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HomeMy WebLinkAboutRESOLUTIONS - 04041995 - 95-215 3/31/95 OH&S Draft RESOLUTION NO. 95/215 OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA CALIFORNIA RESOLUTION APPROVING ISSUANCE AND SALE OF 1995-1996 TAX AND REVENUE ANTICIPATION_ NOTES OF THE COUNTY; APPROVING FORM AND EXECUTION OF AN INDENTURE; APPROVING FORMS OF AND DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT FOR THE SALE OF SAID NOTES, NOTICE INVITING BIDS AND NOTICE OF INTENTION TO SELL SAID NOTES; DELEGATING TO COUNTY ADMINISTRATOR OR HIS DESIGNEE AUTHORIZATION TO AWARD BIDS FOR SAID NOTES; AND AUTHORIZING TAKING OF- NECESSARY ACTIONS AND EXECUTION OF NECESSARY CERTIFICATES WHEREAS, the County of Contra Costa (the "County") is a political subdivision of the State of California; WHEREAS, pursuant to Sections 53850 et seq. of the Government Code of the State of California (the "Government Code") , this Board of Supervisors (the "Board") has found and determined that the sum of not to exceed One Hundred Fifty Million Dollars ($150,000, 000) is needed for the requirements of the County of Contra Costa (the "County") to satisfy obligations payable from the General Fund and that it is necessary that said sum be borrowed for such purpose at this time by the issuance of temporary notes (the "Notes") therefor in anticipation of the receipt of taxes, revenue and other moneys to be received by the County for the General Fund of the County allocable to Fiscal Year 1995-1996; and WHEREAS, it appears, and the Board hereby finds and determines, that said sum of One Hundred Fifty Million Dollars ($150, 000, 000) , when added to the interest estimated to be SF2-41986.2 40511-96-TRS-03/31/95 payable thereon, does not exceed eighty-five percent (85%) of the estimated amount of the uncollected taxes, income, revenue, cash receipts and other moneys of the County for the General Fund of the County attributable to Fiscal Year 1995-1996 and available for the payment of the principal of and interest on the Notes; WHEREAS, no money has heretofore been borrowed by the County through the issuance of any temporary notes in anticipation of the receipt of, or payable or secured by, taxes, income, revenue, cash receipts or other moneys of the County received or accrued during or allocable to Fiscal Year 1995-1996; WHEREAS, the County proposes to enter into an Indenture, dated as of July 1, 1995, with U.S. Trust Company of California, N.A. , as paying agent (the "Paying Agent") , to provide for the issuance and payment of the Notes; WHEREAS, the Notes shall be sold to the highest bidder or bidders pursuant to a competitive sale to be held on June 1, 1995 or on such earlier or later date as is established by the County Administrator of the County in accordance with the terms of a Notice Inviting Bids for the Notes; WHEREAS, a form of Official Statement describing the Notes and a form of Notice Inviting Bids for the sale of the. Notes will be distributed to potential purchasers of the Notes and. a form of Notice of Intention to Sell the Notes will be published in THE BOND BUYER; WHEREAS, this Board has been presented with the form of each document hereinafter referred to, relating to the Notes, and the Board has examined and approved each document and desires to SF241986.2 2 40511-96-TRS-03/31/95 authorize and direct the execution of such documents and the issuance of the Notes; WHEREAS, the County has full legal right, power and authority under the Constitution and the laws of the State of California to enter into the transactions hereinafter authorized; and NOW, THEREFORE, the Board of Supervisors of the County of Contra Costa hereby finds, determines, declares and resolves as follows: Section 1. Recitals. All of the recitals herein above set forth are true and correct, and this Board so finds and determines. Section 2 . Indenture. The proposed form of the Indenture, to be dated as of July 1, 1995, by and between the County and the Paying Agent (a copy of which is on file with the Clerk of the Board of Supervisors) , is hereby approved. The County Administrator of the County and the Clerk of the Board of Supervisors, and their designees, are hereby authorized and directed to execute and deliver the Indenture in substantially said form, with such changes, additions, completions and corrections therein as such officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3 . Sale of Notes. The proposed form of the Notice Inviting Bids for the Notes, in substantially the form presented to this meeting (a copy of which is on file with the Clerk of the Board) , is hereby approved and adopted as the Notice SF2-41986.2 3 40511-96-TRS-03/31/95 Inviting Bids for the Notes, with such changes, additions, completions and corrections therein as the County Administrator of the County shall require or approve. All of the Notes shall be offered for public sale in accordance with the Notice Inviting Bids. Prager, McCarthy & Sealy (the "Financial Advisor") is hereby authorized and directed to cause to be mailed to prospective bidders for the Notes copies of said Notice Inviting Bids, subject to such changes, additions and completions as may be acceptable to the County Administrator of the County. The proposed form of the Notice of Sale of the Notes, in substantially the form presented to this meeting (a copy of which is on file with the Clerk of the Board) , is hereby approved. The County Administrator of the County is hereby directed to cause said Notice of Sale to be published once, no later than 15 days before the date of sale of the Notes, in the Bond Buyer, a financial publication generally circulated throughout the State of California. Sealed proposals shall be received by the Treasurer-Tax Collector of the County or his designee up to the hour of 10: 00 a.m. California time on June 1, 1995 or on such earier or later date determined by the County Administrator of the County as. set forth in the Notice Inviting Bids, for the purchase of the Notes for cash at not less than their principal amount and accrued interest thereon to the date of their delivery, the interest rate or rates (which shall not exceed 9% per annum) to be designated in the bid or bids, the County Administrator of the County reserving the right to reject any and all bids, in accordance SF241986.2 4 40511-96-TRS-03/31/95 with the terms and conditions of said Notice Inviting Bids. The County Administrator of the County is hereby authorized to determine whether to accept partial bids in increments of a specified denominational amount, such as $25,000,000, and to award the Notes to the highest responsible bidder or bidders resulting in the lowest net interest cost to the County or to reject any or all bids. If the Notes are awarded to more than one bidder and at different rates of interest, each incremental amount of Notes of the same interest rate shall be given a separate designation. The County Administrator may, in his sole discretion, cancel the public sale of the Notes and negotiate for the sale of the Notes with an underwriter or underwriters, and enter into an agreement for the sale of the Notes, upon such terms and conditions as he shall deem appropriate. Section 4. Official Statement for Notes. The proposed form of official statement relating to the Notes, in substantially the form presented to this meeting (a copy of which is on file with the Clerk of the Board) , is hereby approved with such changes, additions, completions and corrections as the County- Administrator of the County may approve. The Financial Advisor is hereby authorized to distribute such official statement in preliminary form to the potential bidders for the Notes and is hereby authorized and directed to deliver such official statement in final form to the purchasers of the Notes. The County Administrator of the County is authorized to certify on behalf of the County that the preliminary form of the official SF241986.2 5 40511-96-TRS-03/31/95 statement is deemed final as of its date, within the meaning of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934 (except for. the omission of certain final pricing, rating and related information as permitted by said Rule) . Section 5. Approval of Actions. All actions heretofore taken by the officers and agents of the County or the Board with respect to the sale and issuance of the Notes are hereby approved, confirmed and ratified, and the officers of the County and the Board are hereby authorized and directed, for and in the name and on behalf of the County, to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Notes in accordance with this Resolution. SF241986.2 6 40511-96-TILS-03/31/95 PASSED AND ADOPTED by the Board of Supervisors of the County of Contra Costa, State of California, this 4th day of April, 1995, by the following vote: AYES: Supervisors Rogers, Smith, DeSaulnier and Torlakson NOES: -Supervisor Bishop ABSENT: None J- Chair of the Boar of Supervisors of the County of Contra Costa (Seal) Attest c /Phil `Batchelor, County. 'AO-ininistra*or and Clerk '6f..'the 'Board of Supervis'ois, of the County of Contra Costa By: SF241986.2 7 40511-96-TRS-03/31/95