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HomeMy WebLinkAboutRESOLUTIONS - 03271984 - 84-170 � � a b BOARD OF SUPERVISORS COUNTY OF CONTRA COSTA STATE OF CALIFORNIA PLEASANT HILL B.A.R.T. STATION AREA ASSESSMENT DISTRICT NO. 1983-1 RESOLUTION NO. 84/170 RESOLUTION ISSUING BONDS UNDER THE IMPROVEMENT BOND ACT OF 1915 WHEREAS, this Board of Supervisors has heretofore initiated assessment proceedings pursuant to its Resolution of Intention No . 83/1207 under the Municipal Improvement Act of 1913 (Division 12 of the California Streets and Highways Code) , and has confirmed said assessment in the total amount of $9, 474, 082; and WHEREAS, said assessment proceedings provide for the issuance of bonds in an aggregate amount not to exceed the total amount of the assessment as confirmed pursuant to the Improvement Bond Act of 1915 (Division 10 of the California Streets and Highways Code) ; and WHEREAS, the Board of Supervisors in its Resolution No. 84/76 accepted the bid of Stone & Youngberg and Dean Witter Reynolds, Inc . for the bonds at the interest rates set forth in said bid; and WHEREAS, this Board of Supervisors desires, pursuant to Section 8650. 1 of the Streets and Highways Code, to establish the denomination of the bonds and the amount to mature each year which will be other and different than that provided in Section 8650 of said Code; NOW, THEREFORE, the Board of Supervisors of the County of Contra Costa (the "County" ) DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Resolution No. 84/170 000146 I . 1 . Issuance and Details of Bonds. In accordance with the proceedings heretofore taken, bonds shall be issued pursuant to said Improvement Bond Act of 1915 and this Resolution in an aggregate principal amount not to exceed $9, 474, 082 (the "Bonds" ) . Said Bonds shall be designated "Pleasant Hill B.A.R.T. Station Area (Assessment District No. 1983-1) . " The Bonds shall be issuable only as fully registered bonds in the denomination of $5, 000, or any integral multiple thereof, except for Bond No. 1, which is in the amount of $ 4,622.00 , as determined by Stone & Youngberg and Dean Witter Reynolds, Inc . The Bonds shall be dated April 5, 1984 and interest thereon shall be payable semiannually on January 2 and July 2 of each year, commencing January 2, 1985 . Each Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated, unless authenticated on a January 2 or July 2, in which case it shall bear interest from such interest payment date, or, unless authenticated prior to January 2, 1985, in which case it shall bear interest from its date; provided, however, that if at the time of authentication interest is in default, such Bond shall bear interest from the date to which interest shall have been paid. The Bonds shall mature on July 2 in the amounts and years and shall bear interest at the rates set forth in the bid of Stone & Youngberg and Dean Witter Reynolds, Inc. and accepted by the County. The Bonds are subject to redemption as provided in Section 13 of this Resolution. The principal and redemption premium of the Bonds shall be payable in lawful money of the United States of America -2- 000147 Resolution No. 84/170 at Bank of America National Trust & Savings Association, as Transfer Agent, Registrar and Paying Agent (the "Bank" ) , in San Francisco, California, upon the presentation and surrender of such Bonds as the same shall become due and payable. Payment of the interest on the Bonds shall be made to the owner thereof by check or draft mailed to the owner at his address as it appears on the registration books of the Bank or at such address as he may have filed with the Bank, for that purpose, as of the 15th day immediately preceding each interest payment date. 2. Execution of Bonds. The Bonds shall be executed in facsimile by the Treasurer and by the County Clerk of the County, and the corporate seal of the County shall be imprinted in facsimile on the Bonds. The Bonds shall then be delivered to the Bank for authentication by it. In case an officer who shall have signed or attested any of the Bonds by facsimile or otherwise shall cease to be such officer of the County before the authentication, delivery and issuance of the Bonds, such Bonds nevertheless may be authenticated, delivered and issued and, upon such authentication, delivery and issue, shall be as binding upon the County, as though those who signed and attested the same had remained in office. 3 . Authentication. Only such of the Bonds as shall bear thereon a certificate of authentication substantially in the form below, manually executed by the Bank, shall be valid or obligatory for any purpose or entitled to the benefits of this Resolution, and such certificate of the Bank shall be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and delivered hereunder and are entitled to the benefits of this Resolution. The Bank' s certificate of authentication on any Bond shall be deemed to be executed by it if signed by an authorized officer or signatory of the Bank, but _3 000148 Resolution No. 84/170 it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the bonds issued hereunder. [FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION] This is one of the Bonds described on the within mentioned Resolution of Issuance, which has been registered this as Transfer Agent, Registrar and Paying Agent By Authorized Officer 4. Form of Bonds. Said bonds shall be issued substantially in the form set forth in Section 8652 of the Streets and Highways Code. 5. Exchange of Bonds. Any Bond, upon surrender thereof at the principal corporate trust office of the Bank, together with an assignment duly executed by the registered owner thereof (the "Owner" ) or his attorney or legal representative in such form as shall be satisfactory to the Bank, may, at the option of such Owner, be exchanged for an aggregate principal amount of Bonds equal to the principal amount of the Bond so surrendered, and of anv authorized denomination or denominations. The County shall make provision for the exchange of Bonds at the principal corporate trust office of the Bank. 6. Negotiability, Registration and Transfer of Bonds. The Bank shall keep books for the registration, and for '4 000149 Resoltuion No. 84/170 the registration of transfers, of Bonds as provided in this Resolution which shall at all times be open to inspection by the County. The transfer of any Bond may be registered only upon such books upon surrender thereof to the Bank together with an assignment duly executed by the Owner or his attorney or legal representative in such form as shall be satisfactory to the Bank. Upon any such registration of transfer the County shall execute and the Bank shall authenticate and deliver in exchange for such Bond a new Bond or Bonds registered in the name of the transferee, or any denomination or denominations authorized by this Resolution, and in an aggregate principal amount equal to the principal amount of such Bond or Bonds so surrendered. In all cases in which Bonds shall be exchanged the County shall execute and the Bank shall authenticate and deliver at the earliest practicable time Bonds in accordance with the provisions of this Resolution. All Bonds surrendered in any such exchange or registration of transfer shall forthwith be cancelled by the Bank. The County or the Bank may make a charge for every such exchange or registration of transfer of Bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange or registration of transfer, but no other charge shall be made to any owner for the privilege of exchanging or registering the transfer of Bonds under the provisions of this Resolution. Neither the County nor the Bank shall be required to make such exchange or registration of transfer of Bonds during the 15 days immediately preceding any January 2 or July 2 . 7. Ownership of Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute Owner thereof for all purposes and payment of or on account of the principal, and redemption premium, if any, of any -5- 000150 Resolution No. 84/170 such Bond, and the interest on any such Bond, shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the redemption premium, if any, and interest thereon to the extent of the sum or sums so paid. 8. Mutilated, Destroyed, Stolen or Lost Bonds. In case any Bond secured hereby shall become mutilated or be destroyed, stolen or lost, the County shall have caused to be executed, and the Bank shall authenticate and deliver, a new Bond of like date and tenor in exchange and substitution for and upon the cancellation of such mutilated Bond, or in lieu of and in substitution for such Bond destroyed, stolen or lost, upon the owner' s paying the reasonable expenses and charges of the County and the Bank in connection therewith and, in the case of a Bond destroyed, stolen or lost, his filing with the Bank evidence satisfactory to it and to the County that such Bond was destroyed, stolen or lost, and of his ownership thereof, and furnishing the County and the Bank with indemnity satisfactory to them. 9 . Cancellation of Bonds. All Bonds paid or, redeemed, either at or before maturity, shall be cancelled upon the payment or redemption of such Bonds and shall be delivered to the Bank when such payment or redemption is made. All Bonds cancelled under any of the provisions of this Resolution shall be destroyed by the Bank, which shall execute a certificate in duplicate describing the Bonds so destroyed, and one executed certificate shall be filed with the Clerk and the other executed certificate shall be retained by the Bank. -6- 000151 Resolution No. 84/170 II . 10. Reserve Fund. Pursuant to Part 16 of Division 10 of the California Streets and Highways Code, as amended, there shall be created a special reserve fund for the bonds to be designated "Assessment District No. 1983-1 Reserve Fund" (the "Reserve .Fund" ) . The Reserve Fund shall be funded in an amount equal to 5% of the initial aggregate principal amount of the Bonds, which shall be deposited in the Reserve Fund out of Bond proceeds. Monies in the Reserve Fund shall be applied as herein provided. Amounts in such Fund shall be transferred to the redemption fund for the bonds if, as a result of delinquencies in the payment of assessments, there are insufficient monies in such redemption fund to pay principal of and interest on the bonds. Amounts so transferred shall be repaid to the Reserve Fund from proceeds from the redemption or foreclosure of property with respect to which an assessment is unpaid and from payments of the delinquent assessments. Interest earned on monies in the Reserve Fund shall accrue to the Reserve Fund provided that the amount of interest credited thereto shall not result in the Bonds becoming "arbitrage bonds" as defined in Section 103 (c) of the Internal Revenue Code of 1954, as amended, and the regulations promulgated and proposed thereunder. Whenever monies in the Reserve Fund are sufficient to retire all of the bonds outstanding, plus accrued interest thereon, such monies shall be transferred to the redemption fund from the bonds and collection of the remaining unpaid assessments shall cease. -7- Resolution No. 84/170 000152 11. Improvement Fund. The proceeds from the sale of the bonds, after deposit of required amounts in the Reserve Fund and Redemption Fund, shall be placed in the fund hereby created, pursuant to Section 10602 and 10424 of the California Streets and Highways Code, as amended, which shall be called "Assessment District No. 1983-1 Fund" (the "Improvement Fund" ) and the monies in said fund shall be used only for the purposes authorized in said assessment proceedings. Any surplus in the Improvement Fund after completion of the improvements be transferred to the Redemption Fund (created hereunder) to redeem bonds at the next interest payment date and shall be applied as a credit upon the assessment. 12 . Redemption Fund. Principal of and interest on the bonds shall be paid out of the redemption fund created pursuant to Section 8671 of the California Streets and Highways Code, Accrued interest on the Bonds, if any, shall be deposited in the Redemption Fund. In all respects not recited herein said bonds shall be governed by the provisions of the Improvement Bond Act of 1915, Division 10 of the California Streets and Highways Code, as amended. III . 13 . Redemption. The Bonds may be redeemed and paid in advance of maturity, at the option of the Treasurer for the County, upon the second day of January or July in any year by (i) giving at least 60 days' notice by registered mail to the registered owner of the Bonds at the address as it appears on the registration books of the Bank and (ii) paying principal and accrued interest together with a premium equal to five percent (5%) of the principal. IV. 14. Designation of Transfer Agent, Registrar and Paying Agent. Bank of America National Trust & .Savings -8- 000153 Resolution No. 84/170 Association is hereby designated Transfer Agent, Registrar and Paying Agent for the County with respect to the Bonds. 15. Covenant to Foreclose. The County hereby covenants that upon default of any assessment payment due, it will cause foreclosure proceedings to be brought within one hundred fifty ( 150) days of such default and thereafter diligently prosecute to completion such proceedings. 16. Order to Print and Authenticate Bonds. The Treasurer is hereby instructed to cause bonds, as set forth above, to be printed and following the filing of the list of unpaid assessments, to deliver said printed Bonds to the Bank for authentication, and the Bank is hereby directed to authenticate the Bonds and deliver the authenticated Bonds to an authorized representative of Stone & Youngberg and Dean Witter Reynolds, Inc . upon payment of the purchase price as set forth in the accepted bond bid. 17. Amendments. This Resolution may be amended, without a resolution of the Board of Supervisors, to make such nonsubstantive changes as may be agreed upon by the County and the Bank. In this regard, the County Counsel, and the Treasurer are hereby empowered to act on behalf of the County to make such changes. All other amendments hereto shall be made only by resolution of the Board of Supervisors. PASSED AND ADOPTED this 27th day of March , 1984, by the following vote: AYES: Supervisor Powers, Fanden, Schroder, McPeak and Torlakson NOES: None AB SENT: None Eby oar"that this is a true and e~ocvr of Mn aotlon takim and Mend on Ow minutes of ftN ABSTAIN: None Board of Suf1mims on Ow dab dram. ATTESTED: jjt6^Rk �2 7 /9 icl -- J.R.OLSSON,COUNTY CLERK and etc otWo Clerk of tlw Board By ,Dow -9- Resolution No. 84/170 000154