HomeMy WebLinkAboutRESOLUTIONS - 03081988 - 88-104 Cl
1 COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA
2 _ Resolution of the Board of Supervisors
3 Resolution No. 88/104
4 IN THE MATTER OF A RESOLUTION APPROVING, AUTHORIZING AND
5 DIRECTING EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS
6 INCLUDING INTEREST RATE AND REPAYMENT SCHEDULES,
7 AUTHORIZING _ AND DIRECTING EXECUTION OF A REMARKETING
8 AGREEMENT, APPROVING A PRELIMINARY OFFICIAL STATEMENT
9 AND AUTHORIZING AND DIRECTING _ CERTAIN ACTIONS WITH
10 RESPECT THERETO:
11 The following resolution was duly passed by the Board of
12 Supervisors of the County of Contra Costa at a regular meeting
13 held March 8 1988, by the following vote:
14 Ayes: Supervisors Powers , Fanden, 11cPeak, Torlakson, Schroder.
15 Nays: None
16 Absent: None
17 Signed and approved by me after it pa e
18 By:
19 dfialrman, Boa f Supervisors
20 Attest: Phil Batchelor , Clerk of the
Board of Supervisors and
County Administrator
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21 By: Deputy Clerk of t e Board
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23 WHEREAS, in previous action, the County has approved a
24 Participation Agreement expressing the interest of the County to
25 participate in a lease financing program in conjunction with the
26 County Supervisors, Association of California (the
27 "Corporation") ; and
28 WHEREAS, to enable the issuance of the Certificates of
29 Participation contemplated by the lease financing program (the
30 "Program") and to effectuate such Program, the County entered
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1 into a Joint Exercise of Powers Agreement Between Certain
2 Counties in California (the "JPA Agreement") creating the
3 California-=Counties Lease Financing Authority (the "JPA") ; and _
4 WHERAS, the County proposes to participate in the Program
5 and desires to finance certain property (the "Project") described
6 in Exhibit C to the Project Lease Agreement (defined below) and
7 it is in the public interest and for the public benefit that the
8 County authorize and direct the execution of the Project Lease
9 Agreement together with certain other financing documents in
10 connection therewith, the forms of which have been provided to
11 this Board of Supervisors at the meeting at which this Resolution
12 was adopted; and
13 WHEREAS, pursuant to the County's authorization,
14 Prudential-Bache Capital Funding (the "Remarketing Agent")
15 proposes to remarket the financing and has prepared and presented
16 to the County a form of Fixed Rate/Variable Rate Supplemental
17 Remarketing Agreement (the "Remarketing Agreement") and a
18 preliminary official statement containing information material to
19 the remarketing and sale of the Certificates of Participation
20 described below (the "Preliminary Official Statement") ; and
21 WHEREAS, the documents below specified have been filed with
22 the County and the members of the Board of Supervisors, with the
23 aid of its staff, have reviewed said documents.
24 NOW, THEREFORE, it is hereby RESOLVED, ORDERED AND
25 DETERMINED, as follows:
26 SECTION 1. The Chairman, Vice Chairman, County
27 Administrative Officer, Assistant County Administrative Officer,
28 or any other County official designated by the County
29 Administrative Officer or otherwise authorized to execute
30 contracts (after approval) on behalf of the County (the "County
31 Representatives) ") are hereby authorized and directed to execute
32 the documents listed below, in substantially the forms presented
33 at this meeting, with such changes, insertions and omissions as
34 may be approved by such official, and the Clerk of the Board or
35 Deputy Clerk is hereby authorized and directed to attest to such
36 official's signature:
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37 (a) a lease agreement, relating to the Project,
38 between the JPA, as lessor, and the County, as lessee
39 (the "Project Lease Agreement") , so long as (i) the
40 term of the Project Lease Agreement does not exceed
41 20 years, (ii) the principal amount of the Project
42 Lease Agreement does not exceed $.3 , 50-,0 ,000 and (iii)
43 the Lease Payments payable by the County thereunder in
44 any twelve-month period do not exceed $ 400,000 ; and
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` <1 (b) the JPA Agreement; and
2 (c) related Closing Documents as required in connection
3 :with and related to financing the Project. -
4 SECTN 2 . A Remarketing Agreement by and among the
5 Remarketing Agent, the Counties and the Trustee relating to
6 remarketing by the Remarketing Agent of the Certificates of
7 Participation, be and is hereby approved, and the County
8 Representatives are hereby authorized and directed to execute the
9 same, with such changes, insertions or omissions as may be
10 approved by such County Representatives.
11 SECTION 3 . The County Representatives are hereby authorized
12 and directed to execute such other agreements, documents and
13 certificates as may be necessary to effect the purposes of this
14 Resolution and the financing herein contemplated and authorized
15 including, but not limited to, a site lease, a site and facility
16 lease, an encroachment permit, an easement, a license, a security
17 document, or such other document as may be appropriate to
18 transfer to the JPA and the Corporation a legal interest in the
19 real property upon which the Project will be constructed or
20 located, if the Project includes a real property component, or to
21 transfer to the Corporation a legal interest in such portions of
22 the Project that include personal property.
23 SECTION 4 . To the best of the County's Representatives'
24 knowledge, information and belief, the Preliminary Official
25 Statement contains no untrue statement of a material fact with
26 respect to the County or omits to state a material fact with
27 respect to the County required to be stated where necessary to
28 make any statement made therein not misleading in the light of
29 the circumstances under which it was made.
30 SECTION 5. The Preliminary Official Statement is approved
31 for distribution in connection with the offering and remarketing
32 of the Certificates of Participation.
33 SECTION 6. The County Representatives are authorized to
34 approve corrections and additions or deletions to thelPreliminary
35 Official Statement by supplement or amendment thereto, or
36 otherwise as appropriate, provided that any such corrections and
37 additions or deletions shall be necessary to cause the
38 information contained therein to conform with facts material to
39 the Certificates of Participation or to the proceedings of the
40 County or such corrections and additions or deletions are in form
41 rather than in substance.
42 SECTION 7. The County Representatives are authorized and
43 directed to cause the Preliminary Official Statement to be
44 brought into the form of a final official statement (the
45 "Official Statement") and to execute such Official Statement and
46 a certificate stating that the facts contained in the Official
47 Statement, and any supplement or amendment thereto (which shall
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1 be deemed an original part thereof for purposes of such
2 certificate or statement) were, at the time of the remarketing of
3 the Certi-ficates of Participation, true and correct in all
4 material -respects and that the Official Statement did not, on the
5 date of clivery of the Certificates of Participation, contain
6 any untrue statement of a material fact with respect to the
7 County or omit to state material facts with respect to the County
8 required to be stated where necessary to make any statement made
9 therein not misleading in the light of the circumstances under
10 which it was made. The County Representatives shall take such
11 further actions prior to the signing of the Official Statement as
12 are deemed necessary or appropriate to verify the accuracy
13 thereof.
14 SECTION 8. This Resolution shall take effect from and
15 after its date of adoption.
16 The foregoing resolution was duly passed and adopted by the
17 Board of Supervisors of the County of Contra Costa at a
18 -r-,n ryu I n r meeting thereof, held on the 8th day of
19 March , 1988, and this instrument is a correct copy of the
20 original on file in this office.
MAR 8 1988
21 Date:
22 Certified By: .c�
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23 Clerk of the Board of Supervisors
24 of Contra Costa County.
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