HomeMy WebLinkAboutRESOLUTIONS - 03081994 - 94-165 RESOLUTION NO. 94/165
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF CONTRA COSTA, CALIFORNIA, AMENDING
RESOLUTION NO. 94/119
WHEREAS, on March 1, 1994, this Board of Supervisors
(the "Board") of the County of Contra Costa (the "County")
adopted its Resolution No. 94/119 (the "Prior Resolution")
providing 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, due to changes in market conditions, this
Board now desires to amend Sections 3 , 4 and 5 of the Prior
Resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA, AS
FOLLOWS:
Section 1. Section 3 of the Prior Resolution is hereby
amended and restated in its entirety, as follows:
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 later than December 15, 2004, or an
interest rate on any Refunding Bond in excess of 5.651.
Section 2 . Section 4 of the Prior Resolution is hereby
amended and restated in its entirety, as follows:
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
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RESOLUTION NO. 94/165
e
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
5.251; an original issue discount on the Refunding Bonds in
excess of 1.0t, or an underwriter' s discount on the
Refunding Bonds in excess of 1.5t.
Section 3 . Section 5 of the Prior Resolution is hereby
amended and restated in its entirety, as follows:
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 seven and
one-half percent (7.5t) 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 4. Except as expressly amended by this
Resolution, the Prior Resolution shall remain in full force and
effect as originally adopted.
Section 5 . 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.
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RESOLUTION NO. 94/165
Section 6 . This Resolution shall take effect
immediately upon its passage.
PASSED AND ADOPTED this 8th day of March, 1994, by the
following vote:
AYES: Supervisors Smith, Bishop, Torlakson and Powers
NOES: None
ABSENT: Supervisor McPeak
ABSTENTIONS: None
i
Chairman of the Board of
Supervisors of the County
of Contra Costa
ATTEST: Phil Batchelor,
Clerk of the Board of Supervisors
of the County of Contra Costa `
By:- a, 9��
Deputy Cl k
sP2-27879.1 3
RESOLUTION N0. 94/165