HomeMy WebLinkAboutMINUTES - 06091998 - C107 _ ......... ......... ......... ......... .... ..._......._..
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BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA
RESOLUTION NO. 98/302
RESOLUTION AMENDING RESOLUTION NO. 90/207 AUTHORIZING ISSUANCE AND
SALE OF 1998-1999 TAX AND REVENUE ANTICIPATION NOTES OF THE COUNTY;
RATIFYING AN AMENDMENT TO NOTICE OF SALE AND DELEGATING TO COUNTY
ADMINISTRATOR OR HIS DESIGNEE AUTHORIZATION TO DETERMINE THE
PRINCIPAL AMOUNT OF SUCH ISSUE;AND AUTHORIZING TAKING OF NECESSARY
ACTIONS AND EXECUTION OF NECESSARY CERTIFICATES AND DOCUMENTS
WHEREAS,the County of Contra Costa(the"County")is a political subdivision
of the State of California;
WHEREAS, pursuant to Sections 53850 et seq. of the Government Code of the
State of California(the"Government Code"),this Board of Supervisors(the`Board")has
heretofore, pursuant to Resolution No. 98/207 adopted April 28, 1998 (the"Note Resolution"),
found and determined that the sum of not to exceed One Hundred Fifty Million Dollars
($150,000,000)is needed for the requirements of the County to satisfy obligations payable from
the general fund and enterprise funds of the County(collectively,the"General Fund")and that it
is necessary that said sum be borrowed for such purpose at this time by the issuance of temporary
notes(the"Notes")therefor in anticipation of the receipt of taxes, revenue and other moneys to
be received by the County for the General Fund of the County allocable to Fiscal Year 1998-
1999;
WHEREAS,the Board wishes to amend the Note Resolution to authorize the
issuance of the Notes at an interest rate not to exceed eight percent(8%)per annum;
WHEREAS, the Notes shall be sold to the highest bidder or bidders pursuant to a
competitive sale to be held on June 10, 1998 or on such earlier or later date as is'established by
the County Administrator of the County in accordance with the terms of the Official Notice of
Sale for the Notes, as amended;
WHEREAS, an Official Notice of Sale for the sale of the Notes was distributed to
potential purchasers of the Notes and the form of Amendment to Notice of Sale is presented to
this meeting;
WHEREAS,this Board desires to delegate to the County Administrator of the
County(the"County Administrator")or his designee,the determination of the principal amount
of Notes to be issued, upon consultation with Orrick,Herrington& Sutcliffe LLP("Bond
Counsel"),and provided such amount does not exceed $150,000,000;
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WHEREAS,this Board has been presented with the form of each document
referred to herein, relating to the Notes, and the Board has examined and approved each
document and desires to authorize and direct the execution of such documents and the issuance of
the Notes; and
WHEREAS,the County has full legal right, power and authority under the
Constitution and the laws of the State of California to enter into the transactionshereinafter
authorized;
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 above set forth are true and correct,
and this Board so finds and determines.
Section 2. Amendment of Note Resolution. Resolution No. 981207 of this Board
adopted April 28, 1998 and entitled "Resolution Authorizing Issuance and Sale of County of
Contra Costa, California, 1998-1999 Tax and Revenue Anticipation Notes;Approving the Forms
of and Directing the Distribution of a Notice of Intention to Sell, Official Notice of Sale and an
Official Statement;Delegating to County Administrator or Ibis Designee Authorization to Award
Bids for Said Notes;and Authorizing Taking of Necessary Actions and Execution of Necessary
Certificates,"is hereby amended to provide that the Notes issued pursuant thereto may bear an
interest rate not to exceed eight percent (8%)per annum and that bids for the purchase of the
Notes shall be for cash at not less than their principal amount and accrued interest thereon to the
date of their delivery and the interest rate or rates bid shall not exceed eight percent(8%)per
annum. The County Administrator is hereby authorized to determine the final principal amount of
the Notes,upon consultation with Bond Counsel,to preserve the tax-exempt status of the interest
payable thereon and to award the Notes to the highest responsible bidder or bidders resulting in
the lowest true interest cost to the County or to reject any or all bids.
Section 3. Sale of Notes. The form of the Amendment to Notice'of Sale for the
Notes(the"Amendment"), presented to this meeting(a copy of which is on file with the Clerk of
the Board), is hereby approved. The execution and delivery of the Amendment,for and in the
name of and on behalf of the County, and delivery thereof to prospective bidders'of the Notes is
hereby authorized,ratified and approved. All of the Notes shall be offered for public sale in
accordance with the Official Notice of Sale, as amended by the Amendment.
Section 4. Approval of Actions. All actions heretofore taken by the officers and
agents of the County or the Board with respect to the sale and issuance of the Nates are hereby
approved, confirmed and ratified, and the officers of the County and the Board are hereby
authorized and directed, for and in the name and on behalf of the County,to do any and all things
and take any and all actions and execute any and all certificates, agreements and other documents
which they, or any of them, may deem necessary or advisable in order to consummate the lawful
issuance and sale of the Notes in accordance with this Resolution.
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Section 5. Proceedings Constitute Contract. The provisions of the Notes and of
the Note Resolution, as amended by this Resolution shall constitute a contract between the
County and the registered owners of the Notes, and such provisions shall be enforceable by
mandamus or any other appropriate suit, action or proceeding at law or in equity in any court of
competent jurisdiction, and, upon issuance of the Notes, shall be irrepealable.
esti n 6. Effect of Amendment. Except as in this Resolution expressly provided,
every term and condition contained in the Note Resolution shall apply to this Resolution and to
the Notes with the same force and effect as if the same were herein set forth at length, with such
omissions, variations and modifications thereof as may be appropriate to make the same conform
to this Resolution.
This Resolution and all the terms and provisions herein contained shall form part of
the Note Resolution as fully and with the same effect as if all such terms and previsions had been
set forth in the Note Resolution. The Note Resolution is hereby ratified and confirmed and shall
continue in full force and effect in accordance with the terms and provisions thereof,as
supplemented and amended hereby.
Section 7. Severability. If any one or more of the agreements,conditions,
covenants or terms contained herein required to be observed or performed by or on the part of the
Board shall be contrary to law, then such agreement or agreements, such condition or conditions,
such covenant or covenants or such term or terms shall be null and void and shall be deemed
severable from the remaining agreements, conditions, covenants and terms hereof and shall in no
way affect the validity hereof or of the Notes, and the owners of the Notes shall retain all the
benefit, protection and security afforded to them hereunder and under all provisions of applicable
law. The Board hereby declares that it would have adopted this Resolution and each and every
other section, paragraph, subdivision, sentence, clause and phrase hereof and would have
authorized the issuance of the Notes pursuant hereto irrespective of the fact that any one or more
of the sections, paragraphs, subdivisions, sentences, clauses or phrases hereof or the application
thereof to any person or circumstance may be held to be unconstitutional, unenforceable or
invalid.
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PASSED AND ADOPTED by the Board of Supervisors of the County of Contra
Costa., State of California, this 9th day of June, 1998, by the following vote:
AYES: Supervisors Uilkema, Gerber, DeSaulnier, Canciamilla and Rogers
NOES: None
ABSENT: None
ABSTAIN: None
COUNTY OF CONTRA COSTA'
x
x of the B4rd of Supervisors
(Seal)
Attest: Phil Batchelor, County
Administrator and Clerk of the Board
of Supervisors of the County of
Contra Costa
By: 0Z4'U'L-0-J--
Deputy
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CERTIFICATE OF THE DEPUTY CLERK-
BOARD OF SUPERVISORS
COUNTY OF CONTRA COSTA
I,ANN CERVELLI ., Deputy Clerk-Board of Supervisors of the County of
Contra Costa, California,do hereby certify that the foregoing is a full,true and correct copy of
Resolution No. 981302 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 the 91h day of
June, 1998, of which meeting all of the members of said Board of Supervisors had due notice.
I do hereby further certify that I have carefully compared the same with the
original minutes of said meeting on file and of record in my office and that said resolution 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 or rescinded since the date of
its adoption and the same is now in full force and effect.
I do hereby further certify that an agenda of said meeting was posted at least 72
hours before said meeting at a location in Martinez, California, freely accessible',to members of
the public, and a brief general description of said resolution appeared on said agenda.
WITNESS my hand and the seal of the County of Contra Costa, State of
California, this 1 st day of July, 1998.
a
Deputy Clerk- Board of
Supervisors of the County
of Contra Costa
[SEAL]
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AFFIDAVIT OF POSTING OF AGENDA
STATE OF CALIFORNIA }
) ss.
COUNTY OF CONTRA COSTA )
C.S. Turner hereby declares that [s]he is a citizen of the United
States of America, over the age of 18 years;that acting for the Board of Supervisors of the
County of Contra Costa[s]he posted on June 4 . 1998 at 651 Pine S t. , Martinez,
California, a location freely accessible to members of the public,an agenda for the regular meeting
of the Board of Supervisors of the County of Contra Costa to be held on June 9 , 1998, a
copy of which is attached hereto.
Dated;June 91998
I declare under penalty of perjury that the foregoing
is true and correct.
•'a�
C.S.-Turner
AMENDMENT TO
OFFICIAL NOTICE OF SALE
AND
BID FORM
COUNTY OF CONTRA COSTA
STATE OF CALIFORNIA
$110,000,000-
1998-1999 TAX AND REVENUE ANTICIPATION NOTES, SERIES A
DATE OF SALE
June 10, 1998
10:00 A.M., P.D.T.
BIDS TO BE RECEIVED AT THE OFFICES OF
ORRICK, HERRINGTON& SUTCLIFFE LLP
OLD FEDERAL RESERVE BANK BUILDING
400 SANSOME STREET, 2ND FLOOR
SAN FRANCISCO, CALIFORNIA 94111
Tel: (415) 392-1122
Fax: (415) 773-5759
Preliminary, subject to change.
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AMENDMENT TO
OFFICIAL NOTICE OF SALE
$i 10,000,000"
COUNTY OF CONTRA COSTA,CALIFORNIA
1998-1999 TAX AND REVENUE ANTICIPATION NOTES, SERIES A
NOTICE IS HEREBY GIVEN that the Official Notice of Sale dated May 18,
1998 with respect to the receipt of bids for the County of Contra Costa (the "County")
$110,000,000* principal amount of 1998-1999 Tax and Revenue Anticipation Notes, Series A
(the"Notes")is hereby amended as follows:
1. INTEREST RATE: The interest rate to be specified by the bidder shall
not exceed eight percent(8%)per annum.
2. PRINCIPAL AMOUNT: The County reserves the right following
receipt of bids and determination of the winning bid or bids to decrease
the principal amount of the Notes by not more than 10%. In such event,
the County will award such lesser amount of Notes and the purchase price
bid of the successful bidder will be proportionally reduced or the bid or
bids less advantageous to the County will not be accepted or will be
accepted in a lesser amount.
3. TRUE INTEREST COST: The Notes will be awarded to the bidder
whose bid represents the lowest true interest cost to the County,
considering the interest rate specified and the premium offered, if any.
The true interest cost will be that nominal annual discount rate which,
when compounded semiannually and when used to discount all payments
of principal and interest payable on the Notes at the rate specified in the
bid to the date of the Notes (disregarding for the purposes of the
calculation the accrued interest to the date of delivery of the Notes),
results in the amount equal to the purchase price, which is the principal
amount of the Notes plus the amount of any premium offered. In the
event that two or more bidders offer bids for the Notes at the same lowest
true interest cost, the County shall determine by lot which bidder shall be
awarded such Notes.
Except as specified above, all terms and conditions set forth in the Official Notice
of Sale remain in full force and effect.
ADDITIONAL INFORMATION: A copy of the Official Notice of Sale and the
Preliminary Official Statement and any other information concerning the proposed financing will
be furnished upon request to either the financial advisor to the County, C. M. de Crinis & Co.,
.Preliminary,subject to change.
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Inc., 3000 Bridgeway, Suite 206, Sausalito, California 94965, (415) 339-8944, Attn: Jean
Buckley, or the Office of the County Administrator of the County, (925) 335-1086.
Dated: June 1, 1998.
COUNTY OF CONTRA. COSTA.
By_/s/ Philip J. Batchelor
Philip J. Batchelor
Clerk of the Board and County Administrator
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BID FORM
PROPOSAL FOR THE PURCHASE OF
COUNTY OF CONTRA COSTA, CALIFORNIA
1998-1999 TAX AND REVENUE ANTICIPATION NOTES, SERIES A
June—, 1998
From:
County of Contra Costa Naim of Bidder
c/o ORRICK, HERRINGTON& SUTCLIFFE LLP
Old Federal Reserve Bank Building
400 Sansome Street
San Francisco, California 94111
Attn.: Mary A. Collins, Esq.
Tel: (415) 392-1122
Fax: (415) 773-5759
Dear Sir:
Pursuant to the Official Notice of Sale, dated May 18, 1998, as amended on June 1, 1998
(collectively, the "Official Notice of Sale"), and in accordance with all terms and conditions of
your Official Notice of Sale for the sale of the County of Contra Costa, California, 1998-1999
Tax and Revenue Anticipation Notes, Series A (the "Notes"), we offer to purchase the Notes, to
be dated the date of issuance thereof(July 1, 1998) and to mature on October 1, 1999, in the
principal amount set forth below (as a whale in the amount of $110,000,000 or in part in
increments of$25,000,004), as follows.
Our calculation, made as provided in the Official Notice of Sale, but not constituting any part of
this proposal,of the true interest cast with respect to each$25,000,040 increment of Notes is also
provided in the following table.
Optional
Principal Interest Total Less
Amount Premium Rate Interest Premium TIC
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This proposal is made subject to all the terms and conditions of the Official Notice of Sale, all of
which terms and conditions are made a part hereof as though set forth in full in this proposal.
This proposal is subject to acceptance within twenty-six (26) hours after the expiration of the
time for the receipt of proposals, as provided pursuant to said Official Notice of Sale.
Check One:
❑ There is enclosed herewith a certified or cashier's check for$250,000 payable to the order
of the County of Contra Costa; or
❑ We have obtained a Financial Surety Bond in the amount of $250,000 payable to the
County of Contra Costa.
We understand that bids will be awarded in increments of$25,000,000 up to $100,000,000 and
then the remainder will be awarded out of the next $25,000,000 bid sothat all Notes are
awarded. Therefore, we may be awarded Notes in an amount which is less than that requested
by us. We also understand that the County has reserved the right to decrease the principal
amount of the Notes awarded by not more than 10%of the principal amount thereof.
We represent that we have full and complete authority to submit this bid on behalf of our bidding
syndicate and that the undersigned will serve as the lead manager for the group if the Notes are
awarded pursuant to this bid.
Respectfully submitted, Address:
(Firm)
Telephone#.
Telecopy#;
(Authorized Signature)
(continued on next page)
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If this proposal is not accepted, the good faith check should be returned to the following:
Name:
Address:
Following is a list of the members of our account on whose behalf this bid is made:
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