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TO: BOARD OF SUPERVISORS L
` Contra
FROM: Costa
Phil Batchelor, County Administrator
County
DATE: June 2 , 1992
SUBJECT: 1992 Tax and Revenue Anticipation Notes
SPECIFIC REOUEST(S)OR RECOMMENDATION(S)6 BACKGROUND AND JUSTIFICATION
RECONIlEENDATIONS
1. Adopt Resolution amending Resolution No. 92/349 adopted May
19, 1992 which authorized issuance of the 1992 Tax and Revenue
Anticipation Notes.
BACKGROUND-
The Board adopted Resolution No. 92/349 on May 19, 1992 authorizing
sale of the 1992 Tax and Revenue Anticipation Notes in an amount
not to exceed $125,000, 000 Series A and $25 , 000,000 Series B. On
that day new regulations were released which changed the method for
computing the borrowing parameters.
The . County' s legal consultant has been reviewing the new
regulations with the Auditor-Controller to determine the affect of
the change. A final legal opinion on the recommended borrowing
limit for the County will be available in the next few days.
As a result of the review by the Bond Counsel, it is recommended
that the original resolution be amended to make some technical
changes regarding the series B issue in accordance with the new
regulations.
The staff approach to the borrowing is to be conservative while
attaining the maximum financial advantage for the County.
CONTINUED ON ATTACHMENT: x YES SIGNATURE: O
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
x UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED "•
County Auditor-Controller PHI ATCHELOR,CLERK OF THE BOARD OF
Treasurer-Tax Collector SUPERVISORS AND COUNTY ADMINISTRATOR
BY
M382 (10/88)
Q5-28-92 OH&S DRAFT No. 1
RESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF CONTRA COSTA
AMENDING RESOLUTION NO. 92/349
RESOLUTION NO. 92/ 369
WHEREAS, the Board of Supervisors (the "Board") of the
County of Contra Costa (the "County") by Resolution No. 92/349,
adopted on May 19, 1992 , authorized the borrowing of funds for
fiscal year 1992-1993 and the issuance and sale of County of
Contra Costa, California, 1992-1993 Tax and Revenue Anticipation
Notes (the "Notes") ; and
WHEREAS, the Board has determined that it is desirable
to amend Resolution No. 92/349;
NOW, THEREFORE, the Board of Supervisors of the County
of Contra Costa hereby finds, determines, declares and resolves
as follows:
Section 1. Recitals. All of the recitals herein set
forth are true and correct, and the Board so finds and
determines.
Section 2. Section 6 (A) of Resolution 92/349 shall be
amended to read as follows:
" (A) The Pledged Revenues with respect to the
accounting period in which received shall be deposited by
the Treasurer-Tax Collector of the County in the Repayment
Fund commencing the third business day of each respective
accounting period, and thereafter at intervals of no more
than every five business days, and applied as directed in
this Resolution; and the Other Pledged Moneys, if any, shall
be deposited by the Treasurer-Tax Collector of the County in
the Repayment Fund on the third business day prior to the
end of such accounting period and on each business day
thereafter, until the full amount of the moneys required by
Section 5 (B) has been so deposited in the Repayment Fund;
provided that, if on the date that is six months from the
date of issuance of the Notes of Series A amounts not
previously withdrawn from the County General Fund
attributable to the sale of the Notes of Series A and, if
issued, the Notes of Series B do not exceed the greater of
(i) ten percent (10%) of the proceeds of the Notes
(including investment earnings thereon) or (ii) ten percent
(10%) of the total amount expended (not including restricted
funds) from the General Fund of the County in the 1991-1992
Fiscal Year, the amounts to be deposited in the Repayment
Fund during the accounting period in which received shall be
deposited as soon as received. The principal of and
interest on the Notes constitute a first lien and charge on,
and shall be payable from, moneys in the Repayment Fund.
A:%CCRFSOL.002 040511-000079-028 0588/92
RESOLUTION NO. 92/369
Moneys in the Repayment Fund shall be applied only as
hereinafter in this Section 6 provided. "
Section 3 . Except as herein amended, Resolution 92/349
is hereby ratified and confirmed and shall remain in full force.
Section 4 . This resolution shall take effect from and
after the date of its adoption.
PASSED AND ADOPTED by the Board of Supervisors of the
County of Contra Costa, State of California, this 2nd day of
June, 1992, by the following vote:
AYES: Supervisors Powers , Fanden, Schroder, Torlakson, McPeak
NOES: None
ABSENT: None.
Chair of the Board of Supervisors
of the County of Contra Costa
(Seal)
Attest: Phil Batchelor,
County Administrator and
Clerk of the Board of
Supervisors of the
County of Contra Costa
AACCRESOL.002 2 040511-000079-028 05/UM
CLERK'S CERTIFICATE
I, JEANNE O. MAGLIO, Deputy Clerk and Chief Clerk of
the Board of Supervisors of the County of Contra Costa, hereby
certify that the foregoing is a full, true and correct copy of a
resolution duly adopted at a meeting of the Board of Supervisors
of the County of Contra Costa duly and regularly held in
Martinez, California, on June 2nd, 1992, of which meeting all of
the members of said Board had due notice.
I further certify that I have carefully compared the
foregoing copy with the original minutes of said meeting on file
and of record in my office; that said copy is a full, true and
correct copy of the original resolution adopted at said meeting
and entered in said minutes; and that said resolution has not
been amended, modified, rescinded or revoked in any manner since
the date of its adoption, and the same is now in full force and
effect.
I further certify that an agenda of said meeting was
posted at least 72 hours before said meeting at 651 Pine Street
Martinez, California, freely accessible to the public and a brief
general description of the resolution to be adopted at said
meeting appeared on said agenda.
IN WITNESS WHEREOF, I have executed this certificate
and affixed the seal of the Board of Supervisors of the County of
Contra Costa hereto as of this 2nd day of June, 1992 .
By
Depu Clerk of the B rd of
Supervisors of the County of
Contra Costa, State of California
[SEAL]
AACCRESOL.002 040511-000079-028 05/28/92