HomeMy WebLinkAboutRESOLUTIONS - 06141988 - 88-340 r //��-�
BOARD OF SUPERVISORS, COUNTY OF CONTRA COSTA,
STATE OF CALIFORNIA
RESOLUTION N0. 15ES13
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA PROVIDING FOR THE ISSUANCE OF ACALANES UNION
HIGH SCHOOL DISTRICT, COUNTY OF CONTRA COSTA, STATE OF
CALIFORNIA, 1988 TAX AND REVENUE ANTICIPATION NOTES
.WHEREAS, pursuant to Sections 53850 et sea. of the
Government Code of the State of California (the "Act")
contained in Article 7 . 6 thereof, entitled "Temporary
Borrowing" , on or after the first day of any fiscal year (being
July 1) , a school district may borrow money by issuing notes
for any purpose for which the school district is authorized to
expend moneys, including but not limited to current expenses',
capital expenditures, and the discharge of any obligation or
indebtedness of the school district; and
WHEREAS, Section 53853 of the Act provides that such notes
must be issued in the name of the school district by the Board
of Supervisors of the county, the county superintendent of
which has jurisdiction over the school district, as soon as
possible following the receipt of a resolution of the governing
board of the school district requesting the borrowing; and
WHEREAS, the County Superintendent of the County of Contra
Costa (the "County") has jurisdiction over Acalanes Union High
School District (the "District") , and this Board of Supervisors
of, the County (the "County Board") has received a resolution of
the Governing Board of the District (the "District Board") ,
being the governing board of the District, dated June 1, 1988,
entitled "RESOLUTION OF THE GOVERNING BOARD OF ACALANES UNION
HIGH SCHOOL DISTRICT AUTHORIZING THE ISSUANCE OF 1988 TAX AND
REVENUE ANTICIPATION NOTES FOR SAID DISTRICT AND REQUESTING THE
BOARD `OF SUPERVISORS OF CONTRA COSTA COUNTY TO ISSUE SAID
NOTES" (the "District Resolution") attached hereto as
Exhibit A, which District Resolution requests the borrowing of
not exceeding Five Million Dollars ($5, 000, 000) at an interest
rate not exceeding eight percent (8%) through the issuance by
the County Board of 1988 Tax and Revenue Anticipation Notes
(the "Notes" ) in the name of the District; and
WHEREAS, such Notes are payable twelve months after their
date of delivery which is during the fiscal year succeeding the
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fiscal year 1988-1989 in which such Notes were issued, but as
required by Section 53854 of the Act, such date is not later
than fifteen months after the date of issue, and such Notes
shall be payable only from revenue received . or accrued during
the fiscal year 1988-1989 in which issued; and
WHEREAS, such Notes may not bear interest exceeding twelve
percent (12%) per annum, as permitted by Section 53531 of the
Act, notwithstanding Section 53854 of the Act; and
WHEREAS, pursuant to Section 53856 of the Act, the District
may pledge any taxes, income, revenue, cash receipts or other
moneys deposited in inactive or term deposits (but excepting
certain moneys encumbered for a special purpose) ; and the
District Resolution specifies that certain unrestricted
revenues that will be received by the District for the General
Fund of the District during or allocable to fiscal year
1988-1989 are pledged for the payment of the Notes; and
WHEREAS, the Notes shall be a general obligation of the
District, and to the extent not paid from the taxes , income,
revenue, cash receipts and other moneys of the District pledged
for the payment thereof shall be paid with interest thereon
from any other moneys of the District lawfully available
therefor, as required by Section 53857 of the Act; and
WHEREAS, the Notes shall be in denominations of $5 , 000 or
integral multiples thereof, as permitted by Section 53854 of
the Act; shall be issued on the date provided in the Contract
of Purchase therefor (hereinafter referred to) , as permitted by
Section 53853 of the Act; and shall be in the form and executed
in the manner prescribed in the District Resolution and herein,
as required by Section 53853 of the Act; and
WHEREAS, the County Board has found and determined that
said $5, 000, 000 maximum principal amount of Notes to be issued
by the County Board in fiscal year 1988-1989 , when added to the
interest payable thereon, does not exceed eighty-five percent
(85%) of the estimated amount of the uncollected taxes , income,
revenue (including but not limited to revenue from state and
federal governments) , cash receipts and other moneys of the
District which will be available for the payment of the Notes
and interest thereon, as required by Section 53858 of the Act;
and
WHEREAS, the Notes will not be outstanding after a period
ending twelve months after the date on which such Notes are
issued and will not be issued in an amount greater than the
maximum anticipated cumulative cash flow deficit to be financed
by the anticipated tax or other revenue sources for the period
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for which such taxes or other revenues are anticipated and
during which such Notes are outstanding, all as provided in
Section 1. 103-14(c) of the Income Tax Regulations of the United
States Treasury; and
WHEREAS, Kelling, Northcross & Nobriga, Inc. , as financial
advisor (the "Financial Advisor" ) , has prepared a form of
Contract of Purchase and has submitted said Contract of
Purchase to this Board, which Contract of Purchase is on file
with the Clerk of the County Board (herein called the "Contract
of Purchase" ) ; and the Board desires an underwriter, as shall
be designated by the Superintendent or Associate
Superintendent, Business of the District (the "Underwriter" ) ,
to purchase the Notes; and
WHEREAS, pursuant to Section 265(b) (3) of the Internal
Revenue Code of 1986, as amended (the "Code" ) , under certain
circumstances, certain obligations the interest on which is
exempt from federal income tax under Section 103 of the Code
may be designated by the issuer thereof as "qualified
tax-exempt obligations, " thereby allowing certain financial
institutions that are holders of such qualified tax-exempt
obligations to deduct for federal income tax purposes a portion
of such institution' s interest expense that is allocable to
such qualified tax-exempt obligations, all as determined in
accordance with Sections 265 and 291 of the Code; and
WHEREAS, the District Board has represented in the District
Resolution that:
(1) the Notes authorized by this resolution are not
private activity bonds within the meaning of Section 141 of the
Code;
(2) the District, together with all of its subordinate
entities, has heretofore issued $-0- aggregate principal amount
of obligations (other than those obligations described in
paragraph 4 below) in calendar year 1988 the interest on which
is exempt from federal income tax under Section 103 of the Code;
(3) the District reasonably anticipates that it, together
with its subordinate entities will issue during the remainder
of calendar year 1988 obligations (other than those obligations
described in paragraph 4 below) the interest on which is exempt
from federal income tax under to Section 103 of the Code which,
when aggregated with all obligations described in paragraph 2
above, will not exceed an aggregate principal amount of
$10, 000, 000; and
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(4) notwithstanding paragraphs 2 and 3 above, the District
and its subordinate entities may have issued in calendar year
1988 and may continue to issue during the remainder of calendar
year 1988 private activity bonds other than qualified 501(c) (3)
bonds as defined in Section 145 of the Code; and
WHEREAS, the District Board wishes to designate the
Certificates as "qualified tax-exempt obligations" within the
meaning of Section 265(b) (3) of the Code;
NOW, THEREFORE, the Board of Supervisors of the County of
Contra Costa hereby resolves as follows :
Section 1. Authorization of Issuance of Notes ; Terms
Thereof . The County Board hereby determines to and - shall issue
in the name of the District, an amount not to exceed $5, 000 , 000
principal amount of notes under Sections 53850 et sea. of the
Act, designated "Acalanes Union High School District, County of
Contra Costa, State of California, 1988 Tax and Revenue
Anticipation Notes" ; to be numbered from 1 consecutively upward
in order of issuance; to be in the denominations of $5, 000, or
integral multiples thereof, as determined by the Underwriter;
to be dated the date of delivery thereof; to mature (without
option of prior redemption) 364 days from said date of delivery
(or 359 days computed on a 30-day month/360-day year basis) or,
if such date is not a day on which banks in New York or
California are open for business, on the last day prior to such
date; and to bear interest, payable at maturity and computed on
a 30-day month/360-day year basis, at the rate or rates
determined at the time of sale thereof, but not in excess of
eight percent (8%) per annum. Both the principal of and
interest on the Notes shall be payable, only upon surrender
thereof, in lawful money of the United States of America at the
principal office of a paying agent, as shall be designated by
the Superintendent or Associate Superintendent, Business of the
District to be the paying agent with respect to the Notes (the
"Paying Agent") .
Section 2. Form of Notes . The Notes shall be- issued in
bearer form and shall be substantially in the form and
substance set forth in Exhibit B attached hereto and by
reference incorporated herein, the blanks in said form to be
filled in with appropriate words and figures . There shall be
printed on the reverse of each Note, the legal opinion of Brown
& Wood respecting the validity of said Notes and, immediately
following such legal opinion, a certificate executed with the
facsimile signature of the Chairperson of the County Board (the
"County Chairperson") , said certificate to be in substantially
the following form:
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t
I HEREBY CERTIFY that the foregoing is a true and correct
copy of the legal opinion regarding the Notes therein
described that was manually signed by Brown & Wood, and was
dated as of the date of delivery of and payment for said
Notes .
[Facsimile Signaturel
Chairperson, Board of Supervisors
Section 3 . Deposit of Note Proceeds . The moneys so
borrowed shall be deposited in the General Fund of the District .
Section 4 . Payment of Notes .
(A) Source of Payment. The principal amount of the Notes,
together with the interest thereon, shall be payable from
taxes, income, revenue, cash receipts and other moneys which
are received. by the District during fiscal year 1988-1989 and
which are available therefor. The Notes shall be a general
obligation of the District, and to the extent the Notes are not
paid from the Pledged Revenues defined below, the Notes shall
be paid with interest thereon from any other moneys of the
District lawfully available therefor, as provided in the
District Resolution and by law.
(B) Pledged Revenues . - As security for the payment of the
principal of and interest on the Notes, as provided in the
District Resolution, the District has pledged an amount equal
to fifty percent (50%) of the principal amount of the Notes
from the unrestricted revenues received by the District in the
month ending December 31, 1988; and an amount equal to fifty
percent (50%) of the principal amount of the Notes from the
unrestricted revenues received by the District in the month
ending April 30, 1989 , plus an amount sufficient to pay
interest on the Notes, from unrestricted revenues received by
the District in the month ending May 31, 1989 (such pledged
amounts being hereinafter called the "Pledged Revenues") . The
term "unrestricted revenues" shall mean taxes, income, revenue,
cash receipts, and other money of the District as provided in
Section 53856 of the Act, which are intended as receipts for
the general fund of the District and which are generally
available for the payment of current expenses and other
obligations of the District.
The principal of the Notes and the interest thereon shall
be a first lien and charge against and shall be payable from
the first moneys received by the District from such Pledged
Revenues as provided by law.
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In the event that there are insufficient unrestricted
revenues received by the District to permit the deposit into
the Repayment Fund, as hereinafter defined, of the full amount
of Pledged Revenues to be deposited from unrestricted revenues
in any month, then the amount of such deficiency shall be
satisfied and made up from any other moneys of the District
lawfully available for the repayment of the Notes and the
interest thereon.
(C) Deposit of Pledged Revenues in Repayment Fund. The
Pledged Revenues shall be held by the County Treasurer/Tax
Collector (the "Treasurer" ) in a special fund designated as the
"Acalanes Union High School District, County of Contra Costa,
State of California, 1988 Tax and Revenue Anticipation Notes
Repayment Fund" (herein called the "Repayment Fund" ) and
applied as directed in this Resolution. Any moneys placed in
the Repayment Fund shall be for the benefit of the holders of
the Notes, and until the Notes and all interest thereon are
paid or until provision has been made for the payment of the
Notes at maturity with interest to maturity, the moneys in the
Repayment Fund shall be applied only for the purposes for which
the Repayment Fund is created.
(D) Disbursement and Investment of Moneys in Repayment
Fund. From the date this Resolution takes effect, all Pledged
Revenues shall, when received, be deposited in the Repayment
Fund. After such date as the amount of Pledged Revenues
deposited in the Repayment Fund shall be sufficient to pay in
full the principal of and interest on the Notes, when due, any
moneys in excess of such amount remaining in or accruing to the
Repayment Fund shall be transferred to the general fund of the
District upon the request of the District. On the maturity
date of the Notes, the moneys in the Repayment Fund shall be
used, to the extent necessary, to pay the principal of and
interest on the Notes .
Moneys in the Repayment Fund, to the greatest extent
possible, shall be invested at the request of the District in
investment securities by the Treasurer, as permitted by
applicable California law, as it is now in effect and as it may
be amended, modified or supplemented from time to time;
provided that no such investments shall have a maturity date
later than the maturity date of the Notes .
Section 5 . Execution of Notes . The ., Treasurer, or a
designated deputy thereof, is hereby authorized to sign the
Notes manually or by facsimile signature, and the County
Chairperson is hereby authorized to sign the Notes manually or
by facsimile signature and the Clerk of the County Board (the
"Clerk") is hereby authorized to countersign the Notes manually
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or by facsimile signature, provided that at least one of the
foregoing shall sign manually, and said Clerk is hereby
authorized to affix the seal of the County Board thereto by
facsimile impression thereof, and said officers are hereby
authorized to cause the blank spaces thereof to be filled in as
may be appropriate.
Section 6 . Approval of Contract of Purchase. The Contract
of Purchase for the Notes is hereby approved and the Treasurer,
or designated deputy thereof , or the County Chairperson is
hereby authorized to execute and deliver a Contract of
Purchase, and the Associate Superintendent, Business of the
District is hereby authorized and requested to acknowledge such
Contract, substantially in the form attached hereto as
Exhibit C, but with such changes therein, deletions therefrom
and modifications thereto as the Treasurer, or designated
deputy thereof , or the County Chairperson may approve, such
approval to be conclusively evidenced by his execution and
delivery thereof; provided, however, that the maximum interest
rate on the Notes shall not exceed eight percent (8%) per annum
and the purchase price thereof shall be no less than the
principal amount of the Notes; and provided, further, that the
Underwriter named therein shall have been so designated by the
Superintendent or the Associate Superintendent, Business of the
District . The Treasurer, an authorized deputy thereof, or the
County Chairperson is further authorized to determine the
maximum principal amount of Notes to be specified in the
Contract of Purchase for sale by the County Board, up to
$5, 000, 000 and to enter into and execute the Contract of
Purchase with the Underwriter, if the conditions set forth in
this Resolution are satisfied.
Section 7. Authorization of Preliminary Official Statement
and Official Statement. The Financial Advisor to the District
is hereby authorized to prepare a Preliminary Official
Statement and an Official Statement relating to the Notes, to
be used in connection with the offering and sale of the Notes .
The Superintendent, Assistant Superintendent, Business or any
authorized designee of such officers of the District, is hereby
authorized and requested to execute and deliver the Official
Statement.
Section 8 . Delivery of Notes . The proper officers of the
County Board are hereby authorized and directed to deliver the
Notes to the Underwriter in accordance with the Contract of
Purchase. All actions heretofore taken by the officers and
agents of the County Board with respect to the sale and
issuance of the Notes are hereby approved, confirmed and
ratified, and the officers of the County Board are hereby
authorized and directed, for and in the name and on behalf of
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e
PASSED AND ADOPTED by the Board of Supervisors of the
County of Contra Costa this 14th day of June, 1988, by the
following vote:
AYES: Supervisors Powers, Fanden, McPeak, Torlakson, Schroder.
NOES: None.
ABSENT: None.
By
Chairperson, and of
Supervisors
Attest:
Phil Batchelor Clerk of the Board of
Supervisors and County Administrator
Clerk, Board of Supervisors
By �,/ 1���� Deputy
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