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HomeMy WebLinkAboutMINUTES - 06272000 - C110 Quint&Thirnmig LLQ' 06/14/00 QQMA!�A RESOLUTION NO.ZM/331 RESOLUTION RATIFYING THE AWARD OF AN MVES'T?� AGREEMENT REM NG TO THE PROCEEDS OF THE LIffMCT"S 2000 TAX AND REVENUE ANTICIPATION NOTES RESOLVED, by the Board of Supervisors (the "Board") of Contra Costa County, California,as follows: WHEREAS, school districts organized and existing under the laws of the State of California are authorized by Article 7.6 (commencing with section 53350) of Chapter 4 of Part 1 of Division 2 of Title 5 of the California Government Code to borrow money by the issuance of temporary notes, the proceeds of which may be used and expended for any purpose for which the school district is authorized to spend moneys; WHEREAS, the Governing Board of the Acalanes Union High School District (the "District") has previously requested the issuance by the Board of such notes with respect to the District's fiscal year 2000-2001 in an amount not to exceed $3,000,000 and the Board has authorized the issuance and sale of such notes; WHEREAS, the principal amount of$6,200,000 of such notes were sold by competitive bid on June 7,2000; WHEREAS, competitive bids were solicited and received for the investment of the proceeds of such notes; WHEREAS, the Superintendent of the District has awarded the investment of the proceeds of such notes to the winning bidder, Transamerica Asset Management (which is a financial institution with ratings of "AAA" and "Aaa" from Standard & Poor's Ratings Services and Moody's Investors Service,respectively), pursuant to a guaranteed investment agreement at a rate of 7.237%per annum(the "Investment Agreement");and WHEREAS,It is desirable for the Board to ratify the action of the Superintendent in the award of such investment; NOW,THEREFORE,it is hereby DETERMINED and ORDERED as follows: Section 1. RatifIcati2n of rr y=ent Agreement; Arne dpi _rnent of Resollatian No, 2000. (a) Ratification.The Board hereby ratifies the award of the Investment Agreement. (b) ,Amendment. Section 5 of the Board's Resolution No. 20001230,adopted on May 16, 2000 (the "original resolution"),is hereby amended as follows: Section 5. Use ofProceeds.The moneys so borrowed shall be deposited in the Treasury of the County to the credit of the District to be withdrawn,used and expended by the District for any purpose for which it is authorized to expend funds from the Resolution No. 2000/331 general fund of the District, including, but not limited to, currant expenses, capital expenditures and the discharge of any obligation or indebtedness of the District. Proceeds shall,if held by the County,to the greatest extent possible,be invested by the County Treasurer,or such other appropriate investment officer of the County, (a) directly in investments permitted by the laws of the State of California as now in effect and as hereafter amended, in each case meeting Standard & Poor's Ratings Services criteria for investments, and in accordance with such procedures and subject to such requirements as the County Treasurer or such other appropriate investment officer of the County shall establish, (b) in the Local Agency Investment Fund maintained by the Treasurer of the State of California, (c) in the County Pooled Investment Fund,or (d)in investment agreements with financial institutions with senior unsecured credit ratings of "AA-" or better and "AW or better from Standard & Poor's Ratings Services and Moody's Investors Service,respectively. Section 8 of the Original resolution is hereby amended as follows: Section 8. Deposit and I vestment o f H921Ment Fuynd.All moneys held on behalf of the District in the Repayment Fund,if not invested,shall be held in time or demand deposits as public funds and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits,of a market value at least equal to the amount required by law. Moneys in the Repayment Fund shall, if held by the County, to the greatest extent possible, be invested by the County Treasurer, or such other appropriate investment officer of the County, (a)directly in investments permitted by the laws of the State of California as now in effect and as hereafter amended, in each case meeting Standard &Poor's Ratings Services criteria for Investments,and in accordance with such procedures and subject to such requirements as the County Treasurer or such other appropriate investment officer of the County shall establish, (b) in the Local Agency Investment Fund maintained by the Treasurer of the State of California, (c) in the County Pooled Investment Fund,and the proceeds of any such investments shall, as received, be deposited in the Repayment Fund and shall be part of the fledged Revenues, or (d) in investment agreements with financial institutions with senior unsecured credit ratings of"AA-" or better and "Aa3" or better from Standard&Poor's Ratings Services and Moody's Investors Service,respectively. Section 2. Further Author nation.All actions heretofore taken by the officers and agents of the County with respect to the sale and issuance of the Notes are hereby approved, and the Treasurer-tax Collector,the Clerk of the Board and any and all other officers of the County 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 relating to the execution and delivery of any and all certificates,requisitions,agreements and other documents,which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the such notes in accordance with this resolution. Section 3. Effective Date.This resolution shall tape effect from and after its adoption. -2- Resolution No. 2000/331 I hereby certify that the foregoing resolution was duly adopted at a meeting of the Board of Supervisors of Contra Costa County held on the 27th day of June , 2000, by the following vote: AYES,and in favor of,Supervisors: arojp,* LUI104k, DmMj-Iim, GqqMqqLLA a GgM NOES,Supervisors: lM ABSENT,Supervisors: N By Chair,Boar/K ol Supervisors ATTEST:4 jum 27, By 'e'.Lek Clerk o the Board of Supe ors -3- Resolution No. 20001331