HomeMy WebLinkAbout79-253Reso~ufion
A RESOLUTTON AUTHORI~ZN~ REVENUE BONDS
PURSUANT TO CHAPTER ~.Ob9, STATUTES OF 1.979
WHEREAS , large nu~nbers af peop~.e within. this county are
unable to affo~d and/or f~inance housing; and
WHEREAS, Chaptex ZO&9, Statutes of 1979, provides a
prac~dure fo~nd in Heal~h and Sa~'e~y Coc~e §§52000, 52001--5200~3
whereby the caun-~y can issue revenue banc~s for this purpose. ~
NOW,. TH~RE~"4RE, BE ~T RESOLVED by the Butte Cou~zty Board
of Su.pervisors as follows:
~.. Pursuant to the authority o~ Health and Safety Code
§§52030-52053, this Board hereby in~ends ~o au~horize the issuance
of One Hundred Millian Do~.lars ($100,000,000) im. xevenue bonds.
2. The purpose af such reven.ue bonds is set aut in Health
and Sa~ety Code §~2030.
3. The bands sha~.1 bear interes~ a~C the rates determined
by auction, howeve~, said rate o£ interes~ shal~ not exceed Ten
Pe~cent (10%).
4. Saa.d bor,.ds shall matu~e forty (40) years from ~heir
respectiv'e da~Ce o~ issuanc~.
5. Sai.d bonds shall be payable at O~oville, California,
on June 1 and llec~mber ~. of each year after ~h~ir issuance ~.n. the
lawful. tender of the United States.
b. The bonds sha11 no~ be registered by the Treasurer of
the County af Su~C~e, provided, however, said bonds sha].1. be beaxer
bor,.ds and sha11 have caupons ~or paymen~ of sem~.-annual znte~est.
7. The bonds sa issued shall be s~~.d a~ a duly n~ticed
and adve~tised sale, as ~rovided herein. The success~u~ bidder
sha11 be ~hat bidder who offers ~he ~~ii face amount of the bond a~
the 1oc+rest i~terest xate. In o~her words, the bid sha17~ be based
upon the loraest interest ra~e.
an agreem~~t with any bond caunsel, bond brok~ra~g~ ~irm or invest-
ment ~irm, which fixm will be au~horized ~o conduct all sales o~
securities, as we~~ as assist the Treasurer in the issuance of such
bonds. The sole ~ee to be paid to said banding agent sha11 be
de~ived from ~h~ sale of said bonds.
9. Said bonds sha~1 contain all af the covenants expressed
in Heal~h and Satety Code §52Q33, provided, hawever, ~hat whexever
~he term "may" is found in said section tor the purposes of this
resoiution, the term shall be deemed to be "shall".
10. Said bonds sha11 bear the facsimile sig~ature of the
Treasurer, the Auditor and tha Chair~an ot the Board of Supervisors
of the County o~ Butte.
- 11. Said bonds, as issu~d under the provisions of ~his
resolu~ion, sha11 be secured by a pledge af or lien upon ~he revenue
of rec~ipts derived fxom o~ with ~espec~ ~o home mortgages fo~ or
wi~h any notes or any obligations o~ any lending institutions, and
such bonds sha11 be rateably secured upon such rate af revenue or
upon such Ii~n of said proper~y. Said pledge sha11 be pursuan~ ~a
~he provisions of Health and Safety Code §§52035 and 52036.
~2. Notice is hereby given ~o ~he p~b~ic that the a~ore-
men~io~~d bonds ar~ ~ssued pursuan~ to the au~hority of Chapter IOb9,
S~a~~~es of ~979, and thus, th~ provisions of Health and Safe~y Code
§§5203b-52040 are in ~u11 torce and effect. Thus, a~~ who purchase
said bonds mus~ fu11y unde~stand that these bonds are no~ issued
upon the fa~~h and credi~ of ~he County o~ Butte, but rather ~he
County of Butte wi~1 not be respo.ns~ble or ~iable ~or either the
princip~e or ~nteres~ on said bonds, and ~hat saxd bonds are secured
solely an ~he revenue o£ the martgages and notices and the real
proper~y so secured.
visors ~his 18th day of December, 1979, by the follaw~ng vo~e:
AYES : gupaxtrisors Dolan, Mose~ey, Winsrdn and Cf~airmari. Lemke
NOES : ~o~~
ABSENT : Super~visor Whee~.er
NOT VOTING: None
~ ~
~ ~'
ROBERT E. LEMKE, Chairman o the
Bu~te County Board of Supervisors
ATTEST:
CLARK A. NELSON, County Clerk and
ex-affxcio Clerk o~ the Soard
By ~