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HomeMy WebLinkAbout83-110RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY ~F BUTTE SU~PLEMENTING AND AMENDTNG RESOLUTIDN NO. 83-69 OF SAID BOARD RESOLUTION N0. 83-~11d WHEREAS, the Soaxd o£ Supervisors of the County o£ Butte (the "Board"), on April 26, 1983, adopted Resolu~ian No. 83-5g providing for the borrowing of fu.nds for Fiscal Year 1983-1984 and the issuance of County of Butte, Cali£ornia, 1983 Tax and Revenue Anticipation Notes (the "notes") therefor; WHEREAS, pursuant to Resoiution No. 83-69, the County sold the notes to Bank of America Nata.onal Trust and 5avings Association (the "Underwriter"} on April 26, 1983; and WHEREAS, the Board has dete~mined that zt is now necessary and appropriate to suppl.ement and amend Resolution No. 83-69 in the manne~ and to the ex~ent hereinafter set forth in order to effectuate the issuance and delive~y o£ the notes; NOW, THEREFORE, the Baard hereby finds, dec,lares and detexmines as follows: Section 1. The recitals se~ for~h above are t~ue and correct an,d ~he Board so finds an,d de~ermines. Sect~on 2. Section 2 of Rssolution No. 53-69 is hereby amended ~o read as follows: Solely ~ar the purpo~e o~ anticipating taxes, revenues and other moneys to be received by the Caunty for the General Fund of the County during or allocable to Fiscal Year 1983-1984, and not pursuant ~o any common plan o£ financing, the County her~by determines to and shall barrow the aggregate principal sum o£ Ten Million Dollazs ($10,000,0a0) by the issuance of temporary notes under Sections 53850, et seq, of the Goverrunent Code of the State of California, designated "County of Bu~~e, Ca1i£ornia, 1983 Ta~ and Revenue Anticipafiion Notes" (the "no~es"), to be num}~e~ed £rom ~ consecutively upward in order of a~ssuance, to be in the denominatian of $5,000, $lO,OD~, ~25,000, $5~,Op0 0~ $100,00~, or any combination thereof, as specifzed by ~he Underwriter as provided in the Con~ract of Purchase, ta be da~ed their date of issue, to mature (without op~ion o~' prior redemption) on June 29, 1984, and to bear interest, payable at maturity and comptzted on a 30--day month/360-day year basis, at the rate or xa~e~ determined ir~. accordan.ce with the Con~ract of Purchase. Both the pxincipal of and interest on the notes sha~~ be payabl.e, only upon surrender ~the~eof, in lawful money of the United States o£ America, a~ the principaZ office of the Bank o£ Am~~ica National Trus~ and Savings Association in San Fxancisca or Los Angeles, Californ3a, or, at the aption of the holder, at the principal office af BankAmerica Txust Company o£ New York an New York, New York. The notes will be sold to Unde~writer on such terms as are contained in ~he Contract af Purchase. Section 3. Section 6 of Resalution No. 83-69 is hereby amended ~o read as follows: The principal amount of the notes, together wi~h the in~erest fihereon, sha7.1 b~ payable from taxes, revenue and other moneys which are received by ~he County fo~, or deposited by the Caun~y a.n, the G~neral ~'und of the County for Fisca~ Year 3,983-1984. As security £or the payznent of the principal of and interest an the notes the County hereby pledges (i} the fi~st $3,3QQ,ODO o£ 2 "unrestricted rr-an~ys", as hereinafter defined, to be received during December, I983, (ii) the £irst $1,700,0~~ of unrestricted moneys ~o be received during F~bruaxy, 1984, (iii} the first $1,OOO,QQO o£ unrestricted moneys to be received during March, ~984, (iv) the first ~$3,800,OOQ of unrestricted ~noneys to be received during Apri~, 19$4, and (v) the first $20Q,000, toge~her with an amount suf~'icient ~a pay interest on the notes, of unrestricted m~neys to be received during May, ]~984 (such pledged amounts being hereinaPter called the "Pledged Revenues"), and the p~incipal of the notes and th~ interest ~hereon shal~, constitute a first 1~en and cha~ge thereon and shall be payab~e £rom the Pledged Revenues, and to ~he extent no~ so paid sha11 be paid from any othex moneys of the Caunty lawfully avai~.ab~.e there~or. In the ev~nt that ~here are insufficien,t moneys received by th~ Caunty ta permit the deposit•in~o the Repayment Fu~d, as hereinafter de£ined, of the full amount of the P].edged Rev~nues ta be depos~.ted durin,g any month, by ~the next to last business day a£ such month, then the amoun~ of any deficiency shall be satisfa.ed and made up from any o~her morl.eys of the County lawfully a'vailable for the ~epaymen~ of the notes and interest the~eon. The term "unrestricted maneys" shaZl mean taxe~, income, revenue, cash receipts, and other moneys, ~ntended as receipts for the GeneraZ Fund of the Coun.ty and which are generally avail.able for the payment of cuxrent expenses and other obligations of ~he County. Section 4. Exhiba.t A to Resolution No. 83-69 is hereby amended to read as follows: EXHISIT A COUNTY OF SUTTE, CALIEORNTA 1983 TAX AND REVENUE ANTICIPATION NOTE No. FOR VALUE RECEIV~D, the Coun~y of Bu~te ~the "County"), State of California, 3 acknowledges itself indebted ta and promises to pay to the bearer he~eof, at the principal office of Bank of America National Trust and Savings Associat3on in San Francisco or Los Angeles, Cal~fornia, or at the principa~ office of BankAmerica Trust Company o~ New Yo~k in New York, New York, the principal sum of DOLLARS ($ in law£ul money of the United S~at~s nf America, on ~une 29, 1984, together with interest thereon at the rate of % per annum in like lawfu~ ~O~Ey from the date her~of until payment ~n full af said pr~ncipal s~m. Both the principa~ of and interest on this note shall be payabl~ only upon s~rrender of this no~e as the same sha~~ ~a11 due; provided, how~ver, no int~rest shall be payable for any pe~iod after maturity du~ing which the holdEr hereo£ fai~s to proper~y present this note for payment. It is hereby certi~~ed, recited and dec~ared that this not~ is one af an authorized issue of notes in the aggregat~ principal amount of T~n Mil~ian Dollars ($10,000,000}, all a£ like tenor, made, e~ecuted and given pursuant to and by autharity of resolutions of the Baard o£ Supervisors of the County duly passed and adopt~d on Apr~l 26, 19$3, and June 2~, I983, under and by authority of Article 7.6 (commencing with Section 53$SO) of Chapter 4, Part 1, Division 2, Title 5, Cali£ornia Goverx~ment Code, and that a~~ acts, conditions and things required to ex~st, happen and be performed p~ecedent to and in the issuance of thi~ note hav~ existed, happened and been performed in ~egular and due time, form and ma~ner as required by ~aw, and that this nat~, together with a11 ath~r indebtedness and obligataons af the County, does not exce~d any li~it prescribed by the Constitution or statutes of the State of Californ~a. The principal amount of the notes, together with the interest thereon, shall be payabl~ £rom taxes, xevenue and other moneys which are received by the County for the 4 Genera~ Fund o£ the County for the Fisca~ Year 1983-~984. As security for the payment af the principal of and xnterest on the notes the County has pledged (i) the first $3,300,000 of "unrestr~ctEd moneys", as hereinafter defined, to be rece~ved during December, 1983, (zi) the £irst $1,700,000 0~ unrestricted maneys ta be received during February, ~984, (i~i) the f3rst $1,000,~OD of unrestricted moneys ta b~ received durzng March, 1984, {iv) ~h~ fzrst $3,8pQ,000 a~ unrestricted moneys to be rec~ived during Apri~, 1984, and (v) the first $200,000, tagether wi~h an amo~nt sufficien~ to pay interest on ~h~ notes, of unrestricted moneys to be received during May, 198~ (such pledged amount bezng herezna£ter call~d the "Pledged Revenu~s"), and the principal of the notes and the interest thereon shall consiti~ute a £irst lien and cha~ge thereon and shaZl be payable from th~ Pledged Revenues, and to the ex~ent not so paid shall be paid from any other moneys of the Coun~y lawfully availab~e therefor. The term "unrestricted rnoneys" shall mean taxes, income, revenue, cash receipts, and other mon~ys, int~nded as recezpts for the General Fund af the County and which ar~ generally available for the payment of current expenses and other obligations af the Coun~y. IN WITNESS WH~REOF, the County of Bu~te has caused this note ta be executed by the Coun~y Treasurer and cauntersigned by the C1erk of the Board o£ Supervisors af the C~unty, and caused its offic~al seal to be aff~xed hereto, this d~y a~ , 1983. C4UNTY OF BUTTE By Treasurar (SEAL) Count~rsigned: Clerk of the Board of Supervisors 5 Section 5. The form of proposed Off~cial Statement describing ~he notes here~ofore sub~itted to the Board af Supervisors is hereby approved and adopted as the Official Statement describing the notes, with such additions, corrections and revisions as may be deemed necessary ar or auditor-ControZ1er desirable by the County Treasurer/and by ~he Unde~writer, and the Clerk of ~h~ Board of Supervzsors is hereby authoz3z~d and directed to szgn said Official Statement as so added to, corzected or revis~d. The Underwri~er is hexeby authorzzed ta cause to be p~inted and distributed copies of the Official Stat~ment in subs~antially the form of Official S~atement approved and adopted as the Official StatEment describing the notes, as so added to, carrected or revised. Section 6. All actions heretofoxe ~aken by the o£ficers and agents o£ the County with respect to the sale and issuance of ~he notes are hereby approved, canfirmed and ratified, and ~he officers of the County are hereby authorized and directed, for and in the name and on behalf of the County, to do and take any and a~~ actions and executa and deLiver any and all certificates, agreements and other documents, including bu~ not limited to those described ~n the Cantract of Purchase, which they, or any of them, may deem necessary or advi5able in order to consummate th~ lawful issuance of the notes in accordance with this resalutian and Resolu~ion No. $3-69. 6 Section 7. Except as expxess~y provid~d hexein, Reso~u~ion No. 83-69 shall remain in full fa~ce and effect. Section B. This xesoZution shall take ~tfect from and after its date of adaption. PASSED AND AD4PT~D by the Board af Supervisors of the County of Butte this 21st day of June, 1983, by the fo~lowing vote: AYE S: Supervisors F~lton, Moseley, Saraceni an~ Chair polan NOE S : None AB SENT: Supervisn~ Wheeler ABSTAIN: NQ~~ an o£ the Board of Supervisors o£ the County of Butte (SEAL) At~st: ~ * ~c ~i af the Boaxd of Supervisors of the County o£ Butte 7 .f"