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Home My WebLink AboutRESOLUTIONS - 07111989 - 89-470 r . RESOLUTION NO. 89/470 RESOLUTION ORDERING SALE OF REFUNDING BONDS ASSESSMENT DISTRICT NO. 1989-2 DEERWOOD DRIVE EXTENSION-WEST REFUNDING (REFUND A.D. NO. 1982-1) The Board of Supervisors of the County of Contra Costa resolves: The Board of Supervisors accepts the offer of Mark Pressman Associates, (attached to this resolution and by reference incorporated in it) to purchase all of the refunding bonds to be issued in Assessment District No. 1989-2, Deerwood Drive Extension-West Refunding (Refund A.D. No. 1982-1) , County of Contra Costa, State of California. The Board of Supervisors directs the sale and delivery of the refunding bonds to the offeror in accordance with the terms and conditions stated in the offer. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at regular meeting thereof, held on the 11th day of July, 1989. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By A. Jose h, D uty Clerk cc: Public Works Director County Counsel County Auditor Controller County Treasurer/Tax Collector Engineer of Work Bond Counsel (2) 1 RESOLUTION NO. 89/470 MARK PRESSMAN ASSOCIATES Investment Banking 250 Montgomery Street, Suite 1200 San Francisco, CA 94104 FAX: (415) 421-0755 (415) 421-7300 P July 19,1989 The Honorable Board of Supervisors County of Contra Costa 625 Court Street Martinez, California 94553 Re: Assessment District Number 1989-2,Deerwood Drive Extension-West Refunding (Refund Assessment District 1982-1),Series No.1989-2 Dear Members of the Board: MARK PRESSMAN ASSOCIATES (MPA), as managing underwriter (the "Underwriter") of the above referenced issue,hereby offers to purchase all,but not less than all,bonds to be offered by the County of Contra Costa (the "County") pursuant to the provisions of the Refunding Act of 1984 for Improvement Act Bonds, Division 11.5 of the California Street and Highways Code to represent the cost of refunding bonds in Assessment District Number 1989-2, Deerwood Drive Extension-West Refunding (Refund Assessment District 1982-1), Series No. 1989-2 (the "District"). Amount of Bonds: $480,703.00. Form of Bonds: Registered bonds to be issued serially. Bond denominations of$5,000 to$100,000, with odd bonds in the first maturity. Interest Rates: 1990 6.25% 1994 6.70% 1991 6.40% 1995 6.80% 1992 6.50% 1996 6.85% 1993 6.60% 1997 6.90% Price: 97.75%of par value plus accrued interest. Term: 8 years. Average Interest Cost. 6.7513% Net Interest Cost: 7.2074% Mailing Address: P.O. Box 26690, San Francisco, CA 94126 Board of Supervisors County of Contra Costa July 19,1989 Page Two First Interest Payment and Approximate Maturity Schedule: The first interest payment on the Bonds shall be March 2, 1990, with principal payments commencing September 2,1990,and annually thereafter as specified below: 1990 $ 45,703.00 1994 $ 60,000.00 1991 55,000.00 1995 65,000.00 1992 55,000.00 1996 70,000.00 1993 55,000.00 1997 75,000.00 Date of Bonds and Delivery Date: July 24,1989. Foreclosure Clause; If any installment of the principal or interest of any reassessment levied in Assessment District Number 1989-2 becomes delinquent, the County Supervisors shall cause an action to be filed in the Superior Court of the County where the land is located to foreclose the lien of the delinquent reassessment under the authority of Section 9545 of the Streets and Highways Code of the State of California. This action shall be filed not later than November 1 in each year after the date of delinquency. Reserve Fund: The County shall establish a reserve fund in the amount of three percent (3%) of the bond par value. In our view, it is reasonably required for this issue, and vital to the marketing of the Bonds, that proceeds from the investment of monies in said reserve fund should be retained in said fund until the amount in said fund reaches the maximum allowed by law and earnings above that amount will be credited to the Redemption Fund to be applied to debt service. Redemption Premium: 3%of unmatured principal on thirty(30)days notice to bondholders. Paying Agent and Registrar. Bank of America, San Francisco, California. No Litigation: A no litigation certificate of the County shall accompany the Bonds at delivery. Legal Opinion: The opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, without qualification and without expense to the Underwriter to be printed on the Bonds. Board of Supervisors County of Contra Costa July 19,1989 Page Three Conditions Precedent: The obligation of the Underwriter to accept delivery of and pay for the Bonds on the Closing Date shall be subject, at the option of the Underwriter, to the following additional conditions: (a) The Resolution and any other applicable agreements shall be in full force and effect,and shall not have been amended,modified or supplemented except as may have been agreed in writing by the Underwriter, and there shall have been taken in connection therewith, with the issuance of the Bonds and with the transactions contemplated thereby and by this Purchase Contract, all such actions as, in the opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, Bond Counsel for the County, shall be necessary and appropriate; (b) Between the date hereof and the closing date, the market price or marketability of the Bonds at the initial offering prices set forth in the Offering Statement shall not have been materially adversely affected, in the judgment of the Underwriter (evidenced by a written notice to the County terminating the obligation of the Underwriter to accept delivery of and pay for the Bonds)by reason of any of the following: (1) Legislation enacted (or resolution passes)by the Congress of the United States of America of a decision rendered by a court established under Article III of the Constitution of the United States of America or by the Tax Court of the United States of America, or an order, ruling, regulation (final, temporary or proposed),press release or other form of notice issued or made by or on behalf of the Treasury Department or the Internal Revenue Service of the United States of America, with the purpose or effect, directly or indirectly, of imposing federal income taxation upon the interest as would be received by the owners of the Bonds; (2) Legislation enacted (or resolution passed) by the Congress of the United States of America, or an order, decree or injunction issued by any court of competent jurisdiction or an order,ruling, regulation (final, temporary or proposed), press release or other form of notice issued or made by or on behalf of the Securities and Exchange Commission, or any other governmental agency having jurisdiction of the subject matter, to the effect that obligations of the general character of the Bonds, or the Bonds, including any or all underlying arrangements, are not exempt from registration under or other requirements of the Securities Act of 1933, as amended, or that the Resolution is not exempt from qualification under or other requirements of the Trust City Board of Supervisors County of Contra Costa July 19,1989 Page Four Indenture Act of 1939,as amended,or that the issuance,offering or sale of obligations of the general character of the Bonds, or of the Bonds, including any or all underwriting arrangements, as contemplated hereby or by the Offering Statement or otherwise is, or would be, in violation of the federal securities laws as amended and then in effect; (3) Any amendment to the Federal or California Constitution or action by any Federal or California court, legislative body, or other authority materially adversely affecting the tax status of the County, its property, income, securities (or interest thereon), validity or enforceability of the assessment or the ability of the County to construct or acquire the improvements as contemplated by the Resolution and the Offering Statement; or (4) Any event occurring,or information becoming known which,in the judgment of the Underwriter makes untrue or misleading in any material respect any statement or information contained in the Offering Statement concerning the County, the improvement project, the landowners,or the property assessed. Limited Obligation: The Bonds shall be 'limited obligations" of the County, secured only by the property reassessed in these proceedings with no County financial responsibility for bond debt service. County Covenant: The County shall covenant to take any action within its powers to maintain the tax-exempt status of the Bonds. Place of Delivery: MPA Offices, 250 Montgomery Street, Suite 1200, San Francisco, California 94104. Time of Delivery: Not later than 48 hours after the County notifies the undersigned that the Bonds are ready for delivery. If the subject Bonds are not delivered by 5:00 p.m. on the aforementioned delivery date, the Underwriter reserves the right to renegotiate the price and/or the rate of interest. Expiration: This offer expires at noon July 20, 1989. Very truly yours, MARK PRESSMAN ASSOCIATES(MPA) ,-A- Aa� - * Nadine McKinney Lee Investment Banker Mark Pressman NML/MP:pt