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Home My WebLink AboutRESOLUTIONS - 03011994 - 94-119 RESOLUTION NO. 94/119 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY, OF CONTRA COSTA, CALIFORNIA, AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $4,600,000 AGGREGATE PRINCIPAL AMOUNT OF COUNTY OF CONTRA COSTA COUNTY SERVICE AREA NO. R-8 1994 PARK AND OPEN SPACE REFUNDING BONDS, DIRECTING THE IMPOSITION OF AD VALOREM PROPERTY TAXES TO SECURE SAID BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF A PAYING AGENT AGREEMENT AND A BOND PURCHASE AGREEMENT WITH RESPECT TO SAID BONDS, AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE EXECUTION AND DELIVERY OF A FINAL OFFICIAL STATEMENT IN CONNECTION WITH SAID BONDS, AND AUTHORIZING RELATED ACTIONS WHEREAS, the County of Contra Costa (the "County") has heretofore issued $6,750,000 aggregate principal, amount of County of Contra Costa County Service Area No. R-8 1974 Park and Open Space Bonds (the; "Prior Bonds") , of which $4,245,000 remain outstanding; and, WHEREAS, pursuant to Articles 9 and it of Chapter 3 of Division 2 of Title 5 of the California Government Code (the "Law") , the District is authorized to issue refunding bonds to refund the Prior' Bonds; and WHEREAS, this Board of Supervisors now desires to provide for the issuance of County of Contra Costa County Service Area No. R-8 1994 Park and Open Space Refunding Bonds (the "Refunding Bonds!') ; and WHEREAS, this Board of Supervisors desires to direct the Treasurer-Tax Collector of the County to levy an ad valorem property tax to secure the Refunding Bonds pursuant to Sections 53559, 53561, and other provisions of the Law and pursuant to Government Code Section 25211.17; and WHEREAS, there has been presented to this meeting a form of Paying Agent Agreement, dated as of March 1, 1994 (the "Paying Agent Agreement") by and between the County and Bank of America National Trust and Savings Association, as paying agent (the :'Paying Agent") providing for the issuance and terms of the Refunding Bonds; : and WHEREAS, there has been presented to this meeting a form of Bond Purchase Agreement (the "Bond Purchase Agreement") by and between the County and Sutro & Co. , as underwriter (the "Underwriter") providing for the sale of the Refunding Bonds; and M-26706.2 RESOLUTION NO. 94/119 WHEREAS, there has been presented to this meeting a form of Preliminary Official Statement (the"POS") for the Bonds; and WHEREAS, all acts, conditions and things required by law to be done or performed have been done and performed in . strict conformity with the law authorizing the issuance of the Refunding Bonds and the consummation of the other transactions contemplated by this Resolution; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY -OF CONTRA COSTA, CALIFORNIA, AS FOLLOWS: Section 1. Issuance of Refunding Bonds. The issuance by the County on. behalf of County Service Area No. R-8 ("CSA R-811) of not to exceed $4,600,000 aggregate principal amount of County of Contra Costa County Service Area No. R-8 1994 Park and Open Space Refunding Bonds (the "Refunding Bonds") is hereby approved. The Chairman and Clerk of this Board of Supervisors are hereby authorized and directed to execute (by manual or facsimile signature) and deliver the Refunding Bonds as provided in the Paying Agent Agreement. Section 2. Security for the Refunding Bonds. The County Treasurer-Tax Collector, on behalf of CSA R-8, shall levy on all the taxable property in CSA R-8, in addition to all other taxes, a continuing direct ad valorem tax annually during the period the Refunding Bonds are outstanding in an amount sufficient to pay the principal of and interest on the Refunding Bonds when due, which monies when -collected will be placed in the County Service Area No. R-8 Bond and Tax Fund established pursuant to Resolution No. 74/999 adopted by this Board of Supervisors on November 25, 1974, which fund is hereby continued to provide for the repayment of the Refunding Bonds, and which fund is irrevocably pledged for the payment of the principal of and interest on the Refunding Bonds when and as the same fall due. Section 3. Authorization. Execution and Delivery of Paying Agent Agreement. The -Paying Agent Agreement is hereby approved. The Chairman of this Board of Supervisors is hereby authorized and directed to execute and deliver, and the Clerk of this Board of Supervisors is hereby authorized and directed to attest, the Paying Agent Agreement in substantially the form presented to this meeting with such changes, modifications or additions which the Chairman approves, upon consultation with the County's bond counsel ("Bond Counsel") , deems in the interest of the County, such approval to be conclusively evidenced by such execution and delivery; provided, that the Paying Agent Agreement shall not provide for an aggregate principal amount of Refunding Bonds in excess '.of $4,600,000, a term of the Refunding Bonds SM2M.2 2 later than December 15, 2004, or an interest rate on any Refunding Bond in excess of 5.15%. Section 4. Authorization. Execution and Delivery of Bond Purchase Agreement. The Bond Purchase Agreement is hereby approved. The Chairman is hereby authorized and directed to execute and deliver the Bond Purchase Agreement in substantially the form presented to this meeting with such changes, modifications or additions which the Chairman- approves in the interest of the County, upon consultation with Bond Counsel, such approval to be conclusively evidenced by such execution and delivery; provided, that the Bond Purchase Agreement shall not provide for an aggregate principal amount of Refunding Bonds in excess of $4,600,000, a term of Refunding Bonds later than December 15, 2004, an average interest rate on the Refunding Bonds in excess of 4.75%; an original issue discount on the Refunding Bonds in excess of 1.0%, or an underwriter's discount on the Refunding Bonds in excess of 1.5%. Section 5. Minimum Required Savings. Notwithstanding any other provision hereof, the Refunding Bonds shall not be sold or issued unless the Auditor-Controller determines, based upon information provided by the Underwriter and reviewed by the office of the Auditor-Controller in consultation with the office of the Treasurer-Tax Collector, that the net present value savings (after payment of all costs of issuance and discounted at the average rate of interest on the Refunding Bonds) to be realized from the refunding is at least equal to nine percent (9%) of the outstanding principal amount of the Prior Bonds as of the date of sale. The determination of the Auditor-Controller pursuant to this Section 5 shall be final and conclusive. Section 6. Preliminary and Final Official Statement. The Preliminary Official Statement is hereby approved. The Auditor-Controller is hereby authorized and directed to deem said Preliminary Official Statement final, in substantially the form presented to this meeting with such changes as may be approved in the interest of the County by the Auditor-Controller in - consultation with Bond Counsel, pursuant to Securities Exchange Commission Rule 15c2-12 (the"Rule") except for information permitted to be omitted therefrom pursuant to the Rule. The distribution by the Underwriter of said deemed final Preliminary Official Statement ishereby authorized and approved. The Auditor-Controller is hereby authorized and directed to execute and deliver a final Official Statement, in substantially the form of said deemed final Preliminary Official Statement, including final pricing information and any other changes approved by the Auditor-Controller in consultation with Bond Counsel, such approval to be conclusively evidenced by such execution and delivery. SMU706.2 3 Section 7. Other Actions. Officers of the Board of Supervisors 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 related to the Refunding Bonds (including the provision of 'a bond insurance policy for the Refunding 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 S. Resolution to Treasurer/Tax-Collector and Auditor-Controller. The Clerk of this Board of Supervisors is hereby directed to provide a certified copy of this Resolution to the Treasurer/Tax-Collector and the Auditor-Controller of the County immediately following its adoption. Section 9. Effective Date. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED this 1st day of March, 1994, by the following vote: AYES: Supervisors Smith, Bishop, McPeak, Torlakson and Powers NOES: None ABSENT: None ABSTENTIONS: None 4Ca 2�� n of the Board ofsors of the County of Contra Costa ATTEST: Phil Batchelor, Clerk of the Board of Supervisors of the County of Contra Costa By. — a, Qw� Deputy er SM2670e.2 4