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HomeMy WebLinkAboutRESOLUTIONS - 03071989 - 89-148 1-054 RESOLUTION til ID A RESOLUTION OF­ THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, RATIFYING ASID CONFIRMING THE ISSUANCE AND SALE AND PROVIDING FOR THE AWARD OF ACALANES UNION HIGH SCHOOL DISTRICT, COUNTY OF CONTRA COSTA, CALIFORNIA, 1989 GENERAL OBLIGATION BONDS, SERIES A IN THE PRINCIPAL AMOUNT OF "$10, 000, 000 FOR THE PURPOSE OF FINANCING REAL PROPERTY ACQUISITIONS AND IMPROVEMENTS. WHEREAS, a duly called special municipal election was held in the Acalanes Union High School District, County of Contra Costa, State of California (hereinafter referred to. as the "District") , on November 8, 1988 and thereafter canvassed pursuant to law; WHEREAS, at such election there was submitted to and approved by the requisite two-thirds vote of the qualified electors of the District a question as to the issuance and sale of general obligation bonds of the District for various purposes set forth in the ballot submitted to the voters, in the maximum amount of $34 , 000, 000 payable from the levy of an ad valorem tax against the taxable property in the District; WHEREAS, this Board has received previously the resolution of the governing board of the District requesting the issuance of a portion of such Bonds in the aggregate principal amount of $10, 000, 000 (the "Bonds") and this Board authorized and directed the issuance and sale of the Bonds and has received bids on the Bonds, which bids have been timely received and considered by this Board, pursuant to the authorizing resolution of this Board (the "Authorizing Resolution" ) ; WHEREAS, all acts, conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District, and the indebtedness of the District, including this proposed issue of Bonds , is within all limits prescribed by law; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, AS FOLLOWS: SECTION 1 . That for the purpose of raising money for certain real property improvements, including the acquisition of land and the construction and reconstruction of school facilities, improvements and on-site and off-site drainage facilities,_ and to pay all necessary legal, financial, engineering and contingent costs in connection therewith, the issuance and sale of the Bonds at public sale is hereby ratified, confirmed and approved. 1 3036002/9 QEs A9 114 8 SECTION 2 . The Bonds were previously ordered sold at public sale with bids to be received until 11 : 00 a .m. on the date and on the terms and in accordance with the Notice of Intention to Sell Bonds attached hereto as Exhibit A (the "Notice" ) . The publishing of the Notice in the "Contra Costa Times, " which is a newspaper of general circulation in the County, once a week for two successive weeks , and in "The Bond Buyer, " which is a national trade publication, at least fifteen days prior to March 6, 1989 is hereby ratified, confirmed and approved. The issuance and sale of the Bonds pursuant to the provisions of the resolution of the Board of Supervisors of Contra Costa County, California and the Notice are hereby ratified, confirmed and approved. SECTION 3 . The proceeds from the sale of the Bonds, to the extent of the principal amount thereof, shall be paid to the County to the credit of the fund hereby created and established and to be known as the "1989 Acalanes Union High School District Building Fund" (the "Building Fund") of the District, shall be kept separate and distinct from all other District and County funds, and those proceeds shall be used solely for the purpose for which the Bonds are being issued and provided further that such proceeds shall be applied solely to authorized purposes which relate to the acquisition or improvement of real property. The accrued interest and any premium received by the County from the sale of the Bonds shall be kept separate and apart in the fund hereby created and established and to be designated as the "Acalanes Union High School District General Obligation Bond Interest and Sinking Fund" (the "Debt Service Fund" ) for the Bonds and used only for payments of principal and interest on the Bonds . Any excess proceeds of the Bonds not needed for the authorized purposes set forth herein for which the Bonds are being issued shall be transferred to the Debt Service Fund and applied to the payment of principal and interest on the Bonds . If, after payment in full of the Bonds, there remain excess proceeds, any such excess amounts shall be transferred to the general fund of the District . There is also created a "1989 Acalanes Union High School District General Obligation Bond Rebate Fund" (the "Rebate Fund") and within such fund a Rebate Account and an Earnings Account . Investment earnings on proceeds of the Bonds and certain other amounts may from time to time be paid into the Rebate Fund to enable the District to comply with the requirements of Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code" ) . To the extent investment earnings on monies held in the Building Fund are not required to be deposited in the Rebate Fund, such earnings shall be deposited into the Interest Earnings Subaccount established by the Authorizing Resolution. Any money remaining in the Rebate 2 3036002/9 Fund after the payment in full of the Bonds, either at maturity or earlier redemption, and the payment to the United States Treasury of any amounts-required pursuant to Section 148(f) of the Code, and any regulations thereunder, shall be transferred to the Building Fund, or if the Building Fund is not then in existence, shall be transferred to the general fund of the District . SECTION 4 . In accordance with provisions of the Authorizing Resolution, this Resolution and the Notice, this Board has caused all bids for the Bonds to be received, opened and presented to it in the manner set forth in the authorizing resolution, this Resolution and the Notice and based on an examination of said bids and a review of the tabulation of bids attached hereto as Exhibit B, this Board determines that the bid of Prudential-Bache Capital Funding (the "Purchaser" ) , at a purchase price of $10, 000, 000 and at an average net interest rate of 7 .3881%, a copy of which bid is attached hereto as Exhibit C, is in accordance with the Notice and is the highest bid for the Bonds based upon the lowest rate of interest . The Bonds, having the terms and maturities as provided in the authorizing resolution, this Resolution and the Notice and bearing interest at the rate stated above and as set forth in Exhibit C, are awarded and sold to the Purchaser at the price stated above. SECTION 5 . Officers of the Board and County officials and staff are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to proceed with the issuance of the Bonds and otherwise carry out, give effect to and comply with the terms and intent of this Resolution. Such actions heretofore taken by such officers, officials and staff are hereby ratified, confirmed and approved. SECTION 6 . The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the County Auditor-Controller . SECTION 7 . This Resolution shall take effect immediately upon its passage. 3 3036002/9 PASSED AND ADOPTED this 7th day of March, 1989 , by the following vote: i AYES: Supervisors Powers , Fanden, McPeak, Schroder, Torlakson. NOES: None . ABSENT: None . ABSTENTIONS: None. Chairman, Board of Supervisors [SEAL] Attest : Clerk, Board of Supervisors 4 3036002/9