers,
including reassessment diagram and reassessment
roll.
(d) Attendance at all public meetings of Client at
which matters relating to the reassessment
district are considered, except routine matters.
(e) Attendance at staff meetings or meetings of
property owners, upon the request of the Client,
after reasonable notice.
(f) Telephone consultation with staff members and
property owners to answer legal questions about
the reassessment proceedings.
(g) Arrangements for the printing of refunding bonds to
represent unpaid reassessments.
(h) The preparation of a record of assessment installments
for the use of the County Auditor, if required.
(i) Arrangements for the sale of refunding bonds either by
negotiation or by public bid, at the option of Client,
including a review of financial disclosure requirements
and, if required, the preparation of the notice inviting
bond bids.
(j) The preparation of bond delivery documents.
(k) The rendition of a legal opinion on the validity of the
refunding bonds and the proceedings leading to their
issuance.
(1) Preparation of a transcript of the legal proceedings in
loose-leaf form for the use of the Client.
(m) Preparation of the required reports to the California
Debt Advisory Commission (pursuant to Section 8855 et
seq. of the Government Code) and to the Internal Revenue
Service (pursuant to Section 149 of the Internal Revenue
Code of 1986) .
2. The services of Bond Counsel under this agreement
shall not include the following:
(a) Legal services in connection with the acquisition
of interests in real property, either through
negotiation or through exercise of the power of
eminent domain.
(b) Legal services in connection with litigation.
The performance -by Bond Counsel of services excluded
by this paragraph, if required by Client, shall be
under separate oral or written agreement. _
3 . In consideration of the services set forth in
paragraph 1, Client shall pay to Bond Counsel the following fee
and costs:
(a) The legal fee shall be an amount equal to
one and one-quarter percent (1 1/4%) of that
portion of the amount assessed not exceeding $1
million, plus one-half of one percent (1/2%) of
that portion of the amount assessed exceeding $1
million.
(b) Costs shall be reimbursed to Bond Counsel as
follows:
1) The cost of transportation, meals and
lodging.
2) The cost of preparing auditor's record,
if required: 7 cents per assessment for each
year of the bond issue, with a minimum of
$30. 00.
3) The cost of long distance telephone
calls: at billed cost.
4) The cost of photocopying: 10 cents per
sheet.
The cost of other services for which Bond Counsel
makes arrangements under this agreement (such as bond
printing costs) shall be billed to the Client and
shall be paid by Client directly to the payee.
(c) Payment by Client of the legal fee is contingent
upon the levy of assessments and the sale and
delivery of improvement bonds representing unpaid
reassessments in the reassessment district. If
for any reason, reassessments are not confirmed
and bonds delivered, Bond Counsel shall be paid
no legal fee. Both the legal fee and costs are
payable upon delivery of the bonds.
4 . Bond Counsel certifies that it has no interest,
either direct or contingent, in any property or contract arising
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from or affected by the reassessment district, except as Bond
Counsel under this agreement. Bond Counsel does not represent
any owner of property within the proposed boundaries of this
reassessment district, and has •not received a fee from any
source for services connected with the project.
DATED: March 7, 1989
COUNTY OF CONTRA COSTA, a ,
political subdivision of the
State of California
By
Chairman, Board of Supervisors
ATTEST:
By C( 2,4,4
Clerk tht Board of
Supero sors and County
Administrator
STURGIS, NESS, BRUNSELL & SPERRY
a professional corporation
By
Robert Brunsell
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RESOLUTION NO.
RESOLUTION APPROVING AGREEMENT '
FOR ENGINEERING SERVICES
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
The Board of Supervisors of the County of Contra Costa,
resolves:
This Board approves that certain agreement between the
County of Contra Costa, and MAJORS ENGINEERING, INC. , for services
as Engineer of Work for Assessment District 1989-1, San Ramon Valley
Boulevard Refunding (Refund A.D. 1981-1) , County of Contra Costa,
State of California, dated the 7th day of March, 1989, and attached
to this resolution.
The Chairman of the Board is authorized to sign the
agreement and the Clerk of the Board is authorized to attest its
execution.
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the Board of Supervisors of the County of
Contra Costa, State of California, at a regular meeting thereof,
held on the 7th day of March, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By:
RESOLUTION NO. 9�s�
AL
,.�
AGREEMENT FOR ENGINEERING SERVICES
ASSESSMENT DISTRICT 1981-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
This is an agreement for engineering services between the
County of Contra Costa, a political subdivision of the State of
California, referred to as Client, and MAJORS ENGINEERING, INC. ,
referred to as Engineer.
1. Client retains Engineer as, Engineer of Work for
Assessment District 1989-1, San Ramon Valley Boulevard Refunding
(Refund A.D. 1981-1) , County of Contra Costa, State of California,
to prepare the reassessment report as required by Section 9523 of
the Streets and Highways Code (Refunding Act of 1984 for 1915
Improvement Act Bonds) .
2 . In consideration of the services set forth in
paragraph 1, Client shall pay to Engineer the amount of $6, 000.00
within 30 days after delivery of refunding bonds in the
reassessment proceedings. In the event no bonds are delivered,
Engineer shall be paid no fee.
Dated: March 7 , 1989
COUNTY OF CONTRA COSTA, a
political subdivision of the
State of California
By
Chairman, Board of Supervisors
ATTEST:
By Lt
Clerk o the ($oara o
Supervisors and County
Administrator
MAJORS ENGINEERING, INC.
BY
RESOLUTION NO. 9�j_5 �-
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
The Board of Supervisors of the County of Contra Costa
resolves:
This Board of Supervisors hereby determines that the public
interest or necessity requires the refunding of all outstanding
bonds previously issued as Series No. 1981-1, dated November 2 ,
1983 , Assessment District No. 1981-1, San Ramon Valley Boulevard,
County of Contra Costa, State of California. This Board of
Supervisors hereby declares its intention to refund said
outstanding bonds and to levy reassessments pursuant to the
Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") as
security for said refunding bonds.
This Board of Supervisors hereby directs MAJORS
ENGINEERING, INC. , to prepare and file with the Clerk of the Board
of Supervisors of the County of Contra Costa, a written report
containing each of the items specified by Section 9523 of the Act.
The reassessment shall include an allowance for the
establishment of a special reserve fund as provided by Section 9620
of the Streets and Highways Code.
Serial bonds representing unpaid reassessments, and bearing
interest at a rate not to exceed twelve percent (12%) per annum,
will be issued in the manner provided by the Act, and the last
installment of the bonds shall mature September 2 , 2004 .
The County will not obligate itself to advance available
funds from the County Treasury to cure any deficiency which may
RES01 iJTInN NO.
occur in the bond redemption fund. A determination not to obligate
itself shall not prevent the County from, in its sole discretion, '
so advancing funds..
The procedure for the collection of reassessments and
advance retirement of bonds under the Act shall be as provided in
Part 11. 1, Division 10, of the Streets and Highways Code of the
State of California.
The amount of any surplus remaining after completion of the
refunding shall be transferred to the reserve fund for the
refunding bonds.
I HEREBY CERTIFY that the foregoing resolution was duly and
regularly adopted by the Board of Supervisors of the County of
Contra Costa, State of California, at a regular meeting thereof,
held on the 7th day of March, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By:
/. a�d
S
h
RESOLUTION NO. 9115--3
,
x -
RESOLUTION APPROVING REASSESSMENT REPORT AND
CONFIRMING REASSESSMENTS
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
The Board of Supervisors of the County of Contra Costa
resolves:
On March 7, 1989, the Engineer of Work filed the written
report prescribed by Section 9523 of the California Streets and
Highways Code. On the basis of the information set forth in the
Report, this Board of Supervisors hereby finds and determines that
the three conditions specified by Section 9525 of the Streets and
Highways Code are satisfied.
Accordingly, this Board of Supervisors is authorized to
proceed with approval and confirmation of the report and with
authorized issuance and sale of the proposed refunding bonds
without notice to the affected landowners or hearing on the report.
This Board hereby approves and confirms the Reassessment
Report, including Exhibits A through H thereof.
All assessments originally levied in Assessment District
No. 1981-1, San Ramon Valley Boulevard shall be deemed supplanted
and superseded by the reassessment proposed hereby, except for
unpaid installments of principal and interest due and payable
during or before fiscal year 1988-89.
Serial bonds representing unpaid reassessments, and
bearing interest at a rate not to exceed twelve percent (12%) per
annum, shall be issued in accordance with the terms and conditions
of the Refunding Act of 1984 for 1915 Improvement Act Bonds (the
"Act") , and the last installment of the bonds shall mature
September 2 , 2004 . The reassessments and interest thereon
shall be collected in the manner prescribed by the Act and are
subject to reassessment, amendment, and prepayment, all in
f ,
accordance with the provisions of the Act and the related
provisions of the Improvement Bond Act of 1915 which are
incorporated therein.
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the Board of Supervisors of the County of
Contra Costa, State of California, at a regular meeting thereof,
held on the 7th day of March, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By:
RESOLUTION NO. 9IIS3
RESOLUTION NO.
RESOLUTION AUTHORIZING ISSUANCE OF REFUNDING BONDS
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
The Board of Supervisors of the County of Contra
Costa resolves:
Section 1. RECITALS. On March 7, 1989, the Board
of Supervisors of the County of Contra Costa adopted its resolution
of intention to conduct reassessment proceedings and issue
refunding bonds in Assessment District 1989-1, San Ramon Valley
Boulevard Refunding, (Refund A.D. 1981) , County of Contra Costa,
State of California, under the provisions of the Refunding Act of
1984 for 1915 Improvement Act Bonds (the "Act") . Proceedings taken
under the Act led to the levy of reassessments by the Board of
Supervisors against parcels of land within the reassessment
district in the total amount of $980, 000. 00.
These reassessments will be recorded in the office
of the County Recorder of Contra Costa County, and thereupon will
become a lien on each of the reassessment parcels. The refunding
bonds are being issued in the amount of the total reassessment.
Section 2. ISSUANCE OF BONDS. The Board of
Supervisors hereby authorizes the issuance of refunding bonds under
the provisions of the Act to be secured by the reassessments. The
bonds shall be designated, "Limited Obligation Refunding Bond,
County of Contra Costa, Assessment District 1989-1, San Ramon
Valley Boulevard Refunding, (Refund A.D. 1981-1) , Series No. 1989-
1". In all respects not specified in this resolution, the bonds
shall be issued in the manner prescribed by the Act. Bonds shall
be issued in denominations of $5000 or integral multiples thereof,
and shall be dated March 21, 1989. Bonds shall mature and shall
bear interest at the rates set forth in the table attached as
Exhibit A.
RESOLUTION NO. `f//SV
Section 3 . APPOINTMENT OF PAYING AGENT, REGISTRAR AND
TRANSFER AGENT. The Board of Supervisors hereby appoints Bank of
America National Trust and Savings Association as paying agent,
registrar and transfer agent for the bonds in accordance with an
agreement between the County and Bank of America.
Section 4 . FORM AND EXECUTION. Bonds shall be issued as
fully registered bonds substantially in the form set forth as
Exhibit B to this resolution. The bonds shall be signed by the
Clerk of the Board of Supervisors and the County Treasurer and the
seal of the County shall be affixed. Both signatures and seal may
be reproduced on the bonds by facsimile, but upon its registration
or reregistration each bond shall be authenticated by the manual
signature of the registrar.
The paying agent shall assign to each bond authenticated
and registered by it a distinctive letter, or number, or letter and
number, and shall maintain a record thereof which shall be
available to the County for inspection.
Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For
administering the proceeds of the sale of bonds and payment of
interest and principal on the bonds, there are hereby established
five funds to be known as the refunding fund, the redemption fund,
the special reserve fund, the investment earnings fund, and the
arbitrage rebate fund, respectively, for Reassessment District
1981-1, San Ramon Valley Boulevard
Section 5. 1. REFUNDING FUND. Except as provided in
Section. 5. 3 , proceeds of sale, of the bonds, together with the
redemption fund and special reserve fund for the outstanding bonds
for Assessment District No. 1981-1, San Ramon Valley Boulevard
shall be deposited in the refunding fund to be maintained by the
County Treasurer. Disbursements from the refunding fund shall be
2
made by the County Treasurer in accordance with the budget of
estimated costs and expenses set forth in the reassessment report ,
heretofore approved by the Board of Supervisors, which report and
budget are subject to modification by the Board of Supervisors from
time to time as prescribed by the Act. Any surplus remaining in
the refunding fund after the retirement of all bonds of the
refunded issue shall be transferred to the reserve fund.
Section 5.2 . REDEMPTION FUND. The redemption fund shall
be maintained by the County Treasurer. All payments of principal
and interest installments on the reassessments, together with
penalties, if any, shall be deposited in the redemption fund, which
shall be a trust fund for the benefit of the bondholders. Payment
of the bonds at maturity, or at redemption prior to maturity, and
all interest on the bonds shall be made from the redemption fund.
Section 5. 3 . SPECIAL RESERVE FUND. The special reserve
fund shall be maintained by the County Treasurer. There shall be
deposited into the special reserve fund the amount of $29,400. 00
(the "Reserve Requirement") from the proceeds of the sale of bonds.
The special reserve fund shall be administered as follows:
A. During the term of the bonds, the amount in the
special reserve fund shall be available for. transfer into the
redemption fund in accordance with Section 9620 of the Streets and
Highways Code, to the extent of delinquencies in the payment of
reassessments (or delinquencies, if any, in the assessments
replaced by the reassessments) . The amount so advanced shall be
reimbursed to the special reserve fund from the proceeds of
redemption or sale of the parcel for which payment of delinquent
reassessment installments was made from the special reserve fund.
B. If any reassessment is prepaid before final
maturity of the bonds, the amount of principal which the assessee
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is required to prepay shall be reduced by an amount which is in the
same ratio to the original amount of the special reserve fund as
the original amount of the prepaid reassessment bears to the total
amount of reassessments originally levied in Assessment District
1989-1, San Ramon Valley Boulevard Refunding (Refund A.D. 1981-1) .
This reduction in the amount of principal prepaid shall be balanced _
by a transfer from the special reserve fund to the redemption fund
in the same amount.
C. The amounts deposited in the reserve fund will
never exceed 10% of the proceeds of the bond issue. Proceeds of
investment of the special reserve fund shall be deposited in the
investment earnings fund.
D. When the amount in the special reserve fund
equals or exceeds the amount required. to retire the remaining
unmatured bonds (whether by advance retirement or otherwise) , the
amount of the special reserve fund shall be transferred to the
redemption fund, and the remaining installments of principal and
interest not yet due from assessed property owners shall be
cancelled without payment.
Section 5.4 . INVESTMENT EARNINGS FUND. Proceeds of the
investment of amounts in the refunding fund (except proceeds to be
used for retirement of the refunded bonds) and the special reserve
fund will be deposited in the investment earnings fund. On July 1
of each year during the term of the bonds (or at other times as may
be required or permitted by regulations of the United States
4
g
Internal Revenue Service) , the County Treasurer shall determine
whether any portion of investment earnings must be rebated to the
United States pursuant to Section 148 of the United States Internal
Revenue Code and regulations adopted thereunder. Any amounts
required to be rebated will be transferred to the arbitrage rebate
fund, and the balance will be transferred as follows:
(a) To the extent that the balance in the special
reserve fund is less than the Reserve Requirement, a transfer will
be made from the investment earnings fund to the special reserve
fund.
(b) The remaining balance in the investment earnings
fund, if any, will be transferred to the redemption fund to be
used, in the discretion of the County Treasurer, as a credit upon
the annual installments of reassessments or for the advance
retirement of bonds.
The County Treasurer is authorized to retain
independent attorneys, accountants and other consultants to assist
in complying with Federal requirements.
Section 5. 5. ARBITRAGE REBATE FUND. Amounts in the
arbitrage rebate fund shall be invested in the same manner as
amounts in the other funds and shall be held in trust for rebate to
the United States at the times required by Section 148 of the
United States Internal Revenue Code and regulations adopted
thereunder.
Section 6. PAYMENT ON BONDS. The principal and interest
on the bonds shall be payable at the office of Bank of America
National Trust and Savings Association, Corporate Agency Division,
P. 0. Box 37000, San Francisco, California 94137 . Principal and
interest shall be paid by check, draft or warrant mailed to the
registered owner of each bond at the owner's address appearing on
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the register maintained by the registrar on the 15th day preceding
the date of interest payment or maturity of each bond. ,
Section 7. REREGISTRATION. Any bond may be registered
to a new owner by completing the assignment certificate on the
reverse of the bond and delivering the bond to the registrar. Upon
reregistration, any bond may be replaced by one or more bonds of
the same maturity and aggregate amount in denominations of $5000 or
any integral multiple thereof.
Section 8. COVENANTS. In the event of a default in the
payment of any bond or any installment of interest thereon,
bondholders shall have the remedies set forth in the Act. In
addition, the Board of Supervisors makes the following covenants,
which shall constitute a contract with the bondholders:
Section 8. 1. FORECLOSURE OF LIENS. Not later than
October 1 in any year, the County shall file an action in the
Superior Court to foreclose the lien of each delinquent assessment
if the sum of uncured assessment delinquencies for the preceding
fiscal year exceeds five percent (5%) of the assessment
installments posted to the tax roll for that fiscal year, and if
the amount of the special reserve fund is less than the Reserve
Requirement.
Section 8. 2 . ARBITRAGE. During the term of the bonds,
the County will make no use of bond proceeds which, if such use had
been reasonably expected at the date the bonds are issued, could
have caused the bonds to be "arbitrage bonds" within the meaning of
Section 148 of the United States Internal Revenue Code of 1986, and
regulations of the Internal Revenue Service adopted thereunder, and
further shall rebate to the United States any amounts actually
earned as arbitrage in accordance with the provisions of that Code
and those regulations.
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Section 8. 3 . MAINTENANCE OF TAX EXEMPTION. The County
will take all reasonable actions required to maintain the status of
the bonds as bonds exempt from federal income taxes and State of
California personal income taxes.
I HEREBY CERTIFY that the foregoing resolution was
duly and regularly adopted by the Board of Supervisors of the
County of Contra Costa, State of California, at a regular meeting
thereof, held on the 7th day of March, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By: lit
V
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MATURITY SCHEDULE
A.D. 1989-1 , San Raman Valley Blvd. Refunding
SEPT 2
MATURITY PRINCIPAL INTEREST
DATE AMOUNT RATE
1990 $5,000.00 6.25%
1991 45,000.00 6. 50
1992 45,000.00 6. 50
1993 50,000.00 6.75
1994 50,000.00 7.00
1995 - - 55,000.00 7.00
1996 60,000.00 7.25
1997 65,000.00 7.50
1998 70,000.00 7.55
1999 75,000.00 7.60
2000 80,000.00 7.65
2001 85,000.00 7.70
2002 90, 000.00 7.75
2003 100,000.00 7.80
2004 105,000.00 7.85-
TOTAL: $980,000.00
EXH I B ITA
United States of America
e State of California
County of Contra Costa
REGISTERED REGISTERED
Number $
LIMITED OBLIGATION REFUNDING BOND
COUNTY OF CONTRA COSTA
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING-
(REFUND 1981-1)
SERIES NO. 1989-1
INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER
REGISTERED OWNER:
PRINCIPAL SUM:
Under and by virtue of the Refunding Act of 1984 for 1915
Improvement Act Bonds, Division 11. 5 of the Streets and Highways
Code, (the "Act") , the County of Contra Costa, State of California,
(the "County") , will, out of the redemption fund for the payment of
the bonds issued upon the unpaid portion of reassessments made for
the refunding of all outstanding 1915 Act bonds in Assessment
District No. 1981-1, San Ramon Valley Boulevard, more fully
described in the Resolution of Intention adopted by the Board of
Supervisors of the County of Contra Costa on the 7th day of March,
1989, pay to the registered owner stated above or registered
assigns, on the maturity date stated above, the principal sum
stated above, in lawful money of the United States of America and
in like manner will pay interest from the interest payment date
next preceding the date on which this Bond is authenticated, unless
this Bond is authenticated and registered as of an interest payment
date, in which event it shall bear interest from such interest
payment date, or unless this Bond is authenticated and registered
prior to March 2 , 1990, in which event it shall bear interest from
its date, until payment of such principal sum shall have been
discharged, at the rate per annum stated above, payable
semiannually on March 2 and September 2 in each year commencing on
March 2 , 1990. Both the principal hereof and redemption premium
hereon are payable at the principal corporate trust office of Bank
of America National Trust and Savings Association-Corporate Agency
Division, or its successor, as Transfer Agent, Registrar and Paying
Agent, in San Francisco, California, and the interest hereon is
payable by check or draft mailed to the owner hereof at the owner's
address as it appears on the registration books of the Bank, or at
such address as may have been filed with the Bank for that purpose,
as of the fifteenth day immediately preceding each interest payment
date.
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This Bond will continue to bear interest after maturity
at the rate above stated, provided, it is presented at maturity and
payment thereof is refused upon the sole ground that there are not
sufficient moneys in said redemption fund with which to pay same.
If it is not presented at maturity, interest thereon will run until
maturity.
EXHIBIT
This Bond shall not be entitled to any benefit under the
Act or the Resolution Authorizing Issuance of Bonds (the
"Resolution of Issuance") , or become valid or obligatory for any
purpose, until the certificate of authentication and registration
hereon endorsed shall have been dated and signed by the Bank.
IN WITNESS WHEREOF, said County of Contra Costa has
caused this Bond to be signed in facsimile -by the county Treasurer
of said County and by its Clerk, and has caused its corporate seal
to be reproduced in facsimile hereon all as of the 21st day of
March, 1989.
COUNTY OF CONTRA COSTA
Clerk Treasurer
(SEAL)
Certificate of Authentication and Registration
This is one of the Bonds described in the within mentioned
Resolution of Issuance, which has been authenticated and registered
on
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
as paying agent, transfer agent and registrar
By
Authorized Officer
(REVERSE OF BOND)
COUNTY OF CONTRA COSTA
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD
REFUNDING (REFUND 1981-1)
ADDITIONAL PROVISIONS OF THE BOND
This Bond is one of several annual series of bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by the County of Contra Costa under the
Act and the Resolution of Issuance, for the purpose of refunding
bonds described in said proceedings, and is secured by the moneys
in said redemption fund and by the unpaid portion of said
reassessments made for the payment of said improvements, and,
including principal and interest, is payable exclusively out of
said fund.
This Bond is transferable by the registered owner
hereof, in person or by the owner's attorney duly authorized in
writing, at said office of the Bank, subject to the terms and
conditions provided in the Resolution of Issuance, including the
payment of certain charges, if any, upon surrender and cancellation
of this Bond. Upon such transfer, a new registered Bond or Bonds,
of any authorized denomination or denominations, of the same
maturity, for the same aggregate principal amount, will be issued
to the transferee in exchange therefor.
Bonds shall be registered only in the name of an
individual (including joint owners) , a corporation, a partnership
or a trust.
Neither the County nor the Bank shall be required to
make such exchange or registration of transfer of bonds during the
fifteen (15) days immediately preceding any interest payment date.
The County will not obligate itself to advance available
funds from the County treasury to cure any deficiency which may
occur in the bond redemption fund. A determination not to obligate
itself shall not prevent the County from, in its sole discretion,
so advancing funds.
The County and the Bank may treat the registered owner
hereof as the absolute owner for all purposes, and the County and
the Bank shall not be affected by any notice to the contrary.
This Bond or any portion of it in the amount of $5, 000 or
any integral multiple thereof, may be redeemed and paid in advance
of maturity upon the second day of March or September in any year
by giving at least 30 days' notice by registered or certified mail
to the registered owner hereof at such owner's address as it
appears on the registration books of the Bank and by paying
principal and accrued interest together with a premium equal to
three percentum of the principal.
I hereby certify that the following is a correct copy of
the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a
professional corporation, Emeryville, California, on file in my
office.
Clerk of the Board of Supervisors
• RESOLUTION NO. 91/55
RESOLUTION ORDERING SALE OF REFUNDING BONDS
ASSESSMENT DISTRICT 1989-1, SAN RAMON VALLEY BOULEVARD REFUNDING
(REFUND A.D. 1981-1)
The Board of Supervisors of the County of Contra Costa
resolves:
The Board of Supervisors accepts the offer of Mark
Pressman & Associates, (attached to this resolution and by reference
incorporated in it) to purchase all of the refunding bonds to be
issued in Assessment District 1989-1, San Ramon Valley Boulevard
Refunding, (Refund A.D. 1981-1) , County of Contra Costa, State of
California.
The Board of Supervisors directs the sale and delivery of
-the refunding bonds to the offeror in accordance with the terms and
conditions stated in the offer.
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the Board of Supervisors of the County of
Contra Costa, State of California, at a regular meeting thereof,
held on the 7th day of March, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By:
r
MARK PRESSMAN ASSOCIATES
Investment Banking
250 Montgomery Street, Suite 1200
San Francisco, CA 94104
FAX: (415) 421-0755
(415) 421-7300
March 6,1989
The Honorable Board of Supervisors
County of Contra Costa
Martinez, California
Re: Assessment District Number 1989-1
San Ramon Valley Boulevard Refunding
(Refunding Assessment District 1981-1)
Dear Members of the Board:
MARK PRESSMAN ASSOCIATES (MPA), as managing underwriter (the "Underwriter") of the above
referenced issue,hereby offers to purchase all,but not less than all,bonds to be offered by the County of
Contra Costa (the "County") pursuant to the provisions of the Refunding Act of 1984 for Improvement
Act Bonds,Division 11.5 of the California Streets and Highways Code to represent the cost of refunding
bonds in Assessment District 1989-1, San Ramon Valley Boulevard Refunding(Refunding A.D. 1981-1),
(the "District").
Amount of Bonds: $980,000.00.
Form of Bonds: Registered bonds to be issued serially. Bond denon-driations of$5,000 to$100,000.
Interest Rates: 1990 6.25 1998 7.55
1991 6.50 1999 7.60
1992 6.50 2000 7.65
1993 6.75 2001 7.70
1994 7.00 2002 7.75
1995 7.00 2003 7.80
1996 7.25 2004 7.85
1997 7.50
Price: 98.25%of par value plus accrued interest.
Term: - 15 years.
Average Interest
Cost: 7.59%.
Net Interest Cost: 7.7663%.
Mailing Address: P.O. Box 26690, San Francisco, CA 94126
Board of Supervisors
Contra Costa County
February 16,1989
Page Two
First Interest Payment
and Approximate
Maturity Schedule: The first interest payment on the Bonds shall be March 2, 1990, with
principal payments commencing September 2, 1990, and annually
thereafter as specified below:
1990 5,000-00 1998 70,000.00
1991 45,000.00 1999 75,000.00
1992 45,000.00 2000 80,000.00
1993 50,000.00 2001 85,000.00
1994 50,000.00 2002 90,000.00
1995 55,000-00 2003 100,000.00
1996 60,000.00 2004 105,000.00
1997 65,000.00
Date of Bonds and
Delivery Date: March 21, 1989.
Foreclosure Clause: The County shall covenant to commence judicial foreclosure of
delinquent assessments not later than October 1 in any year if the sum of
uncured assessment delinquencies for the preceding fiscal year exceeds
five percent (5%) of the assessment installments posted to the tax roll
for that fiscal year, and if the amount of the special reserve fund is less
than the reserve requirement.
Reserve Fund: The County shall establish a reserve fund in the amount of three
percent (3%) of the bond par value. In our view, it is reasonably
required for this issue, and vital to the marketing of the Bonds, that
proceeds from the investment of monies in said reserve fund should be
retained in said fund.
Redemption Premium: 3%of unmatured principal on thirty(30)days notice to bondholders.
Paying Agent and Registrar: Bank of America, San Francisco, California.
No Litigation: A no litigation certificate of the County shall accompany the Bonds at
delivery.
Legal Opinion: The opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville,
California, without qualification and without expense to the
Underwriter to be printed on the Bonds.
Conditions Precedent: The obligation of the Underwriter to accept delivery of and pay for the
Bonds on the Closing Date shall be subject, at the option of the
Underwriter, to the following additional conditions:
Board of Supervisors
Contra Costa County
February 16,1989
Page Three
(a) The Resolution and any other applicable agreements shall be in
full force and effect,and shall not have been amended, modified or
supplemented except as may have been agreed in writing by the
Underwriter, and there shall have been taken in connection
therewith, with the issuance of the Bonds and with the
transactions contemplated thereby and by this Purchase Contract,
all such actions as, in the opinion of Sturgis, Ness, Brunsell &
Sperry, Emeryville, California, Bond Counsel for the County,
shall be necessary and appropriate;
W Between the date hereof and the closing date, the market price or
marketability of the Bonds at the initial offering prices set forth
in the Offering Statement shall not have been materially
adversely affected, in the judgment of the Underwriter (evidenced
by a written notice to the County terminating the obligation of the
Underwriter to accept delivery of and pay for the Bonds)by reason
of any of the following:
(1) Legislation enacted (or resolution passed) by the Congress of
the United States of America of a decision rendered by a court
established under Article III of the Constitution of the United
States of America or by the Tax Court of the United States of
America, or an order, ruling, regulation (final, temporary or
proposed),press release or other form of notice issued or made
by or on behalf of the Treasury Department or the Internal
Revenue Service of the United States of America, with the
purpose or effect, directly or indirectly, of imposing federal
income taxation upon the interest as would be received by the
owners of the Bonds;
(2) Legislation enacted (or resolution passed) by the Congress of
the United States of America, or an order, decree or injunction
issued by any court of competent jurisdiction or an order,ruling,
regulation(final, temporary or proposed),press release or other
form of notice issued or made by or on behalf of the Securities
and Exchange Commission, or any other governmental agency
having jurisdiction of the subject matter, to the effect that
obligations of the general character of the Bonds, or the Bonds,
including any or all underlying arrangements, are not exempt
from registration under or other requirements of the Securities
Act of 1933, as amended, or that the Resolution is not exempt
from qualification under or other requirements of the Trust
Indenture Act of 1939,as amended,or that the issuance,offering
or sale of obligations of the general character of the Bonds,or of
the Bonds, including any or all underwriting arrangements, as
contemplated hereby or by the Offering Statement or otherwise
is, or would be, in violation of the federal securities laws as
amended and then in effect;
w . -
t
Board of Supervisors
Contra Costa County
February 16,1989
Page Four
(3) Any amendment to the Federal or California Constitution or
action by any Federal or California court, legislative body, or
other authority materially adversely affecting the tax status
of the County, its property, income, securities (or interest
thereon), validity or enforceability of the assessment or the
ability of the County to construct or acquire the improvements
as contemplated by the Resolution and the Offering Statement;
or
(4) Any event occurring,or information becoming known which,in
the judgment of the Underwriter makes untrue or misleading in
any material respect any statement or information contained in
the Offering Statement concerning the County, the
improvement project,the landowners,or the property assessed.
Limited Obligation: The Bonds shall be 'limited obligations" of the County, secured only by the
property reassessed in these proceedings with no County financial
responsibility for bond debt service.
County Covenant The County shall covenant to take any action within its powers to maintain
the tax-exempt status of the Bonds.
.Place of Delivery: MPA Offices, 250 Montgomery Street, Suite 1200, San Francisco, California
94104.
Time of Delivery: Not later than 48 hours after the County notifies the undersigned that the
Bonds are ready for delivery. If the subject Bonds are not delivered by 5:00
p.m. on the aforementioned delivery date, the Underwriter reserves the
right to renegotiate the price and/or the rate of interest.
Expiration: This offer expires midnight March 8, 1989.
Very truly yours,
MARK PRESSMAN ASSOCIATES(MPA)
Nadine McKinney Lee
Investment Banker
Mark Pressman
NML/MP:pt
V