HomeMy WebLinkAbout82-105COUNTY OF BUTTE
RESOLUT~ON N0. $2-105
RESOLUTTON OF THE BOARD OF SUPERVISORS OE THE COUNTY OF BUTTE
PROV~DING FOR TH~ BORROWFNG OF FUNDS FOR FTSCAL YEAR
1982-1983 AND THE ISSUANCE ~F ~982 TAX ,AND REVENUE
ANTICIPATION NOTES THEREFOR
WHEREAS, p~zrsuant to Sec~ions 53850 e~ seq. of the
Government Code of the State of California, this Board of
5upervisors (the "Board~') has found and determined that the
sum of Twe~.ve Million Dollars ($12,pp0,000} is needed £or the
requa.~ements o£ the County of Butte (th~ "County"} ta satis~y
obligations payable £rom ~he Gen~ral. Fund and ather
unrestricted operating funds af the County, and that it is
necessary that said sum be barrowed ~or such purpose at this
time by the ~.ssuance af tezr-parary notes therefor in
anticipatian of the receipt o£ taxes, revenue and other
moneys ~o be received by the County £or the General Eund and
other unres~ric~ed operating funds of th~ County during nr
al~locable to Fiscal Year 1982-1983; and
WHEREAS, it appears, and the Boa~d her~by £inds and
determizzes, that said suzr- o£ Twelve M~ll~on Do~~ars
($12,000,000), when added to the in~erest payable thereon,
does not exceed eighty-five per cent (85%) of the estimated
amount of the uncollected taxes, revenue arid other moneys of
~...
~'~ ~ ~ ~'
the Coun~y for the General Fund and other un~estricted
operat~ng funds of the County attributable to Fiscal Year
1982-I983, and avai~able for the payment of said notes and
the interest thereon; and
WHEREAS, pursuan~ to Sec~ian 53856 of the
Government Cod~ of the State of Califnrnia, certain revenues
which wil~ be received by the County far the General Fund and
other unrestric~ed op~rating funds of the Co~nty during and
attributable ~o Fiscal Yea~ 1982-1983 can b~ pledged for ~h~
payment af said notes and the inter~st therean (as
hereinaft~r provided);
NOW, THEREFORE, the Baard hereby £inds, determin~s,
declares and resolves as follows:
Section 1. A~1 of the recitals hersin set forth
are true and correct, and the Board so finds and determines.
Section 2. Solely for ~he purpose of anticipating
taxes, revenua and other moneys to be received by the County
for ~he General Fund a~d o~her un~estricted operating funds
of th~ County dur~ng or a~locab~e to Fiscal Year 19$2-1983,
and not pursuant to any comr~on plan o~ financing, the County
h~r~by determines to and shal~ bor~ow the aggregate princ~pal
sum of Twelve Mi~~ian Dollar~ ($~2,000,000) by the issuance
of temporary nates under Sec~ions 53850 e~ seq, of the
Gov~rnment Code of the State of California, d~signated "1982
Tax and Revenue Antica.pation Notes" {the "notes"), to be
numbered from 1 cansecutive~.y upward in order of issuance, to
2
be i~ the denomination of $5,000, $1p,000, $25,Oa0, $50,000
or $100,~00, or any comb~nation thereof, as sp~ci£ied by the
successful purchasers thereof, to be dated July 22, 1982, ~a
mature (without optian of prior redemption) on June 30, 3983
and to bear interest, payab~e at ma~urity and computed on a
360-day year basis, at the rate or rates determined at the
time o£ sale thereof. Both the principal a~ and interest on
the notes shall be payable, only upon surrender thareof, in
~awful money of the United States of America, at the
principa~ affic~ o~ the Bank of America Nationa~ Trust and
Sav~ngs Association, zn San E~ancisco, Ca~ifornia, o~ at the
principal office of Sankers Trust Company in New York, New
Yo~k.
Section 3. The notes sha~l be issued without
coupons and sha11 be substantially in the form and substanee
set forth in Exhibit A attached hereto and by reference
incorporated herein, the bZanks in sazd form to be filled in
w~th appropriate words and ~zgures.
Section 4. The moneys so bor~owed shall be
deposited in the General Eund o£ the Coun~y and used and
expended by the County for any purpose for which it is
authori~ed to expend funds f~om the General Fu~d and other
unrestricted operating funds of the County.
Section 5. The principal amoun~ of ~he nates,
together with the-in~erest thereon, shall be payable frorn
taxes, revenue and other moneys which are received by the
3
Coun~y £or, or deposited by the County in, the General ~und
and othe~ unrestrict~d operating £unds of the Cnunty £or ~he
Fiscal Yea~ 1982-1983 and which are available £or the payment
of the Notes and interes~ therean. As security for the
payment nf the principal of and interest on the Notes the
County hereby pledges (i} the first $4,0~0,000 of property
taxes and other "unrestricted moneys", as hereinafter
de£ined, to be received in the manthly accounting periad
ending December 31, 1982, ~ii) the first $2,000,000 of
p~operty taxes and other unrestricted moneys to be received
in the monthly acco~nting period ending January 31, 1983,
(i~i} the first $1,QOQ,OQQ of property taxes and o~her
unrest~~cted money~ to be received ~n the monthly accounting
period ending Eebruary 28, 1983, (iv) the first $1,000,000 of
property tax~s and other unrestricted moneys to be received
in the ~~nthly account~ng periad ending March 31, 1983,
{v) the first $4,~0O,~OQ of proper~y taxe~ and other
unrestricted moneys to be received in the monthly accounting
period ending April 30, 1983, and (iv) the fzrst propexty
taxes and other unrestr~cted moneys zn the amount sufficient
to pay interest on the Notes to be received in the monthly
accounting period endsng May 31, 1983 (such pledged amounts
being hErEinafter referred to a~ the "Pledged Revenues").
The principal of the Notes and the interest thereon shall
const~~ute a firs~ lien and charge on the Pledged Revenues
and sha~l be payable therefrom, and to the extent nat so paid
4
shall be paid from any other moneys of the Courity lawfully
available theretvr. In th~ event ~hat during any o£ the
foregoing monthly accounting periods there are insufficient
unrestric~ed moneys received by the General Fund and other
unres~rictad operating funds o£ the County to permit the
~rans~er into the Payment Eund, as hereinaftEr defined, of
the full amount of P~edged Revenues to be deposited during
such monthly accoun~ing period, by the sixteenth day of the
accounting period, then the amount of any de£iciency sha~l be
satisfied and made ~p from any other maneys of the Coun~y
lawfully availab~e for the payment of the Notes and the
inte~est therean. Th~ term "unrestricted moneys" sha~l mean
~axes, income, revenue, cash receipts and other moneys to be
~
received by the General Fund and other unrestricted operating
fund~ of ~he County and which ar~ generally available £or the
payment of cur~en~ expenses and other obliga~ions of the
County.
Section 6. The Pledged Revenues shall be depo~ited
by the County with and held by Bank of America National Trust
and Savi~gs Assaciat~on which is hereby appointed fiscal
agent for the notes (the ~'Fi~cal Agent'~} in trust, in a
specia~ fun.d designated "1982 Tax and R~venu~ Anticipation
Note Payment ~'und" (the "Payment Eund"} and appl.ied as
directed in this Resolution. Ar~y money p~.aced in the Payment
Fund shal7. be £or the benefit of ~he holders of the notes,
arid until the notes and all interest thereon are paid ~r
until provision has been made for the payment of the notes at
5
maturi~y with in~erest to ma~urity, the moneys in the Payrnent
Fund shal~ be applied only £ar the purposes for which the
Payment Fund was created.
From the date this Resalution takes effect, al~
Pledged Revenues shall, during the appropriate months be
trans£err~d to ~he Fiscal Agent for deposit in the Payment
Fund. On June 30, 1983, the moneys in the Paymant Fund shall
be used, to the extent necessary, to pay the principa~ of and
inter~st on ~he notes. Any moneys remaining in the Payment
Fund a~ter th~ nates and the interest thereon have been paid,
a~ provision for such payment has b~en made, shall be
transferred ta the County for deposit in its General Fund and
other unrestr~cted operating funds.
Maneys in the Payment Fund may be invest~d in thase
lega~ investments of the County which are specified in
Cali£ornia Government Code Sections 53601 (b), (e), (f), {g)
and (h) and which sha~l have a maturity date no later than
the maturity date o~ the notes, as direc~ed by the
Treasurer-Tax coii~~to~ of the County. The proceeds of any
such investments shall be fo~warded when received ~o the
Tr~asu~er-Tax Collector of the Caun~y and shall be depasited
as and when received in the General Fund or in other
unrestricted opera~ing £unds of the County.
Section 8. The Treasurer-Tax Col~ector of the
County or one or more of his deputies xs hereby autharized ta
sign the notes, and the Clerk o~ the Board of Supervis~~s o£
b
the County is hereby authorized to countersign the same by
use a£ his facsxmile signature and to af£ix the seal of ~he
Board ~here~o by ~acsimile impressian the~eof, and said
of£icers are hereby authorized to cause the biank spaces
th~reo~ to be £illed in.as may be appropriate.
Section 9. It is hereby c~venan~ed and warranted
by the County that all represen~ations and recitals contained
in this resolutian are true and cor~ect, and that the County,
and its appropriat~ o~ficaals, have duly taken al~
proceedings necessary ~o be taken by them, and will take any
additional p~oceedings necessary to be taken by them, for the
levy, collection and enforcement of the taxes, revenue, cash
rec~ipts and other maneys pledged hereunder in accordance
wi~h law and fo~ carrying out the provisians af this
resolution.
Sec~ion 10.
The Board, as i~~uer o£ t~e notes an
behal£ of ~he County, hereby covenants that it will make no
use of the proceeds of the notes which would cause the notes
to be "arbitrage bonds" under Section 103(c) af the Interna~
Revenue Cade of ~954, as amended; and, to that end, so long
as any o£ the nates are outstanding, the issuer, with respect
to the proceeds of th~ notes, and all afficers having custody
or control o£ such proceeds, shall comply with all
requirements a~ said sect~on and the regulations of the
United States Department of the Treasury thereunder, to the
7
extent that such regulations are, at ~h~ time, applicable and
in effec~, so that the not~s wi1l not be "arbitrage bonds."
Section 11. Tuesday, July ~3, 1982 a~ the hour of
~D:00 o'clock A.M. California time, is hereby fixed as the
t~me, and the lOth Floor Conference Room, Or~ick, Herrington
& Sutclif£e, A Professional Corporation, 600 Man~gomery
Street, San Francisco, Cal~£ornia xs hereby fixed as the
place, at which bids wil~ be receiv~d for the purchase of the
notes, as described in, and subject ta the terms and
condi~ions of, the Notice Inviting Bids on the notes, dated
June 22, 1982, at~ached hereto as Exhibit B, and by re£erence
incorpo~ated herein. I£ no ~egal b~d is received on ~~~y 13,
1982, bids will be accepted a~ the same time and place each
succeeding Tuesday ~commencing JuZy 20, 1982} until the notes
are awarded. The Notice Inviting Bids, in substantially the
form presented to ~his meeting, is hereby approved with such
addit~ons, chang~s and corrections as th~ County
Auditar-Controller may approve upon consu~tation with the
County's counsel, and ~he Treasurer-Tax Collector and the
Auditor-Contro~ler o~ ~he County are hereby authorized to
cause to be distributed capies of said Notice inviting Bids
in connection with the off~ring and sa~e of the notes.
Section 12.
The Notice of Sale, dated June 22,
1982, attached heretv as Exhibit C, is hereby apprQVed in the
form prese~ted to this meeting, and the publication in the
West Coast Edition o£ the waii Street Journal of said Notice
8
o£ Sale in accardance with Sec~ion 53692 of the Government
Cod~ o£ the State o£ Ca~ifornia, is hereby autharized.
Section 13. The O~£~c~a~ Sta~ement ~elating to the
notes, dated Juna 22, 1982, attached here~o as Exhibit D, in
substantially in the form presented to this meeting, is
hereby approved with such addition~, changes and corrections
as the County Auditor-Cantroller may approve upon
consultation with the County`s counsel, and the Treasurer-Tax
Collector and ~he Auditor-Gontro~~er of the County are hereby
authorized to cause to be distributed copies of said Official
Statement in connectzon with the of£ering and sale of the
notes.
Section 14. As Bank of A~r-erica National Trust and
Savings A~sociation has entered inta a financial advisory
re~ationship with the County in connection with thE issuance
of the notes, consent is hereby given by the County to said
bank ~o bid, eith~r alone ar as a participant in the
syndicate of bidders, on the nates in accordance with the
Nntice Inviting Bids, and, if such bid is determined to be
the best bid purs~ant to ~he Notice Invit~ng B~ds, consen~ is
hereby gzven by the Caunty to the acquisitio~ or
par~icipation in ~he acquisition of the nates by said bank.
9
PASSED AND ADOPTED by ~he Board of Supervisors of
~he County a£ Butte this 22nd day nf June , 1982, by the
£ollowing vote:
AY~S: supervisors Dolan, Fulton, Mase7ey, Saraceni and Chairman Wheeler
NOES : Nori~
ABSENT: None I ~
a5.r an of the Board of Supervisors
of the County of Butte
( Sea~. )
Atte
" f~he Board of S pervisors
of the County of Butte
10
COUNTY OF BUTTE, CALIFORNIA
19$2 TAX AND REVENU~ ANTICIPATION NOTE
No.
~ Date: Ju~y 22, 19$2
FOR VALUE RECEIVED, the Co~nty of Butte (the
"County"), State of Cali£arnia, acknowl~dges itself indebted
to and promises to pay to the bearer herea£, a~ the principal
o£f~ce of Bank of America National Trust and Savings
Association in San Francisco, California, or at the principal
office of Bankers Trust Company in New York, New York, the
principal sum of DOLLARS ($ )
in ~aw£ul money of the United States of America, on June 3a,
1983, together with interest ~hereon at the rate af %
per annum in like law~ul maney from the date hereof until
payment in full of said principal sum. Both the principa~ of
and in~erest on this note ~hall be payable only upon
surrender of this note as the same shall fall due; provided,
however, no anterest sha~~ be payable for any period after
maturity during which the holder hereaf £ails to properly
presen~ this nota for payment.
It is hereby certif~ed, recited and decZar~d that
thxs note is one of an authorized issue of notes in the
aggregate principal amount af Twelve Million Dollars
($12,000,000), all o~ like tenor, made, executed and g~ven
pursuant to and by authority of resolutions o~ the Boa~d of
Supervisors o~ the County duly passed and adopted on June 22,
1982, under and by authority of Article 7.6 (commencing with
Section 53850) af Chapter 4, Part ~, Divis~on 2, Tit~e 5,
Califor~ia Government Code, and that all acts, conditions and
things required to exist, happen and be performed precedent
to and in the issua~ce of this note have existed, happ~ned
and b~en performed in regular and due time, form and manner
as required by law, and that this not~, together with a11
other indebtedness and abligations of the County, does not
exceed any limit prescribed by the Constitut~on or ~tatutes
o£ the State of Ca~ifornia.
The principal amount af the notes, together with
the interest therenn, sha~l be payable from taxes, revenue
and other moneys which are received by the County for, or
deposited by the County in, the General Fund of the County
(the "General ~und") and other unrestricted operat~ng £unds
of the County £o~ Eiscal Year 3982-1983. As secuxity £or ~he
payment of the principal af and in~erest on the notes the
County has created the 1982 Tax and Revenue Anticipation Note
Paymen~ Fund (the "Pay~r-ent Eund") and has pledged to deposit
into the Payment Fund, {i) the f~rst $4,~00,000 of property
A-2
~axe5 and other "unr~stricted moneys", as hereinaft~~
de~ined, to be rece~ved in the mo~th~y accounting period
ending December 31, 1982, (ii) the first ~2,0OO,OaD of
property taxes and other unres~ricted moneys to be xeceived
in the month~y accounting periad ending January 3X, 1983,
(iii) ~he f~rst $1,OOO,D00 af property taxes and other
unrestricted moneys to be received in the monthly accoun~zng
periad ending F~bruary 28, 1983, (iv) the fi~st $1,0OO,OpO of
proper~y taxes and other unrestricted moneys to be received
in the monthly accounting period ending March 3~, 1983,
(v) the ~irs~ $4,000,000 of property taxes and other
unrestric~ed moneys to be received zn the monthly accounting
period ending April 30, 1983, and (vi) ~he fzrst o~ property
taxes and ather unrestricted moneys in the amount sufficient
to pay the interest on the notes to be received in the
mo~thly accounting period ending May 31, 1983 (such pledged
amounts being hereinafter referred ~o as the "Pledged
Revenues"}. The pr~ncipal of the notes and the interest
thereon ~ha~l cons~itute a fir~t lien and charge on the
Pledged Reven~es, and to the extent not so paid sha~~ be paid
fram any other moneys of ~he County lawfully available
therefpr. The term "unrestricted ~oneys" rneans taxes,
ancome, revenue, cash receipts and othe~ ma~eys to be
rec~ived by the General Fund and othe~ unrestricted operat~ng
funds of the County and which are generaliy available far ~he
current expenses and other obligat~ans of th~ County.
A-3
TN WITNESS WHEREOF, the County of Butte has caused
this note to be executed by the Treasurer-Tax Col~ector o£
the County or one or more of his deputies and countersigned
by ~he Clerk of the Board o~ Supervisars of the County, and
caused its of£icial seal ~o be af£ixed hereto this day
of , 1982.
COUNTY QF BUTTE
By
County Treasurer~-Tax Collector
~seal)
Countersigned:
CZerk of the Baard of Supervisors
A-4
EXHIBTT C
COUNTY OF BUTTE, CALIFORNIA
1982 TAX AND REVENUE ANTICIPATION NOTES
NOTICE IS HEREBY GIVEN that the Board of
Supervi.sors of th~ County of Butte (the "CountyT°), State of
Californza, intends to offer for publ.ic sale on .Tuly 13,
I982, at the haur of ~.Q:00 o'clock A.M., laca]. time, at the
office of ~rrick, Herrington & Sutcliffe, A Professional
Carporation, 3.Qth E~oor Conference Room, 600 Montgomery
Str~~t, San Francisco, California 947.~.~, nat to exceed
$12,DOQ,000 pra.ncipal amount of tax and rev~nue anticipat~.on
notes o~ the County designated "County of Butte I982 Tax and
Reven~ze Azxticipation Notes" {the "notes"). If no legal bid
is received on July 13, 1982, bids wil~, be accepted at the
same time and place each succeeding Tuesday (com~nencing
July 20, 1982) until the notes are awarded.
NOTICE TS HEREBY EURTHER GIVEN ~ha~ the notes will
be offered for public sale subject to the terms and
conditions on the Notice Tnviting Bids £or the notes, dated
June 22, 1982, and copies of said Notice Inviting Bids and
the Official Statement relatzng to ~he notes wi11 be
furrzi. shed upon request maa.led to the County Treasurer-Tax
Collec~or, Cav.nty Administrative Building, 25 County Center
Drive, Orov~lle, California 95955.
Dated: June 22, ].982.
C~erk of Board af Supervisnrs
Butte County
C-~