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HomeMy WebLinkAboutRESOLUTIONS - 06052001 - 2001-245 13052-25 • 1H:Dlo:brc • 1/29/01 RESOLUTION NO. 2 0 01 /2 4 5 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF SPECIAL TAX BONDS, AND APPROVING AND AUTHORIZING RELATED DOCUMENTS AND ACTIONS COUNTY OF CONTRA COSTA Community Facilities District No. 2001-1 (Norris Canyon) WHEREAS, The Board of Supervisors (the "Board") of the County of Contra Costa (the "County") has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 (commencing with Section 53311) of the California Government Code (the "Act"), to form Community Facilities District No. 2001.-1 (Norris Canyon) (the "CFD"), to authorize the levy of special taxes upon the land within the CFD, and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain public improvements (the "Facilities"), all as described in those proceedings; and WHEREAS, This Board now wishes to provide for the issuance of the special tax bonds to finance the Facilities and. related costs and expenses, and there have been submitted to this Board certain documents described below providing for the issuance of the special tax bonds for the CFD and the use of the proceeds of those bonds, and this Board with the aid of its staff, has reviewed the documents and found them to be in proper order; and WHEREAS, There has also been submitted to this Board a form of preliminary Official Statement in connection with the marketing of such bonds and the Board, with the aid of its staff, has reviewed the preliminary Official Statement to assure proper disclosure of all material facts relating to such bonds that are in the personal knowledge of the Members of the Board and the County staff, and WHEREAS, All conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the special tax bonds and the levy of the special taxes as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act; NOW, THEREFORE, BE 1T RESOLVED, As follows: Section 1. Bonds Authorized. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (as defined in Section 3 hereof), special tax bonds designated the"County of Contra Costa, Community Facilities District No. 2001-1 (Norris Canyon) 2001. Special Tax Bonds' (the "Bonds") in an aggregate principal amount not to exceed Seven Million Two Hundred Twenty Thousand Dollars ($7,220,000) are hereby authorized to be issued. The Bonds shall be executed in the form, mature, be payable in the priorities and bear interest at the rates as provided in the Fiscal Agent Agreement. The Board hereby finds that the issuance of the Bonds is in compliance with the Act and applicable provisions of policies of the County relating to the Bonds. In furtherance of the issuance of the Bonds and pursuant to Section 53345.8 of the Act, the Board of Supervisors hereby finds and determines that the value of the real property that is subject to the special tax levied pursuant to the Act to pay debt service on the Bonds is at least three times the principal amount of the Bonds to be sold and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act on property within the CFD or a special assessment levied on property within the CFD, based upon an appraisal of the property within the CFD which meets the requirement of Section 53345.8 of the Act. Section 2. Authorities Granted. The County Administrator, the Director of Community Development, the Deputy Director-Redevelopment, the Auditor-Controller or such other official of the County as may be designated by either such officer pursuant to Section 8 hereof (each, an "Authorized Officer") is hereby authorized and directed to execute and deliver the documents approved herein in substantially the form on file with the Clerk of the Board, together with such additions or changes as are approved by such Authorized Officer upon consultation with the County Counsel and the County's financial advisors and bond counsel, including such additions or changes as are necessary or advisable to permit the timely issuance, sale and delivery of the Bonds, provided, however, that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of Seven Million Ten Hundred Twenty Thousand Dollars ($7,220,000) or result in a maturity of the Bonds in excess of thirty one years. The approval of such additions or changes shall be conclLisively evidenced by the execution and delivery by an Authorized Officer of the documents herein specified. The Board also approves the appointment of BNY Western Trust Company as Fiscal Agent, and authorized and directs the Authorized Officer to execute an agreement regarding its services with the Fiscal Agent. Section 3. Fiscal Agent Agreement. The Board hereby approves the form of the Fiscal Agent Agreement (the "Fiscal Agent Agreement") by and between the County and BNY Western Trust Company, as fiscal agent (the "Fiscal Agent") with respect to the Bonds, in substantially the form on file with the Clerk of the Board. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed and delivered. The terms and provisions of the Fiscal Agent Agreement, as executed, are incorporated herein by this reference as if fully set forth herein. An Authorized Officer is hereby authorized and directed to execute the Fiscal Agent Agreement on behalf of the County and the Clerk of the Board is hereby authorized and directed to attest thereto, subject to the terms of Section 2 hereof. Section 4. Official Statement. The Board hereby approves the Official Statement prepared in connection with the Bonds in substantially the form submitted to the Board, together with any changes therein or additions thereto deemed advisable by an Authorized Officer. The Board hereby approves and authorizes the distribution by the underwriter of the Bonds of the Official Statement to prospective purchasers of the Bonds, and authorizes and 2 directs an Authorized Officer on behalf of the County to deem the Official Statement "final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule") prior to its distribution to prospective. An Authorized Officer is hereby authorized to offer the Bonds for sale pursuant to the terms contained in the Official Notice of Sale in substantially the form on file with the Clerk purchasers of the Bonds. The execution of the final Official Statement, which shall include then current financial information regarding the County and such other changes and additions thereto deemed advisable by an Authorized Officer and such information permitted to be excluded from the preliminary version of the Official Statement pursuant to the Rule, shall be conclusive evidence of the approval of the Official Statement by the County. Section 5. Continuing Disclosure. The Board hereby approves the form of the Continuing Disclosure Certificate with respect to the Bonds in substantially the form thereof attached to the Official Statement on file with the Clerk of the Board. An Authorized Officer is hereby authorized and directed to complete and execute the Continuing Disclosure Certificate on behalf of the County with such changes, additions or deletions as may be approved by the Authorized Officer in consultation with the County's financial advisor and bond counsel. Section 6. Sale of Bonds The Board hereby approves the sale of the Bonds by negotiation with Stone & Youngberg as underwriter (the "Underwriter"). The Bonds shall be sold pursuant to a Bond Purchase Agreement (the "Bond Purchase Agreement") by and between the County and the Underwriter in the form on file with the Clerk of the Board, together with any changes therein or additions thereto approved by the Authorized Officer, whose execution thereof shall be conclusive evidence of such approval of any such additions and changes. The Bond Purchase Agreement shall be executed in the name and on behalf of the County by the Authorized Officer upon submission of a proposal by the Underwriter to purchase the Bonds; provided, hou)evi?r, that such proposal is acceptable to the Authorized Officer and is consistent with the requirements of this Resolution. The amount of Underwriter's discount shall be not more than two percent (2%) of the par amount of the Bonds and the true effective rate of interest to be borne by the Bonds (taking into account any original issue discount on the sale thereof) shall not exceed seven percent (7%) per annum. Section 7. Bond Delivery. Upon execution of the.Bond Purchase Agreement, the Bonds shall be prepared, executed and delivered to the Fiscal Agent for authentication, all in accordance with the terms of thereof. The Fiscal Agent, an Authorized Officer and other responsible officers of the County are hereby authorized and directed to take such actions as are required to cause the delivery of the Bonds upon receipt of the purchase price thereof. Section 8. Actions Authorized. All actions heretofore taken by the officers and agents of the County with respect to the establishment of the CFD and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the appropriate officers of the County are hereby authorized and directed 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 delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. All actions to be taken by an Authorized Officer, as defined. herein, may be taken by such Authorized Officer or any designee, with the same force and effect as if taken by the Authorized Officer. 3 Section 9. Effectiveness. This resolution shall take effect from and after its adoption. The provisions of any previous resolutions i.n any way inconsistent with the provisions hereof in and for the issuance of the Bonds as herein described are hereby repealed. PASSED AND ADOPTED at the regular meeting of the Board of Supervisors of the County of Contra Costa, State of California, on this 5th day of June, 2001, by the following vote to wit: APES: SUPERVISORS GIOIA, GERBER, DeSAULNIER, GLOVER and UILKEMA NOES: NONE ABSENT: NONE Chair ATTEST: JUNE 5, 2001 John Sweeten County Administrator and Clerk of the Board of Supervisors By: "V' Deputrk 4