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HomeMy WebLinkAboutRESOLUTIONS - 03071989 - 89-149 (2) Authorizing Resolution County of Contra Costa COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA Resolution No. 891169 IN THE MATTER OF A RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS INCLUDING INTEREST RATE AND REPAYMENT SCHEDULES, AUTHORIZING AND DIRECTING EXECUTION OF A REMARKETING AGREEMENT, APPROVING A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO RESOLVED, by the Board of Supervisors of the County of Contra Costa (the "County") : WHEREAS, in previous action, the County has approved a Participation Agreement expressing the interest of the County to participate in a lease financing program in conjunction with the County Supervisors Association of California, more particularly, CSAC Finance Corporation (the "Corporation") ; and WHEREAS, to enable the remarketing of certain certificates of participation executed and delivered in connection with the lease financing program (the "Program") and to effectuate such Program, the County entered into a Joint Exercise of Powers Agreement Between Certain Counties in California (the "JPA Agreement") creating the California Counties Lease Financing Authority (the "JPA") ; and WHEREAS, the County proposes to participate in the Program and desires to finance certain property (the "Projects") described in Exhibit C to the Project Lease Agreement (defined below) and it is in the public interest and for the public benefit that the County authorize and direct the execution of the Project Lease Agreement together with certain other financing documents in connection therewith; and WHEREAS, pursuant to the County's authorization, Prudential-Bache Securities, Inc. (the "Remarketing Agent") proposes to remarket the above described lease purchase financing and has prepared and presented to the County a form of Fixed Rate/Variable Rate Supplemental Remarketing Agreement (the "Remarketing Agreement") by and among the Remarketing Agent, the JPA, the County and certain other counties participating in the Program, and a Preliminary Supplemental Official Statement in respect of the County and the Project Lease Agreement (the "Preliminary Supplemental Official Statement") containing information material to the remarketing and sale of Fixed Rate Certificates of Participation described therein (the "Certificates of Participation") ; and -1- Authorizing Resolution County of Contra Costa WHEREAS, the documents below specified have been filed with the County and the members of the Board of Supervisors, with the aid of its staff, have reviewed said documents. NOW, - THEREFORE, it is hereby ORDERED AND DETERMINED, as follows: SECTION 1. The Chairman, vice Chairman, County Administrative Officer, Assistant County Administrative Officer, or any other County official designated by the County Administrative Officer or otherwise authorized to execute contracts (after approval) on behalf of the County (the "County Representatives) ") are hereby authorized and directed to execute the documents listed below, in substantially the forms presented at this meeting, with such changes, insertions and omissions as may be approved by such official, and the Clerk of the Board or Deputy Clerk is hereby authorized and directed to attest to such official 's signature: (a) a Project Lease Agreement, dated as of April 1, 1989, relating to the Projects, between the JPA, as lessor, and the County, as lessee (the "Project Lease Agreement") , so long as (i) the term of the Project Lease Agreement does not exceed thirty (30) years, (ii) the Principal Amount of the Project Lease Agreement does not exceed $13,000, 000, and (iii) the Lease Payments payable by the County thereunder in any twelve-month period do not exceed $1,200, 000; and (b) a Facilities Lease by and between the JPA and the Corporation, solely for the purpose of acknowledging and approving said Facilities Lease on behalf of the County, and relating to one of the Projects which is the subject of the above-referenced Project Lease Agreement; and (c) the Remarketing Agreement; and (d) related Closing Documents as required in con- nection with and related to financing the Projects. SECTION 2. The County Representatives are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to effect the purposes of this Resolution and the financing herein contemplated and authorized including, but not limited to, a site lease, an assignment of option to purchase, a site and facility lease, an encroachment permit, an easement; a license, a security document, or such other document as may be appropriate to transfer to the JPA and the Corporation a legal interest in the real property upon which the Projects will be constructed or located, if the Projects include a real property component, or to transfer to the Corporation a legal interest in such portions of the Projects that include personal property. _2- Authorizing Resolution County of Contra Costa SECTION 3. To the best of the County Representatives' knowledge, information and belief, the Preliminary Supplemental Official Statement contains no untrue statement of 'a material fact with respect to the County or omits to state a material fact with respect to the County required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. SECTION 4 . The Preliminary Supplemental Official Statement is approved for distribution in connection with the offering and remarketing of the Certificates of Participation. SECTION 5. The County Representatives are authorized to approve corrections and additions or deletions to the Preliminary Official Statement by supplement or amendment thereto, or otherwise as appropriate, provided that any such corrections and additions or deletions shall be necessary to cause the information contained therein to conform with facts material to the Certificates of Participation or to the proceedings of the County or such corrections and additions or deletions are in form rather than in substance. SECTION 6. The County Representatives are authorized and directed to cause the preparation of a final supplemental official statement (the "Supplemental Official Statement") in respect of the County, the Project Lease Agreement and the Certificates of Participation and to execute such Supplemental Official Statement and a certificate stating that the facts contained in the Supplemental Official Statement, and any supplement or amendment thereto (which shall be deemed an original part thereof for purposes of such certificate or statement) were, at the time of the remarketing of the Certificates of Participation, true and correct in all material respects and that the Supplemental Official Statement did not, on the date of delivery of the Certificates of Participation, contain any untrue statement of a material fact with respect to the County or omit to state material facts with respect to the County required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. The County Representatives shall take such further actions prior to the signing of the Supplemental Official Statement as are deemed necessary or appropriate to verify the accuracy thereof. SECTION 7. This Resolution shall take effect from and after its date of adoption. -3- Authorizing Resolution t County of Contra Costa The foregoing resolution was duly passed and adopted by the Board of Supervisors of the County of Contra Costa at a regular meeting thereof,, held on the 7th day of March, 1989, by the following vote: Ayes; Supervisors Powers, Fanden, McPeak, Torlakson. Schroder. Nays: None. Absent: None. Signed and approved by me after its passage. (SEAL) By: jxv - Chairman, Board of Supervisors Attest: Phil Batchelor, Clerk of the Board of Supervisors and County Administrator BY: �- Deputy Clerk of the Board This instrument is a correct copy of the original on file in this office. Date: March 7, 1989 Certified By: Deputy Clerk of the Board of Supervisors of Contra Costa County -4-