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HomeMy WebLinkAboutRESOLUTIONS - 06151996 - 93-342 /. 70 RESOLUTION NO. y3 Y�� RESOLUTION AUTHORIZING ISSUANCE AND SALE OF REFUNDING BONDS COUNTY OF CONTRA COSTA, CALIFORNIA REASSESSMENT DISTRICT NO. 1993-1, EAST BATES AVENUE REASSESSMENT DISTRICT NO. 1993-2, HIDDEN POND ROAD REASSESSMENT DISTRICT NO. 1993-3, SAN RAMON VALLEY BLVD. AT CROW CANYON RD. REASSESSMENT DISTRICT NO. 1993-4, RANCHO PARAISO The Board of Supervisors of the County of Contra Costa resolves: Section 1. RECITALS. On June 15, 1993, the Board of Supervisors of the County of Contra Costa adopted its resolution of intention to conduct reassessment proceedings and issue refunding bonds pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") in the following four reassessment districts (the "Reassessment Districts") of the County of Contra Costa: Reassessment District No. 1993-1, East Bates Avenue; Reassessment District No. 1993- 2, Hidden Pond Road; Reassessment District No. 1993-3, San Ramon Valley Blvd. at Crow Canyon Rd.; and Reassessment District No. 1993-4, Rancho Paraiso. Proceedings taken under the Act led to the levy of reassessments by the Board of Supervisors against parcels of land within the respective reassessment districts. These reassessments will be recorded in the office of the County Recorder of Contra Costa County, and thereupon will become a lien on each of the reassessment parcels. Section 2. ISSUANCE OF BONDS. The Board of Supervisors hereby authorizes the issuance of refunding bonds in each of the Reassessment Districts under the provisions of the Act to be secured by the reassessments in the respective Reassessment Districts. Each bond shall be designated, "Limited Obligation Refunding Bond, County of Contra Costa, Reassessment District No. 1993-_, [verbal description] Series No. 1993-2. In all respects not specified in this resolution, the bonds shall be issued in the manner prescribed by the Act. A single registered bond R�SC�!_l1TIf1T•L "'G3;. y.3�.3y2 shall be issued in each Reassessment District, and shall be dated July 1, 1993. Bonds shall mature in principal amounts and shall bear interest at the rates as set forth in the schedules.attached as Exhibits B-1 to B-4, inclusive, to that certain trust agreement dated.as of June 15, 1993 (the "Trust Agreement") among the County of Contra Costa, the County of Contra Costa Public Financing Authority (the "Authority") and Bank of America National Trust and Savings Association, as Trustee. Section 3. SALE OF BONDS. The refunding bonds for each of the Reassessment Districts are hereby sold to the Authority, in consideration of the mutual promises contained in the Trust Agreement. To provide funds for purchase of the refunding bonds, the Authority will issue and sell revenue bonds and will disburse the proceeds thereof in accordance with the Trust Agreement. Section 4. APPROVAL OF AGREEMENTS. The Board of Supervisors hereby approves the form of Trust Agreement in substantially the form set forth as Exhibit A hereto. This Board also approves that certain Defeasance Escrow Agreement dated as of June 15, 1993, between the County of Contra Costa and Bank of America National Trust and Savings Association as.Escrow Agent in substantially the form set forth as Exhibit B hereto. This Board authorizes the County Treasurer or the County Auditor-Controller, on recommendation of Bond Counsel, to approve such changes and completions in the form of the Agreements as may be required before closing of the transaction, and to execute the Agreements. Section 5. FORM AND EXECUTION. Bonds shall be issued as fully registered bonds substantially in the form set forth as Exhibit C to this resolution. The bonds shall be signed by the Clerk of the Board of Supervisors and the County Treasurer and the seal of the County shall be affixed. One of the signatures and the seal may be reproduced on the bonds by facsimile. 2 RESOLUTION NO- Section 6. PAYMENT ON BONDS. The principal and interest on the refunding bonds shall be remitted to the Trustee for deposit in the Payment Account in accordance with the provisions of the Trust Agreement. Section 7. COVENANTS. In the event of a default in the payment of any bond or any installment of interest thereon, the Trustee, as owner in trust of the refunding bonds, shall have the remedies set forth in the Act. In addition, the Board of Supervisors makes the following covenants, which shall constitute a contract with the Trustee and with the owners of the revenue bonds to be issued by the Authority: Section 7.1. FORECLOSURE OF LIENS. Not later than October 1 in any year, the County shall file an action in the Superior Court to foreclose the lien of each delinquent reassessment if the sum of uncured reassessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the reassessment installments posted to the tax roll for that fiscal year, and if the amount in the reserve fund established under the Trust Agreement is less than ninety-five percent (95%) of the Required Reserve. Section 7.2. ARBITRAGE. During the term of the bonds, the County will make no use of bond proceeds which, if such use had been reasonably expected at the date the bonds are issued, could have caused the bonds to be "arbitrage bonds" within the meaning of Section 148 of the United States Internal Revenue Code of 1986, and regulations of the Internal Revenue Service adopted thereunder, and further shall rebate to the United States any amounts actually earned as arbitrage in accordance with the provisions of that Code and those regulations. Section 7.3. MAINTENANCE OF TAX EXEMPTION. The County will take all reasonable actions required to maintain the status of the bonds as bonds exempt from federal income taxes and State of California personal income taxes. 3 RESOLUTION NO. - 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 15th day of June, 1993. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By 4 RESOLUTION NO. 17313��