HomeMy WebLinkAboutMINUTES - 03071989 - 1.54 e
RESOLUTIONy-
A RESOLUTION OF•-•.THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA, CALIFORNIA, RATIFYING AND CONFIRMING THE
ISSUANCE AND SALE AND PROVIDING FOR THE AWARD OF ACALANES
UNION HIGH SCHOOL DISTRICT, COUNTY OF CONTRA COSTA,
CALIFORNIA, 1989 -GENERAL OBLIGATION BONDS, SERIES A IN THE
PRINCIPAL AMOUNT OF "$10, 000, 000 FOR THE PURPOSE OF
FINANCING REAL PROPERTY ACQUISITIONS AND IMPROVEMENTS.
WHEREAS, a duly called special municipal election was held
in the Acalanes Union High School District, County of Contra
Costa, State of California (hereinafter referred to as the
"District") , on November 8, 1988 and thereafter canvassed
pursuant to law;
WHEREAS, at such election there was submitted to and
approved by the requisite two-thirds vote of the qualified
electors of the District a question as to the issuance and sale
of general obligation bonds of the District for various
purposes set forth in the ballot submitted to the voters, in
the maximum amount of $34 , 000, 000 payable from the levy of an
ad valorem tax against the taxable property in the District;
WHEREAS, this Board has received previously the resolution
of the governing board of the District requesting the issuance
of a portion of such Bonds in the aggregate principal amount of
$10, 000, 000 (the "Bonds") and this Board authorized and
directed the issuance and sale of the Bonds and has received
bids on the Bonds, which bids have been timely received and
considered by this Board, pursuant to the authorizing
resolution of this Board (the "Authorizing Resolution" ) ;
WHEREAS, all acts, conditions and things required by law to
be done or performed have been done and performed in strict
conformity with the laws authorizing the issuance of general
obligation bonds of the District, and the indebtedness of the
District, including this proposed issue of Bonds , is within all
limits prescribed by law;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, AS FOLLOWS:
SECTION 1 . That for the purpose of raising money for
certain real property improvements , including the acquisition
of land and the construction and reconstruction of school
facilities, improvements and on-site and off-site drainage
facilities,, and to pay all necessary legal , financial ,
engineering and contingent costs in connection therewith, the
issuance and sale of the Bonds at public sale is hereby
ratified, confirmed and approved.
1
3036002/9
QES A9 l 4 8
SECTION 2 . The Bonds were previously ordered sold at
public sale with bids to be received until 11 : 00 a .m. on the
date and on the terms and in accordance with the Notice of
Intention to Sell Bonds attached hereto as Exhibit A (the
"Notice" ) . The publishing of the Notice in the "Contra Costa
Times, " which is a newspaper of general circulation in the
County, once a week for two successive weeks, and in "The Bond
Buyer, " which is a national trade publication, at least fifteen
days prior to March 6, 1989 is hereby ratified, confirmed and
approved. The issuance and sale of the Bonds pursuant to the
provisions of the resolution of the Board of Supervisors of
Contra Costa County, California and the Notice are hereby
ratified, confirmed and approved.
SECTION 3 . The proceeds from the sale of the Bonds, to the
extent of the principal amount thereof, shall be paid to the
County to the credit of the fund hereby created and established
and to be known as the "1989 Acalanes Union High School
District Building Fund" (the "Building Fund" ) of the District,
shall be kept separate and distinct from all other District and
County funds, and those proceeds shall be used solely for the
purpose for which the Bonds are being issued and provided
further that such proceeds shall be applied solely to
authorized purposes which relate to the acquisition or
improvement of real property. The accrued interest and any
premium received by the County from the sale of the Bonds shall
be kept separate and apart in the fund hereby created and
established and to be designated as the "Acalanes Union High
School District General Obligation Bond Interest and Sinking
Fund" (the "Debt Service Fund" ) for the Bonds and used only for
payments of principal and interest on the Bonds . Any excess
proceeds of the Bonds not needed for the authorized purposes
set forth herein for which the Bonds are being issued shall be
transferred to the Debt Service Fund and applied to the payment
of principal and interest on the Bonds . If, after payment in
full of the Bonds, there remain excess proceeds, any such
excess amounts shall be transferred to the general fund of the
District . There is also created a "1989 Acalanes Union High
School District General Obligation Bond Rebate Fund" (the
"Rebate Fund") and within such fund a Rebate Account and an
Earnings Account . Investment earnings on proceeds of the Bonds
and certain other amounts may from time to time be paid into
the Rebate Fund to enable the District to comply with the
requirements of Section 148(f) of the Internal Revenue Code of
1986, as amended (the "Code" ) . To the extent investment
earnings on monies held in the Building Fund are not required
to be deposited in the Rebate Fund, such earnings shall be
deposited into the Interest Earnings Subaccount established by
the Authorizing Resolution. Any money remaining in the Rebate
2
3036002/9
Fund after the payment in full of the Bonds, either at maturity
or earlier redemption, and the payment to the United States
Treasury of any amounts-required pursuant to Section 148(f) of
the Code, and any regulations thereunder, shall be transferred
to the Building Fund, or if the Building Fund is not then in
existence, shall be transferred to the general fund of the
District .
SECTION 4 . In accordance with provisions of the
Authorizing Resolution, this Resolution and the Notice, this
Board has caused all bids for the Bonds to be received, opened
and presented to it in the manner set forth in the authorizing
resolution, this Resolution and the Notice and based on an
examination of said bids and a review of the tabulation of bids
attached hereto as Exhibit B, this Board determines that the
bid of Prudential-Bache Capital Funding (the "Purchaser") , at a
purchase price of $10, 000, 000 and at an average net interest
rate of 7 . 3881%, a copy of which bid is attached hereto as
Exhibit C, is in accordance with the Notice and is the highest
bid for the Bonds based upon the lowest rate of interest . The
Bonds, having the terms and maturities as provided in the
authorizing resolution, this Resolution and the Notice and
bearing interest at the rate stated above and as set forth in
Exhibit C, are awarded and sold to the Purchaser at the price
stated above.
SECTION 5 . Officers of the Board and County officials and
staff are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver
any and all documents which they may deem necessary or
advisable in order to proceed with the issuance of the Bonds
and otherwise carry out, give effect to and comply with the
terms and intent of this Resolution. Such actions heretofore
taken by such officers, officials and staff are hereby
ratified, confirmed and approved.
SECTION 6 . The Clerk of this Board is hereby directed to
provide a certified copy of this Resolution to the County
Auditor-Controller .
SECTION 7 . This Resolution shall take effect immediately
upon its passage.
3
3036002/9
PASSED AND ADOPTED this 7th day of March, 1989 , by the
following vote:
AYES: Supervisors Powers , Fanden, McPeak,
Schroder, Torlakson.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
Chairman, Board of Supervisors
[SEAL]
Attest :
Clerk, Board of Supervisors
4
3036002/9
CLERK'S CERTIFICATE
I, Jeanne 0. Maglio, Deputy Clerk of the Board of Supervisors ,
Contra Costa County, California, hereby certify as follows :
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 and legally held
at the regular moeting place thereof on March 7, 1989 , of which
meeting all of the members of the Board of said County had due
notice and at which a quorum was present .
I have carefully compared the same with the original
minutes of said meeting on file and of record in my office and
the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes .
Said resolution has not been amended, modified or rescinded
since the date of its adoption, and the same is now in full
force and effect .
Phil Batchelor, Clerk of the
Dated: March 7, 1989 Board of Supervisors and
County Administrator
Deputy Clerk
[Seal]
5
3036002/9
EXHIBIT A
NOTICE OF INTENTION TO SELL BONDS
$10, 000, 000
ACALANES UNION HIGH
SCHOOL DISTRICT
Contra Costa County, California
1989 General Obligation Bonds, Series A
NOTICE IS HEREBY GIVEN that the Acalanes Union High School
District (the "District" ) , in Contra Costa County, California,
intends to offer for public sale on March 6, 1989, at the hour
of 11 : 00 a .m. at the office of Kelling, Northcross & Nobriga,
Inc. , 595 Market Street, Suite 1350, San Francisco, California
94105 $10, 000, 000 principal amount of general obligation bonds
of the District designated "Acalanes Union High School
District, Contra Costa County, California 1989 General
Obligation Bonds, Series A" (the "Bonds") .
NOTICE IS HEREBY FURTHER GIVEN that the Bonds will be
offered for public sale subject to the terms and conditions of
the Notice Inviting Bids for the Bonds , dated March 1, 1989 .
An Official Statement and a Notice Inviting Bids relating to
the Bonds will be furnished upon request mailed to Kelling,
Northcross & Nobriga, Inc . , 595 Market Street, Suite 1350, San
Francisco, California 94105, (415) 362-4110, the financial
consultant to the District for the Bonds .
Dated: February 15, 1989
By: /s/ Joseph E Anthony
Acalanes Union High School
District
A-1
3036002/9
EXHIBIT B
Acalanes Union High School District
Contra Costa County, California
1989 General Obligation Bonds, Series A
TABULATION OF BIDS RECEIVED
I certify that the following bids, all in conformity with
the Notice Inviting Proposals for Purchase of Bonds, were
received by me on or before 11 : 00 a .m. , March 6, 1989 , for
Acalanes Union High School District :
Average Net
Name of Bidder Interest Rate Premium
Bank of America et al 7 . 5076 % $ 168 . 95
First Interstate Bank 7 .3979 0
et al
Merrill Lynch Capital 7 . 4313 1, 537 . 75
Markets
Prudential-Bache _t _l 7.3881 0 '
Shearson-Lehman Hutton 7 .3951 0
et al
Smith Barney at Al 7.4129 0
Dated: March 6, 1989
/s/ Joseph E Anthony
District Superintendent
B-1
3036002/9
EXHIBIT C
BID
FOR THE PURCHASE OF
ACALANES UNION HIGH SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1989 GENERAL OBLIGATION BONDS, SERIES A
$10,000,000
March 6 1989
Acalanes Union High School District
Contra Costa County, California
On behalf of a group which we have formed consisting of :
and pursuant to the Notice Inviting Bids hereinafter mentioned,
we offer to purchase all of the ten million dollars
($10, 000, 000) principal amount of the Bonds designated as
"Acalan6s Union High School District, Contra Costa County,
California 1989 General Obligation Bonds, Series A, " maturing
on August 1 in the years and amounts and bearing interest at
the rate or rates set forth in the following schedule:
YEAR PRINCIPAL INTEREST YEAR PRINCIPAL INTEREST
(August 1) AMOUNT RATE (August 1) AMOUNT RATE
1991 $170,000 3J 2003 $415,000 -7--2Y
1992 185,000 Y 7 2004 450,000 7.
1993 195,000 �75- 2605 485,000
1994 210,000 :9 7r 2006 520,000
1995 230,000 j 7r 2007 560,000 �zg
1996 245,000 1-21- 2008 605,000 7,'L
1997 265,000 r 2009 650,000 Zo?
1998 285,000 f 2010 700,000 --ZJQ
1999 310,000 ?'/o 2011 755,000 7.jo
2000 330,000 2/0 2012 815,000 7-3
2001 360,000 Zyo 2013 875,000 -Z.-QA
2002 385,000 2.A
and to pay therefor the aggregate sum of $ 10,0do.00d,4V plus
interest accrued on such Bonds to the date of deli ery' thereof .
This bid is made subject to all the terms and conditions of the
Notice Inviting Bids heretofore published, all of which terms
and conditions are made—a part hereof as fully as though set
forth in full in this bid.
As specified in the Notice Inviting Bids, this bid is subject
to acceptance not later than twenty-six (26) hours after the
expiration of the time for the receipt of bids, and the opinion
of Brown & Wood approving the validity of the Bonds will be
furnished us (if we are the successful bidder) at the time of
the delivery of the Bonds at the expense of the District .
There is enclosed herewith a certified or cashier ' s check in
the amount of one hundred thousand dollars ($100,000) payable
to the order of the Auditor-Controller of Contra Costa County.
There is submitted herewith a memorandum (which shall not
constitute a part of this bid) stating the total net interest
cost in dollars on the Bonds during the life of the issue under
this bid, and the average net interest rate determined thereby.
Respectfully submitted,
Name: �id",ca`i,4 ZaCA�
(Account Manager)
By:
Add r e s sAc" el
i(
n A-
City: S,a �OPA eU�'�
State.:
MEMORANDUM OF INTEREST COST
The total net interest cost on the Bonds during the life of the
issue to August 1, 2013, under the above bid is $_!;x,,Ss7.9, ,
and the average net interest rate determined thereby
2