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HomeMy WebLinkAbout09-018COUNTY OF BUTTE RESOLUTION NO. 09-01.8 Resorution RESOLUTION AND ORDER AUTHORIZING THE ISSUANCE AND SALE OF THE OROVILLE UNION HIGH SCHOOL DISTRICT, BUTTE COUNTY, CALIFORNIA, GENERAL OBLIGATION BONDS, ELECTION OF 2008, SERIES 2409; PRESCRIBING THE TERMS OF THE BONDS AND THEIR SALE; APPROVING FORMS OF INDENTURE, AND BOND PURCHASE AGREEMENT; APPOINTING PAYING AGENT; AND AUTHORIZING EXECUTION OF NECESSARY CERTIFICATES WHEREAS, the Board of Trustees of the Oroville Union High Scllaol District (the "District"}, duly ordered an election, which was then regularly called and held in the District an November 4, 2408; WHEREAS, at such election there was submitted to the qualif ed electors of the District the fallowing measure for incurring bonded indebtedness: "Athletic Facilities Improvement Bonds of 2008. To remodel and upgrade the Harrison Stadium Sports Complex, including synthetic all weather track, football and soccer fields, paved parking, bleachers, disabled access, press box, bathrooms, Iandscapi~lg, irrigation, scoreboards and lights, and using any remaining bond proceeds to improve Oroville High School and Las Plumas High School athletic facilities, shall the Oroville Union High School District issue $12,000,fl00 of bonds at legal interest rates with an independent citizen's oversight committee, annual audits and NO money for administrator salaries?" WHEREAS, the returns of the election were thereafter canvassed pursuant to law and the requisite flfry- fivepercent (55%} of the votes were cast in favor of issuing the general obligation bonds; WHEREAS, the Board of Trustees of the District {the "School Board"} has requested this Board to sell such general obligation bonds, to be designated "Oroville Union High School District, Butte County, California, 904680.4 11474.020 General Obligation Bonds, Election of 2008, Series 2009," in an aggregate principal amount not to exceed $12,000,000 (the "2009 Bonds"}, according to the terms set forth in the proposed form of Indenture (the "Indenture"} between the District, the County, and U.S. Bank National Association, as paying agent, and in the manner set forth in Resolution No. 16-OS/09 of the Board of Trustees of the Oraville Union High School District, duly adapted by the School Board on January 21, 2009 (the "School Board Resolution"), a certified copy of which has been received by this Board; WHEREAS, in its Resolution, the School Board found and informed this Board that all acts, conditions and things required by law to be done ar performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District, and the indebtedness of the District, including the 2009 Bands, is within all limits prescribed by law; and WHEREAS, this Boazd has determined, and does hereby declare, that it is necessary and desirable that the 2009 Bonds be issued and sold for the purpose for which authorized and on the terms and conditions set forth in the Indenture and the School Board Resolution. NOW, THEREFORE, BE IT RESOLVED AND ORDERED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF BUTTE, AS FOLLOWS: Section 1. Recitals. This Board hereby finds and determines that the foregoing recitals are true and correct. Section 2. Issue Authorized; Valid Obli ag tiQr?. This Board has reviewed alI proceedings heretofore taken relative to the authorization of the 2009 Bonds and has found, as a result of such review, and hereby finds and determines that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of the 2009 Bonds in order to make the 2009 Bonds valid and binding general obligations of the District do exist, have happened or have been performed (or at the time of delivery of the 2009 Bonds will exist, will have happened or will have been performed), in due time, form and manner as required by law, and the County is now authorized pursuant to each and every requirement of law to issue the 2009 Bands and the District is authorized to incur indebtedness in the manner and form as provided for in this Resolution. This Board hereby authorizes the issuance of the 2009 Bonds in an aggregate principal amount not to exceed $12,000,000. This Board fizrther accepts the representation of the School Board that an ad valorem property tax levied by the County on behalf of the District is pledged for the timely payment of the principal of and interest on the 2009 Bonds and that no statutory or constitutional limitations of indebtedness or taxation will have been exceeded in the issuance of the 2009 Bonds. Section 3. Approval of Indenture. The proposed form of the Indenture relating to the 2009 Bonds, between the County, the District, and U.S. Bank National Association, as paying agent, as presented to this meeting and on file with the Clerk of this Board, is hereby approved. The Chairman of this Board is hereby authorized, for and on behalf of the County, to execute and deliver to the District and U.S. Bank National Association, the Indenture in substantially said form, with such changes therein as such officer, with the advice of the County Counsel, may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof The date, respective principal amounts of each maturity, the interest rates, interest 2 904fi80.4 11474.020 payment dates, denominations, form, registration privileges, place or places of payment, terms of redemption, and other terms of the 2009 Bonds shall be as provided in the lndenture, as f pally executed. Section 4. Appointment of Pa~~gent. This Board hereby appoints U.S. Bank National Association (the "Paying Agent") as Paying Agent for the 2009 Bonds for the purpose of receiving all moneys that the District is required to deposit, or the Treasurer-Tax Collector of the County {the "County Treasurer"} is required to transfer to the Paying Agent under the Indenture, to allocate, use and apply the same as provided in the Indenture and otherwise to hold all the offices and to perform all the functions and duties provided in the Indenture to be held and performed by the Paying Agent. Section S. Approval of Band Purchase Agreement. This Board hereby approves the form of Bond Purchase Agreement relating to the 2009 Bonds, between the County, the District, and Stone & Youngberg (the "Underwriter"). A copy of the Bond Purchase Agreement has been presented to this meeting and is on file with the Clerk of the Board. The Chairman of this Board and the County Treasurer, or their respective designees, are, individually, hereby authorized, for and an behalf of the County, to execute and deliver to the other parties thereto the Band Purchase Agreement in substantially said form, with such changes therein as such officer, with the advice of the County Counsel, may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided that the District shall have first executed the Bond Purchase Agreement. Section 6. Execution of the 2009 Bands. The 2009 Bonds shall be executed by the Chairman of the Board of Supervisors and the County Treasurer, ar their respective designees, by their manual or facsimile signatures, and countersigned by the manual or facsimile signature of the Clerk of the Board of Supervisors, all in their official capacities; provided that one such signature or countersignature or the signature of an officer of the Paying Agent shall be manually affixed. Section 7. Attestation of Si natures. The Clerk of the Board of Supervisors is hereby authorized and directed to attest the signatures of the Chairman and the County Treasurer and to affix and attest the seal of the County as may be required in connection with the execution and delivery of the 2009 Bonds in accordance with this Resolution. Section 8. Authorization to Execute Documents. All officers of the Board and County officials and staff, and each of them individually, are hereby authorized and directed to do any and all things and to execute and deliver any and all documents that they may deem necessary or advisable in order to proceed with the issuance of the 2009 Bonds and otherwise carry out, give effect to and comply with the terms and intent of this Resolution. Such actions already taken by such off cers, officials and staff are hereby ratified, confirmed and approved. Section 9. Nonliability of County. Notwithstanding anything to the contrary contained herein, in the 2009 Bonds or in any other document mentioned herein, neither the County, nor its officials, off cers, employees, or agents, shall have any liability hereunder or by reason hereof or in connection with the transactions contemplated hereby, the 2009 Bonds are not a debt of the County or a pledge of the County's full faith and credit, and the 2009 Bands and any liability in connection therewith shall be paid solely from an ad valorem property tax levied by the County on behalf of the District in an amount sufficient to fully pay the interest and principal payments of the 2009 Bonds. 3 904680.4 11474.020 Section 14. Delive of Resolution to Count Officials. The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the County Treasurer and the Auditor-Controller of Butte County. Section 11. Effective Date. This Resolution shall take effect immediately upon its passage. ON A MOTION BY Supervisor Maureen xirk seconded by Supervisor Steve Lambert ,the foregoing Resolution and order was passed and adopted by the Board of Supervisors of the County of Butte, State of California, this 14t" day of February 2409, by the following vote, to wit: AYES: Supervisors ; Connelly, Dolan, Kirk, Lambert, Xamaguci~i NOES: Supervisors None ABSENT: Supervisors None ABSTAIN: Supervisors None Chairman of the Board of Supervisors [SEAL) ATTEST: By: 4 90Q680.4 1 t474.D20 ORO'VII.LE UNION HIGH SCHOOL DLSTRICT BUTTE COUNTY, CALIFORNIA GENERAL OBLIGATION BONDS ELECTION OF 2008, SERIES 2009 CLERK'S CERT~'ICAT~ I, Kathleen Moghannam, Assistant Clerk to the Butte County Board of Supervisors (the "Baazd"), do hereby certify that the foregoing is a full, true and correct copy of Resolution No. 09-Ot$ duly adopted at a regular meeting of the Board duly and regularly held at the regulaz meeting puce thereof on February 10, 2009, of which meeting all the members of the Board had due notice and at which a majority thereof was present. At the meeting the Resolution was adopted by the following vote: AYES: Supervisors ~ ConneJ.l.y, Dolan, Kirk, Lambert, Yamaguchi NOES: Supervisors None ABSENT: Supervisors None ABSTENTIONS: Supervisors None An agenda for the meeting was posted at least seventy-two (72} hours before the meeting at the offices of the Board at 25 County Center Drive, Oroville, California, a location freely accessible to members of the general public, and a brief description of the Resolution appeared on the agenda, I further certify that I have carefully compared the foregoing Resolution with the original minutes of the meeting on file and of record in my office and that the Resolution is duly entered of record and is a full, true and correct copy of the original Resolution adapted at the meeting and entered in the minutes. The Resolution has not been mended, modified or ~ cinded since the date of its adoption and is now in full force and effect Date: February l0, 2009 ~ t/ {~'z-'` ` si t Cl rk ofthe B d f Supervisors