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HomeMy WebLinkAbout04-139Bt'~I4R[~ OF SI~PER1~'IS~ft COUNTY OF BUTTE, STATE OF CALI~O'RNiA Resolution No. 04-139 COUNTY OF BU"I~"I~E RESOLUTION AUTHORIZING THE F,XECU"PION AND DELIVERY OF A FORWARD PURCHASE AGREEMENT RELATING TO THE COUNTY OF BUTTE TAXABLE PENSION OBLIGATION BONDS AND OTHER MAT"tERS RELATING THERETO WHEREAS the legislative body (the "Legislative Body") of the County of Butte (the "Coca] Agency") adopted Resolution No. 04-036 on March 9, 2004, as supplemented by Resolution No. 04-099 on June 8, 2004 (collectively, the "Resolution") authorizing the issuance of the Local Agency's Taxable Pension Obligation Bonds, 2004 Series A (the ``Series A Bonds"), the Local Agency's Taxable Pension Obligation Bonds, 2004 Series B (the "Series B Bonds") and the Local Agency's Taxable Pension Obligation Bonds, 2004 Series C (the "Series C Bonds" and together with the Series A Bonds and the Series B Bonds, the "Bonds"); WHEREAS pursuant to the Resolution, the Local Agency issued the Series A Bonds on June 29, 2004 in the aggregate principal amount of $28,020,000, the Series B Bonds on June 29, 2004 in the aggregate principal amount of $21,875,000 and the Series C Bonds on July 1, 2004 in the aggregate principal amount of $7,865,000 pursuant a Trust Agreement (the "Master Trust Agreement'), dated as of .Tune l , 2004 between the Local Agency and Wells Fargo Bank, National Association, as trustee (the ""Trustee"), as supplemented by a First Supplemental Trust Agreement (the "First Supplemental Trust Agreement"), dated as of June 15, 2004 between the Local Agency and the Trustee and as further supplemented by a Second Supplemental Trust Agreement, dated as of July 1, 2004 between the Local Agency and the "trustee (the "Second Supplemental Trust Agreement" and together with the Master Trust Agreement and the First Supplemental Trust Agreement, the "Trust Agreement"); WHEREAS the Trust Agreement provides for the establishment of a bond debt service fund (the "Debt Service Fund") for the purpose of holding and disbursing debt service payments on the Bonds; uc)cssri 75s~7z ~ WHEREAS the Debt Service Fund is to be invested in certain pernlitted investments as defined in the Trust Agreement; WHEREAS the Local Agency deems it advisable and to its benefit to enter into a forward purchase agreement (the "Forward Purchase Agreement") providing for the purchase from time to time of Permitted Investments pursuant to the Trust Agreement; and WHEREAS the proposed Forward Purchase Agreement will be substantially as described in the Request for Bids (the "Request for Bids") on file with the Legislative Body. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF BUTTE: Section 1. This Legislative Body hereby authorizes and approves the distribution of a Request for Bids, substantially in the form on file with the Legislative Body, and authorizes the award of the Forward Purchase Agreement to the high bidder. Section 2. This Legislative Body hereby authorizes and approves the execution and delivery of the Forward Purchase Agreement with the high bidder in substantially the form described in the Request for Bids. The Chief Administrative Officer, the Treasurer/Tax Collector and the Auditor-Controller (the "Authorized Representatives") are each hereby authorized and directed, severally, or any such officer's designee, for and on behalf of the Local Agency, to execute and deliver the Forward Purchase Agreement, substantially in such form, with such changes therein, deletions therefrom and additions thereto as such Authorized Representative shall approve (including but not limited to changes with respect to the payment of a Breakage Fee), such approval to be conclusively evidenced by the execution and delivery of the Forward Purchase Agreement. Section 3. This Legislative Body hereby designates RBC Dain Rauscher Inc., as bidding agent for the Forward Purchase Agreement. Section 4. The Authorized Representatives of the Local Agency are, and each of them hereby is, authorized and directed to do any and all things, and to take any and all actions and execute and deliver any and all documents which they or any of them deem necessary or advisable in order to consummate the transactions contemplated by this Resolution and the Forward Purchase Agreement and otherwise to carry out, give effect to and comply with the terms and intent of t11is Resolution and the Forward Purchase Agreement. Section 5. This Resolution shall take effect from and after its date of adoption. ~~ocssri:~sss~2.~ 2 PASSED AND ADOPTED by the Butte County Board of Supervisors this 3rd day of August 2004 by the following vote: AYES: Supervisors Dolan, Houx, Yamaguchi and Vice-Chair Josiassen NOES: None ABSENT: Chair Beeler NOT VOTING: None ~. ~' ' , ~ ~ .J. BEELER, Chair ~~--- by: Curt Josiassen, Vice Chair ATTEST: PAUL MCINTOSH, Chief Administrative Officer and Clerk of the Board of Supervisors By: ;; µ ' Deputy oocssE~:~sss~z.i ;