HomeMy WebLinkAboutMINUTES - 07111989 - 1.28 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on July 11, 1989 by the following vote:
AYES: Supervisors Powers, Fanden, Schroder, McPeak and Torlakson
NOES: None
ABSENT: . None
ABSTAIN: None
SUBJECT: ACCEPTING ASSESSMENT DISTRICT SCREENING COMMITTEE
RECOMMENDATIONS FOR REFUNDING OF ASSESSMENT DISTRICT
1982-1 BY FORMATION OF ASSESSMENT DISTRICT 1989-2 IN
THE SAN RAMON AREA.
The Assessment District Screening Committee recommends
that the formation of Assessment District 1989-2 be based on the
following conditions:
1. Non-recourse 1915 Act bonds
2 . 3% bond reserve fund
3 . No public hearing (if not required by law)
4 . County administration. fee at 1%
BE IT THEREFORE RESOLVED that the recommendations of
the Assessment District Screening Committee are ACCEPTED.
1.1we"certify that this Is a true and M, Copy of
an talon taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTEt7 /y
PHIL SATOAELOIR Clerk of the Board
of Supervisors and County Administrator
By ,._._. .Deputy
FL:drg
ad:refund.t6
Originator: Public Works (ES)
cc: Assessment District Screening Committee
Robert Brunsell
P. O. Box 8808
Emeryville, CA 94662
Nadine Lee
Mark Pressman Associates
P. O. Box 26690
San Francisco, CA 94126
Richard Nystrom
Nystrom Engineering
500 Ygnacio Valley Rd. , Suite 425
Walnut Creek, CA 94596
R. Gilchrist, Public Works/Accounting
F. Lee, Public Works/Engineering Services
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RESOLUTION NO. 89/4E5
RESOLUTION APPROVING AGREEMENT
FOR LEGAL SERVICES
ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. , 1982-1)
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 No. 1989-2, Deerwood Drive
Extension-West Refunding (Refund A.D. No. 1982-1) , County of
Contra Costa, State of California, dated July 11, 1989, and on
file with the Clerk of the Board.
The Chairman of the Board is authorized to sign the
agreement and the Clerk of the Board of Supervisors 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 regular meeting thereof,
held on the lith day of July, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board .of Supervisors and
County Administrator
By`
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Engineer of Work
Bond Counsel (2)
RESOLUTION NO. 89/465
RESOLUTION NO. 89/466
RESOLUTION APPROVING AGREEMENT
FOR ENGINEERING SERVICES
ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. 1982-1)
The Board of Supervisors of the County of Contra
Costa resolves:
This Board approves that certain agreement between the
County of Contra Costa, and NYSTROM ENGINEERING, for services as
Engineer of Work for Assessment District No. 1989-2, Deerwood
Drive Extension-West Refunding (Refund A.D. No. 1982-1) , County
of Contra Costa, State of California, dated the 11th day of July,
2989, and on file with the Clerk of the Board.
The Chairman of the Board is authorized to sign
the agreement and the Clerk of the Board is authorized to attest to 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 regular meeting
thereof, held on the 11th day of July, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By G
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Engineer of Work
Bond Counsel (2)
RESOLUTION NO. 89/466
RESOLUTION NO. 89/467
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
IN ASSESSMENT DISTRICT NO. 2989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. 1982-1)
The Board of Supervisors of the County of Contra Costa
resolves:
Section 1•
This Board of Supervisors hereby determines that the
public interest or necessity requires the refunding of all
outstanding bonds previously issued as Series No. 1982-1, dated
June 15, 1982, Assessment District No. 1982-1, 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.
Section 2 •
This Board of Supervisors hereby directs Nystrom
Engineering 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.
Section 3 •
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.
Section 4 :
Serial bonds representing unpaid reassessments, and
bearing interest at a rate not to exceed twelve percent (12%) per
RESOLUTION NO. 89/467
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annum, will be issued in the manner provided by the Act, and the
last installment of the bonds shall mature September 2, 1997.
Section 5•
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.
Section 6•
A County processing fee shall be charged as a bond
service charge in the amount allocated in the Reassessment
Report.
Section 7 •
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.
Section 8•
The amount of any surplus remaining after completion of
the refunding shall be transferred to the reserve fund for the
refunding bonds.
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RESOLUTION NO. 89/467
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the Boardr,'of Supervisors of the County
of Contra Costa, State of California, at regular meeting thereof,
held on the lith day of July, 19891
ATTEST:
PHIL `BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
BY „ t,
A. Josep De ty Clerk
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Engineer of Work
Bond Counsel (2)
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RESOLUTION NO. 891467
RESOLUTION NO!'. 89/468
RESOLUTION APPROVING REASSESSMENT REPORT
AND CONFIRMING REASSESSMENTS
ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. 1982-1)
The Board of Supervisors ,of the County of Contra Costa
resolves:
Section 1:
Y
The Engineer of Work filed the written report
prescribed by Section 9523 of the 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
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authorized to proceed with approval and confirmation of the
report and with authorized issuance and sale of the proposed
refunding bonds on the basis of a written waiver of notice of
hearing and of statute of limitations, which has been executed by
each of the affected property owners authorizing this Board of
Supervisors to conduct refunding procedures.
Section 2•
Accordingly, this Board ,of Supervisors is authorized to
proceed with approval and confirmation of the report and with
authorized issuance and sale of th'e proposed refunding bonds
without notice to the affected landowners or hearing on the
report.
Section 3 •
This Board of Supervisors hereby approves and confirms
the Reassessment Report, including Exhibits A through H thereof.
r.
RESOLUTION NO. 89/468
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Section 4:
All assessments originally levied in Assessment
District No. 1982-1 shall be deemed supplanted and superseded by
the reassessments proposed hereby, I' except for unpaid installments
of principal and interest due and payable during or before fiscal
year 1988-89.
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Section 5•
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
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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, 1997.
I HEREBY CERTIFY that thle foregoing resolution was duly
and regularly adopted by the Board I� of Supervisors of the County
of Contra Costa, State of California, at regular meeting thereof,
held on the lith day of July, 19891;.
ATTEST:
I
PHIL' BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
ii
By
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Engineer of Mork
Bond Counsel (2)
2
RESOLUTION NO. 89/468
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RESOLUTION NO. 89/469
RESOLUTION AUTHORIZING ISSUANCE OF REFUNDING BONDS
ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. 1982-1)
The Board of Supervisors of the County of Contra
Costa resolves:
Section 1., RECITALS. On July 11, 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 No. 1989-2, Deerwood
Drive Extension-West Refunding (Refund A.D. No. 1982-1) , County
of Contra Costa, State of California, under the provisions of the
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Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") .
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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 $480,703 . 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 toll', be secured by the
reassessments. The bonds shall be designated, "Limited
Obligation Refunding Bond, County of Contra Costa, Assessment
District No. 1989-2 , Deerwood Drive Extension-West Refunding
(Refund A.D. No. 1982-1) , Series No. 1989-211 . 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
RESOLUTION NO". 89/469
denominations of $5000 or integral multiples thereof, except for
Bond 1, which shall be an odd amount, and shall be dated July 24,
1989. Bonds shall mature and shall bear interest at the rates
set forth in the table attached as Exhibit A.
Section 3. APPOINTMENTiIOF 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 Supervisorsland .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 Assessment District
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No. 1989-2 , Deerwood Drive Extension-West Refunding (Refund A.D.
No. 1982-1) .
Section 5. 1. REFUNDINGGFUND. 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. j1989-2, Deerwood Drive
Extension-West Refunding (Refund A.D. No. 1982-1) shall be
deposited in the refunding fund to be maintained by the County
Treasurer. Disbursements from the refunding fund shall be 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, andall 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
$14,421. 00 (the "Reserve Requirement") from the proceeds of the
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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
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 No. 1989-2 , Deerwood Drive Extension-West Refunding
(Refund A.D. No. 1982-1) . 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 amountiiin the special reserve fund
equals or exceeds the amount required to retire the remaining
unmatured bonds (whether by advance retirement or otherwise) , the
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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 inthe 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 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
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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.
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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 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
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addition, the Board of Supervisors makes the following covenants,
which shall constitute a contract with the bondholders:
Section 8 . 1. FORECLOSURIE OF LIENS. Not later than
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October 1 in any year, the County 'shall file an action in the
Superior Court to foreclose the lilen of each delinquent
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reassessment if the sum of uncured reassessment delinquencies for
the preceding fiscal year exceeds five percent (5%) of the
reassessment installments posted to the tax roll for that fiscal
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year, and if the amount of the special reserve fund is less than
the Reserve Requirement.
Section 8.2. ARBITRAGE.I 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 bel"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 'p;regulations.
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.
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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 regular meeting thereof,
held on the 11th day of July, 1989 ''.
ATTEST:
PHILGBATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By v
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Enqineer of Work
Bond Counsel (2)
8
MATURITY SCHEDULE OF BONDS
COUNTY OF CONTRA COSTA
A.D. 1982-1, Deerwood Drive Extension-West, Refunding
Bonds mature on September 2 in the years
and amounts, and bear interest at the annual
rates, set forth below. i
YEAR FACE AMOUNT RATE(%)
1990 45,703 .00 6.250
1991 55, 000. 00 6.400
1992 55, 000. 00 6. 500
1993 55, 000. 00 6. 600
1994 60, 000. 00 6.700
1995 65, 000. 00 6. 800
1996 70, 000. 00 6.850
1997 75,000.00 6.900
TOTAL: 480, 703. 00
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United States of America
State of California
County of Contra Costa
REGISTERED REGISTERED
Number $
LIMITED OBLIGATION REFUNDING BOND
COUNTY OF CONTRA COSTA
ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. 1INO. 1982-1)
SERIES NO. 1989-2
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. l'1989-2, Deerwood Drive
Extension-West Refunding (Refund ,,A.D. No. 1982-1) more fully
described in the Resolution of Intention adopted by the Board of
Supervisors of the County of Contra Costa on the 11th day of
July, 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 6
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 of the Board, and has
caused its corporate seal to be reproduced in facsimile hereon
all as of the 24th day of July, 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
2
(REVERSE OF BOND)
COUNTY OF CONTRA COSTA
ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. 'NO. 1982-1)
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 authorizeddenomination 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, or by personal service 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
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RESOLUTION NO. 89/470
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RESOLUTION ORDERING SALE OF REFUNDING BONDS
ASSESSMENT DISTRACT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. 1982-1)
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 No. 1989-2, Deerwood
Drive Extension-West Refunding (Refund A.D. No. 1982-1) , 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 inithe 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 regular meeting thereof,
held on the lith day of July, 1989.
ATTEST:
PHILBATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
By.
A. Jose h, D uty Clerk
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Engineer of Mork
Bond Counsel (2) 1
RESOLUTION NO. 89/470
MARK PRESSMAN ASSOCIATES
Investment Banking
250 Montgomery Street, Suite 1200
San Francisco, CA 94104
FAX: (415) 421-0755
(415) 421-7300
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July 19,1989
The Honorable Board of Supervisors
County of Contra Costa
625 Court Street
Martinez, California 94553
Re: Assessment District Number 1989-2,Deerwood Drive Extension-West Refunding
(Refund Assessment District 1982-1),Series No.1989-2
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 Street and Highways Code to represent the cost of refunding
bonds in Assessment District Number 1989-2, Deerwood Drive Extension-West Refunding (Refund
Assessment District 1982-1), Series No. 1989-2 (the "District").
Amount of Bonds: $480,703.00.
Form of Bonds: Registered bonds to be issued serially. Bond denominations of$5,000 to$100,000,
with odd bonds in the first maturity.
Interest Rates: 1990 6.25% 1994 6.70%
1991 6.40%l 1995 6.80%
1992 6.50%''', 1996 6.85%
1993 6.60%d' 1997 6.90%
Price: 97.75%of par value plus accrued interest.
Term: 8 years.
Average Interest
Cost: 6.7513%
Net Interest Cost: 7.2074%
Mailing Address: P.O. Box 26690, San Francisco, CA 94126
Board of Supervisors
County of Contra Costa
July 19,1989
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 specifie4 below:
1990 $ 45,703.00 1994 $ 60,000.00
1991 55,000.00 1995 65,000.00
1992 55,000.00 1996 70,000.00
1993 55,000.00 1997 75,000.00
Date of Bonds and
Delivery Date: July 24,1989.
Foreclosure Clause: If any installment of the principal or interest of any reassessment
levied in Assessment District Number 1989-2 becomes delinquent, the
County Supervisors shall cause an action to be filed in the Superior
Court of the County where the land is located to foreclose the lien of
the delinquent reassessment under the authority of Section 9545 of the
Streets and Highway's Code of the State of California. This action
shall be filed not later than November 1 in each year after the date of
delinquency.
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 until the amount in said fund reaches the
maximum allowed by law and earnings above that amount will be
credited to the Redemption Fund to be applied to debt service.
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.
Board of Supervisors
County of Contra Costa
July 19,1989
Page Three
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:
11
(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;
(b) Between the date hereof and the closing date, the market price or
marketability of the Bonds at the initial offering prices set forth
I Statement shall not have been materially
in the Offering'
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 passes)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 tissued 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 City
Board of Supervisors
County of Contra Costa
July 19,1989
Page Four 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;
(3) Any amendment to the Federal or California Constitution or
action by anyiFederal 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 at noon July 20, 1989.
Very truly yours,
MARK PRESSMAN ASSOCIATES(MPA)
_ AW`e�
Nadine McKinney Lee
Investment Banker
Mark Pressman
NML/MP:pt