HomeMy WebLinkAbout82-112COUN'FY OF BUTTE
R~ SOLUT I ON N~ . 82--1.12
RESOLUTION OE THE BOARD ~E SUPERV~SORS ~F THE COUNTY ~F BUTTE
PROVIDING FOR THE BORROWTNG 4F FUNDS FOR FISCAL YEAR
1982--1983 AND THE TSSUANCE OF 1982 TAX AND REVENUE.
ANTICIPATION N4TES THEREEdR AND RESCIND~NG RESOLUT~ON
N0. 82-105
WHEREAS, pu~suant to Sections 5385Q et seq. of the
Government Code of the Stat~ of Ca.lifornia, this Board of
Supervisors {the "Baard") has found an,d detertttined that the
sum af Twelve Mill,~.on Doll.ars ~$12,Op0,000) is needed for the
requiremen~s of the County of Butte (the "Coun~y") ta satisfy
obl.igatior~s payabJ.e from the General Fund and other
unrestricted ope~ating funds of the County, and that it is
neces~a~y that said sum be borrowed for such purpase at this
time by ~he issuance of temporary no~es therefor a.n,
anticipa~ion of the receipt af taxes, ~~venue and other
moneys to be received by the Coun~y £o~ the General Fund and
otk~er unrestricted operating £unds o£ the County during or
al~.ocable ta Fiscal Year 1.982-1983; and
WHEREAS, it appears, and the Board hereby finds and
de~termi.r~es, that said su~ of Twe~ve Million Uol~a~s
($~2,OOO,D00), when added to the ir~terest payab~.e thereon,
does not exceed ea.ghty-~ive per cent (85%) of the estimated
amo~nt o£ the uncollected taxes, reve~ue and other moneys of
~he County for the Genera~ Fund and other unrestricted
operating funds of the County attributable to ~iscal Year
1982-1983, and available for the payment of said notes and
the interest the~eon; and
WHEREAS, pursuant to 5ectzon 53856 of the
Government Cod~ of the State o£ Ca~i£orn~a, certain revenu~s
which will be recezv~d by the Co~nty for the General ~und and
other unrestricted operating funds of the Caunty during and
attributable to Fiscal Year 1982-~983 can be p~edged for the
payment of said notes and the interest thereon (as
hereinafter provided};
WHEREAS, the Board, on June 22, 1982, adopted
R~solution No. 82-1Q~ providing for the assuance af County of
Butte, Gali£ornia, ~9$2 Tax and Revenue Antkc~pation Notes;
and
WHEREAS, the Board has determined ~hat it is now
necessary and appropriate to rescind said Resalution No.
$2-105 and provide for ~he ~ssuance of temporary ~otas as
here~naf~er set forth;
NOW, THEREFORE, the Board hereby finds, determines,
declares and resolves as fvllows:
Section ~. A~1 af the recita~s herein set forth
are true and correct, and the Board so finds and determines.
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Section 2.~ Solely for the purpose of anticipating
taxes, revenu~ and other moneys ta be received by the County
for the General Fund and other unrestricted operating funds
of the County during or a~locabZe to Fiscal Year 1982-1983,
a~d not pu~suant to any comman plan of financing, the County
hereby detexmin~s to and shal~ borrow the aggregate principal
sum of Twelve Mil~ian Dollars {$~2,D00,000) by the issuance
of temporary notes under Sections 53850 et seq. of the
Gavernment Code of the State of Cal~fornia, designated '{1982
Tax and Revenue Anticipation Notes" (the "notes"}, to be
numbered from 1 consecutiv~ly upward in order of issuance, ta
be in the denominatian o£ $5,000, $}.O,OOa, $25,DOQ, $~0,0~0
or $1~O,p00, or any combina~tion thereof, as specified by the
successful purchasers thereof, ta be dated July 22, 1982, to
ma~ure (without option of prior redemp~ion) on June 30, 1983
and to bear interest, payable at maturity and camputed on a
360-day year basa.s, at the rate or rates determined at the
tizr~e af sale thereof. Both the principal of and interest on
the nates shall be payable, anly upon surrender thereof, in
lawful money of the t7nited States of America, at the
principal nffice of the Bank of America Natianal T~ust ax~d
Savings Assoc~.a~ion, in San Franci5co, California, or at the
principal off~.c~ of Bankers Tru~t Compaz~:y in New York, New
York. ~
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Section 3. The notes shall be issued without
coupons and sha~l be substan~ially zn the £orm and substance
5et forth in Exhzbit A attached hereto and by reference
incorpnrated hersin, the blanks in sa~d form to be filled in
with appropriate words and figu~es..
Section 4. The moneys so borrawed shall be
depnsited in the General Fund af the County and used and
expended by the County fo~ any purpos~ for wh~ch ~t is
authorized to expend £unds ~ram the Genera~ Fund and other
unrestricted aperating funds of the County.
Section ~. The principal amaunt of the notes,
tog~ther with the interest thereon, shall be payable from
taxes, revenue and other moneys which are received by the
County for, or deposited by the County in, the General Eund
and other unrestricted operating funds a£ the County for the
Fiscal Year 1982~1983 and which are available ~or the payment
of the Notes and interest thereon. As security £or the
pay~e~t of the principal of and ~nterest on the notes the
County her~by pledges (i) the first $4,004,000 of prop~rty
taxes and other "unrestricted maneys", as hereinafter
def~ned, to be receiv~d ~n the manthly accounting period
ending December 31, 1982, (ii) the £i~st $2,OQ0,000 0~
property taxes ~nd other unrestricted moneys to b~ received
in the monthly accounting period ending January 3~, 1983,
(iii) the first ~1,500,000 of property taxe~ and o~her
unrestricted moneys to be received in thE mon~hly accaunting
~
period ending March 31, 1983, and (iv) the f3rst $4,500,000
of prop~rty taxes and other unrestricted ~aneys and an amount
suf£icient to pay interest an the notes to be received in the
monthly accounting pe~iod ending April 30, I983. (such
pledged amounts being hereinafter referred to as the "~ledged
Revenues"). The principal of the notes and the interest
thereon shall constituta a f~rst lien and charge an ~he
P~edged Revenues and shall be payable therefrom, and ta the
extent not so paid shail be paid fro~ any other moneys of the
County lawfully avai~able therefor. ~n the ev~nt that during
any of the foregoing month~y accounting pe~iods thare are
insufficient unrestricted moneys rec~ived by the Gen~ral F~nd
and other unr~stric~ed operating £unds of ~he Cou~ty to
permit ~he trans£er into ~he Payment Fund, as hereinafter
defined, of the full amount of Pledged Revenues to be
deposited during such monthly accaunting period, by the
sixteenth day of the accounting period, then the amount of
any de~iciency shall be satis~zed and made up from any other
moneys af the County lawfully available for the payment af
~he notes and the interest thereQn. The term "unrestricted
moneys" sha~l mean taxe~, ~ncame, revenue, cash receipts and
other moneys to be received by the General Fund and other
unrestricted op~rating funds of the County a~d which are
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genera~~y available for the payment of current expenses and
other abligations of the Caunty.
Section 6. The Pledged Revenues shall be deposited
by the Caunty with and held by Bank of America National Trust
and Savings Association which is hereby appo~nted fisca~
agent for the ndtes {the "Fiscal Agent"~ in trust, in a
special fund designated "1982 Tax and Revenue Anticipation
Not~ Payment ~'und" ( the "Payment Fund" ) and app~i.ed as
da.rected in this Resolution. Any money placed in the Payment
Fund shal~. be fo~ the benefit of the holders af the notes,
and until the notes and all interest thereon are paid or
until pzovision has been made for the payment of the notes at
maturity with interest ~o ma~urity, the moneys in the Payrnent
Fund sha11 be applied anly for the p~zrposes far which the
Payment Fund was created.
Fram the da~e this Resolution takes ef~ect, all
Pledged Revenu~s sha7.1, during the appropriate months be
transferred to the Fisca~. Agen~ for deposit in the Payrnent
Fund. On June 30, 1983, the moneys in the ~ayment Fund shall
be us~d, to the ex~ent necessary, to pay the principal of and
a.n~erest on the notes. Any moneys remaining in the Payment
Fund after the notes and the interest thereon have been paid,
or provisiori for such payment has been made, shall be
transferred to the County for deposit in its General Fund and
other unrestricted operating tunds. ~
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Moneys in the Paymen~ Fund may be invested in those
1ega1 investments of the County which are specified in
California Governm~nt Cade Sec~ions ~36Q1 (b), (e), (f), (q)
and (h) and which shall have a matu~ity date no later than
the maturity date of the notes, as directed by the
Treasurer-Tax Collector of the Coun~y. The proceeds af any
such investments shal~ be £orwarded when received ta the
Treasurer-Tax Col~~ctor of the County and sha11 be d~po5~ted
as and when received in the Genera~ ~und or in other
unrestricted aperating funds of the County.
Sec~ion 8. The Treasurer-Tax Collector of the
County or one or more of h~s deputies is hereby authorized ta
sign the no~es, and the Clerk of the Board of Superv~sors of
the County is hereby authorized to coun~ersign the same by
use of his facsimile signa~ure and to affix th~ seal a£ the
Board the~eto by facsimile impression thereof, and s~id
officers are hereby authorized to cause the blank spaces
thereaf to be £i~led in as may be appropriate.
S~ction 9. It is hereby covenanted and warranted
by the County that all representations and ~ecitals contained
in.th~s r~solution are true and correct, and that the Coun~y,
and its appropxiate officials, have duly taken all
p~oceedings necessary to be taken by them, and will take any
additional proc~edings necessary to be taken by them, for the
levy, co~~ection and ~nforcemEnt o~ the taxes, revenue, cash
receipts and othe~ moneys pledged hereunder in accordance
7
with 1aw and for carrying out the provisions of th~s
resolution.
Section 10. The Board, as issuer of ~he notes on
behal£ af th~ Coun~y, hereby covenants that it wi11 make no
use of the proceeds of the no~es which would cause the notes
to be "a~bitrage bonds" under Section Z03{c) of the Internal ,
Revenue Cod~ nf 19~4, as amended; and, to that end, so Iong
as any of the notes ar~ outstanding, the issuer, w~th respect
to the proceeds of the notes, and al1 office~s hav~ng custody
or contral of such proceeds, shall comply wi~h alZ
requirements o£ said section and the regulations of the
Un~ted States Department af th~ T~easury thereunder, to the
extent that such regulations a~e, at the time, applicable and
in effect, so that the not~~ will not be "arbit~age bonds."
Section 1~. Tuesday, July ~3, ~982 at the hour of
10:D0 o'clbck A.M. Cali£fl rnia time, is hereby fixed as the
tirn~, and the lOth Floor Conference Room, 4rrick, Herrington
& Sutcliffe, A Professional Corporation, 6~Q Montgomery
Street, San Francisco, California is hereby fixed as the
place, at which bids wi11 be received fox the purchase of the
notes, as described in, and s~bject ta the terms and
conditions of, ~h~ Notice Invzting Bids on the notes, dated
June 22, 1982, attached hereto as Exhibit B, and by reference
incorparated h~rein. If no ~egal bid i~ received on July 13,
~982, bids wiZl be accepted at the same ti~e and place each
succeeding Tuesday (coanm~ncing July 20, 1982) until the notes
$
are awarded. The Natzce Invzting Bids, in ~ubstantially the
£arm presented to this meeting, is hereby appraved with such
add~tions, changes and correctaons as the County
Auditor-Control~~r may approve upon consultation with the
County's counsel, and the Treasurer-Tax Coilector and the
Auditar-~ontroller of the Cou~ty are hereby autharized to
cause to be distributed copies of said Not~ce Inviting Bids
in connaction with the o~fering and sale of the notes.
Sectian 12
The NOt1C~ of Sa~e, da~ed June 22,
~982, attached hereto as Exhib~t C and pr~viously appraved by
this Board zn Reso~utian NO. 82-~Q5, is hereby again approved
in the form presented ta this meeting, and the publication in
th~ West Coast Eaitian of the Wa11 Street Jou~nal of said
Notice o£ Sale in accordance with S~ction 53692 of ~he
Government Code of the State of California is hereby
ratified.
S~ction 13. The Officia~ Statemen~ rela~ing to the
notes, dated June 22, 1982, at~ached hereto as Exh~bit D, in
substantially in the form pres~nted ~o th~s meeting, is
hereby approved with such additions, changes and corrections
as the County Auditor-Controller may approv~ upon
consultation wi~h the County's co~nsel, and the Treasurer-Tax
Co~lector and ~h~ Auditar-Controller of the County axe hereby
authorized ta cause to be distributed copies o~ sazd Official
State~ent in connection wi~h the offering and sale of the
note5.
9
Sec~ion ~4.
As Bank o~ America National Trust and
Savings Association has entered into a financial advisory
relationship with the County ~n conn~ction with the issuance
of ~he notes, consent is hereby given by the Coun~y to said
bank to bid, either alone or as a participant in the
syndicate of bidders, on ~he notes in accordance wz~h the
Notice Inviting Bids, and, if such bzd is determined to be
the best bid pursua~t to ~he Notice Tnviting Bids, consent is
hereby given by the County to the acquisz~ion or
participation in the acqtzisition af the notes by said bank.
Section 1S. Resolut~on No. 82-105 of the Baard,
adapted on June 22, 1982, is hereby resc~nded.
PASSED AND ADOPTED by the Baard of Superv~sors of
the County of Butte this 29th. day o~' .Tune , 1982, by the
following vote:
AYES : Sup~r~cri sors Dolan, Fulton, Moseley, Saracen,i and Chairman Wheeler
NOES : ~p~~
ABSENT : ~o~e
rman nf ~he Board of Supervisors
of the County of But~e
tSeal)
A
r~y oz ~rie 73oa~d of Supervi sors
of the County of Butte
10
CLERK CERTIFICATE
I, Eleanor M. Beck,erClerk of the BOARD OF SUPERVIS~RS OF
THE COUNTY 4F BUTTE, hereby certi~'y as fallows:
The £oregoing is a full, true and co~rect copy o£ a
reso~ut~.an duly adopted at a regular meeting of the me~nbers
of the Board of Superv~sors of the Caunty of Butte du1y,
xegtzlarly and legal.ly held at the Board. of Su er~rz.so~s' Room
25 Count Center Brive Oroville Califoxnia ,
on ,7une 29 , 19$2, o,~ which meeting all of said memb~rs had
due notice and at which a znajority thereaf w~~e p~esent;
At sai,d meeting sazd resolution was adopted by the
fo].lawing vote:
Ayes: Membex~s: Supervisozs Dolan3;. Fulton, Moseley, Saraceni an.d Chairman G7~eeler
Noes: Members: ~Ione
Absen~: Memb~rs: None
I have careful~.y compared the foregoing wi.th the
arzginal aninutes o~ said znee~ing on file az~d of record a.n my
offiee, and the fox~egoing is a full, true and correct copy of
the original resolution adopted at said tneeting and ex3.tered
in said minutes;
Said original r~solution, has not been arnend~d, rnodified
or rescinded since the date of Yts adoption, and the same is
now in full force and effect.
Dated: June 30, 1982
k of the r o.~ Supervisors
of the Caunty of Bu~te
(Seal)
11
ExxzBZT c
CaUNTY OF BUTTE, CALIFORNIA
19$2 TAX AND REVENUE ANTICIPATION NOTES
NOTICE IS HEREBY GIVEN that the Baard af
Supervisors of the County of Butte (the "Co~nty"), State of
Cal.z£arnia, int~nds to of~er for p~zb3.ic sa~e an Ju~y 13,
1982, at ~he hour of 1p:00 o'c~ack A.M., loca]. time, at the
office o~' Orrick, Herrington & Sutcli£fe, A Professional
Corporation, 1Qth E1oor Conference Room, 600 Montgamexy
Street, San Erancisco, Califarnia 94~.II., not to exceed
$12,000,00~ principa~, amount of tax and revenue anticipation
notes of the County designated "County of Butt~ ].982 Tax and
Revenue Anticipatian Notes" {the "nates"). If no Iegal bid
is rece~ved on Juiy 13, 1982, bids wi~l be accep~ed a~ the
sarr~e time and place each succeedi~g Tuesday (commencing
J~ly 20, ~.982) until the no~es are awarded.
NOTTCE IS HEREBY FURTHER GIVEN that the notes will
be af~ered for public sale subjec~ to the terms and
GOl'}.C~~t10riS on the Notice Tnviting Bids for the notes, dated
.7une 22, 1982, and copies of said Notice Inviting Bids and
the Official Statemer~.t re~ating to the notes wili he
furnished tfpon request mailed to the County Treasurer-Tax
Co~lector, Cour~.ty Adrr~inistrative Building, 25 County Center
Drive, Oroville, Califarni.a 95965.
Dated: June 22, 1982.
of Board a£ Supervisors
Butte County
C~- ~
~v~YnTm r
COUNTY OF BUTTE, CALIFORNIA
1982 TAX AND REVENUE ANTIGIPATION NOTE
No.
~ Date: July 22, 1982
FOR VALUE REC~SVED, the Caunty of Butte {the
"County"), State of CaJ.ifornia, acknowledges itsel£ indebted
to and promises to pay to the bearer hereof, at the principal
office of Bank of Amearica National Trus~t and Savings
Association in San Francisco, California, or at the pra.ncipal
affice of Bankers Trust Compazzy in New York, N~w York, ~h~
principa]. sum af
DQLLARS ($
in ~awful money o£ the United States of America, on Jun.e 3(7,
1983, together with interest thereon at the rate of %
per annum in lake 1.aw£ul money £rom ~he date hereo~ un~.il
payrnent in fu~l af ~aid pra.ncipal sum. Both the principal of
and interest on this note sha11 be payable only upon
surrender nf this note as the same sha~l fa11 due; provided,
however, na inter~st shall be payable for any period after
maturity dur3ng which the holder hereo£ fails to proper~y
present this note for payment.
It is hereby certified, recited and declared that
this note is ane o~ an authorized issue of notes in the
aggregate principal amount of Twelve Million Do~~ars
($12,000,000), all of Zak~ tenar, made, ex~cuted and giv~n
pursuant to and by authority o£ a resolution of the Board of
Supervisors of the County duly passed and adopted on June 29,
1982, under and by authority af Artic~e 7.6 (comme~cing wi~h
Sectian 5385p} of Chapter 4, Part 1, ~ivision 2, T~tle 5,
~alifornia Government Code, and that a11 acts, conditions and
things required to ~xist, happen and be performed precedant
to and in the ~ssuance of this nofie have existed, happened
and been performed in xegular and due time, form and manner
as required by law, and that this note, tagether with all
other ~ndebtedness and obligations of the County, does not
exceed any limit prescribed by the Constztution or statutes
of the State of Cal~fornia.
The principa~ amount of the notes, together with
the in~erest therean, shal~ be payab~e from taxes, revenue
and other moneys wh~ch are received by the County for, or
deposited by th~ County in, the Genera~ Fund of the County
(the "General Fund"} and othe~ unrestricted operating funds
a£ ~he County £or Fi~cal Year 1982-1983. As s~curity for the
paym~nt of the principal of and interest an the notes the
County has created the 1982 Tax and Revenue Antic~pation Note
Paymen~ Fund (the "Payznent Fund") and has pledged to deposit
into the Payment Fund, (i} ~he first $4,OOO,D00 of property
A-2
taxes and other "unrestricted moneys", as hereinafter
defined, to be received in the monthly accounting pexiod
end~ng Decaznber 31, ~982, (ii) the £i~st $2,OOO,QQO of
property taxes and other un~estricted maneys to be received
in the monthly accounting periad ending January 3~, 1983,
(iii) the first $1,500,000 of property taxes and other
unrestricted money~ to be received in the manthly accounting
period ending March 31, 1983, and (iv} the first $4,500,000
of property taxes and other unrestricted moneys and an amount
of sufficient to pay th~ interest on the notes to be received
in the monthly accounting period ending April 3D, 19$3 (such
pledged amounts being hereinafter referred to as the "~ledged
Revenues"}. The principal af the notes and the interest
thereon shall constitute a first lien and cha~ge on the
Pledged Revenues, and to the ~xtent not so paid shali be paid
~rom any other moneys of ~he County lawfully availab~e
~he~efor. The term "unrestricted moneys" means taxes,
income, revenue, cash receipts and other moneys to be
received by the Ge~eral ~und and other un~estricted operating
£unds of the County and which are generally available for the
current expenses and athe~ abligations of the County.
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IN WITNESS~WHEREOF, the County of Butte has caused
this note to be executed by th~ Treasurer-Tax Collector of
the County nr one or mo~e o~ h~s deputies and countersigned
by th~ Clerk of the Board of Supervisors of the Cou~ty, and
caused its of~icial seal ~o be affixed hereto this 22nd day
of July, 1982. .
C~UNTY OF BUTTE
By
County Treasurer-Tax Co~lector
(Seal)
Countersigned:
o e Board of Superv~sors
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