HomeMy WebLinkAboutMINUTES - 06041996 - C90 CID
Contra
TO: REDEVELOPMENT AGENCY
Costa
FROM: J County
Phil Batchelor
Executive Director
DATE: June 4, 1996
SUBJECT: Qualified Advisors (Bond Counsel)
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADD Keck, Mahin & Cate to the Redevelopment Agency's list of qualified bond counsel for
redevelopment tax allocation bond financings.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On January 30, 1990 the Board of Supervisors adopted revised policies and procedures for
the award of contracts for financial advisors, investment bankers and bond counsel for County
capital financings. Pursuant to those January 30, 1990 procedures, the Redevelopment
Agency established a list of qualified bond counsel for tax allocation bond issues.
The firm of Keck, Mahin & Cate has requested and submitted their credentials for inclusion
on the Agency's list of qualified bond counsel.
Staff has reviewed their credentials and find them to be acceptable and recommends their
inclusion on the qualified advisors list.
CONTINUED ON ATTACHMENT: YES SIGNATURE: C�
RECOMMENDATION OF EXECUTIVE DIRECTOR ECOMME DATION OF AGENCY
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF AGENCY ON JUN ® 44 APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
IUNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
ES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
335-1255 ATTESTED JUN 04 TM
cc: Community Development PHIL BATCHELOR
County Counsel AGENCY SECRETARY
Auditor-Controller
Treasurer-Tax Collector
via Community Development .
Keck, Mahin & Cate B DEPUTY
J K:Ih
sraMlkeckrabos
22078-01 JHHW:BDQ:kla 05/09/96
FORM OF FINAL OPINION OF BOND COUNSEL
[Letterhead of Jones Hall Hill &White]
July 2, 1996
Board of Education
Lafayette Elementary School District
3477 School Street
Lafayette, California 94549
OPINION: $ Lafayette Elementary School District (Contra Costa County, California) 1996
Tax and Revenue Anticipation Notes
Members of the Board of Education:
We have acted as bond counsel to the Lafayette Elementary School District (the
"District") in connection with the issuance by the Board of Supervisors of Contra Costa County
(the "Board") of $ principal amount of Lafayette Elementary School District (Contra
Costa County, California) 1996 Tax and Revenue Anticipation Notes, dated July 2, 1996 (the
"Notes"), pursuant to Article 7.6 (commencing with section 53850), Chapter 4, Part 1, Division
2, Title 5 of the California Government Code, and a resolution of the Board adopted on June 4,
1996 (the "Resolution"). We have examined the law and such certified proceedings and other
papers as we deemed necessary to render this opinion.
As to questions of fact material to our opinion, we have relied upon representations of
the Board contained in the Resolution and in the certified proceedings and certifications of
public officials and others furnished to us, without undertaking to verify such facts by
independent investigation.
Based upon our examination,we are of the opinion, as of the date hereof, that:
1. The District is duly created and validly existing as a school district with the power to
cause the Board to issue the Notes in its name and to perform its obligations under the
Resolution and the Notes.
2. The Resolution has been duly adopted by the Board and creates a valid first lien on
the funds pledged under the Resolution for the security of the Notes.
e.0
Board of Education of the July 2, 1996
Lafayette Elementary School District Page 2
3. The Notes have been duly authorized, issued and delivered by the Board and are
valid and binding general obligations of the District enforceable in accordance with their terms.
4. The interest on the Notes is excluded from gross income for federal income tax
purposes and is not an item of tax preference for purposes of the federal alternative minimum
tax imposed on individuals and corporations; it should be noted, however, that, for the
purpose of computing the alternative minimum tax imposed on corporations (as defined for
federal income tax purposes), such interest is taken into account in determining certain income
and earnings. The opinions set forth in the preceding sentence are subject to the condition that
the District comply with all requirements of the Internal Revenue Code of 1986 that must be
satisfied subsequent to the issuance of the Notes in order that interest thereon be,or continue to
be,excluded from gross income for federal income tax purposes. The District has covenanted to
comply with each such requirement. Failure to comply with certain of such requirements may
cause the inclusion of interest on the Notes in gross income for federal income tax purposes to
be retroactive to the date of issuance of the Notes. We express no opinion regarding other
federal tax consequences arising with respect to the Notes.
5. The interest on the Notes is exempt from personal income taxation imposed by the
State of California.
The rights of the owners of the Notes and the enforceability thereof may be subject to
bankruptcy, insolvency,moratorium and other similar laws affecting creditors'rights heretofore
or hereafter enacted and their enforcement may be subject to the exercise of judicial discretion in
accordance with general principles of equity.
Respectfully submitted,
A Professional Law Corporation