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HomeMy WebLinkAbout16-082 6470:(11% NgliclOOft OffiltAggM*RV0046V0eWggPeVVOngrgtPAVI *'**Pr:*P4:1"441""2'4P46°44 4,11,?AtrgalAW 10:415ragli000114110011101411:11,fii 111111',VPIAPIAMII*140.01MOP 0044/004ri!,(14 40,410",,„4, 10%401.0,„40 voraqiusvi,."01100,m00,,,),,,lowmggirtavoil 1464M1?1,14tIliW6 RESOLUTION NO.16-082 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF BUTTE AUTHORIZING THE EXECUTION OF A SITE LEASE,A FACILITY LEASE,AN ASSIGNMENT AGREEMENT AND AN ESCROW AGREEMENT RELATING TO THE REFUNDING OF THE COUNTY OF BUTTE 2006 CERTIFICATES OF PARTICIPATION AND OTHER MATTERS RELATED THERETO WHEREAS, the County of Butte is a political subdivision organized and existing under the Constitution and laws of the State of California(the"County"); and WHEREAS, the Butte County Public Facilities Financing Corporation is a nonprofit public benefit corporation organized and existing under and by virtue of the laws of the State of California (the"Corporation"); and WHEREAS, the County has determined that the refinancing of the existing lease obligations of the County for the solid waste landfill facility and certain real property (the "Improvements") is necessary and proper for the County and is in the public interest of the County, and the County has determined that providing funds to the County for refinancing the Improvements from the proceeds received from Capital One Public Funding, LLC, a limited liability company(the'Bank") pursuant to an Assignment Agreement, by and between the Corporation and the Bank, as assignee(the"Assignment Agreement"), will result in demonstrable savings in borrowing costs to the County and will result in significant public benefits to the County; and WHEREAS, to implement the foregoing, the County and the Corporation propose to execute and enter into a Site Lease (the "Site Lease"), in substantially the form of the Site Lease presented to this meeting,whereby the County will lease to the Corporation the therein described parcels of real property (the"Site"), and the Corporation and the County propose to execute and enter into a Facility Lease (the "Facility Lease"), in substantially the form of the Facility Lease presented to this meeting, whereby the Corporation will refinance the costs of the acquisition and construction of the Improvements and will lease the Site, together with the improvements thereon (collectively the"Facilities"), to the County; and WHEREAS, under and pursuant to the Facility Lease, the County will be obligated to make rental payments (the"Base Rental Payments")to the Corporation for the lease of the Facility to it; and WHEREAS, the Corporation proposes to assign certain of its rights under the Site Lease and desires to assign certain of its rights under the Facility Lease (including its rights to receive the Base Rental Payments due under the Facility Lease) to the Bank pursuant to an Assignment Agreement, in substantially the form of the Assignment Agreement presented to this meeting; and WHEREAS, in consideration of such assignment, the Bank will pay an amount not to exceed $4,500,000 to the Corporation, which funds will be used by the County to refinance the Improvements by refunding the County of Butte 2006 Certificates of Participation; and WHEREAS, in furtherance of implementing the refinancing, there have been filed with the Clerk of the Board of Supervisors for consideration and approval by the Board of Supervisors forms of the following; the Site Lease, the Facility Lease, the Assignment Agreement, and an Escrow Agreement relating to the prepayment of the County of Butte 2006 Certificates of Participation (the"Escrow Agreement"); and WHEREAS, being fully advised in the matter of the proposed refinancing program,the Board of Supervisors wishes to proceed with implementation of said refinancing program, NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Butte, California as follows: Section 1 . The foregoing recitals are true and correct, and this Board of Supervisors so finds and determines. Section 2. The Site Lease,the Facilities Lease,the Assignment Agreement and the Escrow Agreement, each in substantially the form submitted to this meeting and made a part hereof as though set forth in full herein, are hereby approved. The Chair of the Board (the"Chair"), the Vice-Chair of the Board (the"Vice-Chair"), the Treasurer and Tax Collector of the County or the County Administrative Officer (each, an "Authorized Representative") are, and each of them is, hereby authorized and directed, for and in the name of the County,to execute and deliver each of said documents in the form presented to this meeting,with such changes,insertions and omissions as the Authorized Representative executing the same may require or approve. The approval of each of said documents shall be conclusively evidenced by execution thereof by such Authorized Representative and the Clerk is hereby authorized and directed to attest the signatures of the Authorized Representatives and to affix the seal of the County as may be required or appropriate in connection with the execution and delivery of each of said documents; provided that the net present value of the lease payment savings resulting from the prepayment of the Prior Obligations shall be not less than 3.00%. Section 3. The Authorized Representatives are, and each of them hereby is, authorized and directed,jointly and severally, to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Resolution. All actions heretofore taken by the Authorized Representatives and by the officers and staff of the County with respect to the transactions contemplated by this Resolution, or in connection with or related to any of the agreements or documents referenced herein, are hereby approved, confirmed and ratified. Section 4. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED by the Board of Supervisors of the County of Butte this 14th day of June, 2016, by the following vote: AYES: Supervisors Wahl, Kirk, Lambert, Teeter and Chair Connelly NOES: None ABSENT: None NOT VOTING: None I C BILL CONNELLY, Chair ' Butte County Board of Supervisors ATT : ) PAUL HAHN, CI)01 Admin.1 ative Officer and Clerk of the Board