HomeMy WebLinkAboutMINUTES - 05011990 - 1.85 1_055
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RESOLUTION 90/252
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY
OF CONTRA COSTA, CALIFORNIA, AUTHORIZING THE ISSUANCE
OF ACALANES UNION HIGH SCHOOL DISTRICT, COUNTY OF
CONTRA COSTA, CALIFORNIA, 1990 GENERAL OBLIGATION
BONDS, SERIES B, IN A PRINCIPAL AMOUNT NOT TO EXCEED
$15 MILLION FOR THE PURPOSE OF FINANCING REAL PROPERTY
IMPROVEMENTS.
WHEREAS, a duly called 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, pursuant to such authorization by the voters ,
Acalanes Union High School District, County of Contra Costa,
1989 General Obligation Bonds , Series A, in the principal
amount of $10 , 000, 000 were issued in March 1989;
WHEREAS, at this time this Board has received the
resolution of the governing board of the District requesting
the issuance of a portion of such Bonds in the aggregate
principal amount not to exceed $15 million (the "Series B
Bonds" ) ;
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;
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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 real
property improvements, including (a) the permanent improvement
of the school sites; (b) the building or construction of
improvements both on and off the school sites that are
essential to the development of the schools; (c) the making of
permanent alterations , additions or fixtures to the school
buildings , structures and facilities; and (d) the building or
purchasing of buildings , structures and facilities , the County
hereby authorizes the issuance of the Series B Bonds .
SECTION 2 . Notice Inviting Bids . The invitation for bids
for the purchase of the Series B Bonds . is hereby authorized,
such invitation to be substantially in accordance with the
Notice Inviting Proposals For Purchase of Bonds attached hereto
as Exhibit A and by this reference incorporated herein (the
"Notice Inviting Bids" ) . The Notice Inviting Bids and the Bid
Form (including the memorandum of interest cost) , attached
hereto as Exhibit B and by this reference incorporated herein,
are hereby approved.
SECTION 3 . Local Publication of Notice of Intention to
Sell Bonds . The Superintendent of the District is hereby
directed to execute and the Clerk of the District is directed
to publish the Notice of Intention to Sell Bonds substantially
in the form attached hereto as Exhibit C in the Contra Costa
Times, a newspaper published and of general circulation in the
County of Contra Costa, California, once a week for two
successive weeks is hereby approved and ratified.
SECTION 4 . Terms and Conditions of Sale. The terms and
conditions of the offering and the sale of the Series B Bonds
shall be as specified in the Notice Inviting Bids .
SECTION 5 . Furnishing of Notice Inviting Bids and Official
Statement . The Clerk of the Board of Education of the District
and the financial advisor to the District, Kelling, Northcross
& Nobriga, Inc . (the "Financial Advisor" ) are hereby authorized
and directed to cause to be furnished to prospective bidders a
reasonable number of copies of the Notice Inviting Bids
( including the Bid Form) and a reasonable number of copies of
the Official Statement relating to the Series B Bonds .
SECTION 6 . Publication of Intention to Sell . Tbp
Superintendent of the District is hereby directed to publish a
Notice of Intention to Sell in The Bond Buyer once at least
fifteen ( 15) days prior to the date set to receive bids .
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SECTION 7 . General Authorization. The Financial Advisor
and/or Bond Counsel are hereby authorized and directed to open
the bids at the time and place specified in the Notice Inviting
Bids and to present the same to the County. The Financial
Advisor and/or Bond Counsel are hereby authorized and directed
to receive and record the receipt of all bids made pursuant to
the Notice Inviting Bids, to cause said bids to be examined for
compliance with the Notice Inviting Bids, to cause computations
to be made as to which bidder has bid the lowest net interest
cost, as provided in the Notice Inviting Bids, along with a
report as to the foregoing and any other matters deemed
pertinent to the award of the Series B Bonds and the
proceedings for the issuance thereof .
SECTION 8 . The Series B Bonds shall be issued as fully
registered Bonds registered as to both principal and interest ,
in the denominations of $5, 000 or any integral multiple
thereof, and shall be dated June 1 , 1990 .
The Series B Bonds shall bear interest from the dated date
of the Series B Bonds to maturity of each of the Series B Bonds
at a rate or rates such that the interest rate shall not exceed
12% per annum. Interest shall be payable on February 1 and
August 1 of each year (the "Interest Payment Dates" ) ,
commencing February 1 , 1991 , until the principal amount has
been paid or provided for . Each Series B Bond shall bear
interest from the interest payment date next preceding the date
of authentication thereof unless it is authenticated as of a
day during the period from the 16th day of the month next
preceding any interest payment date to the interest payment
date, inclusive, in which event it shall bear interest from
such interest payment date, or unless it is authenticated on or
before January 15, 1991, in which event it shall bear interest
from March 1 , 1990 .
The Series B Bonds shall mature on August 1 of the years
and in the amounts determined by the County Treasurer-Tax
Collector upon the recommendation of the District , such
determination to be conclusively evidenced by the publication
of such dates and amounts in the Notice Inviting Bids .
The Series B Bonds maturing on or before August 1 , 1998 ,
are not subject to redemption. The Series B Bonds maturing on
August 1, 1999 , or any time thereafter , are subject to
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 , 1998 , in inverse order of
maturity and by lot within such maturity and may be redeemed
prior to the maturity thereof by payment of all principal , plus
accrued interest to the date of redemption, plus the payment of
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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 , 1998 and February 1 , 1999 102 %
August 1 , 1999 and February 1 , 2000 101h
August 1 , 2000 and February 1 , 2001 101
August 1 , 2001 and February 1 , 2002 100`/2
August 1 , 2002 and thereafter 100
If less than all of the Series B Bonds of any one maturity
shall be called for redemption, the particular Series B Bonds
or portions of Series B Bonds of such maturity to be redeemed
shall be selected at the direction of the District by lot by
the Bond Registrar in such manner as the Bond Registrar in its
discretion may determine; provided, however, that the portion
of any Series B Bond to be redeemed shall be in the principal
amount of $5, 000 or some multiple thereof and that, in
selecting Series B Bonds for redemption, the Bond Registrar (as
defined in Section 10 below) shall treat each Series B Bond as
representing that number of Series B Bonds which is obtained by
dividing the principal amount of such Series B Bond by $5 , 000 .
The Bond Registrar shall give notice of the redemption of
the Series - B Bonds at the expense of the District . Such notice
shall specify: ( a) that the Series B Bonds or a designated
portion thereof are to be redeemed, (b) the numbers and CUSIP
numbers of the Series B Bonds to be redeemed, (c) the date of
notice and the date of redemption, (d) the place or places
where the redemption will be made, and (e) descriptive
information regarding the Series B Bonds including the dated
date, interest rate and stated maturity date. Such notice
shall further state that on the specified date there shall
become due and payable upon each Series B Bond to be redeemed,
the portion of the principal amount of such Series B Bond to be
redeemed, together with interest accrued to said date, and
redemption premium, if any, and that from and after such date
interest with respect thereto shall cease to accrue and be
payable .
Notice of redemption shall be by registered or otherwise
secured mail or delivery service, postage prepaid, to the
original purchaser of the Series B Bonds , or if the original
purchaser is a syndicate, to the managing member of such
syndicate, to a municipal registered securities depository and
to a national information service that disseminates securities
redemption notices , and by first class mail , postage prepaid,
to the District and County and the respective Owners of any
registered Series B Bonds designated for redemption at their
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addresses appearing on the Bond registration books, in every
case at least 30 days , but not more than 60 days , prior to the
redemption date; provided that neither failure to receive such
notice nor any defect in any notice so mailed shall affect the
sufficiency of the proceedings for the redemption of such
Series B Bonds .
SECTION 9 . The Series B Bonds shall be signed by the
Chairman of the Board of Supervisors and the County
Treasurer-Tax Collector by their manual or facsimile signatures
and countersigned by the manual or facsimile signature of and
the seal of the County affixed thereto by the Clerk of the
Board of Supervisors, all in their official capacities . No
Series B Bond shall be valid or obligatory for any purpose or
shall be entitled to any security or benefit under this
resolution unless and until the certificate of authentication
printed on the Series B Bond is signed by the Bond Registrar as
authenticating agent . Authentication by the Bond Registrar
shall be conclusive evidence that the Series B Bond so
authenticated has been duly issued, signed and delivered under
this resolution and is entitled to the security and benefit of
this Resolution.
SECTION 10 . This Board does hereby appoint The Bank of
America National Trust and Savings Association, San Francisco,
California to act as the authenticating agent, bond registrar ,
transfer agent and paying agent (collectively, the "Bond
Registrar" ) for the Series B Bonds .
SECTION 11 . The principal of and interest on the Series B
Bonds shall be payable in lawful money of the United States of
America without deduction for the services of the Bond
Registrar as paying agent . Principal shall be payable when due
upon presentation and surrender of the Series B Bonds at the
principal corporate trust office of the Bond Registrar .
Interest on a Series B Bond shall be paid on each Interest
Payment Date by check or draft mailed to the person in whose
name the Series B Bond was registered, and to that person' s
address appearing, on the Bond Register (as defined in
Section 12 below) at the close of business on the 15th day of
the calendar month next preceding that Interest Payment Date
(the "Record Date" ) .
SECTION 12 . So long as any of the Series B Bonds remain
outstanding, the District will cause the Bond Registrar to
fl-Ia.intain and keep at its principal corporate trust office all
books and records necessary for the registration, exchange and
transfer of the Series B Bonds as provided in this Section (the
"Bond Register" ) . Subject to the provisions of Section 11
above, the person in whose name a Series B Bond is registered
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on the Bond Register shall be regarded as the absolute owner of
that Series B Bond for all purposes of this Resolution.
Payment of or on account of the principal of and interest on
any Series B Bond shall be made only to or upon the order of
that person; neither the District , the County nor the Bond
Registrar shall be affected by any notice to the contrary, but
the registration may be changed as provided in this Section.
All such payments shall be valid and effectual to satisfy and
discharge the District ' s liability upon the Series B Bonds ,
including interest, to the extent of the amount or amounts so
paid.
Any Series B Bond may be exchanged for Series B Bonds of
any authorized denomination upon presentation and surrender at
the principal corporate trust office of the Bond Registrar ,
together with a request for exchange signed by the registered
owner or by a person legally empowered to do so in a form
satisfactory to the Bond Registrar . A Series B Bond may be
transferred only on the Bond Register upon presentation and
surrender of the Series B Bond at the principal corporate trust
office of the Bond Registrar together with an assignment
executed by the registered owner or by a person legally
empowered to do so in a form satisfactory to the Bond
Registrar . Upon exchange or transfer the Bond Registrar shall
complete, authenticate and deliver a new Series B Bond or
Series B Bonds of any authorized denomination or denominations
requested by the owner equal in the aggregate to the unmatured
principal amount of the Series B Bond surrendered and bearing
interest at the same rate and maturing on the same date .
If manual signatures on behalf of the County are required,
the Bond Registrar shall undertake the exchange or transfer of
Series B Bonds only after the new Series B Bonds are signed by
the authorized officers of the County. In all cases of
exchanged or transferred Series B Bonds, the County shall sign
and the Bond Registrar shall authenticate and deliver Series B
Bonds in accordance with the provisions of this Resolution,
All fees and costs of transfer shall be paid by the
transferor . Those charges may be required to be paid before
the procedure is begun for the exchange or transfer . All
Series B Bonds issued upon any exchange or transfer shall be
valid obligations of the District, evidencing the same debt,
and entitled to the same security and benefit under this
Resolution as the Series B Bonds surrendered upon that exchange
or transfer .
Any Series B Bond surrendered to the isond Registrar for
payment , retirement , exchange, replacement or transfer shall be
cancelled by the Bond Registrar . The District and the County
may at any time deliver to the Bond Registrar for cancellation
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any previously authenticated and delivered Series B Bonds that
the District and the County may have acquired in any manner
whatsoever, and those Series B Bonds shall be promptly
cancelled by the Bond Registrar . Written reports of the
surrender and cancellation of Series B Bonds shall be made to
the District and the County by the Bond Registrar at least
twice each calendar year . The cancelled Series B Bonds shall
be retained for a period of time and then returned to the
District or destroyed by the Bond Registrar as directed by the
District .
Neither the District ,, the County nor the Bond Registrar
will be required (a) to issue or transfer any Series B Bonds
during a period beginning with the opening of business on the
15th business day next preceding either any Interest Payment
Date or any date of selection of Series B Bonds to be redeemed
and ending with the close of business on the Interest Payment
Date or day on which the applicable notice of redemption is
given or (b) to transfer any Series B Bonds which have been
selected or called for redemption in whole or• in part .
SECTION 13 . The Series B Bonds shall be in substantially
the following form, allowing those officials executing the
Series B Bonds to make the .insertions and deletions necessary
to conform the Series B Bonds to this Resolution and the
Contract of Purchase.
(Form of Face of Bond)
REGISTERED
NO. $
ACALANES UNION HIGH SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1990 GENERAL OBLIGATION BOND, Series B
INTEREST RATE: MATURITY DATE: DATED AS OF : CUSIP
per annum August 1 , June 1 , 1990
REGISTERED OWNER:
PRINCIPAL AMOUNT :
The Acalanes Union High School District (the "District" ) in
Contra Costa County, California (the "County" ) , for value
received, promises to pay to the Registered Owner named above,
or registered assigns, the Principal Amount on the Maturity
Date, each as stated above, and interest thereon until the
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Principal Amount is paid or provided for at the Interest Rate
stated above, on February 1 and August 1 of each year (the
"Interest Payment Dates" ) , commencing February 1 , 1991 . This
bond will bear interest from the Interest Payment Date next
preceding the date of authentication hereof unless it is
authenticated as of a day during the period from the 16th day
of the month next preceding any Interest Payment Date to the
Interest Payment Date, inclusive, in which event it shall bear
interest from such Interest Payment Date, or unless it is
authenticated on or before January 15, 1991 , in which event it
shall bear interest from June 1 , 1990 . Principal and interest
are payable in lawful money of the United States of America,
without deduction for the paying agent services, to the person
in whose name this bond (or , if applicable, one or more
predecessor bonds) is registered (the "Registered Owner" ) on
the Register maintained by the Bond Registrar , initially The
Bank of America National Trust and Savings Association, San
Francisco, California. Principal is payable upon presentation
and surrender of this bond at the principal corporate trust
office of the Bond Registrar . Interest is payable by check or
draft mailed by the Bond Registrar on each Interest Payment
Date to the owner of this bond (or one or more predecessor
bonds) as shown and at the address appearing on the Register at
the close of business on the 15th day of the calendar month
next preceding that Interest Payment Date (the "Record Date" ) .
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH ON THE REVERSE SIDE, WHICH SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH HERE.
It is certified and recited that all acts and conditions
required by the Constitution and laws of the State of
California to exist, to occur and to be performed or to have
been met precedent to and in the issuing of the bonds in order
to make them legal, valid and binding general obligations of
the District , have been performed and have been met in regular
and due form as required by law; that payment in full for the
bonds has been received; that no statutory or constitutional
limitation on indebtedness or taxation has been exceeded in
issuing the bonds; and that due provision has been made for
levying and collecting ad valorem property taxes on all of the
taxable property within the District in an amount sufficient to
pay principal and interest when due, and for levying and
collecting such taxes the full faith and credit of the District
are hereby pledged.
This bond shall not be valid or obligatory for any purpose,
and shall not be entitled to any security or benefit under the
Bond Resolution (described on the reverse hereof) until the
Certificate of Authentication below has been signed.
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IN WITNESS WHEREOF, the Acalanes Union High School
District, Contra Costa County, California, has caused this bond
to be executed on behalf of the District and in their official
capacities by the manual or facsimile signatures of the
Chairman of the Board of Supervisors of the County and the
County Treasurer-Tax Collector, and to be countersigned by the
manual or facsimile signature of the Clerk of the Board of
Supervisors of the County, and has caused the seal of the
County to be affixed hereto, all as of the date stated above.
[SEAL] CONTRA COSTA COUNTY, CALIFORNIA
By:
Chairman, Board of Supervisors
COUNTERSIGNED:
Clerk, Board of Supervisors Treasurer-Tax Collector
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CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the Bond
Resolution referred to herein.
Date of Registration and Authentication:
Bond Registrar
By:
Authorized Officer
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(Form of Reverse of Bond)
This bond is one of a series of $15, 000 , 000 of bonds issued
for the purpose of raising money for real property
improvements, including (a) the permanent improvement of the
school sites; (b) the building or construction of improvements
both on and off the school sites that are essential to the
development of the schools; (c) the making of permanent
alterations, additions or fixtures to the school buildings ,
structures and facilities; and (d) the building or purchasing
of buildings, structures and facilities therewith under
authority of and pursuant to the laws of the State of
California, and the requisite two-thirds vote of the electors
of the District cast at a special election held on
November 8, 1988, upon the question of issuing bonds in the
amount of $34, 000, 000 and the resolution of the Board of
Education of the District adopted on April 25, 1990 (the
"District Resolution" ) and the resolution of the County Board
of Supervisors adopted on May 1 , 1990 (the "Bond Resolution" ) .
This bond and the issue of which this bond is one are payable
as to both principal and interest from the proceeds of the levy
of ad valorem taxes on all property subject to such taxes in
the District, which taxes are unlimited as to rate or amount .
The bonds of this issue are issuable only as fully
registered bonds in the denominations of $5, 000 or any integral
multiple thereof . This bond is exchangeable and transferable
for bonds of other authorized denominations at the principal
corporate trust office of .the Bond Registrar, by the Registered
Owner or by a person legally empowered to do so, upon
presentation and surrender hereof to the Bond Registrar ,
together with a request for exchange or an assignment signed by
the Registered Owner or by a person legally empowered to do so,
in a form satisfactory to the Bond Registrar , all subject to
the terms , limitations and conditions provided in the Bond
Resolution. All fees and costs of transfer shall be paid by
the transferor . The District , the County and the Bond
Registrar may deem and treat the Registered Owner as the
absolute owner of this bond for the purpose of receiving
payment of or on account of principal or interest and for all
other purposes, and neither the District , the County nor the
Bond Registrar shall be affected by any notice to the contrary.
The bonds maturing on or before August 1 , 1998 , are not
subject to redemption. The bonds maturing on August 1 , 1999 ,
or any time thereafter , are subject to 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 , 1998 , in inverse order of the maturity and
by lot within such maturity and may be redeemed prior to the
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maturity thereof by payment of all principal , plus accrued
interest to the 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 , 1998 and February 1 , 1990 102 %
August 1 , 1999 and February 1 , 2000 1002
August 1 , 2000 and February 1 , 2001 101
August 1 , 2001 and February 1 , 2002 100%
August 1 , 2002 and thereafter 100
If less than all of the bonds of any one maturity shall be
called for redemption, the particular bonds or portions of
bonds of such maturity to be redeemed shall be selected at the
direction of the District by lot by the Bond Registrar in such
manner as the Bond Registrar in its discretion may determine;
provided, however, that the portion of any bond to be redeemed
shall be in the principal amount of $5 , 000 or some multiple
thereof and that , in selecting bonds for redemption, the Bond
Registrar shall treat each bond as representing that number of
bonds which is obtained by dividing the principal amount of
such bond by $5, 000 .
The Bond Registrar shall give notice of the redemption of
the bonds at the expense of the District . Such notice shall
specify: (a) that the bonds or a designated portion thereof
are to be redeemed, (b) the numbers and CUSIP numbers of the
bonds to be redeemed, (c) the date of notice and the date of
redemption, (d) the place or places where the redemption will
be made, and (e) descriptive information regarding the bonds
including the dated date, interest rate and stated maturity
date. Such notice shall further state that on the specified
date there shall become due and payable upon each bond to be
redeemed, the portion of the principal amount of such bond to
be redeemed, together with interest accrued to said date, and
redemption premium, if any, and that from and after such date
interest with respect thereto shall cease to accrue and be
payable .
Notice of redemption shall be by registered or otherwise
secured mail or delivery service, postage prepaid, to the
original purchaser of the bonds, or if the original purchaser
is a syndicate, to the managing member of such syndicate, to a
municipal registered securities depository and to a national
information service that disseminates securities redemption
notices , and, by first class mail , postage prepaid, to the
District , the County and the respective Owners of any
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registered bonds designated for redemption at their addresses
appearing on the bond registration books , in every case at
least 30 days, but not more than 60 days, prior to the
redemption date; provided that neither failure to receive such
notice nor any defect in any notice so mailed shall affect the
sufficiency of the proceedings for the redemption of such bonds .
Neither the District , the County nor the Bond Registrar
will be required (a) to issue or transfer any bond during a
period beginning with the opening of business on the 15th
business day next preceding either any Interest Payment Date or
any date of selection of bonds to be redeemed and ending with
the close of business on the Interest Payment Date or day on
which the applicable notice of redemption is given or (b) to
transfer any bond which has been selected or called for
redemption in whole or in part .
Reference is made to the Bond Resolution for a more
complete description of the provisions , among others, with
respect to the nature and extent of the security for the bonds
of this series, the rights, duties and obligations of the
District , the County, the Bond Registrar and the Registered
Owners , and the terms and conditions upon which the bonds are
issued and secured. The owner of this bond assents , by
acceptance hereof , to all of the provisions of the Bond
Resolution.
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ASSIGNMENT
For value received, the undersigned sells , assigns and
transfers to (print or typewrite name, address and zip code of
Transferee) :
this bond and irrevocably constitutes and appoints
attorney to transfer this bond on the books for registration
thereof , with full power of substitution in the premises .
Dated:
Signature Guaranteed:
Commercial bank, trust company
or member of a national securities
exchange.
Notice: The assignor ' s signature to this assignment must
correspond with the name as it appears upon the face
of the within bond in every particular, without
alteration or any change whatever .
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LEGAL OPINION
The following is a true copy of the opinion rendered by
Brown & Wood in connection with the issuance of, and dated as
of the date of the original delivery of, the bonds . A signed
copy is on file in my office.
(Facsimile)
Clerk
Board of Supervisors
(Form Of Legal Opinion)
SECTION 14 . The proper officials of the County shall cause
the Series B Bonds to be prepared and, following their sale,
shall have the Series B Bonds signed and delivered, together
with a true transcript of proceedings with reference to the
issuance of the Series B Bonds, to the original purchaser upon
payment of the purchase price in federal funds .
SECTION 15 . The proceeds from the sale of the Series B
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 "1990 Acalanes Union High
School District 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 Series B 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 Series B Bonds shall be kept
separate and apart in the fund hereby created and established
and to be designated as the "1990 Acalanes Union High School
District General Obligation Bond Interest and Sinking Fund"
(the "Debt Service Fund" ) for the Series B Bonds and used only
for payments of principal and interest on the Series B Bonds .
Interest earned on the investment of monies held in the Debt
Service Fund shall be retained in the Debt Service Fund and
used by the County to pay principal and interest on the Series
B Bonds when due. Interest earned on the investment of monies
held in the Building Fund shall be retained in a sub-account of
said Fund to be known as the "1990 Acalanes Union High School
District Building Fund - Interest Earnings Subaccount" and may
be used for any capital improvements of the District . Any
excess proceeds of the Series B Bonds not needed for the
authorized purposes set forth herein for which the Series B
Bonds are being issued shall be transferred to the Debt Service
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Fund and applied to the payment of principal and interest on
the Series B Bonds . If , after payment in full of the Series B
Bonds, there remain excess proceeds , any such excess amounts
shall be transferred to the general fund of the District .
SECTION 16 . There shall be levied on all the taxable
property in the District , in addition to all other taxes , a
continuing direct ad valorem tax annually during the period the
Series B Bonds are outstanding in an amount sufficient to pay
the principal of and interest on the Series B Bonds when due,
which moneys when collected will be placed in the Debt Service
Fund of the District , which fund is irrevocably pledged for the
payment of the principal of and interest on the Series B Bonds
when and as the same fall due.
SECTION 17 . The County hereby covenants that it will
restrict the use of the proceeds of the Series B Bonds in such
manner and to such extent, if any, as may be necessary, so that
the Series B Bonds will not constitute arbitrage bonds under
Section 148 of the Internal Revenue Code of 1986, as amended,
(the "Code" ) and the applicable regulations prescribed under
that section or any predecessor section.
SECTION. 18 . This Board determines that all acts and
conditions necessary to be performed by the Board or to have
been met precedent to and in the issuing of the Series B Bonds
in order to make them legal , valid and binding general
obligations of the District have been performed and have been
met , or will at the time of delivery of the Series B Bonds have
been performed and have been met, in regular and due form as
required by law; that the full faith, credit and revenues of
the District are pledged for the timely payment of the
principal of and interest on the Series B Bonds; and that no
statutory or constitutional limitation of indebtedness or
taxation will have been exceeded in the issuance of the Series
B Bonds .
SECTION 19 . The form of Official Statement relating to the
Series B Bonds presented to this meeting and on file with the
Clerk of the Board, is hereby approved. The Official Statement
in substantially said form, with such changes as the authorized
officials of the District may require or approve, which
approval shall be conclusively evidenced by delivery thereof
shall hereinafter be referred to as the "Official Statement . "
The financial advisor of the District, Kelling, Northcross &
Nobriga, Inc . , is hereby authorized to distribute copies of the
Official Statement to persons who may be interested in the
purchase of the Series B Bonds and is directed to deliver
copies of any final Official Statement to the purchaser of the
Series B Bonds .
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SECTION 20 . 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.
SECTION 21 . 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 22 . This resolution shall take effect immediately
upon its passage.
PASSED AND ADOPTED this 1st day of May, 1990 , by the
following vote:
AYES : Supervisors Schroder, McPeak, TorlakFon, Fanden
NOES: None
ABSENT: Supervisor Powers
ABSTENTIONS: None
9
\ Y
Chairman, oard of Supervisors
[SEAL]
Attest : phi Batchelor, Clerk of the BoaM of
Supervisors and County Admirik*etur
JJ
--
Clerk,- Board of Supervisor
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3036006/2
C'T.F..R.K' S CERTIFICATE
I , Jeanne 0. Maglio, Deputy Clerk of the Board of SupervisorF
of the County of Contra Costa , 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 1 129P. , of
which meeting all of the members of the Board-bT Board-bsaid 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 1, 1990
Deputy Clerk//
[Seal]
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3036006/2
/mss
EXHIBIT A
NOTICE INVITING PROPOSALS FOR PURCHASE OF BONDS
$15, 000, 000 ACALANES UNION HIGH SCHOOL DISTRICT
CONTRA COSTA COUNTY, CALIFORNIA
1990 General Obligation Bonds , Series B
NOTICE IS HEREBY GIVEN that sealed unconditioned proposals will
be received to and including the hour of 11 : 00 a.m. , Pacific
Daylight Time, on May 21 , 1990 , at the offices of Kelling,
Northcross & Nobriga, Inc . , 595 Market Street, Suite 1350, San
Francisco, CA 94105 for the purchase of all , but not less than
all , of $15,000 , 000 principal amount of Acalanes Union High
School District, Contra Costa County, California, 1990 General
Obligation Bonds, Series B (the "Bonds" ) . On May 22, 1990, 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 . In the event the
Board of Supervisors considers but does not award a bid on said
date by the designated time, proposals will be received the
following Monday at the same time and place and each Monday
thereafter until such time as a bid is awarded.
Issue:
The Bonds will be dated June 1 , 1990, 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 , 1991 , 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 2014 , inclusive, as follows :
PRINCIPAL
YEAR AMOUNT YEAR AMOUNT
1991 $ 2003 $
1992 2004
1993 2005
1994 2006
1995 2007
1996 2008
1997 2009
1998 2010
1999 2011
2000 2012
2001 2013
2002 2014
Redemption:
The Bonds maturing on or before August 1 , 1998, are not subject
to redemption. The Bonds maturing on August 1 , 1999, or any
time thereafter, are subject to 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 , 1998, 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 the 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 , 1998 and February 1 , 1999 102 %
August 1 , 1999 and February 1 , 2000 101`/2
August 1 , 2000 and February 1 , 2001 101
August 1 , 2001 and February 1 , 2002 100`/z
August 1 , 2002 and thereafter 100
Notice of Redemlotion
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
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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 The 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).
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 an election held on November 8, 1988 .
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 without modification or
change. 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 1/6 or
1/20 of one percent; and the rate of interest on any maturity
shall not be more than three percent (3%) higher than the
interest rate on any other maturity.
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Bid Check:
All bids must be accompanied by a certified check in a sum
equal to one percent ( 1°s) of the par value of the Bonds, drawn
on a bank doing business in the State of California, payable to
the order of the Auditor-Controller 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 .
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 complying with the terms of this Notice and any
Supplemental Notice and 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 .
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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 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
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.
Qualification 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 .
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3036006/2
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 .
Official Statement :
The District will make available a Preliminary Official
Statement relating to the Bonds , a copy of which, along with
related documents , will be furnished upon request made either
by mail to Kelling, Northcross & Nobriga Incorporated, 595
Market Street , Suite 1350 , San Francisco, California 94105, or
5776 Stoneridge Mall Road, Suite 380, Pleasanton, California
94588, the District ' s financial consultant for the Bonds, or
telephoned to said consultant at (415) 362-4110 or (415)
734-0755 . Such Preliminary Official Statement, together with
any supplements thereto, shall be in form "deemed final" by the
District for the purposes of SEC Rule 15c2-12(b) ( 1) , but is
subject to revision, amendment and completion in a final
official statement . The District agrees to provide a
reasonable number , not exceeding 300, of the final Official
Statement to the winning bidder at the District ' s expense
within seven business days of the date of sale. The District
shall deliver, at closing, a certificate, executed by
appropriate officers of the District acting in their official
capacities, to the effect that the facts contained in the
Official Statement relating to the Bonds are true and correct
in all material respects , and that the Official Statement does
not contain any untrue statements of a material fact or omit to
state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not
misleading.
Dated: 1990
ACALANES UNION HIGH SCHOOL
DISTRICT
By:
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EXHIBIT B
BIDS
FOR THE PURCHASE OF
ACALANES UNION HIGH SCHOOL DISTRICT
CONTRA COSTA COUNTY, ,CALIFORNIA
1990 General Obligation Bonds, Series B
$15, 000 , 000
1990
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 fifteen million dollars
($15, 000 , 000) principal amount of the Bonds designated as
"Acalanes Union High School District, Contra Costa County,
California 1990 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 INSURANCE
(August 1) AMOUNT RATE (August 1) AMOUNT RATE
1991 2003
1992 2004
1993 2005
1994 2006
1995 2007
1996 2008
1997 2009
1998 2010
1999 2011
2000 2012
2001 2013
2002 2014
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EXHIBIT C
i
NOTICE OF INTENTION TO SELL BONDS
$15, 000 , 000
ACALANES UNION HIGH
SCHOOL DISTRICT
Contra Costa County, California
1990 General Obligation Bonds, Series B
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 May 21 , 1990 , 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 $15, 000,000 principal amount of general obligation bonds
of the District designated "Acalanes Union High School
District, Contra Costa County, California 1990 General
Obligation Bonds, Series B" (the "Bonds" ) . On May 22 , 1990 ,
the Board of Supervisors will meet for the purpose of
considering bids received and, if an acceptable bid is
received, awarding the contract of purchase of the Bonds . In
the event that the Board of Supervisors considers but does not
award a bid in said date, proposals will be received the
following Monday at the same time and place and each Monday
thereafter until such time as a bid is awarded.
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 June 1 , 1990 . 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: 1990
By:
Acalanes Union High School
District