HomeMy WebLinkAboutMINUTES - 04251989 - 1.57 r...r,.y
1-05
IN THE BOARD OF SUPERVISORS
OF
CONTRA COSTA COUNTY, STATE OF CALIFORNIA
In the Matter of Resolution of the )
Board of Supervisors of the County )
of Contra Costa, California Declaring )
Interest in Borrowing Monies from the ) RESOLUTION NO. 89/ 254
Local Government Finance Authority and )
Certain Matters Related Thereto. )
WHEREAS, the County of Contra Costa (the "County") desires to finance certain
capital projects, including but not limited to the acquisition of real property
(the "Project"); and
WHEREAS, the Local Government Finance Authority (the "Authority") issued revenue
bonds (the "Authority Bonds") prior to the passage of the Tax Reform Act of 1986
and the proceeds of a portion of such Authority Bonds may be available to make
loans to other governmental agencies such as the County to fund capital
improvements such as the Project; and
WHEREAS, the County has been advised that obtaining a loan from the Authority may
be the most cost effective method of financing the Project; and
WHEREAS, the County must formally apply to the Authority for a loan in order to
obtain said loan; and
WHEREAS, the County is authorized to undertake all of the above pursuant to the
laws of the State of California;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra
Costa as follows:
SECTION 1. That the County is interested in obtaining a loan of up to $19,600,000
from the Authority to fund all or a portion of- the Project.
SECTION 2. That the County Administrator and/or his designee be, and hereby are,
authorized to undertake any and all acts necessary or desirable to make an
application to the Authority for a loan of a portion of the proceeds of the
Authority Bonds.
SECTION 3. That the County include in the application to the Authority a request
that Rauscher Pierce Refsnes, Inc. underwrite any securities issued by the
Authority to refund the portion of the Authority Bonds to be used to fund the loan
to the County.
SECTION 4. That the officers of the County are, and each of them acting alone is,
hereby authorized and directed to take such actions, and to execute such documents
as may be necessary to effectuate the purposes of this Resolution.
SECTION 5. That this resolution shall take effect from and after its date of
adoption.
PASSED AND ADOPTED on April 25, 1989 by unanimous vote of the Board members
present.
I HEREBY CERTIFY that the foregoing is a true and correct copy of a resolution
entered on the minutes of the Board of Supervisors on the date aforesaid.
Witness my hand and the Seal of
the Board of Supervisors affixed
this 25th day of April, 1989.
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By �' /�g2Deputy Clerk
RESOLUTION NO. 89y254