HomeMy WebLinkAbout04-191E~OARD 4F SUP~RVI~ORS
COUNTY OF BUTTE, STATE OF GAL.IFORNIA
Resolution No. 04-191
RESOLUTION APPROVING THE APPROPRIATION OF REMITTANCE PAYMENTS
IN FISCAL YEAR 2004-2005 AND AUTHORIZING AND DIRECTING CERTAIN
ACTIONS IN CONNECTION THEREWITH
WHEREAS, the County of Butte, California (the "County") is a member of the
California Statewide Communities Development Authority (the "Authority"), a joint exercise of
powers authority duly organized and existing under and pursuant to the provisions of Articles 1
through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California (the "Act"), and pursuant to Article 4 (commencing
with Section 6584) and certain other provisions of the Act and other laws of the State of
California (collectively, the "Bond Law") and the Amended and Restated Joint Exercise of
Powers Agreement, dated as of June 1, 1988 (the "Agreement"), by and among various cities,
counties and special districts, the Authority is authorized to issue bonds for the purpose of
financing, among other things, working capital liability and other insurance needs, including
insurance programs, whenever there are significant public benefits; and
WHEREAS, the County is a political subdivision duly organized and existing under and
pursuant to the Constitution and laws of the State of California (the "State") and is authorized
pursuant such laws to enter into certain agreements for the purpose of implementing the Funding
Program (as defined below); and
WHEREAS, the County desires to establish and maintain a program of self-insurance for
certain of its employee benefit programs, including worker's compensation insurance benefits;
and
WHEREAS, the County desires to fund certain worker's compensation claims of eligible
County employees and their dependents (the "Employee Claim Payments"), on behalf of the
County, for the next forty-two (42) months (the "Funding Program"); and
WHEREAS, this Board of Supervisors of the County finds that the financing of the
Funding Program results in significant public benefits, in the form of employment benefits from
undertaking the financing of the Funding Program in a timely fashion; and
WHEREAS, the County has requested the Authority to assist in the financing of the
Funding Program by providing for the execution, sale and delivery of its Butte County Taxable
Workers' Compensation Funding Notes, Series 2004 (the "Notes"); and
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WHEREAS, this Board of Supervisors of the County, pursuant to Resolution No. 04-180
adopted on September 28, 2004, among other things, approved the form of and authorized the
execution and delivery of a Remittance Agreement (the "Remittance Agreement"), to be dated as
of October 1, 2004, by and between the County and the Authority, in order to facilitate the
making of Employee Claim Payments; and
WHEREAS, as a condition of providing insurance for the payment of the principal of
and interest on the Notes when due, Ambac Assurance Corporation (the "Insurer"), has required
that the County appropriate funds for fiscal year 2004-OS in an amount equal to the amount of
payments to be made under the Remittance Agreement (the "Remittance Payments") for said
fiscal year; and
WHEREAS, all acts, conditions and things required by the Constitution and laws of the
State to exist, to have happened and to have been performed precedent to and in connection with
the consummation of the Funding Program authorized hereby do exist, have happened and have
been performed in regular and due time, form and manner as required by law, and the County is
now duly authorized and empowered, pursuant to each and every requirement of law, to
consummate such Funding Program for the purpose, in the manner and upon the terms herein
provided.
NOW, THEREFORE, the Board of Supervisors of the County of Butte, California, does
hereby resolve, declare and determine as follows:
Findings. The Board hereby specifically finds and declares that the actions authorized
hereby constitute and are true and correct with respect to the public affairs of the County, that the
statements, findings and determinations of the County set forth in the preambles of the
documents approved herein are true and correct, and that the issuance of the Notes by the
Authority and the financing of the Funding Program will result in employment benefits from
undertaking the financing of the Funding Program in a timely fashion producing significant
public benefits and the Board hereby declares its intention of implementing the Funding
Program.
Appropriation of Remittance Payments under the Facilities Lease. The Board hereby
appropriates from available funds of the County for Fiscal Year 2004-OS pursuant to the terms of
the Remittance Agreement in order to provide for payment of Remittance Payments as part of
the Funding Program.
Other Actions. This Resolution shall take effect immediately upon its passage.
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PASSED AND ADOPTED by the Butte County Board of Supervisors this 26th day of
October 2004, by the following vote:
AYES: Supervisors Dolan, Houx, Josiassen, Yamaguchi and Chair Beeler
NOES: None
ABSENT: None
NOT VOTING: None
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R. J. BEELER, Chair
ATTEST:
PAUL MCINTOSH, Chief Administrative Officer
And Clerk of the Board of Supervisors
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By. = ~__
Deputy
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