HomeMy WebLinkAboutMINUTES - 05091989 - 1.67 RESOLUTION
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 MARTINEZ
UNIFIED SCHOOL DISTRICT, COUNTY OF CONTRA COSTA,
CALIFORNIA, 1989 GENERAL OBLIGATION BONDS, SERIES B, IN THE
PRINCIPAL AMOUNT NOT TO EXCEED $15 MILLION FOR THE PURPOSE
OF FINANCING THE ACQUISITION AND IMPROVEMENT OF REAL
PROPERTY.
WHEREAS, a duly called special municipal election was held
in the Martinez Unified School District, County of Contra
Costa, State of California (hereinafter referred to as the
"District" ) , on June 7, 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 $25, 000, 000 payable from the levy of an
ad valorem tax against the taxable property in the District;
WHEREAS, pursuant to such authorization by the voters ,
Martinez Unified School District, Contra Costa County,
California, 1988 General Obligation Bonds , Series A, in the
principal amount of $5 , 000, 000 were issued in August, 1988;
WHEREAS, this Board has received the resolution of the
governing board of the District, adopted on April 11, 1989 (the
"District Resolution" ) , requesting the issuance of a portion of
such bonds in the aggregate principal amount not to exceed
$15, 000, 000 (the "Series B Bonds" ) and this Board authorized
and directed the issuance and sale of the Series B Bonds and
has received bids on the Series B Bonds , which bids have been
timely received and considered by this Board, pursuant to a
Resolution of this Board adopted April 18, 1989 (the
"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 Series B 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:
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SECTION 1 . That for the purpose of raising money for real
property acquisition or improvements at Alhambra High School ,
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 Series B
Bonds at public sale is hereby ratified, confirmed and approved.
SECTION 2 . The Series B Bonds were previously ordered sold
at public sale with bids to be received until 10 : 00 a .m. on the
date and on the terms and in accordance with the Notice
Inviting Proposals for Purchase of 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 May 8, 1989 is
hereby ratified, confirmed and approved. The issuance and sale
of the Series B 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 . In accordance with provisions of the
Resolution, this Resolution and the Notice, this Board has
caused all bids for the Series B,Bonds to be received, opened
and presented to it in the manner set forth in the 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
Kidder, Peabody & Co. , Inc. (the "Purchaser") , at a purchase
price of $15, 000, 553 . 70 and at an average net interest rate of
7 . 089803%, a copy of which bid is attached hereto as Exhibit C,
is in accordance with the Notice and is the highest bid for the
Series B Bonds based upon the lowest rate of interest . The
Series B Bonds, having the terms and maturities as provided in
the 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 4 . 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 Series B
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.
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SECTION 5 . The Clerk of this Board is hereby directed to
provide a certified copy of this Resolution to the
Auditor-Controller of Contra Costa County.
SECTION 6 . This Resolution shall take effect immediately
upon its passage.
PASSED AND ADOPTED this 9th day of May, 1989 , by the
following vote:
AYES : Supervisors Powers, Fanden, McPeak,
Schroder, Torlakson
NOES : None
ABSENT: None
ABSTENTIONS: None
Chairman, Board Wof :TSupervisors
[SEAL]
Attest :
Cwt Deputy
Clerk, Board of Supervisors
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CLERK' S CERTIFICATE
I, J.O. Maglio,Deputy Clerk of the Board of Supervisors of
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 meeting place thereof on May 9 , 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 .
Dated: May__g 1989
puty Clerk,//
[Seal]
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EXHIBIT A
NOTICE INVITING PROPOSALS FOR PURCHASE OF BONDS
$15, 000, 000 MARTINEZ UNIFIED SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1989 GENERAL OBLIGATION BONDS, SERIES B
NOTICE IS HEREBY GIVEN that sealed unconditioned proposals will
be received to and including the hour of 10 : 00 a .m. , Pacific
Standard Time, on May 8, 1989 , at the offices of Kelling,
Northcross & Nobriga, Inc . , 595 Market Street, Suite 1350, Sa'n
Francisco, CA 94105 for the purchase of all, but not less than
all, of $15 , 000, 000 principal amount of Martinez Unified School
District, Contra Costa County, California, 1989 General
Obligation Bonds, Series B (the "Bonds" ) . On May 9 , 1989 , the
Board of Supervisors will meet for the purpose of considering
bids received and, if an acceptable bid is received, awarding
the contract for the purchase of the Bonds .
Issue:
The Bonds will be dated May 1, 1989 , will be in the
denomination of $5, 000 each, or integral multiples thereof, and
will bear interest from the date of the Bonds to the maturity
of each of the Bonds at the rate or rates such that the
interest rate shall not exceed 12% per annum, with interest
payable on February 1, 1990, and semiannually thereafter on
February 1 and August 1 of each year during the term of each of
the Bonds . The Bonds mature on August 1 in each of the years
1991 to 2013 , inclusive, as follows :
PRINCIPAL PRINCIPAL
YEAR AMOUNT YEAR AMOUNT
1991 $ 220, 000 2001 $ 535 , 000
1992 275 , 000 2002 590, 000
1993 295 , 000 2003 635 , 000
1994 320, 000 2004 685 , 000
1995 345 , 000 2005 725 , 000
1996 370 , 000 2006 780 , 000
1997 400 , 000 2007 840 , 000
1998 430, 000 2008 905 , 000
1999 460, 000 2009 975 , 000
2000 500 , 000 2010 1, 050, 000
2011 1, 130, 000
2012 1, 220, 000
2013 1, 315 , 000
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Redemption•
The Bonds maturing on or before August 1, 1997, are
non-callable. The Bonds maturing on August 1, 1998 , or any
time thereafter, are callable for redemption prior to their
stated maturity date at the option of the District, in whole on
any date, or in part on any interest payment date, on or after
August 1, 1997, in inverse order of maturity and by lot within
any such maturity if less than all of the Bonds of such
maturity are to be redeemed, and may be redeemed prior to the
maturity thereof by payment of all principal , plus accrued
interest to date of redemption, plus the payment of a premium
(expressed as a percentage of the principal amount) , payable
from any source lawfully available therefor, as follows :
Redemption Date Redemption Price
August 1; 1997 through July 31, 1998 102 %
August 1, 1998 through July 31, 1999 101%
August 1, 1999 through July 31, 2000 101
August 1, 2000 through July 31, 2001 100/2
August 1, 2001 through thereafter 100
Notice of Redemption
Notice of redemption of any Bond will be mailed to the
Registered Owner of each Bond to be redeemed in whole or in
part at the address shown on the registration records
maintained by the Bond Registrar designated for this issue of
Bonds; such mailing to be not more than 60 nor less than 30
days prior to the date set for redemption. Failure to mail
notice to any owner will not affect the validity of the
proceedings for the redemption of Bonds .
Registration of Bonds as to Principal and Interest and Place of
—
Payment :
Principal and premium, if any, are payable at the principal
corporate trust office of Bank of America National Trust and
Savings Association, San Francisco, California, the Bond
Registrar . Interest is payable by check or draft mailed from
the Bond Registrar to the person in whose name the Bond was
registered at the close of business on the 15th day of the
calendar month next preceding that interest payment date (the
record date) .
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Authority:
The Bonds will be issued pursuant to the Constitution and laws
of the State of California . The issuance of the Bonds was
authorized by a two-thirds vote of the qualified electors of
the District voting at a special election held on March 7, 1989 .
Security•
Both principal of and interest on the Bonds are payable from an
unlimited ad valorem tax levied against all of the taxable
property in the District .
Form of Bid:
A prescribed form of bid for the Bonds will be prepared and all
bids must be submitted on such form. Copies of the prescribed
bid form will be included with the Official Statement for the
Bonds .
Interest Rates :
All bids for the purchase of the Bonds must state the rate or
rates of interest to be paid and no bid at a price less than
the par value of the Bonds, together with all accrued interest
thereon to the date of the delivery of the Bonds, will be
considered. All Bonds of the same maturity must bear the same
rate of interest and no Bond may bear more than one rate.
Bidders may specify any number of different rates to be borne:
on the Bonds; all interest rates must be in multiples of 1/8 ;or
1/20 of one percent; and the rate on any maturity shall not be
more than three percent (3%) higher than the interest rate on
any other maturity.
Bid Check:
All bids must be accompanied by a certified check or cashier ' s
check in a sum equal to one percent (1%) of the par value of
the Bonds , drawn on a bank or trust company payable to the
order of the Auditor-Control.ler of Contra Costa County. No
interest will be paid on the check of any bidder . The check of
the successful bidder will be applied to the purchase price of
the Bonds or retained and forfeited as liquidated damages in
the event such bidder does not take up and pay for the Bonds
immediately upon their issuance. All checks of the
unsuccessful bidders will be returned upon the award of the
Bonds to the successful bidder .
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CUSIP Numbers :
CUSIP numbers have been applied for and will be printed on the
Bonds and the cost of printing thereof and service bureau
assignment will be purchaser ' s responsibility. Any delay,
error or omission with respect thereto will not constitute
cause for the purchaser to refuse to accept delivery of an pay
for the Bonds .
Right of Rejection:
The County reserves the right in its discretion to reject any
and all bids received and to waive any irregularity or
informality in the bids, except that the time for receiving
bids shall be of the essence .
Cost of Bond Forms :
The District will bear the cost of the Bond forms and the
printing thereof and will furnish fully executed Bonds to the
purchaser upon payment therefor .
Award and Delivery:
Unless all bids are rejected, the Bonds will be awarded to the
bidder whose proposal results in the lowest net interest cost
to the District . The net interest cost will be determined by
computing the aggregate amount of interest payable on the Bonds
from their stated date to their respective maturities and by
deducting therefrom any premium. Delivery of the Bonds will ;be
made to the purchaser upon payment in federal funds at the
offices of Brown & Wood, 555 California Street, Suite 5060,
San Francisco, CA 94104 , or at the purchaser ' s request and
expense, at any other place mutually agreeable to both the
County and the purchaser .
Prompt Award•
The County will take action awarding the Bonds or rejecting all
bids not later than twenty-six (26) hours after the expiration
of the time herein prescribed for the receipt of proposals ,
unless such time of award is waived by the successful bidder .
Notice of the award will be given promptly to the successful
bidder .
Legal Opinion•
The Bonds are sold with the understanding that the purchaser
will be furnished with the approving opinion of Brown & Wood.
A copy of the opinion, but without its date, will be printed on
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the Bonds . Said attorneys have been retained by the District
as Bond Counsel and in such capacity are to render their
opinion only upon the legality of the Bonds under California
law and on the exemption of the interest income on such Bonds
from federal and State of California income taxes . Fees of
Bond Counsel will be paid from Bond proceeds .
Tax-Exempt Status :
In the opinion of Bond Counsel, under existing laws, interest
on the Bonds is exempt from all present State of California
personal income taxes, and assuming compliance with certain
covenants made by the District and County, interest on the
Bonds is not includable in the gross income of the owners of
the Bonds for federal income tax purpose, provided that such
interest may be included in the calculation for certain taxes,
including the corporate alternative minimum tax and the
corporate environmental tax. Should changes in the law cause
Bond Counsel ' s opinion to change prior to delivery of the Bonds
to the purchaser, the purchaser will be relieved of its
responsibility to pick up and pay for the Bonds, and in that
event his bid check will be returned.
Oualification for Insurance:
If the Bonds qualify for issuance of any policy of
municipal bond insurance or commitment therefor at the option
of the bidder, any purchase of such insurance or commitment
therefor shall be at the sole option and expense of the bidder
and any increased costs shall be paid by such bidder . Any
failure of the Bonds to be so insured or of any such policy of
insurance to be issued shall not in any way relieve the
purchaser of his contractual obligations arising from the
acceptance of his proposal to purchase the Bonds .
No Litigation and Non-Arbitrage:
The District will deliver a certificate stating that no
litigation is pending affecting the issuance and sale of the
Bonds . The District will also deliver an arbitrage certificate
covering its reasonable expectations concerning the Bonds and
the use of proceeds thereof .
Additional Information:
Copies of the Notice Inviting Proposals for Purchase of Bonds ,
the form of bid, and the Official Statement relating to the
Bonds will be furnished to any bidder upon request made to
Kelling, Northcross & Nobriga, Inc . , 595 Market Street, Suite
1350, San Francisco, CA 94105 , (415) 362-4110 . Three hundred
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fifty (350) extra copies of the Official Statement will be made
available to the purchaser without charge and additional copies
will be made available upon request at the purchaser ' s expense.
Dated: 1989
By:
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BIDS
FOR THE PURCHASE OF
MARTINEZ UNIFIED SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1989 GENERAL OBLIGATION BONDS, SERIES B
$15, 000, 000
1989
Martinez Unified 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 Fifteen Million Dollars
($15, 000 , 000) principal amount of the Bonds designated as
"Martinez Unified School District, Contra Costa County,
California 1989 General Obligation Bonds , Series B, " 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 $ % 2002 $ %
1992 2003
1993 2004
1994 2005
1995 2006
1996 2007
1997 2008
1998 2009
1999 2010
2000 2011
2001 2012
2013
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and to pay therefor the aggregate sum of $ plus
interest accrued on such Bonds to the date of delivery 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 check in the amount of
One hundred-fifty thousand dollars ($150 , 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•
(Account Manager)
By:
Address •
City:
State :
MEMORANDUM OF INTEREST COST
The total net interest cost on the Bonds during the life of the
issue to ,under the above bid is $
and the average net interest rate determined thereby is % .
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EXHIBIT B
Martinez Unified School District
(Contra Costa County, California)
1989 General Obligation Bonds , Series B
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 10 : 00 a .m. , May 8, 1989 , for the
Bonds identified above, authorized by Resolutions of the
Martinez Unified School district :
Average Net
Name of Bidder Interest Rate Premium
Kidder, Peabody & Co . , Inc. 7 . 089803% $ 553 . 70
Smith Barney Harris Upham 7 . 157947 0
Prudential-Bache 7 . 2036 0
Shearson Lehman Hutton 7 . 2498 0
Dean Witter Reynolds Inc . 7 . 1659 0
Merrill Lynch Capital
Markets 7 . 119900 2 , 788 . 45
Bank of America NT&SA 7 . 1175 8 , 453:. 75
Dated: May 8, 1989
/s/ Norma Masters
Business Manager
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EXHIBIT C
BIDS
FOR THE PURCHASE OF
MARTINEZ UNIFIED SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1989 GENERAL OBLIGATION BONDS, SERIES B
$15,000 , 000
May 8 , 1989
Martinez Unified School District
Contra Costa County, California
On behalf of a group which we have formed consisting of :
Kidder Peabody, alone
and pursuant to the 'NoticeInviting Bids hereinafter mentioned,
we offer to purchase all of the Fifteen Million Dollars
($15, 000, 000) principal amount of the Bonds designated as
"Martinez Unified School District, Contra Costa County,
California 1989 General Obligation Bonds, Series B, " maturing
on August 1 in the years and amounts and bearing interest ati.
the rate or rates set forth in the following schedule:
YEAR PRINCIPAL INTEREST YEAR PRINCIPAL INTEREST
(August 1) AMOUNT RATE Au ust 1) AMOUNT RATE
1991 $220,000 `� �r % 2002 $ 590.000 -
1992 275,000 �'r 2003 635,000- 7 ✓=
1993 .295,000 • =s 2004 685,000- 7
1994 320,000- 9''—s 2005 725,000 - --7 r
1995 345.000- 2006 780,000- 7
1996 370,000-' 9 '—f 2007 840,000• 7L-'
1997 400,000• �y 2008 905,000 • 7z-,
1998 430,000- G '—s 2009 975,000, 7_!-
1999 460,000- G=-r 2010 1,0500000_ 7 K'
2000 500,000 - Gau 2011 1,130,000: 7
2001 535,000 - G°' 2012 1,220,000-
2013
,220,000-2013 1,315,000 - G
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and to pay therefor the aggregate sum of iso�. s� plus
interest accrued on such Bonds to the date of delivery thereof ,
This bid is made subject to all the terms and conditions o.f 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 check in the amount of
.one hundred-fifty thousand dollars ($150 , 400) 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: Kidder, Peabody & Co. , Inc;:,)
(Account Manager)
By: si
Address : 333 South Ind Avenue
City: Los Angeles CA 90071
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 $ ice,v�i� 9x4 ss,
and the average net interest rate determined thereby is Lffi .
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(7)
$15, 000, 000
MARTINEZ UNIFIED SCHOOL DISTRICT
COUNTY OF CONTRA COSTA, CALIFORNIA
1989 GENERAL OBLIGATION BONDS, SERIES B
GENERAL CERTIFICATE OF THE COUNTY
We, the undersigned Treasurer-Tax Collector and Clerk of
the County Board of Supervisors of the County of Contra Costa,
California, a political subdivision duly organized and existing
pursuant to the Constitution and laws of the State of
California (the "County" ) DO HEREBY CERTIFY as follows :
1 . Representations . (a) The County Board of Supervisors
has complied with all the terms of the Resolutions adopted on
April 18 , 1989 and May 9 , 1989 (the "Bond Resolutions" ) to be
complied with by the County Board of Supervisors prior to or
concurrently with the date hereof and such documents are in
full force and effect .
(b) To the best of our knowledge, there is no action,
suit, proceeding, inquiry or investigation at law or in equity,
before ,or by any court, public board or body, pending or
threatened against the County to restrain or enjoin the
issuance of the above-referenced bonds (the "Bonds" ) or the
levy of the tax pledged for the payment thereof or in .any way
contesting the validity of the Bonds or the existence of the
County or its authority to issue the Bonds or take any action
authorized by the Bond Resolutions or contesting in any way the
completeness or accuracy of the Official Statement dated May 9 ,
1989 , relating to the issuance of the Martinez Unified School
District, County of Contra Costa, California, 1989 General
Obligation Bonds, Series B (the "Bonds" ) .
2 . Incumbency. The following persons and only the
following persons have been the duly chosen, qualified and
acting members of the County Board of Supervisors since the
first official action in relation to the Bonds was taken on
April 18, 1989 , for a term of office set forth below, or until
his or her successor shall be duly chosen and qualified:
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Date of Date of
Commencement Expiration
Office Name of Term of Term
Chairman Thomas A. Torlakson January 1989 December 1992
Vice Chair Nancy C. Fanden January 1989 December 1992
Board Member Tom Powers January 1987 December 1990
Board Member Sunne McPeak January 1987 December 1990
Board Member Robert I. Schroder January 1989 December 1992
The following persons are duly elected or appointed,
qualified and acting officers of the County:
Office Name
Treasurer-Tax Collector Alfred P. Lomeli
Auditor-Controller Donald L. Bouchet
Clerk of the Board of Supervisors Phil Batchelor
County Clerk Stephen L. Weir
3 . Signatures . We did officially cause the Bonds,
approved by the County Board of Supervisors, to be executed in
the name of the County by the signing of the Bonds with the
manual or facsimile signature of either the Chairman of the
County Board of Supervisors or the Treasurer-Tax Collector , as
appropriate, and where required with the manual or facsimile
signature of the Clerk of the Board of Supervisors attesting
thereto and the seal of the County manually or by facsimile
impressed thereon:
The following are true and correct specimens of the
signatures of the officers of and the Seal of the County which
have been affixed to the Bonds either manually or by facsimile
as prescribed in and authorized by the Bond Resolutions and
such officers were the duly chosen and acting officers
indicated on the Bonds on the date of delivery of the Bonds .
Name Signature
Thomas A. Torlakson, Chairman
of the Board of Supervisors
Alfred P. Lomeli , Treasurer—
Tax Collector
Phil Batchelor, Clerk of the
Board of Supervisors
[SEAL]
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